It’s likely people have been pilfering from hotels since their inception. Someone probably even stole from the no-room inn of Bethlehem. Whether it’s a small souvenir or something bigger, such as a plush robe, theft by guests has cost the hotel industry big bucks. Some people, however, don’t stop at stealing the small things. Instead, they […]
Zacks Industry Outlook Highlights: Priceline, Expedia, TripAdvisor, Hilton and Marriott
Marriott's (MAR) consistent efforts to expand worldwide, given a steady rise in business and leisure travel, are likely to drive growth in the near as well as long term.
Marriott's (MAR) continual expansion strategies to expand brand presence are reflected in the latest The Whitley in Atlanta launch.
Apart from strong estimated earnings and revenue growth, Marriott's (MAR) focus on expansion through acquisition makes the stock an attractive pick.
Marriott's (MAR) buyout of Starwood is expected to result in a bigger brand with increased scale and a robust development pipeline. Efforts to expand worldwide may further drive growth.
Все популярнее становится высшее образование Швейцарии среди казахстанцев и во всем мире. Что же влечет миллионы студентов в сердце Европы? Ответ на этот и другие интересующие вопросы Вы можете получить на презентации с участием представителя и выпускника вуза отельного менеджмента ассоциации Swiss Education Group г-на Горана Йорданова. Презентация состоится: г. Астана – 21 ноября 2017 в 17.00 по адресу: отель «Hilton Garden Inn Astana», проспект Кабанбай батыра 15 г. Алматы – 22 ноября 2017 в 17.00 по адресу: отель «InterContinental Almaty», улица Желтоксан 181 В первую очередь Швейцария является местом зарождения индустрии туризма и гостеприимства, где впервые, более 100 лет назад, появились замки отельного стиля. Также Швейцария имеет идеальное георасположение на границе с Италией, Германией, Францией и Австрией. Естественно, Швейцария является самой безопасной страной в мире с уникальной природой, которая признана самой богатой, самой счастливой, самой инновационной страной с самой конкурентоспособной экономикой за последние годы согласно рейтингам “Global Competitiveness Report 2017” Всемирного экономического форума и “World Happiness Report 2017” Организации Объединенных Наций. К тому же Швейцарию делают еще привлекательней новые тренды, которые создает в сфере образования Ассоциация ведущих учебных заведений Швейцарии Swiss Education Group, внедряя инновационные технологии и расширяя круг деловых партнеров – работодателей. В состав Ассоциации Swiss Education Group входят 5 вузов с преподаванием на английском языке, расположенных в 7 кампусах по всей Швейцарии: - Cesar Ritz Colleges (туризм и предпринимательство) - Culinary Arts Academy (кулинарное дело) - Hotel Institute Montreux (международный бизнес со специализациями: Marketing, HR, Finance) - IHTTI Hotel & Design Management School (дизайн интерьера) - SHMS Swiss Hotel Management School (управление отелями и ресторанами) Именно студенты Swiss Education Group получают двухдипломное образование всего лишь за 3 года обучения (степень Бакалавра) и за 1 год (степень Магистра) в сотрудничестве с Washington State University, Northwood University и University of Derby. Инновационность Ассоциации проявляется в том, что вся информация, необходимая студентам, содержится в виртуальной системе “Moodle”, в которую открыт бесперебойный доступ. А для более 26,000 выпускников этих вузов создана специальная площадка для общения “KONNECT”, что является аналогичной платформой трудоустройства “Head Hunter”. Самое уникальное в Swiss Education Group - гарантированное трудоустройство, что достигается несколькими путями: 1) Создан департамент “Career & Internship”, занимающийся размещением студентов на стажировку и на работу; 2) Два раза в год проводится ярмарка вакансий “International Recruitment Forum”, где студенты лицом к лицу встречаются со знаменитыми мировыми брендами, крупными всемирными сетями отелей и ресторанов, корпорациями и банками, такими как: Edmond de Rothschild & UBS Bank, Four Seasons, Armani & Starwood Hotels and Resorts, Hublot & Langham, Ritz Carlton & Ritz Paris, Kempinski & Hyatt, Hilton & Radisson, Disneyland и многие другие; 3) Программа состоит из интенсивной теоретической и сбалансированной практической частей, то есть студент с 1-го курса 6 месяцев учится и 6 месяцев проходит оплачиваемую стажировку не только в Швейцарии, но и в любом уголке мира. Еще одна отличительная черта вузов Swiss Education Group - это удобное предложение пакета “Все включено”, где стоимость обучения включает: - Обучение и практику; - Проживание в кампусах; - 3-х разовое питание; - Визовую поддержку с видом на жительство; - Страховой полис на экстренные случаи и медикаменты; - Фитнес; - 2-ой язык на выбор (французский, немецкий, испанский); - Планшет с программой Moodle; - Униформу для соблюдения бизнес стиля; - Туры по шоколадным, винным и сырным фабрикам. На данный момент существуют частичные гранты и система скидок во всех вышеуказанных вузах. Не упустите свой шанс, количество квот для Казахстана ограничено! Для регистрации на презентацию пройдите по данной ссылке: Астана Алматы Более подробную информацию вы можете получить у представителя SEG в Казахстане - в агентстве USL-Kazakhstan: тел.: 8 (727) 272-01-02, 8-707-531-48-32 e-mail: [email protected] , www.usl.kz, www.facebook.com/usl.kaz *На правах PR
Marriott (MAR) raised its full-year profit forecast for the third time this year amid robust demand from business as well as leisure travelers.
