Accor to Double China Hotel Count to 1,600 Within 6 Years
Accor opened its 800th hotel in China and plans to add 800 more in five to six years, focusing on midscale and premium brands. Plus, more hotel deal and development news.
Pullman Hotel Group
$72 Million Sale of Westin Michigan Avenue Chicago Completed
Pebblebrook Hotel Trust has completed the sale of the 752-room Westin Michigan Avenue Chicago in Chicago, for $72 million. Plus, more hotel development news.
U.S. Travelers to Trim Holiday Trips, Says Deloitte Survey
Lodging stocks fall; Starwood modifies loan; Quadrum explores Arlo Hotels sale; and Holiday travelers plan to cut spending 18% and take fewer trips as financial concerns rise, Deloitte survey finds, including high-income Americans.
Wyndham to Soon Open 300th Franchise in China
Wyndham Hotels & Resorts, the largest U.S.-based hotel company in China, has signed nearly 600 franchise agreements and opened almost 300 hotels in China over five years.
Choice Hotels Tries Another Time With Wyndham
Choice Hotels issued a press release urging Wyndham stockholders to tender their shares before the March 8 deadline. We would characterize the press release as of begging WH shareholders to threaten they will pull the plug.
Dividend Announcements Buoy Lodging Stocks
On Friday lodging stocks ended higher: BHR rose 12% while AINC was up 7%. SOND fell -7% on the day.
Raymond James downgraded Pebblebrook Hotel Trust and Xenia Hotels & Resorts to Market Perform from Outperform while cutting Sunstone Hotel Investors to Underperform from Market Perform.
Ryman Hospitality also announced they were boosting their quarterly dividend, declaring the 4Q dividend of $0.25 per share.