DOCSLIB.ORG

Eversion Transactions Article 2009.Indd

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Eversion Transactions Article 2009.Indd MARCH 2010 £250 European Hotel Transactions 2009 An Age of Austerity CRISTINA BALEKJIAN, Market Intelligence Analyst ELKE GEIEREGGER, Senior Associate SAURABH CHAWLA, Associate Director HVS – London Offi ce 7-10 Chandos Street Cavendish Square London W1G 9DQ Tel: +44-20-7878-7700 Fax: +44-20-7878-7799 Key Issues ‘half’ a 50% stake in the Four Seasons GDP in the Eurozone is estimated Hotel des Bergues in Geneva. The UK to have declined by 4.1% in 2009, How does investment activity took the largest chunk of a relatively compared to growth of 0.8% in 2008. in 2009 compare to that of small distressed-assets pie. The As a result of plunging financial previous years? Aviemore Highland Resort; the Park markets and the general global Inn London, Russell Square; and the economic slowdown, the European What about distressed sales? Marconi building (the former Silken economy entered into an economic project) were the key assets taken out crisis the like of which had not been Who was still able to buy or of administration. seen for more than a decade. For much sell? A lack of funding from banks of the year, the economic environment meant that portfolio transactions How did Europe’s main continued to prove difficult and this faced considerable hurdles, as nearly transaction markets fare? further restricted hotel investment, all such transactions are highly as there was a lack of financing and What to expect in 2010. leveraged. Only €1 billion of the total a lack of confidence in the markets, transaction volumes (approximately and hotel performance continued to Introducti on 35%) were attributable to portfolios, weaken. The last quarter of the year, and only two portfolios (Formule on the other hand, started to see some When taking stock of hotel 1 and Steigenberger) transacted activity in terms of hotel investment investments in Europe a year ago, we at more than €100 million. This and a slowdown in the decline of feared that the ‘party was over’. There compares with seven portfolios in overall hotel performance. were record investment volumes of 2008 and 27 in 2007. €18-20 billion in 2006 and 2007, but In general, single-asset volumes Single Assets just over €6 billion in 2008. Owing to fell to levels last seen in 2002 and deepening recession in most European portfolio values matched volumes last In 2009, HVS recorded a total of 62 economies, falling RevPAR and a freeze seen in the late 1990s. single-asset transactions, each of on lending by commercial banks, 2009 Hotels in Europe continued to more than €7.5 million. We again took the investment community into experience a challenging year in 2009; set €7.5 million as the minimum an ‘age of austerity’. European hotel RevPAR had begun to fall in mid-2008 amount for a transaction to qualify investment activity in 2009 fell further, as a result of the global economic for inclusion in our survey. The by approximately 50%, to just over downturn. To try to maintain their year continued in the same vein as €3 billion: a drop of more than 85% on occupancy, hotels discounted the end of 2008 when transactions the volumes of 2007! average rate more heavily as the year had already slowed significantly. In This fall was expected. After the progressed, and this led in turn to a general, there was a 19% decrease in collapse of Lehman Brothers in double-digit decline in RevPAR in the number of transactions in 2009. September 2008, 2009 was certain most European cities. Later on in the (The number of transactions in 2008 to be a challenging year. But it also year, though, the decline in RevPAR was 77.) The year continued to prove meant that 2009 would be a year of slowed in most cities; markets such as challenging for investors interested in hope for opportunists, some of whom London and Geneva even saw growth the hotel sector: banks were reluctant secretly hoped that banks’ toxic in the closing months. or unable to lend, and financing assets would translate into distressed sales; others hoped lending would FIGURE 1 Total Hotel Investment Volume 2000-09 (€ billions) become relatively easy. However, for most of the year, there were only a 25 limited number of distressed sales, Portfolio lending remained largely restricted Transactions and RevPAR continued to fall in most 20 SingleAsset European cities, right up until the Transactions very end of the third quarter for some 15 and through to the end of 2009 for the rest € Billions Just over €2 billion was transacted 10 in single-asset deals. Only one trophy asset and a half stake in another changed hands in 2009 and no hotel 5 transacted at a value of more than €900,000 a room (compared to one 0 in 2008 and three in 2007). The 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 one possibly trophy asset was The Stafford Hotel in London and the Source:HVS–LondonOffice 2 European Hotel Transacti ons 2009 HVS – London Offi ce FIGURE 2 European Single Asset Hotel Transacti ons 1998-09 into a total investment volume of approximately €317 million. Spain 7 160 accounted for 15% of the total single- asset investment volume and sales 6 140 included the Meliá Madrid Princesa 120 Number and the AB Skipper Hotel, which sold 5 for a combined total of an estimated 100 €160 million (approximately). 