FEURING E-MAGAZINE

Lübeck-Grünstrand: 400 neue Jobs und ein Hotel mit elf Stockwerken

Gelesen in "Lübecker Nachrichten", 31. Oktober 2007

Ein Investor will 130 Millionen Euro am Travemünder Grünstrand investieren. Die CDU hat schon zugestimmt.

Extravagantes Großprojekt für Travemünde: Investor Heinrich Thelosen aus Kleve will in Lübecks Seebad 130 Millionen Euro verbauen. Auf dem 13 500 Quadratmeter großen Grünstrand soll das "Mövenstein Resort" entstehen - eine Anlage direkt an der Ostsee mit maritimem Flair. "Wir sind überzeugt, dass dieser Standort der richtige ist", so Thelosen. Das Projekt steht unter dem Motto: Segelstadt Travemünde.

Herzstück des Resorts ist ein Vier-Sterne-Hotel mit 300 Betten, hinzu kommen 400 Hotelappartements und Ferienwohnungen. Insgesamt bietet das Resort 1400 Betten und 400 Arbeitsplätze. Zudem gehört ein Yachthafen mit 400 Liegeplätzen zu dem Mega-Projekt. Der spektakuläre Clou: Für den Hafen muss das Meer um ein bis zwei Meter tief ausgebaggert werden. Mit diesem Material wird dann ein neuer Grünstrand im Wasser aufgebaut. Dort soll auf 16 000 Quadratmetern eine Liegewiese entstehen - für jedermann.

Thelosen will mit dem Resort den Grünstrand als neues touristischen Zentrum im Seebad aufwerten. "Travemünde ist ein aufstrebendes Ostseebad", begründet er sein Engagement. Seit einem Jahr plant Thelosen an dem Projekt. Er hofft, dass die Bürgerschaft noch Ende des Jahres grünes Licht dafür gibt. Dann könnte Ende 2008 oder Anfang 2009 gebaut werden. Der Investor rechnet damit, dass 2011 oder 2012 die ersten Gäste im Resort übernachten können.

Die CDU-Mehrheitsfraktion hat sich am Montagabend bereits einstimmig für das Großprojekt ausgesprochen. Fraktionschef Andreas Zander: "Das ist eine riesige Chance für Travemünde und eine enorme touristische Aufwertung." Durch den Verkauf des Grünstrandes will die Stadt zehn Millionen Euro einnehmen. Zander will das Geld in die Entschuldung stecken: "Das entlastet den Haushalt um jährlich 500 000 Euro an Zinsen."

Bürgermeister Bernd Saxe (SPD) ist ebenfalls angetan: "Ich freue mich sehr, dass Bewegung in die Angelegenheit Grünstrand kommt." Über Einzelheiten müsse verhandelt werden, aber Saxe will, dass das Mega-Projekt "zügig umgesetzt wird". Wirtschaftssenator Wolfgang Halbedel (CDU) freut sich: "Das ist ein gewaltiges Projekt für Travemünde - ein wirklicher Quantensprung." Er unterstreicht die Verbindung zwischen Hotel und Yachthafen. "Das Projekt bringt auch die Travemünder Woche nach vorn." Aber man müsse die Bürger bei diesem Bauvorhaben mitnehmen, warnt Halbedel.

Eines der aufsehenerregenden Details dürfte die Höhe der Gebäude sein. Zwischen sechs und elf Stockwerke sollen die insgesamt sechs Häuser in den Himmel ragen, wobei das höchste im Zentrum des Resorts das Hotel ist. "Die Höhe des dahinter liegenden Waldhügels wird hier aufgenommen", sagt Thelosen. Die Gebäude sind vertikal zum Meer angeordnet, so dass "weniger als 50 Prozent des Grünstrandes bebaut werden", so Thelosen. Die Architektur soll an fächerförmige Segel erinnern. Der Investor will "keine Plastikbunker", sondern hochwertige Häuser errichten. Für die Bauphase setzt er auf Firmen aus der Region.

