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Newsletter - January 16, 2002


STRONG LAST QUARTER FOR EUROPE HOTEL DEALS BUT U.S. SUFFERS

Jones Lang LaSalle Hotels reports that over half of all European hotel transactions were completed in the last quarter. In the US however less than 15% of the year’s deals were completed in the same period.


JLL completed four deals in December, resulting in a monthly total of €344.3m, 37% higher than December 2000. For Oct-Dec transaction volumes in Europe reached €746m, some 56% of the annual total.


But the US saw its proportion of last quarter sales from around 25% in 2000 to around 12% this time. In the Asia-Pacific region, the proportion was more respectable, with half of 2001’s transactions taking place in the last quarter.


JLL is playing down the impact of September 11 on hotel sales as long-term investors ‘are not going to make a decision based on the next six months’ trading.’


The announcement from JLL this morning also revealed the purchase price of the Hotel Arts Barcelona. The deal was worth €285m (£175.5m).

TALKS BETWEEN MANDARIN ORIENTAL AND LEELA GROUP HIT ROADBLOCK

The talks between Mandarin Oriental and the Leela group for buying a 25 per cent stake in Hotel Leelaventure Ltd have hit a roadblock.

According to sources, the problem arose because of a lack of consensus on valuation and also on the operational aspects in the management agreement.

According to the sources, while Mandarin would take care of the daily operations and worldwide marketing of hotels, Leela wanted to retain the commercial and negotiation aspects with itself.

Both hotel chains, however, had reportedly agreed that in case Mandarin Oriental buys the equity stake, the hotels would be co-branded.

HVS International managing director Manav Thadani, who is an advisor to the transaction, said: "As of now, the negotiations between Mandarin Oriental and the Leela group are on a standstill." He, however, refused to divulge any further details.

Vivek Nair, vice-chairman and managing director of Hotel Leelaventure, however, maintained that the talks with the Jardine Matheson-owned Mandarin Oriental were still on.

He added that a meeting was scheduled to take place on January 21 in Hong Kong with the international hotel chain.

Nair said the final valuation of the company would depend on the arbitration money that is expected to come back from the Housing and Urban Development Corporation (Hudco).

The company had submitted Rs 280 crore for a five-star hotel land at Hudco Place in South Delhi, but the matter went into arbitration.

Nair said the arbitration money was expected to come back by December 2001, but was delayed.

The Leela group had earlier announced plans for offloading 25 per cent of their stake to one of the leading international chains.

The group had been in talks with Ritz Carlton, Kempinsky and Mandarin Oriental for over a year now.

The company officials said debt, estimated to the tune of Rs 650 crore, was the main reason behind the initiative. The proceeds from the divestment were to be used for debt retirement.

The Nairs, through Leela Scottish Lace, hold about 74 per cent in the company, while tennis star Vijay Amritraj, who is also on the board of Hotel Leelaventure, holds less than five per cent.

The Leela chain, at present, has three operational properties in Mumbai, Goa and Bangalore. The fourth property at Udaipur in Rajasthan, which is being developed with an investment of Rs 65 crore, is likely to be functional sometime this year.

Mandarin Oriental had recently called off its association with Ananda in Himalayas which was the only hotel in India being marketed under its umbrella.

After the talks with the Leela group have been put on hold, the chain is now considering various stand-alone properties in Delhi, Mumbai and Bangalore which can either be refurbished or be brought down to build a new hotel.

It is, therefore, actively considering various India Tourism Development Corporation (ITDC) properties being put on the block, including those at Lodhi and Janpath.

The chain is willing to pick-up equity in hotels located in these cities and thereafter extend management contracts across the country.

 

HONG KONG HOTELS WOO LOCAL MARKET

LUXURY hotels in Hong Kong  are enticing local residents to be kings for a day in a bid to boost flagging occupancy rates.

Residents are being offered everything from half-price harbour-view rooms to transfers in a chauffeur-driven Rolls Royce as Hong Kong's top hotels compete for the attention of the local market.

Hotels are also hoping love-struck locals will help lift occupancy rates when Chinese New Year coincides with Valentine's Day this year.

The local market has gained more importance since the September 11 terrorist attacks led to a sharp drop in visitors from the United States and other key markets.

Among the top hotels offering discounts to locals, the five-star Mandarin Oriental will introduce a special Chinese New Year package for Hong Kong ID card holders.

