Hotels, Motels & Cruise Lines

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The Leofoo Development to set up overseas subsidiary

Thursday, 2 Jul 2015

The Leofoo Development Co Ltd:To set up an overseas subsidiary in Hong Kong through Samoa-based company, which is to be established with capitalization up to $6.5 mln.

Action Hotels PLC announces acquisition of ibis Budget hotel at Melbourne

Wednesday, 1 Jul 2015

Action Hotels PLC:Has agreed to acquire business and assets of 73 room ibis Budget hotel at Melbourne Airport, Australia, for $8.8 mln (acquisition).Acquisition will be seventh ibis branded hotel in the Group's operating portfolio, and second ibis hotel the Group owns and operates in Melbourne, Australia.During year ended Dec. 1, 2014 hotel averaged 89.8% occupancy and contributed EBITDA of $1 mln.Acquisition will be immediately earnings enhancing for the year ending Dec. 31, 2015 and thereafter.Acquisition also brings with it opportunity to develop or further extend existing hotel on acquired land in future.

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