At the beginning of each year, Skift launches its annual Megatrends, forecasting the top trends that will define the travel industry for the year ahead. See last year’s predictions here.
Hyatt Sold Off Its Vacation Rental Management Arm For Up To $50 Million
13.11.2023 - 03:29 / skift.com / Rafat Ali / Hyatt Hotels
In late September, Hyatt Hotels announced that it was exiting its vacation rental management business while launching an online short-term rental platform soon. Its Destination Residences Management unit was sold to a real estate investor called Lowe, which, through an affiliate, will run it under Lowe and Coral Tree, though no price was disclosed at the time of the announcement.
Now we have the details from Hyatt’s latest quarterly report filing. From the filing, below:
“—During the three months ended September 30, 2023, we sold our interests in the entities which own the Destination Residential Management business to an unrelated third party for $2 million of base consideration, subject to customary adjustments related to working capital and indebtedness, and up to an additional $48 million of contingent consideration. The contingent consideration will be earned within two years following the sale upon the achievement of certain performance-based metrics and the extensions of certain contracts related to the rental programs and/or homeowner associations. We recorded a $28 million contingent consideration receivable at fair value in other assets on our condensed consolidated balance sheet at September 30, 2023.
The transaction was accounted for as a business disposition, and we recognized a $19 million pre-tax gain in gains (losses) on sales of real estate and other on our condensed consolidated statements of income during the three months ended September 30, 2023. In conjunction with the disposition, we transferred $10 million of cash to the buyer related to advanced deposits. The operating results and financial position of this business prior to the sale remain within our Americas management and franchising segment.”
The website maxtravelz.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
Top Autors
Popular Topics
skift.com
30.11.2023 / 18:27
Hyatt's Loyalty Program Expands a Rare Perk: Sharing
Hyatt said on Thursday it would improve its hotel loyalty program in January. Hyatt’s most notable change will be to expand the ability of program members to give some benefits to friends and family in one-off gifts.
forbes.com
29.11.2023 / 09:03
Hawaii Travel Update: The Governor And Mayor Just Proposed Getting Rid Of Short-Term Vacation Rentals On Maui
One way or another, you probably won’t be renting an Airbnb or VRBO on Maui anytime soon.
travelpulse.com
28.11.2023 / 22:37
Hawaii Vacation Rentals See Demand Plummet
If you are a tourist looking to rent a vacation home in Hawaii, you have a difficult dilemma.
forbes.com
28.11.2023 / 18:27
Southwest Airlines Set To Expand Its International Flight Paths To Mexico And The Caribbean
If you’re looking for a budget-friendly flight down south—you’re in luck. Southwest Airlines has announced it will be expanding its international flight schedule by next summer—with new routes flying to Mexico, Costa Rica, Cayman Islands, Turks & Caicos, and more.
skift.com
27.11.2023 / 23:23
IDEAS: Qantas Introduces Travel Management Tool for SMEs
A new tool has been launched by Qantas to help small and medium sized Australian businesses manage their travel requirements.
traveldailynews.com
27.11.2023 / 09:42
October 2023 Hawai‘i Vacation Rental Performance Report: monthly demand was 387,300 unit nights
The ADR for vacation rental units statewide in October was $265 (-8.5% vs. 2022, +38.0% vs. 2019). By comparison, the ADR for hotels was $347 in October 2023. It is important to note that unlike hotels, units in vacation rentals are not necessarily available year-round or each day of the month and often accommodate a larger number of guests than traditional hotel rooms.
breakingtravelnews.com
22.11.2023 / 08:11
BOTSWANA OFFERS A WINDOW OF INCENTIVES TO FOREIGN INVESTORS
According to the US Department of State, Botswana has the best credit rating in mainland Sub-Saharan Africa. The Government of Botswana offers a cutting-edge package of fiscal and non-fiscal incentives to attract foreign investments to its tourism industry in the context of the structural reforms it has undertaken to enhance the industry’s value chain and its multiplier effect on other sectors of the economy. This strategy falls under the ‘Reset Agenda’ rolled out by the authorities of Botswana to transform the country into a high income economy by 2036.
thepointsguy.com
22.11.2023 / 02:53
Hyatt is ending its partnership with Lindblad Expeditions
It's a rough day at sea for World of Hyatt members looking to earn or burn points on a luxury cruise with Lindblad Expeditions. Hyatt and Lindblad Expeditions announced that they have mutually agreed to end their relationship, effective Dec. 31.
skift.com
20.11.2023 / 16:53
U.S. Prepares for Record 30 Million Thanksgiving Air Travelers
U.S. authorities are taking a number of measures to ensure smooth flights for the record number of people set to take the skies this Thanksgiving.
travelandleisure.com
17.11.2023 / 17:03
Allegiant Air Has a Dozen New Florida Routes for Spring 2024 — Including New Service to This Airport
Low-cost airline Allegiant Air is expanding across the country with 12 new routes, including flying to Orlando’s main airport for the first time.
thepointsguy.com
17.11.2023 / 14:47
Does Vrbo allow hosts to change the cost of a confirmed vacation rental after booking?
A Vrbo host recently surprised TPG reader Diah Jones with a troubling ultimatum that felt a lot like a shakedown.