In den Erdgeschossen der Häuser sollen Gastronomie und maritimer Handel angesiedelt werden. Eine ähnliche Nutzung stellt sich der Investor für die drei Pavillons auf dem neuen Grünstrand vor. Thelosen weiß, dass er sich in einem "empfindlichen Bereich" mit seinem Projekt bewegt. Durch den neu aufgeschütteten Grünstrand hofft er, dass sich die Gegner einer Bebauung beruhigen lassen.

NH Hoteles startet neue Luxusmarke edeNH

Gelesen in "IZ Immobilien Zeitung", 30. Oktober 2007

Die spanische Hotelgruppe NH Hoteles, Madrid, startet mit edeNH eine neue Luxusmarke. Zunächst gehören zur neuen Marke acht bereits von NH Hoteles betriebene fünf Sterne-Häuser in Italien, Spanien sowie in Deutschland das Schlosshotel Bühlerhöhe in Baden-Baden. Außerdem sollen drei neue edeNH-Hotels in der Dominikanschen Republik und in Mexiko neu eröffnet werden.

NH Hoteles plant Hotels in Berlin und Frankfurt

Gelesen in "IZ Immobilien Zeitung", 30. Oktober 2007

Die spanische Hotelgruppe NH Hoteles plant ein zweites Hotel in Frankfurt am Main. Sie hat das 19stöckige, ehemalige Bürohaus Bleichstraße 64-66 (frühere Mieter u.a. Dresdner Bank) gepachtet und wird es in ein Hotel mit 209 Zimmern und acht Konferenzräumen umbauen. Ein Bauantrag wurde bereits eingereicht. Anfang 2009 soll das NH Am Turm eröffnen. Für 2010 ist in Berlin die Eröffnung eines Hotels mit 385 Zimmern und einem 1.300 qm großen Konferenzzentrum im so genannten Medienhafen unweit der Spree geplant. Dieses Haus wird ebenfalls im Rahmen eines Pachtvertrags geführt. Die Neueröffnungen sind Teil einer europaweiten Expansion von NH Hoteles.

Hilton: Russischer Hotelmarkt hat das größte Wachstumspotenzial

Gelesen in "IZ Immobilien Zeitung", 30. Oktober 2007

"Russland bietet derzeit mit das größte Wachstumspotenzial für die Hotellerie weltweit", findet Hilton-Europachef Wolfgang Neumann. In den nächsten zehn Jahren plant die Hilton-Gruppe, mit über 70 Hotels in Russland vertreten zu sein. Neben Moskau und St. Petersburg hat Hilton dabei auch 30 weitere Städte wie Kasan, Ufa, Perm oder Jekaterinburg im Blick.

The Bench: Global Hotel Performance

Source: The Bench, London (Oct 29, 2007)

James Chappell, Managing Director of The Bench, recently presented a review of 2007 Global Hotel Performance at two major hospitality events – the Hotel Investment Conference Asia Pacific (HICAP) and the International Society of Hospitality Consultants’ Annual Conference, both in the cosmopolitan and thriving city of Hong Kong. The review presented by James included valuable insights into how the global hotel economy has fared over the year to date. His presentation looked specifically at RevPAR growth in the key global markets of the US, UK, Europe and Asia Pacific and also the principal sectors within those regions.

Some key conclusions and statistics shared by James included:

United Kingdom
• RevPAR has continued to grow in 2007 after a strong performance in 2006 and is likely to continue into 2008
• UK RevPAR growth for 2007 is currently 13.2%
• The majority of the growth is confined to city centres such as London, Edinburgh, Glasgow, Manchester and Liverpool; growth in the regional markets is much lower
• This RevPAR growth is being driven predominately by Average Room Rate, 13%, whereas Occupancy is flat at .5%

Europe
• RevPAR was down slightly on 2006 at 8.4% compared to 11.61% but still very positive
• Germany has maintained the levels of Occupancy and ARR achieved during the World Cup, as a strong conference market supports demand
• Like the UK, the growth is predominately in ARR, whilst Occupancy levels have remained static
• Bedroom supply growth in Europe has remained static over the last year, growing by less than 1.5%.

