DOCSLIB.ORG

NH Hotel Group and the Challenges of the Hotel Sector in Spain. Economic and Financial Analysis of the Company and Its Major

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
NH Hotel Group and the Challenges of the Hotel Sector in Spain. Economic and Financial Analysis of the Company and Its Major View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Repositorio da Universidade da Coruña Faculty of Business and Economics Graduate Thesis NH Hotel Group and the challenges of the hotel sector in Spain Economic and financial analysis of the company and its major competitor in the sector Laura Santaolalla Lorenzo Tutoress: María Flora Muíño Vázquez Degree in Business Management (Bilingual) Year 2016 Final Degree Project presented at the Faculty of Business and Economics of the University of A Coruña to obtain the degree in Business Management (Bilingual) NH Hotel Group and the challenges of the hotel sector in Spain Abstract The numerous difficulties and challenges brought on by the economic and financial crisis for tourism in Spain, a key industry for the Spanish economy because of its great contribution to the GDP, makes it very interesting to examine what is the current environment and future perspectives of tourism in Spain and, more specifically, of the hotel sector due to its great relevance and economic impact. Once established this framework, the main objective of this graduate thesis is to conduct a review of the internal situation of NH Hotel Group, one of the two listed companies of the hotel sector in Spain. The methodology applied has been conducting an economic and financial analysis of the company by studying in depth its annual accounts along with the calculation and interpretation of relevant ratios, based on information obtained from the CNMV, the SABI database, and the consolidated financial statements of the company covering the period 2007-2014 (latest publication of its annual accounts at the starting date of this paper). After performing this analysis it can be concluded that the results of NH do not reflect the positive trend of the tourism industry in Spain, and that despite having improved its performance over the last two years, the future evolution of the company is unclear since it has been forced to slow down its international expansion projects and has not yet managed to reduce its very high costs which place a heavy burden on its results. Key words: Financial statement analysis, Accounting quality, Earnings management, Tourism, Hotel sector, NH Hotel Group. Laura Santaolalla Lorenzo 2 NH Hotel Group and the challenges of the hotel sector in Spain Resumen Las numerosas dificultades y retos a los que se ha tenido que enfrentar el sector turístico en España, una de las actividades clave de la economía española debido a su elevada aportación al PIB nacional, durante la crisis económica y financiera, hacen que resulte muy interesante estudiar en qué situación se encuentra y cuáles son las perspectivas de futuro del turismo en España y, más concretamente, del sector hotelero debido a su gran relevancia e impacto económico. Una vez establecido el marco, el objetivo principal de este trabajo de fin de grado es llevar a cabo una revisión de la situación interna del Grupo NH Hoteles, una de las dos sociedades cotizadas del sector hotelero en España. La metodología aplicada ha sido la realización de un análisis económico-financiero de la empresa mediante el estudio en profundidad de sus cuentas anuales junto con el cálculo e interpretación de ratios financieros relevantes, en base a la información obtenida de la CNMV, de la base de datos SABI y de los estados financieros consolidados de la compañía abarcando el período 2007- 2014 (última publicación de sus cuentas anuales a la fecha de inicio de este trabajo). Después de realizar este análisis se puede concluir que los resultados de NH no reflejan la tendencia positiva de la industria del turismo en España y, a pesar de haber mejorado su resultado durante los dos últimos años, la evolución futura de la empresa es incierta ya que se ha visto obligada a frenar sus proyectos de expansión internacional y aun no ha conseguido reducir sus elevados costes, los cuales suponen una gran carga sobre sus resultados. Palabras clave: Análisis de estados financieros, Calidad de la contabilidad, Manipulación de beneficios, Turismo, Sector hotelero, NH Hotel Group. Laura Santaolalla Lorenzo 3 NH Hotel Group and the challenges of the hotel sector in Spain Index Introduction ................................................................................................................. 8 1 Overview of the role of tourism and the hotel industry in Spain .................... 10 2 The quality of accounting information ............................................................. 14 3 Financial statement analysis ............................................................................ 20 3.1 Patrimonial analysis ....................................................................................... 20 3.1.1 Economic structure ................................................................................ 20 3.1.1.1 Non-current assets ........................................................................ 22 3.1.1.2 Current assets ............................................................................... 25 3.1.2 Financial structure ................................................................................. 26 3.1.2.1 Equity ............................................................................................ 