Capital A Berhad, parent of Malaysian budget airline AirAsia, expects to see the carrier’s operations returning to pre-pandemic levels by December, Capital A CEO Tony Fernandes told Reuters on Monday.
25.08.2023 - 14:11 / skift.com / Sean Oneill
In full-year 2022, the Loews Hotels chain of 25 luxury properties generated $345 million in adjusted earnings before interest, taxes, depreciation, and amortization — a measure of profit — on revenue of $721 million, its parent company reported on Monday.
The hotel unit’s adjusted earnings were roughly 51 percent higher than the pre-pandemic 2019 adjusted earnings before interest, taxes, depreciation, and amortization of $227 million.
CORRECTION:
Using a different metric, Loews Hotels’ performance was even more impressive. In full-year 2022, the chain generated $161 million in net income compared to a loss of $28 million in 2019.
For the year, Loews Corp., a New York City-based conglomerate that runs insurance, energy, and hotel business units, generated $1 billion in net income from $14 billion in revenue.
Loews Hotels’ results significantly improved due to higher occupancy of 79 percent and average daily room rates of $257, as travel rebounded from the impacts of the pandemic, the company said.
Here are the 2022 figures:
In 2019, the brand was getting an average nightly rate of $288 and had 84.6 percent occupancy across its system.
In recent months, higher hotel revenues were partially offset by increased operating expenses due to the higher demand levels and resumption of additional pre-pandemic services.
On January 1 Alex Tisch became the president and CEO of Loews Hotels — succeeding his cousin once removed Jon Tisch, who became executive chairman and remains co-chairman of the board. Alex, a fourth-generation family member, joined Loews Hotels in 2017 and was named its president in September 2020.
Capital A Berhad, parent of Malaysian budget airline AirAsia, expects to see the carrier’s operations returning to pre-pandemic levels by December, Capital A CEO Tony Fernandes told Reuters on Monday.
International travelers spent $18 billion on travel to, and within the U.S. in July., down by $1.5 billion from its pre-pandemic level, according to the National Travel and Tourism Office’s latest data. Spending on strictly goods and services like recreation, lodging and food totaled $9.7 billion in July 2023.
New York City’s short-term rental regulations could slash up to 70% of Airbnb’s 23,000 active listings in the city after September 5. Experts are divided on how the move might affect hotels, and their forecasts are foggy. Yet the analyses reveal interesting details about this critical lodging market regardless.
Hotel occupancy and room rates have bounced back to pre-pandemic numbers, primarily due to the soaring demand for the G20 Summitto be held in New Delhi on September 9 to 10.
Accor, the Paris-based hotel giant, said on Tuesday that Omer Acar will head its brands Raffles & Orient Express as of March 1. Acar will join Accor’s other brand CEOs in its luxury and lifestyle group (Fairmont, Sofitel & MGallery, and Ennismore) — all of whom report directly to group CEO Sébastian Bazin.
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
Hyatt Hotel Corp. said on Tuesday it would acquire Dream Hotel Group’s lifestyle hotel brands, including Dream Hotels, The Chatwal Hotels, and Unscripted Hotels.
Ireland’s overseas inbound tourism level for the year is set to hit 75 percent of 2019 levels, CEO of Tourism Ireland Niall Gibbons told The Sunday Times (London).
Not all hotels should pursue remote workers, a hotel group CEO has suggested, because they mostly served their purpose during the pandemic.
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
Good morning from Skift. It’s Wednesday, November 30. Here’s what you need to know about the business of travel today.
U.S. hotels added 10,000 jobs in December, a decrease from the previous month amid the hotel industry’s ongoing inability to approach pre-Covid employment levels.