4 of Transactions France maintained its investment 80 3 activity; five properties were sold € Billions 60 there, four of them in Paris. Such 2 investments accounted for 5% of the 40 total number of single-asset deals, 1 20 and a total investment of roughly €111 million. Paris’s continued — 0 importance was underlined by the sale 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 of upscale assets such as the Radisson Paris Boulogne, which was bought € Billions NumberofTransactions by Algonquin Asset Management Source:HVS–LondonOffice France (AAMF), and the Renaissance Paris Hotel Le Parc Trocadero, which was bought by Westmont Hospitality remained an enormous obstacle to any and six in London. Hotel investment Group in partnership with Rockpoint. larger single-asset deal and portfolio values in London were approximately In 2009, a total of five qualifying activity. One result of the general €306 million in 2009, or just over transactions were made in central and deceleration in activity was a decrease half of the total investment volume in eastern Europe, down from the seven of 22% in the average price per room, the UK. Meanwhile, the UK provinces of 2008. Poland saw two prominent to €169,000. The economic downturn registered an estimated transaction assets sold in Cracow: the Radisson has had an impact on the availability volume of €237 million, a figure Blu Hotel, which Union Investment of trophy assets in the market, as enhanced by the sale, for more Real Estate acquired for €32 million those owners under no obligation to than €143 million, of the Aviemore (a yield of 7.5%), and the 159-room sell have been more reluctant to place Highland Resort in Scotland. Weighted Andel’s Hotel Cracow, which was their properties in an unfavourable average sales prices per room in acquired by Deka Immobilien for market. For this reason, few trophy the UK varied from €137,000 in the approximately €29 million. assets were transacted in 2009, with provinces to €449,000 in London. Unlike previous years, when we the highest transaction value per HVS puts the value of the undisclosed saw many transactions with a sales room of approximately €1.6 million hotel transactions in the UK at around price of more than €50 million, 2009 (based on a 100% asset value) being €55 million. saw only eight deals at or above in Geneva, where a 50% stake in the Last year, Germany proved to be this figure, a decrease of almost half Four Seasons Hotel de Bergues was an active investment arena in terms compared to 2008. sold. The next two highest prices of the number of hotels transacted, The following significant single- per room were the €827,000 of The having overtaken Spain and France asset transacti ons were recorded in Stafford Hotel and the €707,000 of the previous year; there were a total 2009 (full listing in Tables 2 and 3). the former Silken Hotel development of 12 transactions in Germany in project on The Strand, in London. 2009, compared with nine in 2008. In November, Invesco Real Estate We note that the sales price of Such investment resulted in a total announced it had closed the almost a third of the qualifying single- volume of €393 million: a 19% share acquisition for the Radisson Blu asset transactions in 2009 was not of the total single-asset investment Hamburg in Germany. The 556- publicly disclosed. HVS estimates that volume. Key properties sold included room hotel sold for €155 million, the total price of these transactions the Radisson Blu Hamburg, which a price per room of approximately was just over €400 million. had a sales price of approximately €279,000. This purchase is The UK continues to dominate the €155 million. HVS estimates the considered to be in line with the transactions market, claiming just value of the undisclosed transactions company’s strategy of diversifying its European portfolio by acquiring over a quarter of the single asset in Germany to be approximately three-star and four-star properties. transactions by value (€543 million). €135 million. This was Invesco’s twelfth The UK has been predominant Spain continues to be one of the acquisition in Germany to-date; since taking over from Spain as the leaders in terms of the number of leader in 2005.