28 3.1.2.2 Non-current liabilities ..................................................................... 30 3.1.2.3 Current liabilities ............................................................................ 30 3.2 Economic analysis ......................................................................................... 31 3.2.1 Net turnover ........................................................................................... 31 3.2.2 Personnel expenses .............................................................................. 32 3.2.3 Other operating expenses...................................................................... 34 3.2.4 Leases ................................................................................................... 35 3.2.5 Depreciations......................................................................................... 36 3.2.6 Impairment and disposal of fixed assets ................................................ 37 3.2.7 Total operating expenses ...................................................................... 38 3.2.8 EBIT ...................................................................................................... 38 3.3 Financial analysis ........................................................................................... 40 3.3.1 Liquidity and efficiency ........................................................................... 40 3.3.2 Solvency ................................................................................................ 45 3.3.3 Profitability ............................................................................................. 49 4 Comparison between NH and the Spanish companies in the sector ............. 53 Conclusion ................................................................................................................ 57 Bibliography .............................................................................................................. 61 Annexes ..................................................................................................................... 64 Laura Santaolalla Lorenzo 4 NH Hotel Group and the challenges of the hotel sector in Spain Index of figures Figure 1.1 Annual rate of change of tourism GDP compared to the total GPD of the Spanish economy, 2006-2015 (%) .................................................................... 13 Figure 2.1 Net income of NH, 2007-2014 (€ thousand) .............................................. 16 Figure 2.2 Net turnover of NH, 2007-2014 (€ thousand) ............................................. 16 Figure 2.3 Net gains and losses from asset impairment of NH, 2011-2014 (€ thousand) ............................................................................................................... 17 Figure 2.4 Net gains and losses on disposal of non-current assets, 2011-2014 (€ thousand) ............................................................................................................... 18 Figure 2.5 Variation in the provision for onerous agreements, 2011-2014 (€) ............ 18 Figure 3.1 Average structure of assets of NH and Meliá, 2007-2014 (%) ................... 20 Figure 3.2 Evolution of the total assets of NH and Meliá, 2007-2014 (€) .................... 21 Figure 3.3 Structure of assets of NH by year, 2007-2014 (%) .................................... 21 Figure 3.4 Evolution of the number of rooms of NH by country, 2007-2014 ................ 24 Figure 3.5 Average structure of equity and liabilities of NH and Meliá, 2007-2014 (%) ............................................................................................................ 26 Figure 3.6 Evolution of equity and liabilities in NH, 2007-2014 (€ thousand) .............. 27 Figure 3.7 Evolution of equity and liabilities in Meliá, 2007-2014 (€ thousand) ........... 27 Figure 3.8 Structure of equity and liabilities of NH by year, 2007-2014 (%) ................ 27 Figure 3.9 Evolution of net turnover of NH and Meliá, 2007-2014 (€ thousand) .......... 32 Figure 3.10 Evolution of personnel expenses of NH and Meliá as a percentage of net turnover, 2007-2014 (%) ................................................................................... 33 Figure 3.11
Load more

Recommended publications
  • Immediate Plans for NH Hotel Group
    Minor International NH Hotel Group’s Proposed Tender Offer July 2018 STRICTLY PRIVATE & CONFIDENTIAL Disclaimer Statements included or incorporated in these materials that use the words "believe", "anticipate", "estimate", "target", or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future performance or events, are "forward-looking statements" within the meaning are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. MINT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. MINT makes no representation whatsoever about the opinion or statements of any analyst or other third party. MINT does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement. This presentation (the Presentation) has been prepared by Minor International Public Company Limited (the Company) in connection with the proposed tender offer (the VTO) to be carried out by MHG Continental Holding (Singapore) Pte. Ltd., a wholly owned subsidiary of the Company, over the shares of NH Hotel Group, S.A. (NH) in accordance with the VTO public announcement published on June 11, 2018, on the website of the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores or CNMV) as hecho relevante with registry number 266649.