Locals can stay in a harbour-view room for $1888 a night, get a second night for $888 and also receive $500 off any incidental charges.

Communications director Sally de Souza said a night in a harbour-view room normally cost $3,800.

``I think this market of people aren't travelling away as much, so it's nice to have the option to be able to feel as though they are away and be pampered a little,'' she said.

Those who stay over Valentine's Day will also be given free champagne and strawberries.

Chinese New Year celebrations, which run from February 12-14, this year combine with Valentine's Day, on February 14.

``We expect that residents will want to come and enjoy a romantic weekend, have dinner and enjoy fabulous harbour views,'' de Souza said.

The package will continue to be available for locals on weekends for the rest of the year.

The Peninsula's latest offer to locals includes round-trip hotel transfers in a Rolls Royce, one night's accommodation, dining discounts and breakfast.

The package costs $2,550 on Fridays and Saturdays and $2000 from Sunday to Thursday, with a second night for $780.

A deluxe room in the five-star hotel is normally $3,400.

Peninsula public relations director Sian Griffiths said the luxury hotel provided a way of escaping without having to leave Hong Kong.

``It's proved very popular with the local market,'' she said.

``The Peninsula has always been a special occasion place, attracting quite a few people for birthdays and weddings and anniversaries.

``People are now also coming just to take a break for a couple of days.''

It was hoped the combination of Chinese New Year and Valentine's Day would help fill rooms with local couples, she said.

``We are hoping people will make a romantic new year of it,'' she said.

The local package will be available until September 30.

Hotels Association chairman Mark Lettenbichler said the United States terror attacks and subsequent drop in long-haul visitors had forced hotels to shift their focus towards regional markets.

Hotels were directing advertising dollars and sales staff away from the US and Europe to markets such as Japan, Taiwan and the mainland. Offering special rates for local residents was another way of filling rooms, he said.

``I think the deals have got better over the last few years,'' he said.

Hong Kong's top hotels will have to use every tactic available to help make up for what can only be described as a tough year in 2001.

Even before the September 11 attacks, luxury hotels were filling fewer rooms last year than in 2000.

Industry figures show ``high tariff A'' hotels had only 75 per cent occupancy between January and August, compared to 80 per cent in the same period a year earlier.

The terror attacks then had an immediate and brutal effect that the hotels are yet to overcome. September occupancy rates dropped to 67 per cent, compared to 83 per cent in the same month a year earlier.

Overall, top hotels were only 71 per cent full between September and November, compared to 87 per cent in the same three months in 2000.

December figures are not yet available, but the hotels have reported improved fortunes.

Things have not been so gloomy for medium tariff hotels, which recorded 86 per cent occupancy in November, a marginal decrease from 88 per cent a year earlier.

Across all hotels, occupancy rates were at 79 per cent between January and November, compared to 83 per cent in the same period a year earlier.

Among other hotels offering discounts to locals, the Grand Stanford Inter-Continental has deluxe rooms for $1,388, including $500 food and beverage credit.

The Ritz-Carlton has a ``Romantic Rendezvous'' package, offering deluxe harbour-view rooms for $1,950, or $2,950 for a two-night stay.

That includes a ``Honeymooner's Bath'', with bottle of champagne, strawberries and aromatherapy oils.

Renaissance Harbour View has rooms for $998, compared to the general rate of $1450 plus tax. The rate, offered until March 31, also includes breakfast, use of the gym and pool, and late check-out.

 

NEW VENTURE FOR MILLENNIUM HOTELS AND RESORTS IN THE MIDDLE EAST

Millennium Hotels and Resorts is launching two new five star hotels in the
United Arab Emirates. The Millennium Hotel Abu Dhabi and the Millennium
Hotel Sharjah are scheduled to open next Spring and Summer respectively.

The Millennium Hotel Abu Dhabi stands on Khalifa Street on the Corniche in
one of the most prestigious locations that the city has to offer, with
superb views out to sea. It has twenty floors consisting of 325 bedrooms,
which have been decorated to the highest standard, catering for
international business and leisure travellers who expect the utmost service.
All rooms will feature the latest in room facilities including satellite
television, internet access and three telephone lines. The hotel has 64
suites set across all floors, 16 studio suites, and one Royal Suite.

The Royal Suite will accommodate up to 24 people for formal dining and
includes a separate lobby and two bedrooms with en-suite bathrooms. On the
first floor, the hotel will feature an extravagant ballroom, which will be
the venue for all the most glamorous events and large meetings, including
weddings, conferences and dining.

