IHG opens second Voco hotel
InterContinental Hotels Group opens its second Voco hotel in Solihull, West Midlands; joining their existing hotel in Cardiff. The Caterer reports that the 180-bedroom hotel, owned by CL Capital, will be managed by Kew Green Hotels. The new brand, Voco, was launched in June 2018 and aims to open 200 hotels over a ten year period.
Ei Group to convert 62 sites to managed pubs
Having published their trading update for the 18 weeks to 2nd February 2019, Ei Group has announced plans to convert 62 tenanted and leased sites into managed pubs. Ei Group intend to extend its managed estate to 460 sites by 30th September 2019. Ei's trading update also revealed a 5.7% increase in like-for-like sales for the same period year-on-year in their managed estate. The Morning Advertiser also reported that, subject to approval at Ei's AGM, the first 348, of the 370 agreed properties to be sold to Tavern Propco, are due to exchange in early March.
Farmer J secure investment for London expansion
All-day food market concept, Farmer J, based in the City of London, has secured £1.9m of investment capital from Imbiba for its London expansion. Propel reports that, founded by Jonathan Recanati in 2016, Farmer J currently operates sites in King William Street and Leadenhall, with a third site in Canary Wharf due to open this month.
Inn Collection Group purchases Queens Hotel in Ambleside
The Inn Collection Group, the north-east pub company, has purchased the Queens Hotel in Ambleside, Cumbria, marking its tenth site and second in the Lake District. The Morning Advertiser reports that this marks the third acquisition in 12 months, having purchased the Waterhead Hotel, also in Cumbria, in September. Having secured £10m in funding from OakNorth, The Inn Collection Group aim to expand to 21 sites by 2022.
Restaurant le Museum secures Soho site
Restaurant le Museum, a Switzerland-based restaurant concept, has secured a unit in Rupert Street, Soho, reports Propel. The concept was founded by Karl Iverson and Montreux Jazz Festival founder Claude Nobs in 1965; and was originally a restaurant and nightclub.
According to new figures released by STR, London hotels had a record performance in January. The Caterer reports that the average daily rate increased by 3.2% to £131.92, RevPar increased by 5.7% to £94.60 and occupancy also increased by 2.4% to 71.7%.