    [Show full text]
  • U.S.-Cuba Trade and Economic Council, Inc. New York, New York Telephone (917) 453-6726 • E-Mail: [email protected]
    U.S.-Cuba Trade and Economic Council, Inc. New York, New York Telephone (917) 453-6726 • E-mail: [email protected] Internet: http://www.cubatrade.org • Twitter: @CubaCouncil Facebook: www.facebook.com/uscubatradeandeconomiccouncil LinkedIn: www.linkedin.com/company/u-s--cuba-trade-and-economic-council-inc- If NH Hotel Group Is Sued Using Libertad Act, One Defendant Would Be Former U.S. Citizen Who Now Controls Company Madrid, Spain-based NH Hotel Group (2018 revenues approximately US$1.8 billion), which is 94.13% owned by Bangkok, Thailand-based Minor International Public Company Limited (2018 revenues approximately US$2 billion). LINK: https://www.minor.com/en NH Hotel Group manages two properties in the Republic of Cuba: 220-room NH Capri La Habana and 31- room NH Collection Victoria La Habana and one property in the United States: 288-room NH Collection New York Madison Avenue. “William Heinecke is the chairman and CEO of hospitality group Minor International, the company he founded as a cleaning business when he was 17 — still a minor — four years after relocating to Bangkok with his family. Throughout his 20s and 30s, it evolved into one of Thailand’s leading hospitality chains, and Heinecke said he felt he owed it to the country that “adopted” him to show his dedication to doing business there. Eight years after becoming a naturalized Thai citizen in 1991, William Heinecke was 42 when he did something drastic: He walked into the U.S. embassy in Bangkok, handed over his passport and renounced his citizenship.” “He holds an Honorary Doctorate of Business Administration in Management from Yonok University, Lampang.
    [Show full text]
  • Quarterly Newsletter – Q2 2014
    30 Warwick Street London W1B 5NH www.jll.com/hospitality EMEA Quarterly Newsletter – Q2 2014 Industry Trends • According to the World Travel & Tourism Council (WTTC), demand for international tourism remained strong in the first four months of 2014. International tourism arrivals grew 5%, the same rate as full year 2013. Prospects for the current peak tourism season remain very positive with over 450 million tourists expected to travel abroad in the May-August 2014 period. • Destinations worldwide received 317 million international overnight visitors between January and April 2014, 14 million more than in the same period of 2013. This 5% growth consolidates the strong increase registered for 2013 and is well above the long-term trend projected by the UNWTO for the period of 2010-2020 (3.8%). • The strongest growth was seen in Asia and the Pacific and the Americas (both up 6%), followed closely by Europe and Africa (up 5%). By sub-region, Northern Europe, South and Mediterranean Europe, North Africa and South Asia (all up 8%) were the star performers. • In terms of tourism expenditure, growth continues to be strong from emerging markets, in particular China, the Russian Federation, Saudi Arabia and India. Furthermore, demand from advanced economies is strengthening as the global economic situation gradually improves, with encouraging growth posted for Italy, Australia, the Republic of Korea, the Netherlands, Norway and Sweden. • According to the UNWTO confidence index, prospects remain very positive for the period May- August 2014. Confidence has picked up, particularly among the private sector, and improved further in Europe, the Americas, Asia and the Pacific and the Middle East.
    [Show full text]
  • Federico J. González
    THE CONVERSATION Radisson Hotel Group FEDERICO J. GONZÁLEZ The hotel group’s Chairman of the Global Steering Committee tells Andy Hoskins about his company’s transformation and its grand aspirations ighteen months have passed since “Jinjiang is very focused on hotels whereas segment that are competing against each Federico J. González joined the [current owners] HNA are more dispersed other in the same town or neighbourhood. E Radisson Hotel Group and he has in different sectors, so I think you can Our investors and hotel owners know they already overseen a re-brand of the two expect to see significant growth across all won't be competing against another Radisson arms of the company (based in Brussels our brands in China,” says González. in the same segment in the same town.” and Minneapolis) and implemented a And in a world of big brand mergers and If the group has a weakness it is perhaps five-year plan to “transform the company acquisitions, could Radisson and Jinjiang up its relatively uneven distribution of brands, in terms of revenue and reputation”. the ante? “I think so. We have a very strong, with Radisson Blu and Park Plaza strong in Previously known as the Carlson Rezidor aggressive five-year growth plan but that is Europe, for example, while Radisson hotels Hotel Group, the change of title brought the without factoring in any acquisitions. There and Country Inn and Suites are abundant Radisson name – its best-known brand – is already a significant amount of revenue across North America. to the fore, ditching the incongruous and profit potential in the existing business.