A state of the art business centre will be located on the Ground floor.
Encompassing two individual private offices as well as providing facilities
for ISDN internet transmissions, photocopying and video links, the business
centre will provide every convenience expected in a modern office.

A Moroccan restaurant will be the highlight of the hotel's dining
facilities. Designed in the traditional style, it will be open in the
evenings only and will have a central dance floor with a tented ceiling. A
stunning cigar and champagne bar with views over the city will provide the
perfect place for guests to unwind or discuss business in a more informal
environment.

To launch this first class hotel, Millennium Hotels and Resorts has
appointed Franz Zeller as the General Manager of the Millennium Hotel Abu
Dhabi. Previously General Manager of the five star Grand Copthorne
Waterfront Hotel in Singapore and Senior Vice President of Operations for
Asia Pacific at Millennium & Copthorne International, Franz Zeller has had a
long and distinguished career in hotel management. As Senior Vice President
of Operations with Millennium & Copthorne International, Mr Zeller oversaw
the operations of the nine Millennium & Copthorne properties within the Asia
Pacific region.

The 250 room Millennium Hotel Sharjah is also currently under construction
and is scheduled to be completed in Summer 2002. It is located on the north
side of the central lake in Sharjah and rises 23 floors offering spectacular
panoramic views of the city. It is conveniently located near to the main
road with easy access to the city centre and the airport. The property's
modern design and mirrored glass exterior make a striking impact on the
natural surroundings of the lagoon. This hotel will also feature a grand
ballroom which will accommodate events for over 350 people. There will be
two restaurants which will also afford beautiful views. The accommodation
will be a blend of large bedrooms and suites and will also feature an
executive floor and Royal Suite with views over the lake, a reception,
separate dining area and two bedrooms and bathrooms.

Chief Operating Officer of Millennium Hotels and Resorts, Tony Potter, said:
"These two hotels are an ideal fit for Millennium Hotels and Resorts. The
Middle East is a key destination for the global business community and we
are delighted to be part of its continued development. Under the guidance of
an experienced General Manager such as Franz Zeller they will undoubtedly
become amongst the most prestigious five star properties in the United Arab
Emirates."

ACCOR SET TO BOOST UK PRESENCE

Accor’s presence in the UK hotel market is set for a major boost this year with eight hotels opening and a total of 2,217 bedrooms under construction. The France-based hotel group plans to have 91 hotels in the UK by the end of 2004.

The openings range across its economy, mid-price and luxury chains, but focus on the mid-market. The group is set to open one Etap, three Ibis hotels, three Novotels and one Sofitel within the year.

Philippe Baretaud, development director of Accor UK economy hotels, said: "If you look at the Accor network in Europe, unlike France and Germany, the UK presence is weaker, which is not in line with its market importance. We are pursuing intensive development here."

A further three deals are awaiting planning approval. They are for a 104-bedroom Ibis in Dundee, a 160-bedroom Ibis in West Street, Leeds, and a 151-bedroom Novotel in Greenwich, London.

The full list of Accor’s opening schedule in the UK is

London City Airport, 81-bedroom Etap, March 2002
Manchester, 164-bedroom Novotel, March 2002
Northampton, 151-bedroom Ibis, April 2002
London, St James, 186-bedroom Sofitel, May 2002
Leeds, Whitehall, 196-bedroom Novotel, June 2002
Milton Keynes, 124-bedroom Novotel, July 2002
Hull, 106-bedroom Ibis, October 2002
London, Wembley, 210-bedroom Ibis, September 2002
London, Southwark, 181-bedroom Novotel, January 2003
Carlisle, 102-bedroom Ibis, June 2003
Edinburgh, 181-bedroom Novotel, June 2003
London Docklands, a 278- bedroom Ibis and a 257-bedroom Novotel, March 2004

Source: www.caterer.com


INDIAN HOTELS TO BEGIN FOREIGN ACQUESITIONS NEXT MONTH


Indian Hotels Co. Ltd. (IHC), owners of the largest hotel chain in the country, the Taj Group, said Monday it would start acquiring global firms in February with a war chest of 75 million dollars.

"The valuations of some of the global hotel companies are down at the moment. Within a month we will begin the process of acquisition," IHC managing director R.K. Krishnakumar told AFP.

Krishnakumar did not reveal names of the firms that his company was holding negotiations with.

