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Asia-Pacific
Hong Kong Hotels Set Aside Rooms for Positive Covid Cases
STR reported China hotel RevPAR results for the week ended September 10. RevPAR was down -12.3% year over year while down -29.3% when compared with a comparable week in 2019. Hong Kong hotels have been told to set aside just eight or 3% of their rooms, whichever is lower, to house travelers who test positive for Covid, raising the risk of insufficient space for infected people if the easing of travel curbs come into effect. Asset World Public Company Limited said they are strengthening their long term partnership with Marriott International with an agreement to launch a new Ritz-Carlton hotel in Bangkok’s heritage riverside district. -
Asia-Pacific
Singapore Leads Way on Room Cost
Bloomberg reported that hotel rooms in Singapore are now the most expensive in almost a decade. Radisson Hotel Group said they are aiming to accelerate growth across Thailand. The Tongsai Bay, the first five-star luxury hotel to be built on Koh Samui, has embarked on an innovative refurbishment and development program to celebrate its 35th anniversary as a luxury eco-haven. -
North America
Business Travel Will Return to Pre-Pandemic Levels by Late 2023
The DJIA fell 154 points but Nasdaq was flat while the S&P 500 fell 9 points and the 10-year Treasury yield was up .02 to 3.05%. Citigroup upped its price target on Sunstone Hotels to $12 from $10.50. Morgan Stanley upped its price target on Airbnb to $125 from $100. -
North America
CBRE Says ADR Will Moderate in Second Half of Year
The equity indexes have really calmed down while treasuries get really volatile. Lodging stocks were higher. AINC was the big mover, up 11%. SMBC Nikko cut its rating on Park Hotels & Resorts to Neutral from Outperform. Its price target is $16. The CBRE Hotels Research State of the Union showcases current demand trends, as well as fundamentals by segment, location type and chain scale.