Zacks Industry Outlook Highlights: Expedia, TripAdvisor, Priceline Group, Marriott International and Hilton Worldwide Holdings
Zacks Industry Outlook Highlights: Expedia, TripAdvisor, Priceline Group, Marriott International and Hilton Worldwide Holdings
Continuing with its aggressive expansion efforts in China, Marriott (MAR) opened its second Sheraton property in Guangzhou.
Marriott's (MAR) consistent efforts to expand worldwide, given a steady rise in business and leisure travel, is likely to drive growth in the near as well as long term.
Marriott (MAR) announces opening of a hotel in Malaysia under its Ritz-Carlton brand.
Marriott's (MAR) continual expansion strategies to proliferate its brand presence globally have been reflected in its latest launch of a dual-branded hotel in Denver.
Continuing with its solid expansion efforts, Marriott International (MAR) marks the entry of its Marriott Marquis brand in Chicago.
"It Feels Like An Avalanche": China's Crackdown On Conglomerates Has Sent A "Shock Wave" Across Markets
The first to suffer Beijing's crackdown against China's private merger-crazy conglomerates, wave was the acquisitive "insurance" behemoth, Anbang, whose CEO Wu Xiaohui briefly disappeared as the Politburo made it clear that the "old way" of money laundering - via offshore deals - is no longer tolerated. Then, several weeks later and shortly after the stocks of the "famous four" Chinese conglomerates plunged after China officially launched a crackdown on foreign acquirers amid concerns of "systemic risk", it was HNA's turn, which as we described last week, risks becoming a "reverse rollup from hell", as HNA's stock tumbled, sending the LTV of billions in loans collateralized by the company's shares soaring and in danger of unleashing an catastrophic margin call among the company's lenders. Then Beijing's attention shifted to the biggest conglomerate of them all: billionaire Wang Jianlin’s Dalian Wanda Group, which as the WSJ and Bloomberg reported was being "punished" by Beijing, and would see its funding cutoff after China "concluded the conglomerate breached restrictions for overseas investments." The scrutiny could rein in Wang’s ambitious attempt to create a global entertainment empire, including Hollywood production companies and a giant cinema chain he’s built up through acquisitions from the U.S. to the U.K. Six investments, such as the purchases of Nordic Cinema Group Holding AB and Carmike Cinemas Inc., were found to have violations, said the people, who asked not to be identified discussing a private matter. The retaliatory measures will include banning banks from providing Wanda with financial support linked to these projects and barring the company from selling those assets to any local companies, the people said. The move is an unprecedented setback for the country’s second-richest man, who has announced more than $20 billion of deals since the beginning of 2016. By targeting one of the nation’s top businessmen, the government is escalating its broader crackdown on capital outflows and further chilling the prospects of overseas acquisitions during a politically sensitive year in China. Summarizing the abrupt shift in sentiment in China was Castor Pang, head of research at Core-Pacific Yamaichi, who said that “to investors, political risk is now the biggest concern when investing in Chinese companies. Not only Wanda, every Chinese company won’t find it easy anymore to acquire assets overseas. Stabilizing the yuan is the top priority for Beijing now.” While it is not exactly clear just why Beijing so quickly soured on foreign transactions - as we explained back in 2015, it was abundantly clear back then these were nothing more than a less than sophisticated way to launder money offshore - unless of course the capital flight out of China is far worse than what Beijing would disclose, what has become quite clear is that Wanda was among the conglomerates including Fosun International, HNA Group and Anbang Insurance whose loans are under government scrutiny after China’s banking regulator asked some lenders to provide information on overseas loans to the companies. In other words, the foreign merger party is over. In fact, for some