Load more

Recommended publications
  • 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]
  • A PROFILE of HOTEL INDUSTRY LEADERSHIP – a 10 YEAR REVIEW Aethoscg.Com Page | 0
    AETHOS CONSULTING GROUP AETHOS CONSULTING GROUP YEAR REVIEW CEO TURNOVER STUDY 2013: A PROFILE OF HOTEL INDUSTRY LEADERSHIP By Chris Mumford, Thomas Mielke, Nina Gold A recent study surveying 2,500 of the world’s largest public companies, covering all industry sectors, reported 14.4% CEO turnover (the 5-year average stands at 13.9%) – in comparison, our 2013 study of the hotel sector revealed turnover of 10.0% and a 5-year average of 10.8%. Notably, changes in leadership within the hospitality industry have predominantly been planned as opposed to being forced or as a result of death or illness. Over the last 10 years just shy of 60% of CEO movement was the result of considered forward-thinking planning by the board. Yet, we have seen a slight increase in the numbers of forced CEO exits – it appears, especially in Europe, public companies’ shareholders have been quick to demand change in the face of diversity. It will be interesting to see whether this is just a reflection of the relatively uncertain economic environment of the past three to four years or it there is a change of mentality. The following paragraphs look at the past 10 years and the changes that the hospitality industry has seen at CEO-level – where do they come from, what sets them apart and what are their qualifications….? Step-by-step, the following pages will paint a picture of our industry CEOs and profile the individuals who are leading the hotel sector around the world. CEO TURNOVER STUDY: A PROFILE OF HOTEL INDUSTRY LEADERSHIP – A 10 YEAR REVIEW aethoscg.com Page | 0 AETHOS CONSULTING GROUP CEO TURNOVER STUDY 2013: A PROFILE OF HOTEL INDUSTRY LEADERSHIP – A 10 YEAR REVIEW EO turnover among the world’s 50 largest hotel firms in 2013 was 10% down from a 2012 figure of 16%.
    [Show full text]
  • Serviced Visitor Accommodation in Lincolnshire
    Serviced Visitor Accommodation in Lincolnshire Development Strategy & Action Plan FINAL April 2009 DRAFT Locum Consulting 9 Marylebone Lane London W1U 1HL United Kingdom Tel +44 (0)20 7487 1799 Fax +44 (0)20 7487 1797 [email protected] www.locumconsulting.com Date: 13 January 2012 Job: J0895 File: j0895 lincolnshire hotel development strategy 310309.doc All information, analysis and recommendations made for clients by Locum Consulting are made in good faith and represent Locum’s professional judgement on the basis of information obtained from the client and elsewhere during the course of the assignment. However, since the achievement of recommendations, forecasts and valuations depends on factors outside Locum’s control, no statement made by Locum may be deemed in any circumstances to be a representation, undertaking or warranty, and Locum cannot accept any liability should such statements prove to be inaccurate or based on incorrect premises. In particular, and without limiting the generality of the foregoing, any projections, financial and otherwise, in this report are intended only to illustrate particular points of argument and do not constitute forecasts of actual performance. Locum Consulting is the trading name of Locum Destination Consulting Ltd. Registered in England No. 3801514 J0895 Lincolnshire Hotel Development Strategy Contents 1. Introduction 7 2. Summary of Action Plan 8 2.1 Hotel and Pub Excellence Programme 8 2.2 Planning and Economic Development Initiatives 9 2.3 Planning and Economic Development Initiative specifically
    [Show full text]
  • 17-18 HR Oct09 SUBBED.Indd
    Insight Chris Mumford & Thomas Mielke analyse HVS’s 2008 European Corporate Governance Report and offer some advice on how to improve your score Board sports The past year has seen the worlds of business and European Corporate Governance 2008 finance come under intense scrutiny from the gen- Rank Company Size & makeUp Committee Interlock & Pay for Total eral public. Outrage over perceived excessive structure insider participation performance bonuses and pension pots has now resulted in gov- 1 Rezidor Hotel Group 67% 77% 100% 100% 86% ernments beginning to step in and attempt to 2 InterContinental Hotel Group 67% 92% 100% 80% 85% regulate executive pay. The emphasis going forward 3 Whitbread 67% 69% 100% 100% 84% is on linking incentives to performance over three 3 Accor Corporation N/A 50% 85% 100% 100% 84% or so years, rather than rewarding quick, short-term 4 Fuller, Smith & Turner 33% 69% 100% 100% 76% results which potentially damage corporate and 5 TUI Hotels 25% 77% 100% 100% 75% public value over the longer term. 5 Millennium & Copthorne Hotels 75% 85% 100% 40% 75% Regulators’ focus, however, should not purely be 6 NH Hoteles 50% 85% 100% 60% 74% on the headline numbers involved but should also 7 MWB – Malmaison 67% 77% 100% 40% 71% look at how pay packages are determined and who 8 Club Méditerranée 33% 62% 100% 80% 69% sets them. It is a company’s board of directors which 9 Euro Disney 67% 46% 100% 60% 68% ultimately decides on the remuneration of the top 9 Societe Des Bains De Mer 75% 77% 100% 20% 68% key executives as part of their corporate governance 10 Pierre & Vacances 58% 54% 100% 40% 63% responsibilities.
