Director dealings: Action Hotels founder ups stake
Action Hotels chairman Sheikh Mubarak Al Sabah took his stake in the Kuwaiti owner, developer and asset manager of branded hotel franchises in the Middle East to just under 66% as announced good news for its largest sites in Australia.
Action Hotels
23.20p
14:29 19/10/18
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The AIM company's founder, a graduate of Sandhurst military academy and Cambridge University who founded Action in 2005, snapped up 60,000 shares at a price of 52.66p apiece, to swell his holding to 97.2m shares.
Meanwhile, Action announced that its 367-room Ibis hotel in Brisbane's Elizabeth Street, which opened in March 2016 and is the largest in the company's portfolio, had been bumped up to four-star accreditation.
"The 4-star rating will position Ibis Styles Brisbane favourably amongst its mid-scale competitors and will help to drive occupancy rates at the hotel," the company said.
"The rating will also strengthen the hotel's value proposition and help to attract more group conference and events business."
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