Fosun International Ltd. is pondering whether to sell French luxury resort chain Club Med as it’s looking to ways to reduce debts, according to a report in Bloomberg.
25.08.2023 - 14:18 / skift.com / Summer Olympics / Rashaad Jorden / Sean Oneill / Matthew Parsons
Good morning from Skift. It’s Wednesday, January 18. Here’s what you need to know about the business of travel today.
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Ace Hotel Group, a boutique hotel chain with 11 properties across the U.S., has been acquired by hospitality firm Sortis Holdings for $85 million, reports Senior Hospitality Editor Sean O’Neill.
Sortis is acquiring the Ace Group International, owner of the Ace brand, as well as the Maison de la Luz and Sister City brands. The Portland, Oregon-based firm, which owns restaurants and coffee chains, plans to double the number of Ace hotels worldwide over several years. As U.S. hotel development is quieter than usual, O’Neill writes companies like Sortis are looking at acquisitions as a way to surge ahead of their competitors.
Next, organizers of the 2024 Summer Olympics in Paris and U.S.-based event specialist On Location teamed up to launch an e-commerce website on Tuesday selling tickets with hospitality packages. Olympic officials claim the centralized platform is a first in the Games’ history, reports Corporate Travel Editor Matthew Parsons.
Parsons writes the packages, which can include hotels and local transport, bundle a ticket to a sporting event with access to an official entertainment venue. Roughly 90 percent of Olympic competitions are available with a hospitality offer. The International Olympic Committee said the sale of hospitality packages on the platform would help provide fans with a more accessible way to experience the 2024 Olympics in France.
We end today in New Mexico. The state’s decade-long tourism campaign has been credited with helping boost tourism despite criticism for allegedly having a lack of sensitivity toward the state’s Indigenous people, reports Contributor Samantha Shankman.
The New Mexico True campaign was launched with the aim of showcasing the state as a land of adventure steeped in culture. Shankman notes the campaign was successful in attracting visitors from Los Angeles, one of New Mexico’s main tourism source markets. The state’s tourism department estimates New Mexico True helped influence 80,000 trips in 2021, which generated $107 million in visitor spending.
However, Shankman writes that New Mexico True has received pushback, with some activists criticizing the campaign for furthering a colonial mindset regarding the state’s Indigenous population. Shankman cites in particular an ad that featured an artist who moved to the state describing the New Mexico landscape as her country without any mention of its original residents.
Fosun International Ltd. is pondering whether to sell French luxury resort chain Club Med as it’s looking to ways to reduce debts, according to a report in Bloomberg.
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While 2022 was a post-pandemic boom year for hotel demand in much of the world, total global hotel investment volume decelerated slightly to $71.9 billion, a decline of 2 percent relative to 2021. The relative lack of outbound Chinese hotel investment, the Russian war in Ukraine, and recessionary pressures in several markets tamped down the pace of growth.
“We’re not a WeWork,” the boss of Delta Air Lines’ Sky Clubs once famously said, as the airline began capping the amount of time passengers could stay in its airport lounges.
Big ticket sporting events will go hand-in-hand with -style tourist experiences next year, as the International Olympic Committee and U.S. event specialist On Location team up to launch a new e-commerce website to sell tickets with hospitality packages.
Good morning from Skift. It’s Wednesday, January 11, and here’s what you need to know about the business of travel today.
Ace Group International, the operator of a buzzy brand of 11 open Ace lifestyle hotels, will be acquired by Sortis Holdings, a Portland, Oregon-based hospitality firm, the companies said on Tuesday.
Top executives at Marriott International said they believe the pandemic surge in travelers having blended trip purposes of both business and leisure will have a long-term impact on the hotel sector. The growing trend will affect everything from data collection to the types of properties developers want to fund.
Accor, the Paris-based hotel giant, will reveal on Thursday a new global “soft” brand, Handwritten Collection, featuring so-called lifestyle hotels. These mid-priced properties have funky furniture and buzzy restaurants and bars but don’t offer the full services of a premium boutique.
Sales of hotel rooms are booming post-pandemic. But market turmoil will likely put most dealmaking for hotel assets on hiatus for the first half of the year.
For years, the third-party managers of hotels have stayed behind the scenes, working on behalf of owners to staff and run properties. But Springboard Hospitality, a manager of 40 hotels in 10 U.S. states, seeks to become a consumer brand that markets its lifestyle hotels directly to travelers.
Marriott International revealed on Monday its full-year totals for hotel development in 2022. The most notable figures highlighted a further push by the world’s largest hotelier into the luxury and extended-stay segments.