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1. Lenders take ownership of Aimbridge
Officials with Aimbridge Hospitality have announced a group of lenders that held $1.1 billion in debt have converted that debt into equity and now hold a majority stake in the largest third-party hotel management platform.
In a news release announcing the change, Aimbridge announced a plan to convert the $1.1 billion of debt into equity and receive $100 million in new capital to "right-size the company's capital structure." The deal reduces Aimbridge's total debt from $1.3 billion to $210 million.
Even with the change in ownership structure, Aimbridge's current leadership team — headed by CEO Craig Smith and Chief Global Growth Officer Eric Jacobs — remains in place with Steve Joyce continuing as chairman.
The restructuring is expected to be fully closed by the end of the first quarter.
“In taking this important step, we are pleased to have the strong support of our lenders, who share our excitement about the significant potential to enhance value for our stakeholders, and we appreciate the ongoing commitment of our associates and valued partners. We look forward to continuing to deliver operational excellence, best-in-class guest experiences, and innovative solutions to our hotel owners,” Smith said in the announcement.
2. Incoming polar vortex to plunge temps across the country
Weather experts have predicted colder-than-average forecasts, bringing in concerns about electricity grid stability, potential travel delays and a frosty Inauguration Day. The cold front, which is tied to the previously predicted polar vortex, as Axios reports, will drop temperatures to below zero Fahrenheit for 81 million people.
Although below average, temperatures are milder than forecasts predicted earlier this month.
"The weather pattern just looks so much better than it did compared to a week or so ago," Zack Taylor, a forecaster at NOAA's Weather Prediction Center in College Park, Maryland, told Axios.
Several cities — including Chicago, Pittsburgh, Cleveland, Denver and Detroit — are expected to continue to see sub-zero temperatures.
3. Miramar announces $400 million hotel development in Hong Kong
Miramar Hotel and Investment has announced a plan to buy a parcel of land in Hong Kong and convert it to a hotel and and commercial complex, Reuters reports. The company will spend 3.12 billion Hong Kong dollars ($400.75 million) on the land.
The site is next to another Miramar property, The Mira Hong Kong.
The news outlet reports the deal is a sign of life from Hong Kong's once-struggling tourism industry.
"Hong Kong's inbound tourism market, which had suffered during the pandemic, rose 64% to 21.15 million visitors in the first half of 2024 from a year ago, real estate services provider Colliers reported in September," Reuters reports.
4. Whitbread execs tout market share gains in latest earnings report
Whitbread PLC released its latest earnings figures this morning, and company officials expressed optimism for growth across both the U.K. and Germany, HNN's Terence Baker reports.
Speaking during the company's third-quarter fiscal year 2025 earnings call, CEO Dominic Paul indicated the company has high expectations for the Premier Inn hotel brand.
“We are confident we will become the U.K.’s leading hotel company [and] we are confident in our five-year plan,” Paul said.
5. Greek hotels to tap into saltwater for pools amid drought
For two years, Greece has seen drought conditions continue to plague water resources on the country’s most visited islands. Thanks to a new hospitality industry reform bill, Greek hotels may see fewer obstacles in using saltwater in private pools, the Associated Press reports.
“This (draft legislation) regulates the framework for carrying out seawater extraction and pumping it for swimming pools. The focus, of course, is to conserve water resources,” Elena Rapti, a deputy minister of tourism, said in a parliament committee meeting on Monday.