"We are simultaneously identifying companies (for acquisitions). The money we plan to raise will be ready within two weeks and soon after we will start," he said.

The company plans to raise around 75 million dollars through bonds and a Japanese loan.

Fifty million dollars will be mopped up through the bond issue and the rest by a low interest Japanese yen loan equivalent.

"The Japanese yen loan instrument reflects a low cost of interest and the premium bond has the possibility to be converted into capital within 10 years. So we are able to replace high cost borrowing with much lower cost money," he said.

Krishnakumar said the 75 million-dollar war chest was more than sufficient for buying other hotel companies.

"We will hold a small amount of equity and the rest will come from other partners," he said.

The Taj Group of hotels is India's largest hotel chain with over 50 hotels in 36 locations across South Asia.

-          Agence France Press


MYANMAR URGES IMPROVEMENTS FOR LAGGING TOURISM INDUSTRY


Myanmar (formerly Burma) military officials have urged the government and private sector to work closer in a bid to boost this country's lagging tourism sector, the Myanmar Times reported.

The report, to be released in the newspaper's Monday edition, said the government was also planning to relax visa restrictions for tourists and increase spending to promote the industry.

Khin Nyunt, first secretary of the ruling State Peace and Development Council, said the country's tourism industry had not developed as successfully as other Asian economies.

This was "despite an abundance of favourable conditions."

Khin Nyunt, who is also the military junta's number three, said closer cooperation between the government and private sector was a practical solution for the problem.

Duncan MacLean, a member of the Myanmar Tourism Promotion Board, said further cooperation with the Hotels and Tourism Ministry would help the development of the industry.

"The board is struggling to have an impact on tourist numbers because of a limited budget and has proposed a fund raising scheme to finance its promotional activities," he said.

The United States and European Union have imposed sanctions and investment restrictions on the Myanmar junta, which took power in 1988 in a bloody military coup, until "definite and positive" progress is made towards restoring democracy.

-          Agence France Presse

PATA ANNUAL CONFERENCE AIMS FOR GREEN

Organisers of the 51st PATA Annual Conference in New Delhi, India, April 14-18, are aiming to make a minimal impact on the environment and a maximum impact toward sustainable tourism. "Everything that uses energy emits carbon dioxide," said Mr. Mandip Singh Soin, Founder and Managing Director of Ibex Expeditions and head of the environmental subcommittee for the India Organising Committee. Mr. Soin is planning a tree-planting project to offset the carbon dioxide emissions and to leave a greener city for future generations. Visit www.pata.org for Conference registration forms, updated programme information and pre- and post-Conference tour options. Or fax: (66-2) 658 2010. E-mail: conference@pata.th.com

 

PATA STRATEGIC INFORMATION CENTRE WORLDWATCH

* The volume of e-mails sent each day is expected to double in the next four to five years. With 16 billion messages arriving worldwide each day already (184,000 per second) many workers are already feeling swamped. So what will it be like when the volume rises to more than 420,000 arrivals per second?

* According to a recent OECD report, work-related migration is on the rise. And not just to traditional favourites such as Canada, the United States and Australia (to name a few). European countries are witnessing the effect too, particularly Britain, Norway, Portugal and Belgium.

* Authorities in Europe are happy with the fact that of the 650 billion Euro which have been put into circulation so far, only 0.0008 percent have been stolen. Nevertheless, that still translates to 500 million missing Euro.

* The days of tear gas may be numbered. Scientists in the United States are working on the development of an odour bomb for use in crowd control. The non-lethal device would contain vapours so noxious that people in proximity to it would have no choice but to flee the scene...

* Researchers in India are beginning a project aimed at cloning the Indian cheetah -- an animal that has been extinct for almost 50 years.

PATANET QUICK LINKS

Listen to PATAradio at http://www.travelmedia.com/PATAradio

View special promotions at http://www.seeyouinpacificasia.com

Register for the 25th PATA Travel Mart at http://www.patatravelmarket.com/page.cfm

Register for the 51st PATA Annual Conference at http://www.pata.org/frame.cfm?pageid=2&ebid=29

Register for the Pacific Tourism Exchange at http://www.pata.org/frame.cfm?pageid=2&ebid=31

Visit PATA-member airlines at http://www.pata.org/frame.cfm?pageid=4

Explore our destination links at http://www.pata.org/frame.cfm?pageid=3

Order PATA publications at http://www.pata.org/frame3.cfm?pageid=6

Check out our press room at http://www.pata.org/frame.cfm?pageid=12

Post a job opening or find a position at http://www.pata.org/frame.cfm?pageid=7



AN IMPOSSIBLE DREAM? AFGHAN OFFICIAL BELIEVES HE CAN ENTICE TOURISTS


He suggests the breathtaking eastern mountains near Tora Bora. Or perhaps a hike to admire the plant life. Villages on the western plains are nice, too, brimming with cultures and handicrafts for a memorable vacation experience.

