Best Western Premier

MCR has refinanced a 16-hotel portfolio for $333 million, generating $51 million of net proceeds. In less than three years, MCR doubled the portfolio’s new operating income, increasing it from $15 million at acquisition to $36 million.

China's travel and tourism sector is projected to grow by 150% to $1.48 trillion by the end of 2023 and contribute over $4 trillion to the economy by 2033, with significant job growth. Asset World Public Company Limited partners with IHG to launch the InterContinental Chiang Mai The Mae Ping, part of a larger mixed development project in Thailand. NH Hotel brand plans to build a 12-story hotel near Sydney Airport, while Fusion Hotel Group opens HIIVE by Fusion Binh Duong in Vietnam, emphasizing "Workation" tourism.

Stock market indices showed positive movement, with the DJIA rising 317 points and the Nasdaq up 75 points, while lodging stocks mostly saw gains. IHG Hotels & Resorts clarified that it did not experience a demand reversal for leisure bookings, refuting an earlier misleading report. Choice Hotels issued a business update reaffirming full-year guidance, highlighting a drop in share repurchases and a higher-than-expected 2024 EBITDA projection, possibly indicating upcoming announcements or unique circumstances in the industry.

Jefferies downgraded both Marriott and Hilton to Hold , leaving only Wyndham with a Buy rating in their C-Corp coverage. They continue to favor Host Hotels and Hersha Hospitality. 1 Hotel Hanalei Bay is opening on February 15 on Kauai’s north shore. The resort will be the flagship hotel for 1 Hotels. The DJIA fell 113 points, Nasdaq was up 66, the S&P 500 was down 3 points and the 10-year treasury yield was down .05 to 3.52%. How was that for a mixed market?

Adelaide hosting the Australian Football League’s Gather Round and LIV Golf in April 2023 has resulted in a boost in the market’s hotel occupancy on the books. 35.7% of Americans surveyed are aware that Japan is now open for travel with Asian Americans at 57% and 41.3% of those living in Western US. BWH Hotels Group said they are continually expanding with six new signings of properties in Pakistan and Vietnam .

STR said China hotel RevPAR fell -35.8% for the week ending October 22   on a year over year basis. It is doubtful the RevPAR comps in China will look much better in coming weeks as Covid outbreaks following Golden Week are spurring closures and lockdowns. Best Western Hotels & Resorts signed a strategic partnership for two beach apartment buildings on Vietnam’s southeast coast .

The commentary from President Xi at the National Congress in Beijing certainly did not sound like the Zero-Covid policy that has hampered tourism and business travel in and outside of China is going to change anytime soon. Anantara Chiang Mai Resort recently hosted an event to celebrate the renovations at the property. Chatrium Hospitality is set to unveil Chatrium Grand Bangkok on November 28, 2022. The hotel is located in the city’s Siam area and is an enhanced version of Chatrium’s luxury collection.

The positive start to the day deteriorated quickly with the DJIA ending the day down 308 points, while Nasdaq was down 135 and the S&P 500 fell 44 points. The 10-year Treasury yield ended the day flat at 3.11%. VCSA was the only major mover, down -9% on the day. STR’s consumer research in July 2022 produced telling insights into the state of business travel worldwide. Roughly 400 global business travelers were asked to thank about their likelihood to travel for business both now and when the pandemic is over, the results, remained in negative territory. A recently released Global Travel Association report cites global business travel coming back albeit against significant headwinds.