Ace Hotel

North America

Las Vegas Saw 20% Increase in Convention Attendees in 2023

Las Vegas saw a significant tourism and economic boost in 2023, highlighted by a surge in convention attendance, international visitors, and major events like the Las Vegas Grand Prix and the Super Bowl.
Asia-Pacific

Japan to Get Ten Four Seasons Properties 

Berjaya Land Bhd plans to expand its presence in Japan by developing at least ten Four Seasons hotels and resorts, starting with the groundbreaking for the Four Seasons Resort & Private Residences Okinawa.
North America

Accor Reveals European Portfolio Growth

STR reported a 3.3% increase in U.S. Hotel RevPAR, led by a 4.5% rise in ADR and a 5.1% increase in Group RevPAR. Deutsche Bank provided a cautious 2024 outlook for the hotel industry, highlighting a balanced risk-reward scenario with potential bull and bear cases. Keybanc reduced their price target on Xenia Hotels & Resorts, while Truist offered a differing view on Airbnb compared to Barclays.
North America

Hilton Grand Vacations to Buy Bluegreen Vacations

Hilton Grand Vacations is acquiring Bluegreen Vacations for approximately $1.5 billion, expanding its membership base and resort portfolio. HEI Hotels & Resorts takes over management of the Renaissance Times Square hotel in New York. Hyatt is collaborating with Parks Hospitality Holdings to develop four new properties in Mexico, including the Park Hyatt Cancun and Grand Hyatt Mexico Santa Fe.
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

International Arrivals to U.S. in November Increased 61% YoY

Wells Fargo changed price targets on a bunch of hotel names in their coverage. In November 2022, total non-US resident international visitor volume to the United States increased 61.3% compared to November 2021 According to the Q4 2022 Hotel Construction Pipeline Trend Report for Canada by Lodging Econometrics, Canada’s total construction pipeline stands at 267 projects/35,758 rooms.
Asia-Pacific

Singapore’s Optimistic Tourism Forecast

Singapore said it is expecting between 12 million and 14 million international visitor arrivals in 2023. That would be more than double the 6.3 million final tally of visitors in 2022. Sortis Holdings, Inc. is acquiring boutique hotel company Ace Group International and its management company, Atelier Ace. Yesterday we reported on the Wyndham Danang Golden Bay in Vietnam and today we cover the Wyndham Vuon Vua Thanh Thuy .
North America

Ace Hotels Bought for $85 Million

The DJIA  fell 392 points but Nasdaq was up 16, the S&P 500 rose 8 points and the 10-year treasury yield was up .02 to 3.54%. Lodging stocks were modestly higher with no major movers. Investment firm Sortis agreed to acquire Ace Group International for $85 million . The all-cash deal will give Sortis the boutique Ace Hotels brand and its hotel management company. International visitors spent more than $15.9 billion on travel to, and tourism-related activities within, the United States , an increase of nearly 57% compared to November 2021