St. Regis

Hard Rock International will cease operations of The Mirage Hotel & Casino to begin transforming the venue into the Hard Rock Hotel & Casino and Guitar Hotel Las Vegas. The new resort will feature a guitar-shaped hotel nearly 700 feet in height.

In a week filled with earnings news, Marriott’s increased dividend will likely please investors the most.

Marriott Vacations exceeded first quarter 2024 expectations, with steady EBITDA performance and a large share buyback, despite underwhelming results in its core Vacation Ownership segment.

U.S. hotel performance in February 2024 saw modest revenue gains driven largely by Las Vegas and major events, with luxury and upscale chains leading growth amidst varied demand across other segments.

The market liked this conclusion: both companies' stock prices rose, with Choice Hotels up 6% and Wyndham Hotels 2%, indicating investor relief – or strategic reassessment.

Marriott International, Inc. announced plans to further expand its new Apartments by Marriott Bonvoy brand offering with signed agreements in the United States, Italy, and the Kingdom of Saudi Arabia.

Home2 Suites by Hilton announced its newest property, Home2 Suites by Hilton Phoenix Downtown.

Wharf Holdings is planning to open 25 Maqo hotels by 2025 and is discussing expansions in China, Japan, and Thailand. IHG is introducing a new Holiday Inn Resort in Maharashtra, India, for 2027 and announced significant growth of their Holiday Inn Express brand in Greater China. ONYX Hospitality Group is expanding its Shama serviced apartment brand with five new properties across Asia, including locations in China, Malaysia, and Thailand.

Choice Hotels made an offer to acquire Wyndham Hotels and Resorts, which was rejected. The situation may lead to a proxy fight. Marriott and MGM's partnership launch delayed to early 2024 due to a cyber attack on MGM and the complexity of the integration, which includes the creation of the MGM Collection with Marriott Bonvoy. Hyatt introduces the Wellbeing Collective, offering tailored wellbeing experiences at 30+ hotels globally, with plans to expand in 2024.

The GBTA Business Travel Outlook shows Asia Pacific is forecast for significant growth, with travel spending gaining 41% to US$567 billion this year. Trip.com said outbound travel order for the upcoming Golden Week increased nearly 20 times, and domestic travel increased more than four times over the Golden Week period last year. Accor announced their Novotel brand’s fiftieth hotel opening in Greater China with its newest destination, Novotel Xi’an Aden.