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North America
Hotel Rates Expected to Continue Rising Globally in 2024
CBRE U.S. Hotels State of the Union (October 2023) shows August RevPAR declined by -0.7%, with a -1.7% occupancy drop. Total revenue growth outpaced RevPAR growth in July by 2.5%. U.S. loan origination decreased, and hotel job openings continue to decline. Hotel rates are expected to rise globally in 2024, with potential increases of up to 17.5% in some cities, according to American Express Global Business Travel’s Hotel Monitor 2024. The Baird/STR Hotel Stock Index was down -2% in September. Year-to-date, the Hotel Brand sub-index increased by 23%, while the Hotel REIT sub-index decreased by -1.5%. -
North America
Puerto Vallarta Will Get an All-Inclusive by Marriott Bonvoy
Somm Hotel and Spa in Woodinville, Washington, part of Marriott’s Autograph Collection, is set to open in the summer of 2025 as part of a $700 million development. Home2 Suites by Hilton Houston/Katy in Texas completed renovations, featuring upgraded guestrooms and amenities. The Balbin Bros. Cigar Factory in Tampa, Florida, is undergoing transformation into a 70-room boutique hotel, aiming to open by March 2025 while preserving its historical value. -
Asia-Pacific
IHG to Debut an InterContinental in Chiang Mai
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. -
Asia-Pacific
Thailand Takes Step to Woo Chinese Tourists
The Royal Thai Government is granting temporary tourist visa exemptions to Chinese and Kazakhstani passport holders from September 25, 2023, to February 29, 2024, to boost tourism revenue. Macao expects a high number of visitors during the upcoming Golden Week, with hotels projected to have near-full occupancy due to the Mid-Autumn Festival and National Day Holiday. Galaxy Macau has opened Andaz Macau, the largest Andaz hotel in the Hyatt brand’s portfolio, featuring 700 rooms, artworks, and a direct connection to the Galaxy International Convention Center and Galaxy Arena. -
Asia-Pacific
Thailand Gets Hotels by Melia and Accor
Hotel RevPAR in China increased by 41.5% for the week, compared to a year ago. New hotel openings include InterContinental Shenzhen WECC in China, Novotel Rayong Star Convention Centre in Thailand , and INNSiDE by Melia hotel in Bangkok . NH Collection brand will debut in the Maldives with NH Collection Maldives Havodda Resort , and Mondrian Singapore Duxton has opened in Singapore’s Chinatown. -
North America
First Marriott Branded All-Inclusive Resort in the World
US stock indexes rose slightly on Friday, but lodging stocks were mixed with SOND surging 23% after a downgrade of Park Hotels & Resorts by ISI Evercore Group. Chicago broke hotel occupancy records last weekend thanks to Taylor Swift concerts and other events, generating more than $39 million in hotel revenue. Marriott International announced its first-ever all-inclusive resort in Cancun, expected to open in 2024, and JW Marriott Mexico City completed renovations of its guestrooms and suites, with more upgrades to come by 2023. -
Asia-Pacific
Hilton Debuts in China’s Hainan Island
Hilton, InterContinental, Melia, Wyndham, Accor, Hyatt, and Marriott are among the hotel chains expanding their presence in various cities across Asia-Pacific. New hotel openings and renovations are bringing luxury accommodations and unique experiences to destinations like Hainan Island, Bangkok, Singapore, Tokyo, Sydney , and more. From all-women managed hotels to rooftop pools and innovative dining options, these developments cater to the diverse needs of travelers seeking comfort, convenience, and memorable stays. -
North America
Truist Talks U.S. Hotel Trends for Rest of Year
Stock market indices experienced gains, with DJIA, Nasdaq, and S&P 500 rising while the 10-year treasury yield decreased. Truist’s RevPAR Monitor highlighted positive and negative trends in the hotel industry, including the recovery of group travel and sluggish corporate individual business/transient segment. Various hotel-related announcements were made, including the launch of IHG’s Wi-Fi Auto Connect feature, expansion of Saks Fifth Avenue’s personal shopping service to luxury resorts, and the opening of new hotels by Hyatt, IHG, Palisociety, and others. -
North America
Service Properties Trust Completes Sale of TravelCenters to BP
Last week BP plc completed the acquisition of TravelCenter of America Inc . Service Properties Trust received $379.3 million in cash as part of the transaction. Sonder Holdings was cut to Perform from Outperform by Oppenheimer and InterContinental Hotels Group was upgraded to Neutral from Sell by Redburn. The Baird/STR Hotel Stock Index rose 1.4% in April from March. The Hotel Brand sub-index rose 2.5% from March while the Hotel REIT sub-index was down -2.6%. -
North America
Hyatt to Expand in Upper-Midscale Through Luxury
Hyatt Hotels held an Investor Day today. They are forecasting $650 to $850 million of free cash flow by 2025 and will be 80% asset-light for their earnings mix. Effective Thursday, the Board of Directors of Louvre Hotel Group has appointed Federico J. Gonzalez as Group CEO. Hilton announced the signing of a management agreement for the first all-inclusive Curio Collection by Hilton property in the Dominican Republic , the new build Zemi Miches All-Inclusive Resort, Curio Collection by Hilton.