    [Show full text]
  • Board of Directors' Report
    Santa Engracia, 120, 7 Main Building 28003 Madrid, Spain www.nh-hotels.com In compliance with the provisions of Article 17 of Regulation (EU) 596/2014 of 16 April 2014 on Market Abuse and Article 228 of the Securities Market Act, approved by Royal Legislative Decree 4/2015, of 23 October, and its complementary regulations, NH Hotel Group, S.A. (hereinafter, “NH Hotel Group” or the “Company”) hereby notifies the National Securities Market Commission (Comisión Nacional del Mercado de Valores) the following RELEVANT EVENT Reference is made to the Relevant Facts dated 2 and 5 October 2018 (under registration numbers 270,111 and 270,236, respectively) in which the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores) disclosed the authorisation and acceptance period of the mandatory takeover bid (the “Bid”) launched by MHG Continental Holding (Singapore) Pte. Ltd (the “Bidder”) (a company fully owned by Minor International Public Limited) for all the shares representing the share capital of NH Hotel Group at an initial price of 6.30 euros per share. In accordance with article 134.4 of the restated text of the Spanish Securities Market Act, approved by Royal Legislative Decree 4/2015 of 23 October and articles 24 and 31.6 of Royal Decree 1066/2007 of 27 July on the rules applicable to takeover bids for securities, the Company submits the mandatory Report from the Board of Directors of NH Hotel Group in relation to the mandatory takeover bid, approved at the meeting held on the date hereof by the majority vote of the directors in attendance.
    [Show full text]
  • Global Hospitality Monitor
    Global Hospitality Monitor July 26, 2021 LTM Share Price Performance Weekly Movers North American Hotel REITs Top 5 Performers One Week % Change NH Hotel Group SA 5.8% 200 Avingstone North America Hotel REIT Index Hilton Worldwide Holdings Inc. 4.6% S&P REIT Index 180 Whitbread Plc 3.7% Marriott International Inc. 3.1% 160 Playa Hotels & Resorts NV 2.7% 140 Top 5 Laggards One Week % Change 120 Central Plaza Hotel Public Co Ltd (9.9%) 100 Banyan Tree Holdings Ltd (9.0%) Ashford Hospitality Trust Inc. (6.7%) 80 Hong Kong & Shanghai Hotels/The (5.6%) Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Huazhu Hotels Group (5.2%) North American Hotel Stocks Ind ustry Intelligence & Commentary 200 Avingstone North America Hotel Index 23 Jul: Star Entertainment, the Australia-listed hotel and casino group, S&P 500 Index 180 announced that it withdrew a A$9 billion (US$6.6 billion) buyout proposal for Crown Resorts, the Australia-listed hotel and casino group, over concerns that 160 Crown could lose its license to run its Melbourne casino property. Star said it might consider a tie-up with Crown but was concerned about the impact on its 140 value “including whether it retains the license to operate its Melbourne casino 120 or the conditions under which its license is retained”. 100 22 Jul: Pebblebrook Hotel Trust, the US-listed hospitality real estate investment trust, announced the acquisition of the 200-key Jekyll Island Club 80 Resort in Georgia for US$94 million (approx.
    [Show full text]
  • 2021 Brochure
    THE BUSINESS EVENT FOR THE HOTEL COMMUNITY PROSPECTIVE EXHIBITOR & PARTNER INFORMATION INDEPENDENTHOTELSHOW.NL @INDHOTELSHOWEU WELCOME TO THE INDEPENDENT HOTEL SHOW AMSTERDAM 2021 The Independent Hotel Show is the most comprehensive business event for the hotel community. With more than 2,300 hoteliers visiting the inaugural European edition in Amsterdam and 65% of exhibitors already booked into their stands for 2021, the value of the event to the industry is clear and we are thrilled to provide a means to support this exciting sector. With Covid-19 undoubtably presenting our industry with uncharted challenges, hoteliers are now, more than ever, trying to restore confidence with their guests and provide the best possible service experience. There is no quick fix, however we know that 2021 will be the perfect opportunity to reconnect and present your products and services to our audience of hotel owners, operators, and developers. Comprised of a curated exhibition of over 190 suppliers, a programme of educational seminars and multiple networking opportunities; the Independent Hotel Show brings thousands of hoteliers together to share ideas, do business and network. Join us 16–17 March 2021 at RAI Amsterdam to engage with an audience of high-quality hoteliers dedicated to the discovery of opportunities available to increase the profitability and efficiency of their hotel businesses. We look forward to welcoming you to the line-up. Mieke Berkers Event Manager Independent Hotel Show Amsterdam GUEST DEMOGRAPHICS TOTAL VISITORS 2300 COMPANY
