Soft Q1 for Accor. Accor on Thursday reported Q1 2019 earnings, which showed some weakness in Asia and in North America that blunted RevPAR growth to 1.6%. The French company also said it expects ongoing performance improvements leading to 3% full-year RevPAR growth. Q1 revenue rose 8.8% €987 million (US$1.11 billion) as Europe remained strong and South America recovered.
Details on NoMad foreclosure. The Real Deal in New York City cited reports on Friday that new documents filed as part of a state and federal lawsuits show that the owners of the NoMad hotel in Manhattan neglected to repay more than US$100 million owed to lenders and equity investors starting in late 2018. Andrew Zobler’s Sydell Group and Make It Nice own the hotel through a ground lease with the Haddad Organization, which is suing the partners in state court. Colony Capital and Bank of America provided US$140 million in debt that came due in December. Now Colony, which provided a US$35 million mezzanine piece, has initiated a UCC foreclosure auction, which is set to take place in June.