TRIBE

Asia-Pacific

Accor Opens Its 700th Hotel in China

Accor has opened its 700th hotel in China, the Sofitel Shanghai North Bund, coinciding with the Sofitel brand's sixtieth anniversary and the China-France Year of Culture and Tourism.
Asia-Pacific

South Korean Hotel Rates Surge 43%

In the first quarter of 2024, South Korea’s hotel industry saw significant growth in average daily rates and RevPAR, driven by key tourist destinations, but investment activity remained subdued despite limited future supply and expected continued success in luxury and upscale segments.
North America

Blackwells Withdraws Offer to Purchase Braemar Hotels

Blackwells Capital attempted to buy Braemar Hotels & Resorts, failed, and is now trying to elect four directors to BHR's board despite owning a minimal amount of shares, facing opposition and legal action from BHR.
North America

Starwood Capital to Transfer 10 Hotels to a SPAC

Starwood Capital Group signed a deal with SPAC Jaws Mustang Acquisition to merge. If completed, the SPAC will become the direct or indirect owner of Starwood entities’ interests in an initial portfolio of 10 properties, including the 1 Hotel Brooklyn Bridge.
North America

Wyndham’s Board Tells Shareholders to Reject Choice

Wyndham’s Board rejects Choice Hotels' unsolicited offer to acquire WH, backed by the Asian American Hotels Owners Association's opposition. Hilton to open its first Tapestry Collection hotel in Los Cabos in 2024, alongside another project in La Paz. Preferred Hotel Group aims to expand its Beyond Green brand in Mexico, targeting 75 sustainable hotels globally.
Asia-Pacific

Ian Schrager and Marriott Open Second Edition Hotel in Japan

The Tokyo Edition, Ginza, designed by Ian Schrager and Kengo Kuma, is now open with 86 guestrooms, including 10 suites. It follows Edition's first Japan venture with the Tokyo Edition, Toranomon, and features large standard rooms and a blend of old and new architecture. IHG Hotels & Resorts and Accor announce multiple global openings for 2024, including luxury and premium hotels in various locations like France, Malaysia, Mexico, New Zealand, Thailand, and others.  Banyan Tree and China Vanke are dissolving their joint ventures, with Banyan Tree acquiring and selling stakes in different ventures for a combined 480 million yuan.
North America

IHG Accelerates Global Expansion

Choice Hotels International purchased more shares in Wyndham Hotels & Resorts in its unsolicited exchange offer to acquire the company. The Baird/STR Hotel Stock Index rose 9.3% in November, with the Hotel REIT sub-index up 7.6% year-to-date and the Hotel Brand sub-index up 30.6% year-over-year. BCD Travel forecasts a global decrease in airfares and a 6.8% increase in hotel rates in 2024.
Asia-Pacific

Macau’s Events Attendance Reaches 96% of 2019 Levels

Macau's gaming tourism area hosted over 245 MICE (Meetings, Incentives, Conferences, and Exhibitions) events in the third quarter of 2023, a 231% increase from the previous year. Several new hotels are opening or being signed across Asia, including the Four Seasons Hotel Suzhou in China, the first TRIBE NATION hotel in China, and Mandarin Oriental's Villa Mayavee in Phuket Mohegan Inspire Entertainment in South Korea begins a soft opening of its non-casino areas, and Indian Hotels Company announces its sixth Ginger brand hotel in Kerala, India.