Abdul Rehman, a new member of an infant government, oversees the Ministry of Civil Aviation. A more apt title might be Minister of Wishful Thinking.

For this man, a doctor by training, is also responsible for accomplishing the unimaginable: bringing Afghanistan's tourism industry back to life.

"I am an optimist," Rehman acknowledged last week. And then: "What are you interested in? You tell me, and we have it,"

While launching a tourism industry for a country that the Western world views as the font of 21st century peril may seem an absurd notion, Afghans are full of reasons why it makes good sense.

Some say it's an expression of hope after five years of insularity encouraged by the now-deposed Taliban - a belief that a fresh government and a new era might bring a bit of modern society back to their long-neglected land.

The presence of foreigners who aren't invading also offers a dual opportunity - an injection of good economic karma, always tourism's chief perk, and a chance to show a largely oblivious world the destruction wrought since the Soviets invaded in 1979.

"Afghanistan was a very hot tourism spot. It was famous. Now it's famous all over again," says Shah Mohammed, a book dealer at Kabul's Inter-Continental Hotel, smiling wryly.

He still sells a 1977 tourism booklet packed with maps, ads (a "Turkman yurt hotel" in Mazar-e-Sharif) and colorful photos of mosques, mountains and an orderly Kabul that belongs only to yesterday.

"Afghanistan is a new travel destination," it enthuses. It also depicts Buddha statues, many of which were destroyed by the Taliban, who believed the figures insulted Islam.

Today, beyond safety, the question is where tourists might go - and how.

Even if air service to Afghanistan is restored, many Western travelers accustomed to package tours in air-conditioned comfort would recoil at the destruction and deterioration evident in even Kabul's best neighborhoods.

Pothole-rutted roads wreak havoc on the tailbone, and an entire swath of western Kabul is a moonscape of bombed-out buildings, legacies of factional fighting in 1992-96.

Amid this devastation is a one-time prime attraction, the Kabul Museum, which might have been the cornerstone of a cultural tourism push.

Today, emptied of objects, it sits in the sun, its windows long gone and roof damaged by rocket fire years ago. Tacked near the entrance is a poster identifying different varieties of land mines that passers-by should avoid.

Foreign visitors are welcome. Doors open each morning at 8.

"They could see the destruction, and maybe they could help. That would be a good use of tourism," said Jauma Khan, one of two guards patrolling the museum Tuesday.

Not far away, at the ramshackle Kabul Zoo, Marjan the one-eyed lion held court over a menagerie of 20 animal breeds. This, too, could be an attraction again - with a cash infusion of, say, $ 2 million. Still, zookeeper Sheragha Omar, another optimist, says foreigners should return.

"It's completely safe," he said, adding, "If they stay in Kabul, there will be no problem."

Tourism in other regions is a distant dream. Even when the U.S. bombing stops, many places are full of gun-toters with nothing to lose. And as other countries have discovered, one tourist murder can sink an industry for years.

Rahman freely admits all this but is undaunted. His plan is short on specifics but long on ambition, understandable for a man in office for two weeks and also responsible for resurrecting the aviation industry.

He talks of placing ads in international magazines, of developing partnerships with other nations.

This week, his ministry is starting a course on tourism for new employees, who he hopes will be young, savvy and English-speaking.

If only it were that easy.

-          Louis Post-Dispatch, Inc


RITZ-CARLTON  BUCKS THE TREND WITH RECRUITMENT DRIVE

Fewer travellers, shorter stays -- 2001 was a difficult year for the hotel industry in Singapore, with a straw poll of some luxury hotels pointing to a five to 15 percent fall in occupancy rates.

Although none of the hotels had resorted to retrenchments or pay-cuts, many are not recruiting en masse -- all except one.

With 70 positions up for grabs, the two-day recruitment exercise at the Ritz-Carlton Millenia looked like a mini job fair.