Americas
• US RevPAR was down slightly on 2006, from 7.5% to 5.5%, but business fundamentals remain strong
• New September YTD data, however, shows RevPAR at 5.7%, indicating a trend towards our Year End forecast of 6%
• US Luxury and ‘Upper upscale’ sectors have shown strong growth, with the Budget sector weakest
• New York has been the strongest city in the US to date, with 12% RevPAR growth, caused by a combination of decreased supply in the market and strong trading conditions
• Supply growth in US markets started to spike in 2006, rising to over 2%
• Strong RevPAR growth of 20% in South America, with the three cities San Paolo, Rio de Janeiro and Buenos Aires all above 12% growth year to date.

Asia
• After a weak first quarter, the region shows a 4% RevPAR growth compared to 8% in 2006; Asia has surged to 11.3% year to date
• Growth is strongest in India (29%), Singapore (34.6%) and the southeast Asia economies of Vietnam, Indonesia and Cambodia on 44%, 40% and 36% respectively
• Growth in South East Asia has been caused by a perfect alignment of rate growth environment China shows a negative growth to date of -2.8%, hampered not by decreased demand but rather by a large increase in hotel stock.

HICAP was also attended by Jonas Ogren, Sales Manager for The Bench in Asia Pacific, who was pleased to report that the uptake of The Bench in the region continues to grow, mirroring the true business value of accurate and timely management information upon which to base strategic revenue-critical decisions.

The Bench now has well over 750 properties participating in the region and more are being added by the day. All of the major hotel groups are committed to The Bench and are increasingly being joined by local hotel groups and independent hotels across the region.

The market overview presented by James Chappell at these key industry events was made possible by the performance data held on The Bench – global data entered daily by all Bench users, who themselves benefit from the fastest, most upto-date performance benchmarking analyses available, accessed via The Bench.

Bei den Russen sitzt die Urlaubskasse am lockersten

Gelesen auf hotelier.com, 29. Oktober 2007

Der Urlaub ist die schönste Zeit des Jahres – und das lässt man sich gerne auch mal richtig was kosten. Wie viel sich europäische Urlauber ihren Hotelaufenthalt kosten lassen und welche Ausgaben sie andererseits von Hotelgästen in ihrem eigenen Land erwarten, dass hat der Hotelexperte hotels.com im aktuellen Hotel Price Index (HPI) für das zweite Quartal 2007 ausgewertet.

Als spendabelste Nation in Europa zeigten sich zwischen April und Juni 2007 die Russen, denn diese ließen sich ihren Hotelaufenthalt durchschnittlich 146 Euro pro Zimmer und Nacht kosten. Allerdings erwiesen sich Reisende aus Russland nicht nur als besonders großzügig, sondern setzten diese Eigenschaft auch bei Besuchern ihres Heimatlandes voraus. Schließlich war Moskau die mit Abstand teuerste Stadt während des Untersuchungszeitraums. Besucher der Hauptstadt wurden mit durchschnittlich 284 Euro pro Zimmer und Nacht zur Kasse gebeten.