    [Show full text]
  • Relatório De Estágio No Hotel NH Obradoiro: Análise Da Viabilidade Da Marca NH Collection No Hotel NH Obradoiro
    Relatório de Estágio no Hotel NH Obradoiro: Análise da Viabilidade da Marca NH Collection no Hotel NH Obradoiro Ana Rita Ferreira da Silva 2014 Relatório de Estágio no Hotel NH Obradoiro: Análise da Viabilidade da Marca NH Collection no Hotel NH Obradoiro Ana Rita Ferreira da Silva Relatório de Estágio para obtenção do Grau de Mestre em Gestão e Direção Hoteleira Dissertação de Mestrado realizada sob a orientação da Doutora Anabela Clemente Elias Almeida 2014 Relatório de Estágio no Hotel NH Obradoiro: Análise da Viabilidade da Marca NH Collection no Hotel NH Obradoiro ©Copyright Ana Rita Ferreira da Silva/ Escola Superior de Turismo e Tecnologia do Mar e Instituto Politécnico de Leiria A Escola Superior de Turismo e Tecnologia do Mar e o Instituto Politécnico de Leiria têm o direito, perpétuo e sem limites geográficos, de arquivar e publicar este relatório de estágio através de exemplares impressos reproduzidos em papel ou de forma digital, ou por qualquer outro meio conhecido ou que venha a ser inventado, e de a divulgar através de repositórios científicos e de admitir a sua cópia e distribuição com objetivos educacionais ou de investigação, não comerciais, desde que seja dado crédito ao autor e editor. II Agradecimentos Aos meus pais e irmãos, pela educação, pelos valores e pelo apoio que sempre me deram. É a eles que devo o meu percurso até aos dias de hoje. Às minhas sobrinhas, Margarida, Francisca e Leonor, pela alegria, boa disposição e pela compreensão da minha ausência durantes os meses de estágio. Às minhas amigas de sempre e para sempre, que me acompanharam nos bons e maus momentos.
    [Show full text]
  • HICKORY Hotel Chain Code & Rate Quick Guide Parent Chain Name
    HICKORY Hotel Chain Code & Rate Quick Guide Parent Chain Name GDS Code & Chain/Brand Name BAR Rates Commission (discounts vary and are not applicable to every property in the brand) GDS Code: RT, SB Adagio, Caesar Park BAR Hotels, Ibis, Ibis Styles, Mercure, MGallery Collection, Novotel, Orbis Hotels, Pullman, Sebel Hotels, Sofitel GDS Code: BW Best Western Plus 10% off BAR Hotels, Best Western Premier, Best Western International GDS Code: DS Design Hotels 10% off BAR GDS Code: EH Doubletree Hotels, BAR Hampton Inns, Homewood Suites, Conrad Hotels, Hilton Garden Hotels, Hilton Hotels, Embassy Suites, Doubletree Club, Hilton International, Waldorf Astoria, Home2Suites, Curio Collection GDS Code: HO, ON HotelRez, Old 5% off BAR English Inns, Bookassist GDS Code: HY Hyatt Hotels and BAR Resorts, Hyatt House, Hyatt International, Hyatt Place GDS Code: CP, IC, HI, YZ, YO, IN BAR Crowne Plaza Hotels, Inter-Continental Hotels, Holiday Inn Express, Holiday Inn, Staybridge Suites, Candlewood Suites, Hotel Indigo GDS Code: LQ La Quinta Inns & Suites BAR GDS Code: NS, JY NH Hotel Group, BAR Jolly Hotels GDS Code: OM Omni Hotels & Resorts BAR GDS Code: SI, AL, EL, SI, WI, WH, BAR LC, MD, GX, XR Four Points by Sheraton, Aloft, Element, Sheraton Hotels, Westin Hotels, W Hotels, The Luxury Collection, Le Meridien Hotels, Global Conextions, St Regis GDS Code: TJ Taj Hotels BAR GDS Code: WW World Hotels BAR GDS Code: WY, DI, RA, BU, OZ, 5% off BAR TL, HJ, KG, MT, BH, WT, WG, WY, PX Wyndham Garden Hotels, Days Inn, Ramada Inns, Baymont Inns and Suites,
    [Show full text]
  • European Chains & Hotels Report 2019