Over a thousand applicants came looking for positions that range from food and beverage attendants to guest relations officers.

Among them were housewives returning to the workforce out of concern their husbands might be retrenched next.

And besides those who had just lost their jobs, there were also fresh graduates who could not find employment.

"I've applied to some 20, 30 companies but only one asked for interview, and even after the interview, there's no reply," fresh graduate Betty Ho said.

"I'm studying in banking and financial, like financial and investment analysis but they're not recruiting. So I'm turning to other industries like service industry," said Annie Cheah, another recent graduate.

At a time when most hotels are not hiring, such a mass recruitment is bucking the trend.

Ritz-Carlton explains it is because their F&B section did well last year, and they are optimistic about a good occupancy rate this year.

"If you're waiting till the last moment to recruit, then you won't be able to train them to be ready to service the customers when they come in," Cecilia Chia, the hotel's director of human resource, said.

Most of the hotels that Channel NewsAsia spoke to do not expect occupancy rates to increase till the second half of the year.

And many are hoping the Asian Aerospace Show in February will give the industry the lift-off it needs.

-          Channel News Asia

 

SOL MELIA COMPLETES TRAINING PROGRAM FOR 500 TRYP HOTEL EXECUTIVES

Integration of Sol Melia and Tryp Hotels now finalized

According to Gabriel Escarrer, “the program has helped to create a consistent management style and hotel operations, as well as providing a chance for everyone to get to know each other and provide support for development”. He added that, “together with our new brand structure, these have been the two basic pillars which have allowed us to successfully complete the integration of Sol Meliá and Tryp Hotels, a merger that we may now proudly state to be a reality”. 

Program contents

The different courses given during the program have included hotel management techniques, administrative and financial processes, sales & marketing and personnel management, amongst others. Special emphasis has also been given to the transmission of the philosophy and values of Sol Meliá, with a focus on combining theory and practice. 

The Sol Meliá- TRYP Hotels merger

Sol Meliá company development in the year 2000 was marked by one major deal: the acquisition of Tryp Hotels. The deal was closed on 21st. August, 2000, and further strengthened Sol Meliá’s leadership of the Spanish hotel market in both the  

 

business and leisure hotel sectors. It also gave a boost to the company’s position as the third largest hotel chain in Europe and its prime position in resort destinations such as Cuba and Tunisia. Above all, however, this major deal allowed Sol Meliá to enter the prestigious “top ten” of world hotel chains. The acquisition of Tryp Hotels meant the addition of 60 working hotels and another 15 hotel projects being designed or under construction

December, 2001 - The Spanish hotel company Sol Meliá has completed the training program it has carried out over the last six months for more than 100 General Managers and Assistant General Managers and 400 Heads of Department from hotels that previously formed part of the Tryp Hotels chain. After the merger of the two hotel companies, the main objective of the program has been to transmit the business philosophy, values, management techniques and operative priorities of Sol Meliá. The final event took part in the Meliá Madrid Princesa Hotel and was presided over by the Sol Meliá CEO, Gabriel Escarrer Jaume. The event was also attended by the Executive Vice President for Europe, Andrés Encinas, and other company senior managers. 
 

Brief History:

December 2001- The Tryp Almussafes and Tryp San Lázaro join the brand designed for Sol Meliá’s 4 star and superior 3 star city hotels. Sol Meliá and the real estate company Metrovacesa have signed an agreement by which the hotel company will lease two new hotels in Valencia and Galicia in Spain. The characteristics and location of both hotels, specially suited for business travelers, has led them to be added to the portfolio of the new TRYP Hotels brand. The hotels are scheduled to open in 2003 and 2004, respectively.

The addition of the TRYP Almussafes, located on the Juan Carlos I Business Park in Almussafes (Valencia), and the Tryp San Lázaro, alongside the Convention Center in Santiago de Compostela (Galicia), furthers Sol Meliá’s objective to maintain its leadership position in Spain, and especially with respect to the leadership in city hotels enjoyed by the new TRYP Hotels brand.

Metrovacesa is a multinational real estate company, market leader in real estate rentals and with more than 80 years of experience in the business. The company currently has 6 hotels in operation and is developing 6 new projects to double their hotel capacity. 

Once the rebranding program is complete, TRYP Hotels will consist of 111 properties. 

Over the next two or three years, as all of the projects currently under development come on line, the TRYP brand will include at least 160 hotels world-wide.