    [Show full text]
  • UK Hotels: Slowdown Not Meltdown
    Hospitality and Leisure Hospitality Directions Europe UK hotels: slowdown not meltdown PricewaterhouseCoopers’ latest forecast for the UK hotel sector for 2008 to 2009 calls for a slowdown in demand and decelerating room rate growth but concludes that there is still plenty to play for on the UK hotel scene February 2008 Issue 17 UK hotels: slowdown not meltdown Key findings Change is coming Likely fallout for the hotel sector UK economic growth in 2008 looks increasingly • Main scenario uncertain and some sort of a slowdown now appears inevitable. Commenting on the global financial crisis, UK revenue per available room (RevPAR) has seen George Soros has said that now we are at least dealing growth each year since 2002. Our latest forecast for the with known unknowns, but warns that after the financial UK is for continued RevPAR growth of 4.1 per cent this crisis is resolved the fallout will take time to impact the year and 3.6 per cent in 2009. For London, the power ‘real’ economy.1 house driving UK growth, we expect an end to double digit RevPAR growth; although we could still see 6.0 What will be the scale of the fallout for the hotel sector? per cent RevPAR growth this year and a further 4.4 per Clearly an economic slowdown will translate into cent gain in 2009, this will be a sharp fall compared to weaker demand growth in the second half of 2008. the growth realised in 2007. If this forecast is achieved, The fallout, including a lack of confidence, will impact RevPAR could pass £100 for the first time in the capital corporate travel budgets and overstretched consumers and top £50 in the Provinces in 2008.
    [Show full text]
  • Measuring Performance in the Licensed House Industry
    University of Huddersfield Repository James, Aidan M Measuring Performance in the Hospitality Industry: An evaluation of the Balanced Scorecard approach in the UK’s Licensed Retail Sector Original Citation James, Aidan M (2009) Measuring Performance in the Hospitality Industry: An evaluation of the Balanced Scorecard approach in the UK’s Licensed Retail Sector. Masters thesis, University of Huddersfield. This version is available at http://eprints.hud.ac.uk/id/eprint/9058/ The University Repository is a digital collection of the research output of the University, available on Open Access. Copyright and Moral Rights for the items on this site are retained by the individual author and/or other copyright owners. Users may access full items free of charge; copies of full text items generally can be reproduced, displayed or performed and given to third parties in any format or medium for personal research or study, educational or not-for-profit purposes without prior permission or charge, provided: • The authors, title and full bibliographic details is credited in any copy; • A hyperlink and/or URL is included for the original metadata page; and • The content is not changed in any way. For more information, including our policy and submission procedure, please contact the Repository Team at: [email protected]. http://eprints.hud.ac.uk/ Measuring Performance in the Hospitality Industry: An evaluation of the Balanced Scorecard approach in the UK’s Licensed Retail Sector Aidan Michael James BA (Hons) A thesis submitted to the University of Huddersfield in partial fulfilment of the requirements for the degree of Master of Philosophy.
    [Show full text]
  • Management-IV.Pdf
    THE J.J. STROSSMAYER UNIVERSITY OF OSIJEK PFORZHEIM UNIVERSITY OF APPLIED SCIENCES INTERDISZIPLINÄRE MANAGEMENTFORSCHUNG IV INTERDISCIPLINARY MANAGEMENT RESEARCH IV Publisher: Faculty of Economics in Osijek Josip Juraj Strossmayer University of Osijek Hochschule Pforzheim University of Applied Sciences and Grafi ka d.o.o. Osijek For the Publisher Prof. Dr. Rudi Kurz, Dean Prof. Dr. Željko Turkalj, Dean Scientifi c editors Prof. Dr. Dražen Barković Prof. Dr. Bodo Runzheimer Print Grafi ka d.o.o. The publishing of this book was approved by the Senate of Josip Juraj Strossmayer University of Osijek Number 10/07, 28 April 2008 CIP-Katalogizacija u publikaciji GRADSKA I SVEUČILIŠNA KNJIŽNICA OSIJEK UDK 65.012.4(063) INTERDISCIPLINARY Symposium Interdisciplinary Management Research (4 ; 2007 ; Poreč) Interdisziplinäre Managementforschung IV = Interdisciplinary Management Research IV : Fourth Interdisciplinary Symposium, Poreč, Croatia, June 1-3, 2007 / <editors Dražen Barković, Bodo Runzheimer>. - Osijek : Faculty of Economics : Grafi ka ; Pforzheim : Hochschule, 2008. Bibliography. ISBN 978-953-253-044-5, Faculty of economics I. Menadžment -- Zbornik 120230032 THE J. J. STROSSMAYER UNIVERSITY OF OSIJEK UNIVERSITY OF APPLIED SCIENCES PFORZHEIM INTERDISZIPLINÄRE MANAGEMENTFORSCHUNG IV INTERDISCIPLINARY MANAGEMENT RESEARCH IV Fourth Interdisciplinary Symposium POSTGRADUATE STUDY ORGANIZATION AND MANAGEMENT FACULTY OF ECONOMICS IN OSIJEK Pore~, Croatia, June 1 –3,2007. Program Committee Prof. Dr. Zoran Jašić Faculty of Economics in Zagreb Prof. Dr. Željko Turkalj Faculty of Economics in Osijek Prof. Dr. Rudi Kurz University of Applied Sciences Pforzheim Prof. Dr. Dr. h.c. Rupert Huth University of Applied Sciences Pforzheim Prof. Dr. Dr. h.c. Gnther Gottlieb University of Augsburg Prof. Dr. Jozef Toth, Rector emeritus University of Pecs Prof.