    European Chains & Hotels Report 2019 Contents Welcome to Horwath HTL, the global leader in hospitality consulting. We are the industry choice; a global brand providing quality solutions for hotel, tourism & leisure projects. Page 5 Forward Page 32 Albania Page 7 Introduction Page 36 Croatia Page 42 Cyprus Page 10 Chain Hotels & Brands Page 46 Denmark Page 14 Year-on-Year Growth Page 50 France Page 16 Supply Page 56 Germany Page 18 Chain Hotels & Rooms Page 62 Greece Page 22 International Capital Flows Page 68 Hungary Page 24 Investment Page 74 Ireland Page 26 Openings & Deal Signing Page 80 Italy Page 28 Business Model Page 86 Montenegro Page 92 Netherlands Page 98 Norway Page 102 Poland Page 108 Portugal Page 114 Serbia Page 120 Slovenia Page 126 Spain Page 132 Sweden Click on this icon for easy navigation Page 136 Switzerland of the document Page 142 Turkey Page 148 United Kingdom Horwath HTL l European Hotels & Chains Report 2019 3 Forward The report looks at the relationship between hotel chains, their myriad of brands, and the wider world of hospitality and lodging. A very warm welcome to the new edition of the Horwath We look at the models used by the chain companies HTL Chains & Hotels Report, the third annual instalment. and see which ones are the most prevalent, in which The report looks at the relationship between hotel chains, market segment. and their myriad of brands, and the wider world of hospitality and lodging. In this edition, we have enhanced the report in a number of key ways. Firstly, we have greatly expanded the scope There have been two big stories over the last 25 years of the markets, from 12 last year to 22 this.
    [Show full text]
  • Report on Year Ended December 31, 2015 for NH Hotel Group, S.A
    Report on year ended December 31, 2015 for NH Hotel Group, S.A. 1 Table of Contents Summary consolidated financial statements ............................................................................1 Information regarding forward-looking statements ................................................................7 Presentation of financial and other information ....................................................................10 Other data ..................................................................................................................................12 Recent developments ................................................................................................................15 Risk factors ................................................................................................................................16 Management’s discussion and analysis of financial condition and results of operations ..46 Changes to accounting policies and new accounting standards ...........................................71 Business ......................................................................................................................................73 Management ..............................................................................................................................83 Shareholders ..............................................................................................................................88 Description of certain financing arrangements ......................................................................89
    [Show full text]
  • Meet Over 40 of ABC's Preferred Supplier Partners
    Mr. C Beverly Hills 1224 Beverwil Dr, Los Angeles, CA 90035 Thursday, June 7 2018 5:30 p.m. – 8:00 p.m. Meet Over 40 of ABC’s Preferred Supplier Partners AccorHotels Hyatt Hotels & Resorts Amsterdam Hospitality (Ameritania at Times IHG Square / Bentley Hotel / The Empire Hotel / La Quinta Inns & Suites The Marcel at Gramercy) The Leading Hotels of the World / Hotel Best Western Hotels & Resorts Figueroa / Hutton Hotel BostonCoach / Dav El Marriott International Carey International Millennium Hotels and Resorts The Doyle Collection Montcalm Luxury Hotels Dream Hotel Group Mr. C Beverly Hills Fiesta Americana Hotels & Resorts NH Hotel Group G6 Hospitality Omni Hotels & Resorts glh Hotels Radisson Hotel Group Highgate Hotels (The Lexington Hotel / Red Roof Inns Paramount Times Square / Park Central Hotel Visit West Hollywood New York / Row NYC / Royalton New York / Wyndham Hotel Group WestHouse Hotel New York) Zoom And Go Ltd Hilton RSVP at www.ABCGlobalServices.com A Special Thanks to Our Partners for Their Generous Contribution of Many Exciting Prizes! Sneak Preview of Some Fabulous Prize Giveaways Look What You Could Win GRAND PRIZE To Be Announced – Stay Tuned. AccorHotels La Quinta Inns & Suites 100 Famous Agents points good for a two-night stay at Two-night stay at any La Quinta property any Fairmont, Raes or Swissotel city centre hotel The Leading Hotels of the World Ameritania at Times Square / Amsterdam Hospitality Two-night stay, including a $100 Food & Beverage credit, One-night stay at Ameritania at Times Square at Hutton Hotel
    [Show full text]