Allen Onyema, the CEO and founder of Nigeria's Air Peace airline, has been charged with obstruction of justice in the US, adding to previous charges of bank fraud and money laundering.
Wyndham CEO Geoff Ballotti at Skift Global Forum 2024: Video
02.10.2024 - 18:17 / skift.com / Sean Oneill / Geoff Ballotti
Geoff Ballotti, president and CEO of Wyndham Hotels & Resorts, sees a “10-year golden run” ahead for economy hotels, driven by the $1.5 trillion U.S. infrastructure bill. With only 20% of the funds allocated so far, Ballotti expects strong hotel demand from infrastructure workers needing affordable extended stays near project sites.
Ballotti explained at the Skift Global Forum 2024 in New York that the group’s new extended-stay brand, Echo Suites, is taking off rapidly, with 270 deals signed. Wyndham’s economy brands, such as Days Inn and Super 8, are poised to benefit, too.
“You’re only 10 minutes away on average from a Wyndham hotel at any point in time,” Ballotti said.
The CEO of the world’s largest franchisor also discussed potential mergers and acquisitions. Ballotti sees no limit to the brands it might acquire if they meet criteria, such as not conflicting with existing offerings.
“If a brand like Vienna House comes to us, and … it is not in conflict with any existing product in the upscale segments in those destinations where we know there’s great demand from our 110 million Wyndham Reward members that want to travel there, we might acquire it as we did Vienna House,” Ballotti said. “If we know that it’s not upsetting our current infrastructure of owners and it’s a brand that’s immediately accretive and a brand that we can growyes
What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares.
The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance.
Read the full methodology behind the Skift Travel 200.
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