    [Show full text]
  • European Hotel Transactions 2008 Is the Party Now Over?
    European Hotel Transactions 2008 Is The Party Now Over? This report was published by the London Offi ce of HVS March 2009 Cristina Balekjian, Elke Geieregger and Saurabh Chawla In this report... Figure 1 Total Hotel Investment Volume 2000-08 • What happened to the 25 investment market in 2008? 20 • Who was still buying or 15 selling? 10 • How did Europe’s major € Billions transaction markets fare? 5 0 • When could things start to 2000 2001 2002 2003 2004 2005 2006 2007 2008 improve? Single Asset Transactions Portfolio Transactions Introduction Source: HVS – London Office e saw some warning signs in 2006 and the beginning of the W Thus 2008 saw a transformation. as stock exchanges across Europe end in 2007, but we had to wait until Interestingly, small and budget hotel began to plummet during the autumn, 2008 before the party was offi cially companies were spott ed buying assets resulting in decreasing occupancy rates declared over. Aft er a record year in 2008 and private equity fi rms with and a near halt in average rate growth. in 2006, in terms of the volume of their highly leveraged business model Hotels are somewhat dependent on hotel investment, activity in the joined other investors in playing the the corporate and meeting, incentive, European hotel market declined by waiting game. Business models like conference and exhibition (MICE) approximately 7% in 2007. In 2008, it the one used by GuestInvest found it markets. Businesses have had to amend fell back enormously to just over €6 challenging to survive the storms and budgets and cut costs, reducing the billion, a drop of two-thirds.
    [Show full text]
  • Melvin Gold Consulting Ltd
    Melvin Gold Consulting Ltd Quantification of serviced accommodation supply in the United Kingdom and consideration of related issues 2nd edition Prepared for: March 2011 © Melvin Gold Consulting Limited, 2011 The author hereby grants permission to reproduce and/or transmit this Report and any part of it provided that any such reproduction or transmission is accompanied by a prominent and clear acknowledgement in the following form: “By permission of Melvin Gold Consulting Limited: Report produced for Travelodge Hotels Limited March 2011”. This permission does not extend to any reproduction or transmission of the third party source materials referenced in the Report. Any application to use such third party materials should be made directly to the third party author and/or publisher. All rights in and to this Report are otherwise expressly reserved. The “Travelodge” trade mark and logo are registered trade marks of Travelodge Hotels Limited and are used in this Report under permission. Save to the extent necessary for making any acknowledgement and/or reproducing or transmitting the Report as set out above, Travelodge expressly reserves its rights in respect of its trade mark and logo. This Report was commissioned by Travelodge Hotels Limited. The views expressed in the Report, however, are those of the author, Melvin Gold Consulting Limited and, in relation to third party materials referenced within this Report, those of the author of those materials and are not necessarily held by Travelodge Hotels Limited. Melvin Gold Consulting Ltd. Specialist consultants to the hotel industry The Directors Travelodge Sleepy Hollow Aylesbury Road Thame Oxon OX9 3AT 7 March 2011 Dear Sirs Re: Considerations of UK Serviced Accommodation Supply (2nd edition) Thank you for retaining us to update the quantification of supply in the UK hotel and serviced accommodation industry report that we originally prepared in 2007/8, and to consider a number of related issues.
