Westin Hotels & Resorts

The CBRE August 2024 U.S. Hotels report highlights slowing GDP growth, moderate consumer risks, declining CMBS borrowing rates, and mixed performance in hotel occupancy, RevPAR, and travel metrics.

Deloitte's 2024 Corporate Travel Report indicates rising corporate travel spending driven by increased prices and trip frequency, with significant growth expected through live events and client-related travel, alongside efforts in cost mitigation and sustainability progress.

Accor Greater China announced a dual-branded project on Banping Island in Wenzhou, featuring the debut of Peppers Edge and an MGallery luxury resort, both opening in late 2027.

Tycoon Manuel Villar Jr. plans to open his first casino in Manila by 2025, investing $1 billion in two integrated casino resorts, with the first located at Vista Mall Global South in Las Pinas and the second in the Villar City development.

Alongside a relatively strong projected occupancy rate this summer, one of Macau’s most notable hotel failures has reopened its doors despite bankruptcy.

IHG Hotels & Resorts announced the opening of a rebranded voco hotel in Upstate New York and a new Holiday Inn Express & Suites in Asheville, N.C.

Hyatt Hotels Corporation announced the addition of Maison Metier and The Barnett in New Orleans to their portfolio, both expected to join Hyatt's independent collections in 2024 under new branding and management by HRI Hospitality.

Fitch Ratings projects China outbound tourism to the Asia Pacific region will recover to 86% of pre-Covid levels in 2024, with full APAC tourism recovery expected by the first half of 2025.

The Competition Commission of India approved ITC Ltd's demerger of its hotel business into the newly independent, publicly listed ITC Hotels Ltd, with ITC retaining a 40% stake and 60% distributed to shareholders.

SkyCity Entertainment may sell its Adelaide casino to Delaware North after agreeing to pay fines at its casino operations.