Four Seasons agrees $3bn bid
Four Seasons Hotels said it had agreed to a $3.37 billion offer to be taken private by a group that includes the Canadian company's chief executive as well as Saudi Prince Alwaleed bin Talal and Microsoft chairman Bill Gates.
Four Seasons said the transaction was approved unanimously by its board following a report and recommendation by a panel of independent directors. A shareholders meeting to vote on the deal is expected in April.
Condé Nast Gold List update
AMONG the properties that are proud to have their names on the Condé Nast Traveller Gold List are the Ritz-Carlton Dubai, Abu Dhabi’s Emirates Palace; Clinique La Prairie, the health spa and medical centre in Montreux, Switzerland; and the Huvafen Fushi Maldives.
ADNH records $79m profit
Abu Dhabi National Hotels (ADNH) has recorded a net profit of Dh292.5 million ($79.64 million) for the financial year ending December 31, 2006. These preliminary annual results indicate a 12 per cent decline in net profits from the previous year due to the overall performance of banking investments in local stock funds. Operating profit increased to Dh276 million, up 22 per cent. Revenue also increased to Dh1.2 million, up 11 per cent. The hotel division showed strong growth, reporting net profits of Dh233 million, up 36 per cent.
Depa Awards to up participation 20pc
THIS year’s Depa Hotels Awards will feature a live on-the-night voting process in a bid for greater transparency, following feedback from participating hotels in previous years. Additionally, the group’s CEO Mohannad Sweid said he expected hotel participation to increase by 20 per cent. “We are incorporating a mechanism and process for participants to vote amongst each other, live, on the night of the event,” he said. The registration process has begun.