of the above listed 4 conglomerates, the party may be over, period. And now as the WSJ reported over the weekend, it has become clear that China’s government reined in one of its brashest conglomerates with the explicit approval of President Xi Jinping, "according to people with knowledge of the action—a mark that the broader government clampdown on large private companies comes right from the top of China’s leadership." The measures, with President Xi’s previously unreported approval last month, bar state-owned banks from making new loans to property giant Dalian Wanda Group to help fuel its foreign expansion. The cutoff in bank financing for the company’s foreign investments highlights Beijing’s changing view of a series of Wanda’s recent overseas acquisitions as irrational and overpriced. In short, and as noted above, Yuan stability above all. For the local market, the shift in Beijing's strategy is nothing short of a seismic shift: “It feels like an avalanche,” said Jingzhou Tao, a lawyer at Dechert LLP in Beijing, who does mergers and acquisitions work. “This is sending a shock wave through the business community.” * * * Regular readers are aware of what, until recently, was China's unquenchable thirst for foreign money laundering transactions, something we first pointed out at the start of 2016, and which had - until recently - grown exponentially. Since 2015, the four companies completed a combined $55 billion in overseas acquisitions, 18% of Chinese companies’ total. In recent days, however, as reported here 2 weeks ago, Wanda’s billionaire founder Wang Jianlin has been shrinking his empire by selling off assets and paying back the company’s bank loans. What is surprising about the sudden shift, is that Beijing had for years been encouraged Chinese companies to scour the globe for deals. Now, in a dramatic U-turn, it is reining in some of its highest-profile private entrepreneurs in what officials say is growing unease with their high leverage and growing influence. As the WSJ notes, "the measures serve as a stern warning for other big companies that loaded up on debt to buy overseas assets, officials and analysts say." How does the president fit into all of this? According to the WSJ, "Xi acted after China’s cabinet set the government machinery in gear by directing financial regulators, the economic planning agency and other bureaucracies to take a hard look at foreign acquisitions, once seen as a means for China to showcase its economic might." And, as previously reported, the crackdown started at Anbang and HNA, when Chinese banking regulators first ordered banks to scrutinize loans to Anbang in June, and other highfliers including airlines-and-hotels conglomerate HNA Group, which has pulled back on overseas investments. HNA said in a statement it continues to take a “disciplined approach” to identifying “strategic acquisitions across our core areas of focus.” Discussing the government's crackdown on conglomerates, officials at Fosun said the firm has “overseas funds and other stable financing channels,” including a fund of around U.S. $1 billion to invest, but emphasized it “fully respects the government regulations both in China and overseas markets.” Fosun has a listed unit in Hong Kong, and its strategy to invest in health care and technology “adheres to China’s global investment strategy,” said a spokesman, Chen Bo. In any case, the most likely outcome is that in the future China’s private companies will have trouble getting capital, which would help shift financial clout further in favor of big state-owned enterprises, which may also explain President Xi's change in opinion. Beijing’s sterner line comes as big private businesses and others have been amassing capital and influence that challenge the authoritarian Chinese leadership’s firm hold on the economy. Its grip has been tested over a bumpy few years. After a 2015 stock market meltdown and a botched government rescue, a gush of money flowed out of the country looking for better returns. That in turn put pressure on China’s tightly controlled yuan and foreign-exchange reserves, both seen by Beijing as barometers of confidence in the economy. It has also led to a chilling effect on