Deutschsprachige Reisende nächtigen im Urlaub eher preisbewusst
Dass der gemeine Deutsche einen ausgeprägten Trieb zur Schnäppchenjagd hat, ist bekannt. Dabei macht er nicht einmal vor seinem größten Hobby – dem Reisen – halt. In Sachen Hotelübernachtung zeichnet er sich mit Übernachtungskosten von durchschnittlich 113 Euro pro Zimmer als einer der preissensibelsten Europäer aus. Aber auch Reisende in Deutschland konnten preisgünstig übernachten, lag der durchschnittliche Hotelpreis während des zweiten Quartals 2007 hier bei 105 Euro pro Zimmer und Nacht. Bei den Österreichern ist das Preisniveau insgesamt höher, allerdings hielten sich Ausgaben und Einnahmen hier eher die Waage. Auf ihren Reisen ließen sich die Österreicher ihre Hotelübernachtung durchschnittlich 133 Euro pro Zimmer und Nacht kosten, setzten bei Touristen im eigenen Land durchschnittlich 130 Euro für die gleiche Leistung an.

Schweizer messen mit zweierlei Maß
Ganz anders allerdings verhielt es sich während des Untersuchungszeitraums in der Schweiz. Mit einem durchschnittlichen Übernachtungspreis in Schweizer Hotels von 151 Euro pro Zimmer und Nacht mussten Reisende relativ tief in die Tasche greifen. Wenn sie selber aber eine Reise tun, übten sich die Schweizer allerdings in vornehmer Zurückhaltung und knauserten bei ihren Hotelübernachtungen mit durchschnittlich gezahlten 127 Euro pro Zimmer und Nacht.

Überraschend: Sparsame Gäste aus Skandinavien
Die sparsamsten Reisenden Europas kamen im zweiten Quartal 2007 aus Finnland. Mit einem Übernachtungsbudget von lediglich 111 Euro pro Zimmer und Nacht zahlten sie so wenig, wie keine andere Nation Europas. Insgesamt zeichneten sich die Skandinavier eher durch Sparsamkeit aus, denn auch die Dänen und Schweden lagen mit 119 Euro bzw. 123 Euro pro Zimmer und Nacht im unteren Drittel aller analysierten europäischen Nationen. Andererseits erwarten Skandinavier eine wesentlich größere Zahlungsbereitschaft bei Besuchern ihrer Länder. In Schweden zum Beispiel lag der durchschnittliche Hotelzimmerpreis bei 132 Euro pro Nacht, in Dänemark sogar bei 147 Euro. Einzige Ausnahme ist Norwegen. In Norwegen zahlten Reisende für eine Hotelübernachtung mit durchschnittlich 148 Euro pro Zimmer einen relativ hohen Preis, aber auch die Norweger selbst waren bereit für ihre Urlaubsunterkunft ein Budget von 132 Euro pro Zimmer und Nacht zu investieren.

Marriott dominates buyers’ performance ratings

Seen on ehotelier.com, Oct 29, 2007

By Michael B. Baker    

Marriott International’s brands swept first-place honors for nearly every tier in the U.S. Hotel Chain Survey, in a year when increasing revenues and rates are allowing hotels to invest more in renovations and amenities. 

With the exception of the luxury tier, in which Marriott’s Ritz-Carlton Hotels brand placed second, and the midprice extended stay and economy tiers, in which Marriott had no brands in the running, travel buyers gave their highest scores to Marriott. In the 2006 survey, midprice Courtyard by Marriott and TownePlace Suites—both of which were beaten in their tiers by other Marriott brands this year—were the only brands to be ranked first. Sean Hennessey, president of New York-based Lodging Investment Advisors, said Marriott’s scope is a benefit in keeping its edge, with the systems and sales force better able to cater to travel buyers. Travelers also are noticing adjustments recently made to the companies’ brands, said Mike Jannini, Marriott’s executive vice president of global brand strategy and innovation. 

“We’ve made a boatload of changes across all of our brands in the last two years,” Jannini said. 

“We went outside the industry and hired the best innovation firms to create very new approaches to guest room design and public spaces to make a much more engaging hotel experience.”

The company scored a double victory in the upscale tier with its JW Marriott Hotels and Marriott Hotels & Resorts brands tying for the top position. Westin Hotels, Hyatt Hotels and Hilton International— which merged with Hilton Hotels early last year, and the two were separated by onehundredth of a point in the survey— completed the top five. Unlike previous years, BTN did not differentiate between upper upscale and upscale brands, merging them into a single upscale tier. 

