The Americas is the only region to show an increase in hotel construction and development activity in the first quarter of 2024, contrasting with declines or slower growth in Europe, Asia Pacific, and the Middle East and Africa.
JP Morgan forecasts mixed 1Q24 results for the lodging sector, with slow RevPAR growth, strong net rooms growth, and moderating pipeline expansion, recommending selectiveness due to varied performance across companies.
The Camino Real hotel chain plans to spend three billion pesos on remodeling and technology upgrades at its properties across several cities in Mexico.
Marriott Vacations Worldwide introduced The Marriott Vacation Clubs City Collection, featuring branded properties in seven cities with plans for expansion to other urban areas, including the addition of two Westin Vacation Club properties.
Club Med released new data showing the company has reached a fresh milestone by achieving more than $2 billion in international business volume for the first time ever.
Choice Hotels commented on their Wyndham hostile takeover implosion and said it was challenged by a ‘difficult’ administration and a regulatory body that Choice said was ignorant of hotel industry pricing structures, among other reasons.
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.
The stock market being as ugly as NJ and NY weather this morning probably had a lot more to do with Marriott’s outsized decline than the actual earnings report.
Group bookings across the industry’s largest portfolio of economy and midscale hotels will soon take minutes, not days, thanks to Groups360 and the rapid rollout at over 5,600 Wyndham hotels.