Chinese outbound investment which has crashed as shown in the chart below. Putting the foreign merger spree in context, Chinese firms completed $187 billion in outbound deals last year, according to Dealogic, as private companies snapped up trophy properties, soccer clubs and hotels, while Chinese with means bought homes and pushed up real-estate prices from Texas to Sydney. The private sector’s share of overseas spending shot up from barely above zero about a decade ago to nearly half of China’s total overseas investments in 2016, before slipping back to 36.9% in the first half of 2017, according to Derek Scissors, a China expert at the American Enterprise Institute. But the most important factor, and among the main reasons for the current crackdown, is that amid the rush of investments, Beijing burned through nearly a trillion dollars in foreign-exchange reserves trying to steady the yuan. That ultimately led government regulators to clamp controls on money exiting the country and to scrutinize all proposed major offshore investments. Just as we predicted over a year ago would happen, once the government finally realized that all that M&A is nothing more than capital flight. As the WSJ puts it, "the latest scrutiny is a watershed moment in the Communist government’s relations with a private sector it has never been comfortable with. Though some senior leaders, particularly Premier Li Keqiang, are urging a new culture of startups and small businesses, Mr. Xi has promoted plans to make already-large state enterprises larger and strengthen their sway over the economy." There are other reasons for the crackdown too: one is the still fresh memory of what happened in Japan when it did the exact same thing. China is acutely aware that as Japan rose to economic prominence in the 1980s, its companies splurged on American real estate and other trophy assets, resulting in losses that cascaded through Japan’s banking sector. But mostly, it is about power and control: Mr. Tao, the Beijing lawyer, says the government’s new aggressive posture is driven in large measure by a need for control. “State-owned assets, whether in China or abroad, are still state assets,” he said. “But when private entrepreneurs take their money out, it’s gone. It’s no longer something that China can benefit from or the Chinese government can get a handle on.” And since in any power struggle between Chinese companies and Beijing in general, and Xi Jinping in particular, the latter will always win, the market's reaction was to violently selloff any big Chinese conglomerate stocks. An early sign of government discomfort with overseas spending was Anbang’s unsuccessful $14 billion bid for Starwood Hotels & Resorts Worldwide Inc. in 2016. Authorities expressed displeasure with the bold move, believing that Anbang had offered too much, according to a person with knowledge of the situation. Anbang, which had appeared unstoppable in 2014 when it struck a $2 billion deal to buy the U.S. Waldorf Astoria hotel, fell deeper in trouble. This past June, special government investigators looking into economic crimes detained Anbang’s chairman, Wu Xiaohui, who hasn’t appeared in public since. Separately, in the case of Wanda, regulators acted in the belief the company overpaid in efforts to expand beyond shopping centers and hotels and into entertainment, according to the people with knowledge of the action. Its largest such acquisition was of Legendary Entertainment, the Hollywood producer and financier behind films including “Jurassic World” and “The Dark Knight.” Wanda spent $3.5 billion to buy Legendary in 2016; In Hollywood, industry insiders widely believed the company paid too much. Legendary said this week that it is well-capitalized, operating normally and able to fund its film and television productions. As for HNA, recall that it was the stealthy buyer of Anthony Scaramucci's SkyBridge Capital, another deal which will soon fall under tremendous scrutiny, and which could be unwound in the coming weeks if concerns about conflicts of interest emerge again, only this time not between the US and Russia - especially once the "Russia collusion" story is finally over - but the White House and Beijing.