Neither of the winners in the two categories last year, Loews Hotels and Walt Disney World Resorts, reached the required usage threshold of 20 percent of survey respondents to be included in the 2007 results.      

Like the industry as a whole, the upscale segment showed strength in 2006. While occupancy for the tier showed only a slight increase, revenue per available room was up 9.7 percent for the upscale tier and 7.5 percent for the upper upscale tier, compared with an 8 percent increase in the entire industry, according to PricewaterhouseCoopers’ Lodging Industry Report and Forecast, released in December.

External source: To read complete article: Click Here 

Source: BTNonline.com

Taking on the giants

Seen on Hotel-Online.com, Oct 29, 2007

By Howard Stutz, Las Vegas Review-Journal

Nevada's top casino operators are busy spending billions of dollars to transform this area of Southern China into Asia's version of Las Vegas.

Meanwhile, a joint venture featuring Australia's richest man and the son of Macau's controversial casino pioneer is seeking its own piece of the action.

Melco PBL, a partnership between the gaming of arm of James Packer's Publishing and Broadcasting Ltd. empire and Lawrence Ho, son of Hong Kong billionaire Stanley Ho, opened its first casino in May. The $500 million Crown Macau on Taipa Island has 216 hotel rooms. The public casino is boutique-sized and on five levels. Crown operates several private luxury gaming salons on the property's 37th floor, all with expansive views across the harbor of the casino cluster on the Macau Peninsula.

The company, which became listed a year ago on the Nasdaq National Market, isn't stopping there.

Melco PBL is spending $2.8 billion to build City of Dreams on Macau's Cotai Strip, directly across the road from The Venetian Macau. Under construction and expected to open in 2009, the project has reportedly shunned the idea of an underwater casino but is still planning a 420,000 square-foot gaming space. Multiple hotel products totaling 1,700 rooms are under construction, including a 366-room Hard Rock and a 1,005-room Grand Hyatt.

The company also controls a site on the Macau Peninsula next to the Sands Macau and near the Ferry Terminal. Recently, Melco PBL told investors it would build a project called Trinity, which would have a casino with 215 gaming tables and 500 slot machines, residences and a boutique hotel. The project would open in 2010.

Melco PBL also operates the Mocha Clubs, a chain of Macau slot parlors, and has an agreement to operate the casino at the Macau Studio City, which is being built on the opposite end of the Cotai Strip from City of Dreams.

Clearly, Melco PBL is looking to challenge Las Vegas-based Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Mirage for Macau supremacy. At the Crown Macau, Melco PBL is focusing on the high-end VIP market, which accounts for roughly 70 percent of Macau's overall gaming revenues.

Gaming consultant Jonathan Galaviz of Las Vegas-based Globalysis said Melco PBL is able to capitalize on its experience both in Australia and Asia.

"Obviously, they have a good understanding of the competitive dynamics in the market," Galaviz said.

In 2006, PBL purchased a gaming subconcession owned by Wynn Resorts for $900 million. PBL, one of Australia's largest media and entertainment groups, is traded on the Australian Stock Exchange and has a market capitalization of $11 billion. PBL went into partnership with Lawrence Ho to capitalize on different gaming opportunities in Macau.

PBL operates the Crown Melbourne, one of Australia's leading hotel-casinos.

Separate from Melco, PBL paid $22.5 million in May to purchase a 37.5 percent stake in a holding company that is planning a hotel-casino project on the site of the now closed Wet 'n Wild theme park on the Strip between the Sahara and the under-construction Fontainebleau. Crown would operate the resort.

Crown Macau CEO Greg Hawkins said Packer, the son of the Australian business magnate Kerry Packer, who died in December 2005, wants to make Crown a global brand. Having Crown casinos in Las Vegas, Macau and Australia would create a worldwide database.

