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1. InterContinental Auckland acquisition largest single-asset sale in New Zealand history
Singapore-based Hotel Properties has acquired the 139-room InterContinental Auckland Hotel for 180 million New Zealand dollars ($102.5 million) through its wholly owned subsidiary Maxford Investments from Precinct Properties Investments, according to a news release. The company said the deal is the “largest single hotel asset sale in New Zealand’s history.”
Along with its 139 rooms, the hotel offers a restaurant, a gym, a Club Intercontinental and two and a half floors of fully tenanted office space. The acquisition further expands Hotel Properties' hotel portfolio in New Zealand.
2. US Commerce Secretary says Canada, Mexico tariffs could be reduced
Things appear to move quickly under the new U.S. presidency of Donald Trump. The BBC reports that U.S. Secretary of Commerce Howard Lutnick said the president would “probably” announce a deal to reduce the tariffs imposed on imports from Canada and Mexico as early as today. Lutnick claimed that both countries said they would do more to reducing the flow of fentanyl into the U.S.; however, Canada's minister of foreign affairs said her office had not been contacted about this plan.
Lutnick did not mention China, the third of the U.S.’s largest three trading partners. A war of words and barbs is currently taking place between Canada and the U.S., with Canadian Prime Minister Justin Trudeau stating the imposition of tariffs by the U.S. is a “very dumb thing to do,” and Trump stating any retaliatory tariffs imposed by Canada would meet reciprocal tariffs to the same extent on top of the existing tariffs.
3. China hits back with US tariffs and sets growth targets
Reacting to tariffs imposed on its exports by the U.S., China has hit back with retaliatory tariffs on U.S. goods and announced targets for its economy in what is seen as, according to the Wall Street Journal, a clear message to Washington, D.C., that it “can weather the renewed U.S.-China trade war.”
Starting March 10, the Chinese government will impose new 10% tariffs on U.S. sorghum, soybeans, pork, beef, seafood, fruits, vegetables and dairy products. It will also set new 15% tariffs on chicken, wheat, corn and cotton products from the U.S.
The government has also set a target of 5% growth for its economy in 2025. In addition, it set a deficit target of about 4% for its gross domestic product, indicating it will release more stimulus to an economy that was already struggling before the trade war began.
4. B&B Hotels announces new CEO
Budget hotel brand B&B Hotels has announced it has divided its top role into two, with Fabrice Collet, formerly president and general manager now becoming its executive chairman and Céline Vercollier having been appointed group CEO. Collet had served as president and general manager since 2016 and was named group CEP in 2019. Vercollier has served B&B as chief financial officer since 2017.
Founded in Brest, France, in 1990, the hotel firm currently has 883 hotels in 17 countries, mostly in France and as well as in Europe, Brazil and the U.S. Private equity firm Goldman Sachs has been the principal shareholder of the company since 2019.
5. Radisson and Manchester City partner in £300 million stadium development
Radisson Hotel Group and English Premiership soccer club Manchester City have formed a partnership to develop a 401-room Radisson Blu hotel that is due to open in late 2026 as part of the club's £300 million ($385.9 million) development at its Etihad stadium complex.
To be named The Medlock, after the river that flows beneath the stadium, the hotel will be adjacent to Manchester’s new arts and music complex, Co-op Live, which is the United Kingdom’s largest indoor arena. Valor Hospitality will manage the upper-upscale hotel once it opens.