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Asia-Pacific
Hyatt Introduces New Hotels in China
Hyatt Hotels launched Caption by Hyatt Zhongshan Park Shanghai, its new lifestyle brand in the Asia Pacific, and opened Hyatt Centric Zhongshan Park Shanghai, the first full-service Hyatt Centric hotel in downtown Shanghai. -
Asia-Pacific
Thailand’s PM Pushes for Six-Nation Visa for Southeast Asia
Thailand’s Prime Minister proposes a six-nation visa to enhance regional tourism, potentially extending visa validity to 90 days, with a target of 80 million foreign tourist arrivals by 2027. -
North America
A&O to Invest €500 Million in Hostels
Europe hostel chain A&O is set to invest €500 million to aid its expansion across Europe. The company is seeking to expand its presence in European city centers. -
Asia-Pacific
Jumeirah Group CEO Will Depart
Katerina Giannouka has left Jumeirah Group, one year into her time as CEO. Thomas Meier, CEOO, will serve as Interim CEO again. -
North America
IHG Gives a Strategy Update
IHG posted slightly better than expected results with the most publicized part of the release being their intention to give more $1 billion back to shareholders in 2024. -
North America
U.S. RevPAR Projected to Jump 4% in 2024
Deutsche Bank’s conference highlighted mixed optimism in the lodging and gaming sectors, with expectations of growth driven by international markets. Revised forecasts for the U.S. hotel industry in 2023 indicate slight adjustments in occupancy, ADR, and RevPAR predictions. The sector saw various activities, including MHG’s acquisition of Marriott West Palm Beach Airport, 3H Group’s plans for a new Hilton in Florida, and the opening of a new Holiday Inn Express in Arizona. International expansions and renovations were also notable, with new properties and rebranding efforts in several countries. Valencia Hotel Group rebrands to Valencia Hotel Collection, marking its 20th anniversary with leadership restructuring and expansion plans. Libertyland USA, a mixed-use development, is set to open in South Dakota by 2026, featuring an indoor waterpark and other amenities. Agora Realty & Management acquires a 73-acre site in Las Vegas for mixed-use development. -
North America
Motto and Voco Add Locations in New York City
Marriott is planning a new Residence Inn in Cary, North Carolina, featuring 122 guestrooms, meeting facilities, and various amenities. Hilton has opened Motto by Hilton New York City Times Square, marking the second Motto by Hilton brand in the city and the sixth Motto by Hilton overall. IHG Hotels & Resorts has celebrated the opening of a new Holiday Inn property in South Philadelphia after a $10 million conversion, marking their first IHG-banded property in the area. -
Asia-Pacific
Many of Thailand’s Budget Hotels Are Struggling
China hotel RevPAR increased by 50.4% YoY, outperforming a 48.2% comparison and growing 19% compared to 2019, driven by strong recovery. Thai hotels, especially those with three stars or less, faced severe impact from interest rate hikes, uncertain tourism outlook, and competition, prompting calls for regulatory changes. New luxury hotels are opening in historic Japanese and Vietnamese destinations, while major hotel chains like Accor and Melia are expanding their portfolios in Singapore and Vietnam. Additionally, Meriton Suites is expanding luxury offerings across Australia. -
Asia-Pacific
Accor to Add 6,000 Rooms in Japan
Chinese investors are shifting their focus from New York City hotels due to hostility towards Chinese capital. Radisson Hotel Group has achieved significant growth in the Asia Pacific and Europe, Middle East, and Africa regions with over 100 hotel openings and signings, particularly in Vietnam, India, Thailand, the Philippines, and China. Several major hotel companies, such as Sands China, Dharampal Satyapal Group, ITC Ltd., Accor, and Hilton, are making significant expansions, acquisitions, and rebranding efforts across Asia. -
North America
Hyatt Buys Boutique Booking Platform
JP Morgan upgraded their rating on Accor to Neutral from Underweight with a price target of €30, up from €24.50. Hyatt Hotels Corporation and Mr & Mrs Smith announced an agreement for a Hyatt affiliate to acquire Mr & Mrs Smith, a platform offering direct booking access to boutique hotels.