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Boeing scraps 2019 financial forecast, halts share buybacks in wake of 737 MAX disaster

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World’s biggest aerospace corporation was forced to pull its full financial forecast for the current year due to unresolved issues surrounding Boeing’s once best-selling 737 MAX aircraft.


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Boeing also announced plans to pause share buybacks, citing “a challenging time for our customers, stakeholders and the company.”

“Across the company, we are focused on safety, returning the 737 MAX to service, and earning and re-earning the trust and confidence of customers, regulators and the flying public,” Boeing Chairman and CEO Dennis Muilenburg said in a statement.

The manufacturer had previously posted a report on the first-quarter earnings that managed to fall in line with analysts’ expectations, while its revenue was slightly less than projected. Boeing’s earning per share totaled the expected $3.16 from January through March, while the revenue amounted to $22.92 billion against $22.98 billion forecasted by London-based provider of financial markets data Refinitiv.

Boeing stressed that the previous guidance didn’t reflect the impact of two crashes of the company’s flagship planes, leading to the grounding of all 737 MAX 8 jets by global regulators, lawsuits from some air carriers and a decline in market value.

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According to the producer, more than 135 test and production flights of updated software for the 737 MAX have been carried out so far.

Boeing’s bestseller crashed on March 10 not far from the Ethiopian capital of Addis Ababa six minutes after takeoff on the way to Nairobi, Kenya. The tragedy, which killed 157 people, marked the second crash involving the same jet model in less than six months. In October, the same type of aircraft, operated by Indonesia’s Lion Air, crashed in the Java Sea shortly after takeoff, claiming the lives of 189 people.

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New team member at The Pod Hotels

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The Pod Hotels is striving to address the rapidly-increasing demand for affordable lifestyle hotels targeted at progressive-minded and budget-conscious travelers who are creative and ambitious and who maintain high expectations when it comes to authentic experiences, smart design and intuitive technology.

As part of this progress, BD Hotels today announced the appointment of Rani Gharbie as the Head of Acquisitions & Development for The Pod Hotels, BD Hotel’s highly profitable micro-hotel concept to replicate this successful business model in even more key markets including Miami, San Francisco, Chicago, Austin, Boston, Nashville, Seattle, Montreal, Toronto, and Mexico City, amongst others.

Gharbie formerly oversaw development and acquisitions for North America at Virgin Hotels where he actively contributed to grow the brand’s footprint in key markets.

As Head of Acquisitions & Development working closely with BD Hotels owners Richard Born and Ira Drukier, Gharbie will be responsible for identifying potential investment opportunities and bringing together strategic partners and investors to fund future projects in numerous markets. He will leverage BD Hotels’ expertise in hotel development, investment and operations to expand The Pod Hotels brand across the country and eventually globally.

“Rani joins us at a pivotal time as we scale The Pod Hotels portfolio exponentially in North America” said Richard Born, Owner of BD Hotels. “He will undoubtedly be a tremendous asset as he brings over 20 years of experience in hotel acquisitions, development and operation.”

“I’m looking forward to expanding the profitable model Richard and Ira created to key markets nationwide,” said Gharbie. “I see great growth potential for the brand as there is an increased desire from today’s travelers to stay at smart, innovative brands like The Pod Hotels.”

Prior to joining Virgin Hotels, Gharbie was the Managing Director and Founder at Cedar Funds, a New York City based development and investment firm with a focus on progressive hotel and real estate assets, as well as regional Director of Development with InterContinental Hotels Group (IHG). In addition, Gharbie is an Adjunct Professor at Columbia’s Masters in Real Estate Development program, where he teaches the spring course Private Equity Development, Hotel Focus. He holds a Masters Degree from the program, an MBA from the HEC Business School in Montreal, a Bachelor degree in Hotel Management from the Glion Hotel School in Switzerland, and a Certificate in Hotel Real Estate Investments and Asset Management from Cornell University in New York.

The Pod Hotels currently has five properties in the portfolio, three of which opened over the past two years (the brand’s flagship Pod Times Square opened in January 2018; Pod DC and Pod Brooklyn opened in 2017), with the brand recently announcing two more hotels in the direct pipeline (Pod Philly opening in fall 2019 and Pod LA slated for 2020). With its functional guestrooms, vibrant communal space and flexible design, The Pod Hotels presents superior investment returns when compared to legacy hotel brands of similar positioning.

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Four Seasons Hotel Madrid welcomes new General Manager

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In advance of the highly anticipated opening of the first Four Seasons hotel in Spain, Christoph Schmidinger has been appointed opening General Manager to oversee the new luxury hotel set to open in late 2019. Four Seasons Hotel and Private Residences Madrid will be located in the heart of the historical city center, converting several spectacular heritage buildings into a 200-room hotel and 22 Private Residences.

Schmidinger started his Four Seasons career 25 years ago, and after a series of international assignments in Singapore, Chicago, Atlanta, Jakarta and Kuala Lumpur, he assumed leadership at the landmark Four Seasons Hotel New York in Midtown Manhattan, overseeing several other properties as Regional Vice President. His ascent in the company continued when he was appointed General Manager and Regional Vice President to the company’s flagship property in Asia, Four Seasons Hotel Hong Kong, where he has been since 2014.

Under his leadership, Four Seasons Hotel Hong Kong, home to the first Cantonese restaurant in the world to earn three Michelin stars, set the global record for the most Michelin stars at a single hotel. The Hotel has also been widely regarded as one of the finest luxury hotels in China, and around the globe.