"From the PBL perspective, we see a natural evolution where that top-end customer database grows and customers can move around to different Crown resorts, be it here, Australia or Las Vegas," Hawkins said.

Deutsche Bank gaming analyst Bill Lerner said Melco PBL is a company getting into gaming in a big way, individually and together. The companies lost out in the bidding process for one of two casino sites on the island nation of Singapore.

"They might even look at Japan if something happens there," Lerner said.

Melco PBL's initial effort in Macau caught some interest. Crown Macau was introduced to Southern China television audiences through an infomercial designed as a mini-movie, "Where Great Things Happen," that starred Hong Kong actor Chow Yun-Fat, who became known to American audiences through "Crouching Tiger, Hidden Dragon," and "Pirates of the Caribbean: At World's End."

The Crown Macau is tucked into a small land parcel on Taipa, surrounded by high-rise residential apartments, separated from the casinos on the Peninsula and the developing Cotai Strip. The 38-story building has just 216 hotel rooms, all with view of the Macau Peninsula. The hotel lobby is on the 38th floor.

"I think the physical location where we are, nestled between the hub of activity on the Macau Peninsula and the Cotai Strip, is not a negative in our view," Hawkins said. "Everything we are trying to do is to capture a niche market, which is VIP gaming and the top of the mass market. That's the space we want to exist. We don't want to be everything to everybody. We want to capture a space in this property that appeals to that particular market."

Crown Macau's five-level casino has 220 table games and 500 slot machines, but the real action is on the 37th floor, where several luxury gambling salons are available to high-end customers willing to put up at least $30 million Hong Kong (roughly $3.9 million American) in the casino cage for gambling.

The spacious hotel rooms have three price levels; $569 for a deluxe room, $1,554 for a deluxe suite and $1,664 for a premier suite (all in American dollars). Crown Macau also has upscale Japanese, Chinese and French restaurants. The French restaurant offers an outdoor patio and lounge area with views of the Peninsula.

"Ninety-five percent of the story is premium play and VIP customers," Lerner said. "They may have gotten off to a slow start, but it seems to be ramping up rather quickly."

Lawrence Ho, CEO and co-chairman of Melco PBL, said in August during the company's second-quarter earnings release that going after a high-end customer was the correct move.

"Our decision to position Crown Macau as an up-market VIP property is proving to be a sound one," Ho said in a statement. "Based on the initial operating results at Crown Macau, which has been characterized by increasingly strong VIP play, we have determined to seek opportunities to further enhance our VIP capacity at the property, combined with a commensurate consolidation of our mass market capacity."

Hawkins said the Crown Macau location on Taipa does not lend itself to the mass-market, walk-in customer base experienced at the casinos operated by Stanley Ho along the Peninsula. But that isn't the market Crown is targeting.

However, as the company's City of Dreams project moves forward on the Cotai Strip while the Peninsula development takes shape, Melco PBL will be in position to capture all segments of the Macau market, setting the company aside from the American casino operators.

"As a casino destination, Macau has historically been fundamentally different than what you would experience in other parts of the world," Hawkins said. "It's an incredibly competitive environment, and from that perspective, we have to make sure we fully understand the strategic directions taken. All the concession holders, including the Americans, have to understand the framework and the fabric of what makes Macau tick."

 

THE SERIES

-- Sunday: Macau is in the cross hairs of a multibillion-dollar building boom largely fueled by Nevada's major gaming companies, which are exporting Las Vegas-style casinos into a market starving for action.

-- Monday: Thanks to the growing casino industry, unemployment is just 3 percent in Macau. But where will all the workers come from to staff the new casinos now under construction?

-- Tuesday: More than 80 percent of the table games in Macau are dedicated to the game of choice for Asian gamblers: baccarat. But the use of slot machines is growing, and Nevada's slot makers are trying to capitalize on the market.