    [Show full text]
  • Perfect Storm on the Way for UK Hospitality Industry; Consumers to Face Increasing Prices Submitted By: Heidrick & Struggles Monday, 5 June 2017
    Perfect storm on the way for UK hospitality industry; Consumers to face increasing prices Submitted by: Heidrick & Struggles Monday, 5 June 2017 • More than half (55%) of hospitality and leisure sector leaders are ‘concerned’ about the state of the economy. • The cost of food imports is a particular worry, with consumers having not yet felt the impact of these rising costs on their bills. • One in ten (10%) think that business confidence is much worse now compared to previous years. • Talent remains the biggest long-term challenge, with a million job shortfall predicted post-Brexit by 2029. LONDON, 5 June 2017 – The hospitality industry is facing a perfect storm, with more than half of business leaders concerned about rising costs, the employment picture, security, and the sustainability of consumer confidence. Heidrick & Struggles (Nasdaq: HSII), a premier provider of executive search, leadership consulting and culture shaping worldwide, spoke to Chairmen and Chief Executives from some of the biggest organisations in the industry, representing businesses with revenues of over £40 billion and employing more than a million people across the UK. While views on their specific business or sector could vary, the overarching theme was one of significant concern. The report by Heidrick & Struggles, in partnership with the British Hospitality Association, found a range of issues worrying industry leaders. Most notably, rising costs are high up the agenda, with the fall in the pound following Britain’s decision to leave the EU having a huge impact on the cost of key imports that is yet to be felt by consumers. One CEO complained about the cost of butter, with an increased cost to her business of 46%, while another was seeing meat costs rise by 29%.
    [Show full text]
  • Teaching BTEC Will Give You the Confidence to Guide Your Learners Through Their BTEC Course and Achieve Their Highest Grades
    First - Vectora Ltd Standard 95 Blk Product with spine: Product with no spine: LEVEL 3 This teaching support guide will help you get started with your Product with small spine: BTEC delivery. It includes: • An overview on planning course delivery: Should I teach unit-by-unit? What resources will I need? How should I induct my learners? • A comparison chart to show how the specification has changed, unit by unit • Ideas for tracking learner progress • A sample scheme of work Product with small spine: - loose • Case studies from schools and colleges delivering BTEC • Hints and tips on good practice • A walk through the assessment process, including a sample assignment with learner work and grading • Frequently asked questions Teaching BTEC will give you the confidence to guide your learners through their BTEC course and achieve their highest grades. About Edexcel Edexcel is a Pearson company and the UK’s largest awarding body. LEVEL We offer academic and vocational qualifications and testing to schools, colleges, employers and other places of learning here and in over 85 3 countries worldwide. Edexcel Limited. Registered in England and Wales No. 4496750 Registered Office: 190 High Holborn, London WC1V 7BH. Vat Reg No. 278537121. BTEC is a registered trademark of Edexcel Limited Edexcel Teaching BTEC 190 High Holborn, London WC1V 7BH Tel: 0844 576 0026 Email: [email protected] www.edexcel.com www.btec.co.uk Product code: BN025709 Produced on behalf of Edexcel Limited by Pearson Education Limited, a 1 company incorporated in England and Wales, having its registered offi ce at Edinburgh Gate, Harlow, Essex, CM20 2JE.
    [Show full text]
  • 2007 Annual Report Table of Contents
    2007 annual report Table of contents 2 financial highlights 3 letter to shareholders 6 a choice year in review 11 financial review page 1 choice hotels international (nyse: chh) is one of the largest and most successful lodging companies in the world. Choice currently franchises more than 5,500 hotels, representing more than 450,000 rooms, in the United States and 37 countries and territories. Choice Hotels International was founded as a marketing cooperative by a group of Florida motor court owners in 1941. Operating under the name Quality Courts United – the nation’s fi rst hotel chain – the owners sought to refer business to each other’s hotels, as well as establish quality and service standards for their properties, in order to better meet the needs and expectations of their guests. Over the years, more hotels joined the Quality Courts system, which had become an infl uential force in the lodging industry and had established a reputation for providing quality, affordable lodging in convenient and popular locations. The company established a rich history of innovation, as it was the fi rst in the industry to require wall-to-wall carpeting; offer 24-hour desk service, in-room telephones, guaranteed reservations and 24-hour-a-day, toll-free reservations; segment brands; develop a global marketing and reservations system; and offer non-smoking rooms in every hotel. In 1990, in order to better refl ect its growing number of brands and its presence in other countries, the company changed its name to Choice Hotels International, and in 1996, Choice became a public company trading on the New York Stock Exchange under the symbol CHH.
    [Show full text]