Here are the top stories from the Daily Lodging Report newsletter in the past week. Get news on hotel deals, development, stocks, and career moves. Sign up here now.
25.08.2023 - 13:34 / skift.com / Sean Oneill / Jolyon Bulley
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.
CBRE is again raising its forecast for U.S. hotel performance this year. The company has revised its forecast for 2023 RevPAR (revenue per available room) to $97.89, up 6 percent year-over-year and an increase of $0.43 from its previous forecast. Rate increases will be a bit weaker than expected but occupancy growth will compensate.
InterContinental Hotels Group announced Jolyon Bulley will succeed Elie Maalouf as IHG’s Americas CEO. Jolyon is currently IHG’s CEO for the Greater China region and the Group’s Transformation Lead for Luxury & Lifestyle.
Marriott International, Inc. appointed Brian Povinelli as Senior Vice President, Global head of Marketing and Brand. Povinelli, who has been with Marriott since it acquired Starwood Hotels, will lead the company’s overall marketing strategy and the guest experience for Marriott’s 22 Premium, Select & Longer-stay brands.
A joint venture between Gencom and GD Holdings announced the acquisition of the newly constructed 192-key St. Regis Chicago, located in the city’s Lakeshore East Loop community of Chicago, Illinois. The hotel features nearly 12,000 square feet of meeting space, five unique dining venues, St. Regis Spa, a fitness center, a rooftop terrace, and an indoor pool. Magellan Development Group has overseen the development of the hotel. JLL Capital Markets arranged $76 million in acquisition financing for St. Regis Chicago.
Bob van den Oord has been named CEO for Langham Hospitality Group, stepping up from his current role as Regional Vice President, Europe, Middle East, and North America from September 1, 2023. He will succeed current CEO, Brett Butcher, who is stepping down from this role.
Pyramid Global Hospitality announced the Wayfinder Newport hotel in Newport, Rhode Island, as the latest addition to the company’s management portfolio. Continuing its longtime partnership with Dovetail + Co, owner of the Wayfinder Newport, Pyramid Global has assumed management of the 197-room hotel with immediate plans underway to rebuild and revitalize the property following extensive damage in a catastrophic fire. Wayfinder Newport is anticipating reopening this year.
First Hospitality has added the Holiday Inn Express Milwaukee West, in Wisconsin, to its national management portfolio.
Springboard Hospitality announced the addition of Hotel St. Michael in Prescott, Arizona, to its portfolio. The hotel offers 70 guestrooms, Bistro St. Michael, and several boutique shops.
Sage Hospitality Group announced the addition of Yotel San Francisco to its growing portfolio.
Here are the top stories from the Daily Lodging Report newsletter in the past week. Get news on hotel deals, development, stocks, and career moves. Sign up here now.
From today’s Daily Lodging Report newsletter: Nikkei Asia published an article on Hilton planning to expand its luxury offerings in Asia. Hilton will be bringing its Waldorf Astoria brand to Malaysia, Vietnam, India, and other countries for the first time as part of its plans to open 25 new luxury hotels in the Asia Pacific region over the next few years. That’s up from the 33 luxury hotels it currently runs in the Asia Pacific.
Can hotels exert more influence in policy-making? Where will future development growth come from? Is generative AI relevant to the hotel sector? These and other subjects will be top of mind for us as we interview top bosses at Hilton, Hyatt, Accor, and other hotel leaders on-stage at the Skift Global Forum in New York on September 26-28.
Hyatt just lapped the one-year anniversary of acquiring the all-inclusive resort company Apple Leisure Group in a $2.7 billion deal. The Chicago, Illinois-based hotel group is now looking to expand its hotel presence in European cities that could help feed its all-inclusives, according to comments executives made as they reported its earnings.
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.
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.
Flynn Properties and Värde Partners said on November 21 they had created a joint venture that had acquired an 80 percent interest in 89 select service and extended stay hotels.
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.
Hyatt Hotels Corp., which enjoyed a blockbuster financial performance in 2022, forecasted Thursday continued success this year, especially in the first half. The company expects to benefit from growing consumer interest in its lifestyle, luxury, and resort properties, returning group reservations for its banquet halls, and an expanding room count.
For InterContinental Hotels Group (IHG), soaring hotel rates owing to a post-pandemic surge in pent-up demand for travel have been a boon after the pandemic bludgeoned the travel sector. But IHG Hotels & Resorts said its pricing power would last beyond the present moment thanks partly to its investments in digital technology. The company also anticipated future growth as China, the world’s second-largest economy, reopens.
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.
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.