Leela deal on hold. The Securities and Exchange Board of India (Sebi) is examining whether the deal between Hotel Leelaventure and Canadian investment fund Brookfield Asset Management violated rules on related-party transactions and disclosures gave a true and fair picture. Minority shareholders auch as India’s ITC have alleged that no valuation report or fairness opinion was given to the audit committee and the board of the company, and that there was no discussion in the audit committee whether it was a related-party transaction. SEBI has put the deal for four luxury hotel assets on hold.
Radisson enters Madagascar. Radisson Hotel Group is entering its 32nd African market and second Indian Ocean territory, Madagascar, with the signing of a portfolio deal with Groupe Talys for three hotels and a total of 254 rooms in the capital city of Antananarivo. Radisson said it remains on track to reach 130 hotels and 23,000-plus rooms across the continent by 2022. The agreement consists of two hotel conversions and one hotel under construction, with all three hotels scheduled to open in 2020.
Famed California hotel reopens. Beany Baby mogul Ty Warner’s San Ysidro Ranch in Montecito, California, is reopening 15 months after the destructive mudslides that resulted from heavy rainfall in areas scorched by the nearby Thomas Fire. San Ysidro Ranch, known for decades as an A-List hideaway has undergone a complete renovation, including three newly re-built cottages and a new wine cellar.
Fraud risk grows. Nearly 70% of travel buyers say their business travelers have been affected by a payment-related data breach from an outside vendor such as an airline, hotel or retailer in the past year, according to research from the Global Business Travel Association (GBTA) in partnership with AirPlus International. The research also reveals that travel buyers believe the risk of fraud is growing, with 68% saying travel programs face a greater risk of fraud today than they did two to three years ago. Most travel buyers (79%) view single-use virtual card numbers as effective at preventing fraud, and yet, only one-fifth of travel programs report current usage of this method. Similarly, travel buyers believe payment controls can prevent fraud and misuse, but many never or rarely use them.
Elite add for WorldHotels. WorldHotels recently added Eden Roc Miami Beach to its Elite Collection. The famed Eden Roc Miami Beach features 415 guest rooms with oversized balconies overlooking the ocean or the skyline of Miami Beach. Worldhotels currently offers 300 hotels in 200 destinations and 50 countries worldwide. The addition of Eden Roc Miami Beach is part of the brand’s strategy of further expansion in the United States.
Scandic sells in Finland. Scandic has signed an agreement to divest the operations of the 139-room Scandic Lahti in Finland to GreenStar Hotel Oy. The buyer will take over the operations on August 1. Scandic sold because the Finnish Competition and Consumer Authority required it to approve its acquisition of the Restel hotel company.