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.
STR reported US lodging data for the week ended 2/10. US hotel RevPAR was up 3.9% with ADR up 7%. RevPAR in Las Vegas was up 140% year over year thanks to the Super Bowl.
MCR has refinanced a 16-hotel portfolio for $333 million, generating $51 million of net proceeds. In less than three years, MCR doubled the portfolio’s new operating income, increasing it from $15 million at acquisition to $36 million.
Almost three quarters of Americans plan to either maintain or increase their number of hotel stays in 2024 compared to 2023, and hotels remain the top lodging choice for likely travelers, according to a survey commissioned by the American Hotel & Lodging Association.
Major hospitality companies reported mixed trends at the Morgan Stanley Global Consumer & Retail Conference, with lodging demand remaining positive but margins affected by high wages.
Several companies, including Crescent Hotels & Resorts and HHM Hotels, announced the addition of new properties to their portfolios.
Evermore Orlando Resort is set to open a unique beach paradise, and other hotels are undergoing significant renovations and refurbishments, indicating a continued focus on luxury and expansion in the hospitality industry.
Marriott Vacations had the worst earnings report, with a significant miss on analyst estimates and a reduced guide.
Hyatt and Host Hotels also missed estimates, with Hyatt's miss tied to leisure and resort exposure.
The U.S. hotel construction pipeline is active in markets like Dallas , Atlanta , Phoenix , Nashville , and Los Angeles .
Stock market: DJIA down 245 points, Nasdaq down 22, S&P 500 down 21 points
Decline in travel and tourism deal activity: 41% YoY decline, all deal types registered a decline in volume
Hotel transactions: Several hotels sold, renovated, or under development in different locations
US hotels surpass pre-pandemic revenue levels in Q1 2023, with a 13% increase compared to 2019, driven by higher room rates.
Despite concerns of a recession and liquidity crisis, US hotels continue to perform well, with leisure travel showing strength and business travel gradually returning.
Significant hotel developments and renovations are underway in various US cities, including new acquisitions, expansions, and upgrades to enhance guest experiences.