Marriott Hotels

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.

CNBC discusses the repercussions of New York City's crackdown on Airbnb, suggesting that hotels will benefit from higher prices during the holiday season due to Airbnb's cancellation of bookings after December 1. Legacy Development & Management acquired the Albuquerque Marriott Pyramid North and plans a $22 million, two-year renovation, including room upgrades, new amenities, and exterior improvements. Various new hotel development projects are underway, including a Marriott Westin at the Indianapolis International Airport, a Hilton-branded hotel in Decatur, Georgia, a Four Seasons Hotel & Residences in Jacksonville, Florida, and a $2 billion theme park called American Heartland in Vinita, Oklahoma.

The J.D. Power 2023 North America Third-Party Hotel Management Guest Satisfaction Benchmark reveals that hotel management companies' investments in renovations, maintenance, and staffing have led to increased guest satisfaction in areas like guest rooms and staff service. The benchmark highlights that guest anticipation of needs is a crucial factor, with 82% of interactions meeting this goal. Many guests desire modern lobby designs, but only 13% of branded hotels fulfill this criterion. Additionally, there's a demand for electric vehicle charging stations, with 19% of guests expressing interest.

Deutsche Bank initiated coverage on Hilton Grand Vacations with a Buy rating and a $59 price target, citing compelling stock levels. Hyatt CEO Mark Hoplamazian observed a return to offices in big cities, indicating potential growth in business transient travel. Hilton plans to install up to 20,000 Tesla Universal Wall Connectors at 2,000 hotels in North America, creating the largest EV charging network in the hospitality industry.

Q2 '23 saw 14,572 global hotel projects. Luxury and upscale chains dominate, led by Hilton, Marriott, and IHG. Urban hotels lag in post-pandemic recovery compared to resorts and suburban counterparts, with rate management playing a vital role. Notable new hotels, rebranding, and appointments are taking place, with Hilton, Riu Caribe, Choice Hotels, and Sonder making moves. London's Broadwick Soho hotel is set to open with unique additions.

In Q2 2023, the Asia Pacific hotel construction pipeline reached a record high of 1,936 projects with 401,766 rooms. Luxury, upper upscale, and upscale projects dominated the pipeline. Countries with the largest pipelines are India, Vietnam, Thailand, Indonesia, and Japan. Macau has surpassed Hong Kong as the preferred travel destination for mainland Chinese travelers in 2023, receiving nearly twice as many visitors. Around 50.9% of outbound Chinese travelers chose Macau, while Hong Kong received about 26.7%. Mainland Chinese tourists prefer destinations in East Asia and Southeast Asia. Accor is expanding its hotel offerings. They are introducing the Handwritten Collection in Thailand with the Andaman Beach Hotel Phuket, opening a Mercure hotel in Lucknow, India, and launching Lords Inn hotels in Jamnagar, Gujarat, and Kanki, West Bengal. Accor has also partnered with Reliance Industries and Renest Hotels & Resorts for new properties.

Major indices, including DJIA, Nasdaq, and the S&P 500, experienced significant drops. BHR reached a new low, and Bernstein and B.Riley adjusted ratings and price targets for several key hotels. Hotel Transactions & Development**: Numerous hotel properties underwent ownership changes, refinancing, or development, with notable mentions like the Delta Hotels by Marriott New York Times Square and the Four Seasons Private Residences Las Vegas nearing completion. Aimbridge Hospitality strengthened its team, Melia Hotels announced multiple openings in Mexico, and Selina Hospitality launched a new location in Evia, Greece.

Malaysia is on track to surpass its international tourist target with an expected 18 million visitors, while Hong Kong saw a significant MoM increase in July, driven largely by visitors from Mainland China. Key developments include the Marriott's expansion in China and India , the transformation of Sydney's former Department of Education building into a luxury hotel, and Damac International's progress on its Maldives resort. JLL India reported mixed hotel performance, Blackstone is reinvesting in Japanese real estate due to favorable market conditions, and A bsolute Hotel Services has made key management appointments.

DJIA and S&P 500 rose, Nasdaq was up, and the 10-year treasury yield decreased. Airbnb Co-founder Joe Gebbia sold over $1 billion worth of stock, while ABNB reached a 52-week high. U.S. hotel RevPAR increased, new hotel constructions and acquisitions were announced, and a hotel opening was delayed in Portland.

Stock Market: DJIA rises while Nasdaq and S&P 500 experience slight declines. Hotel Sales: Major U.S. hotel sales show decreases in transactions, dollar volume, and prices per key. Hotel Developments: Construction progresses on a skyscraper in New York and new hotels are planned in Virginia , Connecticut , and South Carolina .