Kansas

Choice Hotels International is expanding its portfolio of solutions for its extended-stay hotel conversions with the introduction of Lobby in a Box, a modular design package.

Hotel construction in Los Angeles has significantly declined, with many projects facing foreclosure or bankruptcy, and financing difficulties limiting new developments.

Hyatt is set to sell the Hyatt Regency Orlando for approximately $1.02 billion to Ares and RIDA Development, with Hyatt retaining a preferred equity interest and a 30-year management agreement.

Key events included DiamondRock Hospitality's upgrade, Hyatt and Apple Hospitality lowering guidance, and IHG reporting strong new room signings despite challenges in China.

The Surrey, A Corinthia Hotel's New York City opening marks Corinthia's North American debut with luxury accommodations, exclusive dining, and private residences.

The earnings season for hotel companies kicked into high gear with Host Hotels and Pebblebrook becoming the first REITs to show their hand.

Truist met with Wyndham and Choice franchisees who had strong opinions about the merger and broad frustrations about brand costs and property valuation in limited service today.

Earnings reports from various hotel and hospitality companies have mixed results, with Marriott International and Hyatt facing disappointment, while Park Hotels, Chatham Lodging Trust, Host Hotels, RLJ Lodging Trust, and Summit Hotel Properties pleased investors. Hyatt Hotels plans to double its brand footprint in Canada with 23 new hotels by 2026, including airport locations and Hyatt Centric and Hyatt House properties. Various hotel acquisitions, openings, and renovations are announced, including the launch of Pendry Tampa and Pendry Residences Tampa, and the renovation of L'Ermitage Beverly Hills. Selina Hospitality faces financial challenges and seeks to restructure its debt.

Deutsche Bank initiated coverage on Hilton Grand Vacations with a Buy rating and a $59 price target, citing compelling stock levels. Hyatt CEO Mark Hoplamazian observed a return to offices in big cities, indicating potential growth in business transient travel. Hilton plans to install up to 20,000 Tesla Universal Wall Connectors at 2,000 hotels in North America, creating the largest EV charging network in the hospitality industry.

Q2 '23 saw 14,572 global hotel projects. Luxury and upscale chains dominate, led by Hilton, Marriott, and IHG. Urban hotels lag in post-pandemic recovery compared to resorts and suburban counterparts, with rate management playing a vital role. Notable new hotels, rebranding, and appointments are taking place, with Hilton, Riu Caribe, Choice Hotels, and Sonder making moves. London's Broadwick Soho hotel is set to open with unique additions.