Mergers & Acquisitions - 10 Minutes News for Hoteliers - Page 64

1 min

Hostmore abandons acquisition of TGI Fridays’ US business

📉 Hostmore, the UK parent company of TGI Fridays, has halted its £177m all-share reverse takeover of TGI Fridays US. The decision came after TGIF Funding lost control of the franchise agreement royalties, jeopardizing future revenue. Despite the abandoned acquisition, negotiations may resume in the future. Hostmore's UK sale of TGI Fridays' 87 corporate sites is nearing completion, but is expected to not cover Hostmore’s debts. The company anticipates winding up and delisting following the sale. On September 9, Hostmore’s stock nose-dived by over 90%.

1 min

Richard Caring ‘on the brink’ of signing £1bn Ivy deal

📈 Richard Caring is nearing a £1bn deal with Si Advisers for Troia (UK) Restaurants, the parent company of The Ivy Collection, initiated in January. The agreement, possibly within weeks, involves a full exit for Caring and a Qatari fund selling shares. In 2023, Troia's turnover rose by over £100m to £302m, with a pre-tax profit increase from £20.4m to £29m and EBITDA up from £37.9m to £54.8m, following The Ivy Asia expansion.

1 min

Nando’s launches school leaver apprenticeship programme for second year

🙌 Nando's offers a Level 2 Hospitality Team Member Apprenticeship for individuals over 16 in England, with a 15-month syllabus including customer service and leadership training. Launched last year, the 'Hospitality Heroes' program received 114 applicants and those now over halfway will graduate in 2023. Apprentices earn full-time salaries with benefits like free meals, up to 40% discount, and a paid sabbatical after five years. The initiative, partnered with Lifetime Training, aims to develop future managers within Nando’s.

Paris Olympics may be keeping tourists away – HOTELSMag.com

🏅 Paris is preparing for the Olympics with elevated hotel rates, seeing a 41%-61% surge in average hotel prices in three- to five-star hotels during the event compared to yearly averages. Tourist tax will increase by almost 200%, with costs per night ranging from €2.6 to €14.95. Despite high occupancy predictions, nearly 80% hotel booking levels in June, tourists are avoiding the city pre-Olympics due to disruptions and higher expenses. Airlines like Air France-KLM anticipate a revenue drop of €180 million, while Delta expects a $100 million loss. Visitor numbers could reach 11 million, but only 1.5 million from abroad. France is projected to maintain its tourism appeal, expecting 101 million international arrivals in 2024, up from 98.2 million in 2023.

2 min

Room Mate Hotels acquires Staying Valencia

🏨 Room Mate Hotels acquired Staying Valencia, adding over 500 rooms and five restaurants to its brand. With this, Room Mate's portfolio grows to 32 hotels across Spain, Italy, the Netherlands, the UK, and Turkey. TPG Angelo Gordon and Westmont Hospitality, Room Mate's co-owners since 2022, support the brand's growth trajectory, aiming for a €40 million EBIT and a debt-free status by 2025. Advisors included Clifford Chance, Perez Llorca, Jones Lang LaSalle, PwC, and Arcadis, with JJL advising Staying Valencia.

2 min

Boom Launches 24-Hour AI Sales Agent for Short-Term Rentals

📊 Forwrd.ai acquires LoudnClear.ai, expanding its no-code data science automation capabilities for RevOps. The merger adds integrations with Salesforce Service Cloud, Zendesk, and Intercom. Kobi Stok, CEO of Forwrd.ai, highlights seamless creation of predictive models without data science teams. Organizations spent $104 Billion in 2023 on data science, with the market expected to grow to $776 Billion by 2032. The AI-driven platform aims to solve costly complexities in data science projects, where 87% fail.

2 min

Predictive Analytics Company Forwrd.ai Acquires LoudnClear.ai to Empower RevOps Teams with Advanced Data Science Platform

🤓 Forwrd.ai acquires LoudnClear.ai to enhance its no code data science automation for RevOps. This move adds customer service AI and data enrichment capabilities, integrating with platforms like Salesforce Service Cloud and Zendesk. RevOps leaders can now build predictive models without data science teams. AI-based analytics are crucial as data science complexities led to $104 billion in organizational costs in 2023, with the data science platform market expected to reach $776 billion by 2032.

2 min

Carlsberg to buy Britvic for £3.3bn

🍻 After two unsuccessful attempts, Carlsberg will acquire Britvic for £3.3 billion, paying 1,290p per share and a 25p special dividend to Britvic shareholders. The completion is expected in Q4, leading to a new entity, Carlsberg Britvic. This follows Carlsberg's deal to buy Marston’s 40% stake in their joint venture for £206m. Carlsberg aims to enhance its UK market position by combining strong beer and soft drink portfolios, including Britvic brands like Fruit Shoot and Pepsi.

2 min

Kaya Holding acquires London’s Great Northern Hotel

🏨 Turkish firm Kaya Holding acquired the Great Northern Hotel in London, a Grade II-listed building with 88 keys and three F&B venues. The acquisition was advised by BlackGate and Fladgate LLP, while Cushman & Wakefield acted for the seller. Formed in 2013 after a £40 million renovation, the hotel changed hands after former owner Jeremy Robson left in 2019, with Kew Green managing since June of that year. Kaya Holding aims to strengthen tourism ties between Turkey and England.

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