HOTEL SALE DEAL OFF
Adam's Mark Hotels & Resorts has cancelled its agreement to sell six hotels to the Columbia Sussex Corporation, Marriott's largest franchisee in the USA. It said it cancelled the sale after it rejected the buyer's request to extend the deadline to complete the deal. Adam's Mark will not be seeking a new buyer for the hotels and has no immediate plans to sell any of its 24 hotels as it now hopes to see a quicker recovery from the industry downturn.
DECEMBER SALES UP
Tricon Global Restaurants, which operates Taco Bell, KFC and Pizza Hut restaurants, has reported that sales at its US restaurants increased by 12%, 8% and 3% respectively in the four weeks to 29 December. For the fourth quarter, sales at Taco Bell increased by 8% and by 7% at KFC, and fell by 5% at Pizza Hut.
CLUB MED PROFIT DIVE
French holiday resort operator Club Med recorded a loss of €70m (£43.3m) for the year to 31 October 2001 compared with a €59m (£36.5m) profit last year. Turnover for the group increased by 5.1% to €1.9b (£1.2b) compared with €1.8b (£1.1b) in 2000.
MEXICAN HOTELS HIT
Occupancy at Mexico's hotels fell by 3.5 percentage points in 2001 to 55.8% compared with 59.3% in 2000, according to figures from the Mexican tourism ministry.