-- Wednesday: Macau's Cotai Strip has more than 20,000 hotel rooms in various stages of construction. By 2010, the Cotai Strip will resemble the heart of the Strip in Las Vegas.

-- Today: American gaming giants Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Mirage are establishing footholds in Macau. But an Australian company, in partnership with the son of Macau's casino pioneer, is ready to challenge the experienced casino operators.

 

ON THE WEB

For a photo slide show and video of Macau from Review-Journal reporter Howard Stutz and director of photography Jeff Scheid: 

- -http://www.reviewjournal.com/webextras/macau

Mohan Singh Oberoi - Father of the Indian hotel industry

Read in Hotel & Resort Insider, Oct 26, 2007

Mohan Singh Oberoi ( M.S. Oberoi) can be aptly termed as the father of the Indian hotel industry. Rai Bahadur Mohan Singh Oberoi was among the first to recognize the potential of the tourism industry, its ability to contribute to India’s economic growth and generate direct and indirect employment. He worked tirelessly to put Indian hotel industry on global tourism map.

M.S. Oberoi was born on August 15, 1898, in the erstwhile undivided Punjab, now in Pakistan. He did his early schooling in Rawalpindi and completed his graduation from Lahore. In 1922, to escape the epidemic of Plague, he came to Shimla, and got a job of front desk clerk, at The Cecil Hotel at a salary of Rs 50 per month.

M.S. Oberoi was a quick learner and shouldered many additional responsibilities along with the job of desk clerk. M. S. Oberoi’s diligence prompted Mr. Clarke to request Mohan Singh Oberoi to assist him when he acquired Clarkes Hotel. At the Clarkes Hotel, M.S. Oberoi gained first hand experience in all aspects of hotel operations.

In 1934, M.S. Oberoi acquired The Clarkes Hotel from his mentor, by mortgaging his wife’s jewelry and all his assets. In 1938, he signed a lease to takeover operations of the five hundred room Grand Hotel in Calcutta, which was up for sale following a cholera epidemic.

In 1943, Rai Bahadur Mohan Singh Oberoi, acquired the controlling interest in the Associated Hotels of India (AHI) which owned the Cecil, and Corstophans in Shimla, the Maidens and the Imperial in Delhi, and a hotel each in Lahore, Murree, Rawalpindi and Peshawar. He thus became the first Indian to run the largest and finest hotel chain.

In 1959, The Oberoi Group became the first group to start flight catering operations in India. In 1965, M.S. Oberoi opened the first modern, five star international hotel in the country, The Oberoi Intercontinental, in Delhi. In 1966 he established the prestigious Oberoi School of Hotel Management, recognized by the International Hotel Association in Paris. In 1973, The Oberoi Group opened the 35 storey Oberoi Sheraton in Mumbai. Rai Bahadur M.S. Oberoi was the first to employ women in the hospitality sector.

Today, The Oberoi Group owns or manages 37 luxury and first class international hotels in seven countries.

M.S. Oberoi was elected to the Rajya Sabha in 1962 and in 1972. He was also elected to the Lok Sabha in 1968.

M.S. Oberoi was recipient of many awards and honours. In 1943, he was conferred the title of Rai Bahadur by the British Government. Other honors include admission to the Hall of Fame by the American Society of Travel Agents (ASTA); Man of The World by the International Hotel Association (IHA) New York; named by Newsweek as one of the "Elite Winners of 1978" and the PHDCCI Millennium award in 2000. M.S. Oberoi was honored with Padma Bhushan in 2001.

M.S. Oberoi passed away on May 3, 2002 at the age of 103.

