Hilton launches budget hotel brand
After hotels giant Hilton launched a new brand aimed at budget travellers, shares in UK hotel companies were sent lower on Monday on fears of increased competition.
Food Producers & Processors
7,777.02
12:04 24/09/24
-0.38%
-29.68
FTSE 100
8,276.66
12:05 24/09/24
n/a
n/a
FTSE 250
20,832.55
12:05 24/09/24
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FTSE 350
4,566.15
12:05 24/09/24
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FTSE All-Share
4,522.39
12:05 24/09/24
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FTSE Small Cap
6,895.95
12:05 24/09/24
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Hilton Food Group
868.00p
12:05 24/09/24
-2.36%
-21.00p
Millennium & Copthorne Hotels
687.00p
17:00 10/10/19
0.00%
0.00p
Travel & Leisure
7,905.68
12:05 24/09/24
0.51%
40.24
Whitbread
3,148.00p
12:05 24/09/24
0.51%
16.00p
Hotel said its new Tru brand will "fill a massive void" in the hotel market, arguing that the offering of rival budget hotels is "inconsistent".
Tru hotels are initially planned in 102 locations across the US and Canada, with no details on a European launch yet.
Hilton said its rooms will be priced at between $75 and $90 per night, the range that currently captures 40% of US demand.