In the second quarter in Manhattan, Chinese entities accounted for half of the commercial real estate purchases with prices over $10 million. By comparison, in 2011 through 2014, total cross-border purchases from all over the world (not just from China) were in the mid-20% range. “At a time when domestic investors have pulled back, foreign parties have ramped up their holdings in Manhattan,” according to Avison Young’s Second Quarter Manhattan Market Report. This includes the $2.2 billion purchase in May of 245 Park Avenue by the Chinese conglomerate HNA Group, the sixth largest transaction ever in Manhattan. And at $1,282 per square foot, it was “among the highest price per pound for this type of asset.” The purchase of the 45-story trophy tower is being funded in part by money borrowed in the US via a $508 million loan from JPMorgan Chase, Natixis, Deutsche Bank, Barclays, and Societe Generale, according to CommercialCafé. The rest is funded by HNA’s other sources, presumably in China. The influx of Chinese money and the propensity by Chinese companies to hunt down trophy assets have propped up prices in Manhattan. And yet, despite the Chinese hunger, total sales volume has plunged, according to Avison Young: At the end of the first half of 2017, the annualized forecast of total transaction volume was on pace to be 40% lower than 2016, and a 60% drop-off from 2015. At the current pace, 2017 is shaping up to have the lowest sales count since the period from 2008 to 2010, the last market trough. Dollar volumes tell a similar story at the year’s halfway mark. The first quarter’s $3.2 billion in dollar transactions was improved to $5.6 billion in the second quarter, but this increase was largely attributable to a single $2.2 billion purchase while the first quarter lacked any billion dollar transactions. From the third quarter of 2013 through the second quarter of 2016, the Manhattan market averaged 141 transactions per quarter and never recorded less than 112 in that 12-quarter span. In the trailing four quarters ending 2Q 2017, the average transaction count dropped to 71, with the most recent tally [in Q2] at 66 for this second quarter. This chart by Avison Young shows the peak in 2015 and the plunge since (click to enlarge): That’s the gloomy data on investment activity. Office leasing activity, the underpinning of the office market, isn’t exactly booming either. According to Avison Young’s report, office leasing volume in the second quarter plunged 32% year-over-year to 5.0 million square feet. Both in Midtown and Downtown, leasing volume in Q2 plunged 35%. In Midtown, the vacancy rate rose to 11.0%, up from 10.1% a year ago; Downtown, it rose to 12.1%, up from 10.4% a year ago. So the Chinese money is sorely needed to prop up the market. “Since the beginning of 2013, Chinese companies alone have poured nearly $18 billion into Manhattan real estate,” the report says, but cautions: “This flow of funds, however, may soon be threatened.” Last year, the Chinese government got serious about imposing capital control. This year, it’s trying to crack down on lenders to get a grip on the ballooning risks threatening its financial system.Just over the weekend, top Chinese authorities struggled at the National Financial Work Conference with the rampant risk-taking and leverage. The Wall Street Journal: Fear permeated markets, which tumbled Monday after President Xi Jinping gave a speech that supported efforts to tamp down complicated lending along with other financial-system risks. Frightened investors – seeing room for yet more policy tightening after cheery GDP growth data – are now searching for signs of the regulators’ next hit. At hand is an ever-growing asset-management industry – now around 60 trillion yuan ($8.8 trillion) – and the deepening nexus of banks, brokers, trusts and insurance companies. The central bank elaborated on the linkages it uncovered in the asset-management industry in its recently published financial-stability report. That is likely telling of where regulators will go digging. If regulators do take on the asset-management business, it could spell trouble for corporate borrowers. Corporate bonds account for more than 40% of underlying assets in wealth-management products sold by banks. Asset managers have been the only active buyers of these bonds so far this year. On Monday, following the conference, the Shanghai Composite Index dropped 1.4%, and the small-cap index, ChiNext, which includes a lot of tech companies, plunged 5.1%, to the lowest level since January 2015. China’s crackdown on leverage and fund-flows already had some consequences in the US and elsewhere: quashing a slew of Chinese cross-border deals, including Anbang Insurance Group’s $14 billion bid to acquire Starwood Hotels & Resorts. These efforts by Chinese authorities to get financial risks and capital flows under control could have the effect, according Avison Young’s report, that “the major Chinese players may be regulated out of the market.” And with Manhattan being “a primary target for funds, it is likely to experience the greatest impact.” This will happen just when domestic buyers have lost their appetite for overpriced commercial real estate after a breath-taking seven-year boom. The report identified “near-term impediments” to the commercial property market, among them: “Chinese governmental regulations on capital allocations outside the country.” “General investor sentiment.” “Rising interest rates.” Pre-recession 10-year commercial mortgages that have been packaged into Commercial Mortgage Backed Securities that are now struggling to refinance. Ratings agencies have also been warning about CMBS. “Slumping residential market, slow condo sales, and heavy concessions in rental market” as asking rents have been declining. “Dearth of construction financing and stalled construction sites needing funding.” “E-retail depressing brick-and-mortar retail values.” This meltdown has reached the Crown Jewel in American retailing as seen in haunting photos of Shuttered Stores on Madison Avenue But unlike last time, there’s no Financial Crisis tripping up the property market. Stocks and bonds are booming. Wall Street is exuberant. There’s “no catastrophic event causing the current correction,” as the report explains. In other words, these are still the best of times. And it’s not just in Manhattan. Chilling photos of for-lease signs are lining the Great America Parkway in Santa Clara, Silicon Valley. Read… Silicon Valley Begins to Crack Visibly