citizenM

Marriott International has completed its acquisition of the citizenM lifestyle brand, which includes 37 open hotels. Plus, other development news.

Hyatt Hotels Corporation announced the completed acquisition of Playa Hotels & Resorts, and more hotel development news.

Marriott International acquires lifestyle brand citizenM for $355 million, adding 36 hotels with 8,544 rooms to its portfolio.

citizenM has opened its second Boston property, citizenM Boston Back Bay, a 15-story hotel with 399 guestrooms, curated artwork, and a rooftop bar, making it the company's largest hotel within the Lyrik development.

Marriott International has entered a long-term licensing agreement with Sonder Holdings to add over 9,000 rooms to its portfolio under a new "Sonder by Marriott Bonvoy" collection, contributing to a projected 2024 net room growth of 6-6.5%.

The CBRE August 2024 U.S. Hotels report highlights slowing GDP growth, moderate consumer risks, declining CMBS borrowing rates, and mixed performance in hotel occupancy, RevPAR, and travel metrics.

CitizenM is expanding its membership program to offer co-working benefits, including inspiring spaces, premium amenities, and access to 34 global locations.

The owners of the CitizenM hotel chain, valued at 2 billion euros five years ago and now expected to double in sale price, are considering selling the rapidly expanded brand with over 40 global locations.

Canada is seeing a surge of hotel construction in major cities, with Vancouver leading the way in new building applications. It is now seen as the most attractive bet by analysts because it leads the way in hotel profits and occupancy, which was almost 80% in October.

JP Morgan upgraded Choice Hotels to Neutral and shifted Host Hotels, Park Hotels, Ryman Hospitality, and Sunstone Hotels to Neutral, citing less downside in lodging REITs. CoStar forecasts U.S. hotel demand growth of 1.8% in 2024, with occupancy increasing by 1% and room rate growth aligning with inflation, leading to RevPAR growth of 4.8% this year and 4% in 2024. Barclays shifted to Equal Weight on Marriott Vacations, expressing uncertainty in company-specific execution and favoring Hilton Grand Vacations in the timeshare sector.