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North America
Choice Hotels Makes Hostile Bid for Wyndham
Choice Hotels made an offer to acquire Wyndham Hotels and Resorts, which was rejected. The situation may lead to a proxy fight. Marriott and MGM’s partnership launch delayed to early 2024 due to a cyber attack on MGM and the complexity of the integration, which includes the creation of the MGM Collection with Marriott Bonvoy. Hyatt introduces the Wellbeing Collective, offering tailored wellbeing experiences at 30+ hotels globally, with plans to expand in 2024. -
North America
Marriott Lays Out Three-Year Growth Plans
STR reported a week ending September 23rd with a 1.2% increase in US hotel RevPAR and a 1.8% rise in Group RevPAR. Barclays lowered price targets for Travel + Leisure to $38 and Marriott Vacations to $118 while maintaining their respective ratings. Marriott International revealed a three-year growth plan, targeting the addition of 230,000 to 270,000 net rooms by 2025 and emphasizing global portfolio expansion and RevPAR growth. -
North America
B of A Securities Increases Target Price on Marriott
DJIA and Nasdaq dropped significantly, 10-year yield surged, and lodging stocks declined. U.S. hotel industry saw lower occupancy but improved year-over-year comparisons. Peachtree Group announced multiple hotel acquisitions and new development projects, while other hotels are under renovation and expansion. -
North America
First Hospitality Buys 17 Hotels in Hostmark Deal
DJIA, Nasdaq, and S&P 500 all experienced declines while the 10-year treasury yield rose to 4.32%. Lodging stocks had mixed performance. Truist updated price targets for lodging/hotel group stocks, with several adjustments both up and down. Various hotels announced renovations, expansions, and new locations, including the Westin Denver Downtown, Hyatt’s growth plans, and the EV Evolution Venue Hotel in Tampa and Washington, DC. -
North America
San Francisco Hotels May Defy the Pessimists in 2024
Truist reported on its visit to San Francisco for the Visit Impact Summit. The good news is that the fall 2023 events are showing improvement. Marriott International announced the completion of a recent redesign and renovation to the 146-room Courtyard by Marriott Denver Central Park in Denver, Colorado . Airbnb stock received a big lift with the announcement of its inclusion in the S&P 500 . -
North America
The Sortis Acquisition of Ace Hotel Is Ongoing Saga
DJIA fell 169 points in August; Nasdaq rose 16; S&P 500 down 7. Travel intent increases: 21.8% plan foreign trips, 45.9% plan vacations. Hotel developments: New AC Hotel in Lansing, Sheraton San Diego rebranded as Sheraton Resort & Marina, TRS Coral Hotel added to Wyndham’s Registry Collection. Upcoming: Highgate manages Hilton Garden Inn Kauai, IHG’s Atwell Suites in Henderson and Fort Worth, proposed dual-tower project near Austin Convention Center. -
North America
KSL to Take Hersha Hospitality Private in $1.4 Billion Deal
DJIA gained 213 points, Nasdaq increased by 114 points, and S&P 500 rose 28 points; 10-year treasury yield decreased by 0.03 to 4.21%. Lodging stocks surged on Hersha Hospitality buyout news, particularly REITs: HT up 56%, BHR up 16%, AHT up 10%, others up 6% each, while AINC traded down -9%. Hersha Hospitality Trust and KSL Capital Partners will merge in an all-cash deal worth $1.4 billion, where common shareholders receive $10.00 per share and preferred shareholders receive varying amounts based on their holdings. The merger aims to close in Q4 2023, leading to a rally in hotel REIT stocks. Major US and Chinese hotel groups have strengthened post-pandemic, while Europe lags behind. Marriott, Jin Jiang, and Hilton lead the world hotel ranking, with only one European representative (Accor). US has six companies in top 10, China has three, and Spanish companies see shifts in their rankings. -
North America
Canadian Hotels Enjoy Record Average Daily Rates
DJIA, Nasdaq down; S&P 500 fell; 10-year treasury yield up. Hotel Trends: Global RevPAR growth; Canada’s record ADR and RevPAR; mixed occupancy rates. Developments: Hotel expansions, renovations; Hyatt Vacation Club launch; new CEOs, brand in Croatia. -
North America
Earnings Season’s Worst Day This Quarter
Marriott Vacations had the worst earnings report, with a significant miss on analyst estimates and a reduced guide. Hyatt and Host Hotels also missed estimates, with Hyatt’s miss tied to leisure and resort exposure. The U.S. hotel construction pipeline is active in markets like Dallas , Atlanta , Phoenix , Nashville , and Los Angeles . -
North America
Wyndham Signs 60 More Extended-Stay Hotels
Stock markets showed mixed results with DJIA up 27 points, Nasdaq up 86, and S&P 500 up 13, while 10-year treasury yield increased to 3.91%. Wyndham Rewards topped the list in the 2023-2024 Best Travel Rewards Programs, and Hilton is set to open Motto by Hilton in New York City Times Square. Pennbridge Lodging plans to construct two Marriott brands in downtown Boise, and Four Seasons Hotels announced a project in Jacksonville, Florida.