“Christoph is an incredibly experienced and talented hotelier, and we are very lucky to have had him lead some of our most notable properties around the world,” said Simon Casson, President, Hotel Operations, Europe, Middle East and Africa, Four Seasons Hotels and Resorts. “His experience and expertise are what make him the perfect candidate for our new hotel in Madrid, a project that is incredibly important to Four Seasons growth as it will mark our entry into Spain in a thriving international city, and a key destination for luxury travelers.”

“I am very proud to be part of such a significant milestone in our company’s history, and to lead the team as we introduce the Four Seasons brand to Spain with this exquisite hotel,” said Schmidinger. “This project is exceptional in every way, from its location to the destination, the product and our partners at OHL Desarrollos and Mohari Hospitality, and I cannot wait to welcome guests to see for themselves and to experience this great city in a new way together with Four Seasons.”

Truly an international individual, Schmidinger has travelled extensively, starting at a young age with his family, and speaks four languages. Combining his love for travel and hospitality, he studied at the Certificate of Hotel and Tourism Administration Academy in Salzburg, Austria before holding managerial positions at renowned hotels around the world, and then joining Four Seasons.

Casson continues, “Christoph is already hard at work preparing for the upcoming opening of Four Seasons Hotel and Private Residences Madrid, and I have no doubt that he is the ideal leader to introduce the Four Seasons culture, brand, and people to this great city, positioning yet another iconic Four Seasons property for great success.”

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BD Hotels plans rapid expansion, hires Head Of Acquisitions & Development

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BD Hotels today announces the appointment of Rani Gharbie as the Head of Acquisitions & Development for The Pod Hotels, BD Hotel’s highly profitable micro-hotel concept. The Pod Hotels currently has five properties in the portfolio, three of which opened over the past two years (the brand’s flagship Pod Times Square opened in January 2018; Pod DC and Pod Brooklyn opened in 2017), with the brand recently announcing two more hotels in the direct pipeline (Pod Philly opening in fall 2019 and Pod LA slated for 2020). Now, The Pod Hotels hires Gharbie to replicate this successful business model in even more key markets including Miami, San Francisco, Chicago, Austin, Boston, Nashville, Seattle, Montreal, Toronto, and Mexico City, amongst others. Gharbie formerly oversaw development and acquisitions for North America at Virgin Hotels where he actively contributed to grow the brand’s footprint in key markets.

The Pod Hotels addresses the rapidly increasing demand for affordable lifestyle hotels targeted at progressive minded and budget conscious travelers who are creative and ambitious and who maintain high expectations when it comes to authentic experiences, smart design and intuitive technology. With its functional guestrooms, vibrant communal space and flexible design, The Pod Hotels presents superior investment returns when compared to legacy hotel brands of similar positioning.

As Head of Acquisitions & Development working closely with BD Hotels owners Richard Born and Ira Drukier, Gharbie will be responsible for identifying potential investment opportunities and bringing together strategic partners and investors to fund future projects in numerous markets. He will leverage BD Hotels’ expertise in hotel development, investment and operations to expand The Pod Hotels brand across the country and eventually globally.

“Rani joins us at a pivotal time as we scale The Pod Hotels portfolio exponentially in North America” said Richard Born, Owner of BD Hotels. “He will undoubtedly be a tremendous asset as he brings over 20 years of experience in hotel acquisitions, development and operation.”

“I’m looking forward to expanding the profitable model Richard and Ira created to key markets nationwide,” said Gharbie. “I see great growth potential for the brand as there is an increased desire from today’s travelers to stay at smart, innovative brands like The Pod Hotels.”

Prior to joining Virgin Hotels, Gharbie was the Managing Director and Founder at Cedar Funds, a New York City based development and investment firm with a focus on progressive hotel and real estate assets, as well as regional Director of Development with InterContinental Hotels Group (IHG). In addition, Gharbie is an Adjunct Professor at Columbia’s Masters in Real Estate Development program, where he teaches the spring course Private Equity Development, Hotel Focus. He holds a Masters Degree from the program, an MBA from the HEC Business School in Montreal, a Bachelor degree in Hotel Management from the Glion Hotel School in Switzerland, and a Certificate in Hotel Real Estate Investments and Asset Management from Cornell University in New York.

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At least three people die jumping from Bangkok skyscraper to escape hotel fire

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A 57-floor hotel and shopping building has gone up in flames in Bangkok, Thailand. At least three people have died jumping to escape the fire, which ripped through the popular tourist spot.

The fire broke out at the Centara Grand hotel and Centralworld shopping plaza at around 6pm local time on Wednesday. Plumes of black smoke spewed out of the building, and three jumped to their deaths from the horrific blaze, local media reported.

Shocking footage shared on social media shows the smoke pouring out of the burning skyscraper.

Bangkok’s typically gridlocked traffic hampered the efforts of emergency services to reach the scene of the blaze, but the fire was reportedly brought under control an hour or so after it broke out.

Bangkok Governor Assawin Kwanmuang told reporters that the fire broke out on the eighth floor, in a document storage room.

The Centara Grand hotel is the flagship hotel of the Central Group, and one of the largest hotels in the Thai capital.

Wednesday’s blaze is not the first time the Centara Grand has gone up in flames. Anti-government protesters set the hotel and shopping complex on fire in 2010, after months of demonstrations. The fire gutted a department store and left parts of the building closed for months of repair work.

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