Paris files suit against Airbnb: The city of Paris has filed a lawsuit against home rental service Airbnb for failing to respect local laws regulating holiday rental properties, an official announced on Thursday. The suit also targets two other companies, Paris Attitude and Wimdu, which offer similar services. In 2017, Paris capped the number of days an individual can rent out their home as a short-term let at 120 per year.
Meininger signs in Lisbon: Meininger Hotels and project developer Nelson Canal Portugal have signed the agreement for a hotel in Lisbon. The building is located in the Santos quarter on the banks of the Tejo River. The opening of the 121-room and 453-bed hotel is scheduled for the end of 2019.
U.S. hotel profitability up: The profitability of hotels in the U.S. increased in 2017, in line with the growth of the economy under U.S. President Donald Trump, according to the latest findings from a new publication, “Profit Matters: U.S. Annual Hotel Performance Tracker 2018,” released by the hotel benchmark service, HotStats. According to the report, full-service hotels in the U.S. recorded a 2.9% increase in profit per room in 2017, which was on the back of growth in all revenue departments fueling a 2.5% increase in Total RevPAR for the year. The growth in hotel revenue was attributed to the 2.3% year-on-year increase in GDP in the U.S., as the performance of hotels in North America has a strong correlation with the health of the economy.
UK-based Burgh Island Hotel sells: UK-based Office Space in Town is leading an investment group to acquire Burgh Island Hotel, a UK-based art deco island retreats. The purchase expands the company’s portfolio beyond serviced offices and into the leisure and hotels sector. The Burgh Island Hotel will undergo a multimillion-pound renovation, lasting a total of twelve months, which will retain its 1920’s genre while adding new guest amenities, including a private members club, a luxury spa.