Chicago

The U.S. hotel industry is experiencing steady growth, with construction volumes rising for seven consecutive months, especially in upscale and luxury segments.

Service Properties Trust is reducing its dividend, selling 114 hotels to repay debt and save on capital expenditures, and will continue owning 34% of Sonesta while selling other properties.

Skyline Investments sold 11 Courtyard by Marriott hotels in the U.S. for $101 million, retaining ownership of three other Courtyard properties, which are up for sale.

Hotel rates in the top U.S. markets have risen significantly, with higher-end hotels raising prices the most, affecting travelers' choices on destinations and trip duration.

The Indian hospitality industry is experiencing strong investment growth in greenfield hotel developments, particularly in tier 2 and 3 cities, with investments rebounding to pre-Covid levels and expected to surge further in 2024.

Analysts expect the Fed's interest rate cuts to boost hotel REIT earnings, with Ashford Hospitality Trust and Braemar Hotel Trust being the biggest beneficiaries.

The Privatization Commission board of Pakistan could not decide on the mode of privatizing the Roosevelt Hotel in New York, with members divided between leasing it for 99 years or developing it through a joint venture.

Club Med announced renovations at its Cancun and Punta Cana resorts and plans for a new luxury resort in Oman opening in 2028.

Marriott International has entered a long-term licensing agreement with Sonder Holdings to add over 9,000 rooms to its portfolio under a new "Sonder by Marriott Bonvoy" collection, contributing to a projected 2024 net room growth of 6-6.5%.

Financial markets plunged with major indices and lodging stocks down sharply, except for SHCO which rose 6%.