Worldwide briefing

KAROS SUSPENDED

Karos Hotels, the 12-strong South Africa-based chain, has suspended its shares on the Johannesburg stock exchange and placed its trading subsidiaries into provisional liquidation. The majority shareholder, Mîvenpick Hotels & Resorts, failed to reach agreement with a consortium of five South African banks on financial restructuring for Karos. It blamed high interest rates and the detrimental effect of crime on tourism.

ISTANBUL HYATT SOLD

The 360-bedroom Hyatt Regency hotel in Istanbul, Turkey, has been sold by investment firm Goktrans Holdings for a reported $40m (£24m). The new owner is Turkish conglomerate Dîgus Holding, which also owns the Sheraton in Antalya and other resort hotels. The agent was Jones Lang LaSalle.

McDONALD'S PROFITS UP

McDonald's Corporation has reported that profits are up 12% to $541m (£323m) for the three months to 30 September. The company already has more than 25,000 restaurants worldwide and is on track to add 1,750 during 1999.

LISBON MARRIOTT

Marriott International has taken over management of the 588-bedroom Hotel Penta in Lisbon, Portugal. It will reopen in 2001 as the Lisbon Marriott.