The $26 billion Acquisition of Hilton Hotels by Blackstone Finalized on October 24, 2007

Seen on Hotel-Online.com, Oct 25, 2007

Hilton Hotels Corporation (NYSE:HLT) (“Hilton”) and The Blackstone Group (NYSE:BX) (“Blackstone”) today announced the completion of the previously announced merger (the “Merger”) of Hilton with an affiliate of The Blackstone Group’s real estate and corporate private equity funds. Pursuant to the terms of the merger agreement, holders of Hilton’s common stock will receive $47.50 in cash, without interest, for each share of common stock that they own immediately prior to the effective time of the Merger. As a result of the Merger, Hilton’s common stock will cease to trade on the New York Stock Exchange at the close of market today and will be delisted.

Hilton also announced that, as of 8:00 a.m., New York City time, on October 24, 2007, the following principal amounts of its securities had been validly tendered and not withdrawn pursuant to Hilton’s cash tender offers for such securities: $363.7 million aggregate principal amount of its 7.625% Notes due 2008, $129.5 million aggregate principal amount of its 7.200% Notes due 2009, $290.7 million aggregate principal amount of its 8.250% Notes due 2011, $369.9 million aggregate principal amount of its 7.625% Notes due 2012, $145.1 million aggregate principal amount of its 7.500% Notes due 2017, $103.6 million aggregate principal amount of its 8.000% Quarterly Interest Bonds due 2031 and CLP67,715,000,000 aggregate principal amount of its 7.430% Chilean Inflation-Indexed (UF) Notes due 2009. All securities validly tendered and not withdrawn have been accepted for payment pursuant to the tender offers.

As a result of the acceptance of securities for purchase pursuant to Hilton’s tender offers, the supplemental indentures to the Indenture dated as of April 15, 1997 (the “1997 Indenture”), by and between Hilton and The Bank of New York Trust Company, N.A., which were previously executed and delivered in connection with the consent solicitations relating to the tender offers, have become operative.

In addition, Hilton announced that it had entered into a supplemental indenture to the Indenture dated as of April 22, 2003, by and between Hilton and The Bank of New York Trust Company, N.A., governing Hilton’s 3.375% Convertible Senior Notes due 2023 (the “Convertible Notes”), as required by such indenture. This supplemental indenture provides that the Convertible Notes are now convertible into $2,111.11 in cash per $1,000 principal amount of Convertible Notes converted.

The Merger, the repayment of certain Hilton indebtedness and the payment of transaction expenses has been financed with $20.6 billion of mortgage and mezzanine debt financing (the “Secured Debt”) incurred by subsidiaries of Hilton and approximately $5.7 billion of equity invested by investment funds affiliated with The Blackstone Group. The Secured Debt is secured by substantially all of Hilton’s consolidated assets and contains significant restrictions on the incurrence of any additional indebtedness by Hilton, including the prohibition of any additional Hilton indebtedness for money borrowed and/or evidenced by bonds, debentures, notes and other similar instruments, other than a limited right for an unsecured financing in an amount of not less than $1.0 billion at Hilton, provided that Hilton makes the election to proceed with such an unsecured financing within 30 days of the Merger. Thereafter, Hilton would not be permitted to enter into such a financing without the unanimous consent of the Secured Debt holders. The proceeds of any Hilton unsecured financing, if completed, would be used to repay an equal amount of the Secured Debt.

Acquisition financing was provided by Bear Stearns, Bank of America, Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch and Morgan Stanley. These institutions provided the mortgage and mezzanine financing and also served as financial advisors to Blackstone. Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone. UBS Investment Bank and Moelis Advisors acted as financial advisors to Hilton, and Sullivan & Cromwell LLP acted as legal advisor to Hilton.

About Hilton
Hilton Hotels Corporation is the leading global hospitality company, with 2,896 properties totaling approximately 490,000 rooms in 76 countries and territories. The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton®, Conrad® Hotels & Resorts, Doubletree®, Embassy Suites Hotels®, Hampton Inn®, Hampton Inn & Suites®, Hilton Garden Inn®, Hilton Grand VacationsTM, Homewood Suites by Hilton® and The Waldorf=Astoria Collection®.

About Blackstone
The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.