Las Vegas

Hard Rock International will cease operations of The Mirage Hotel & Casino to begin transforming the venue into the Hard Rock Hotel & Casino and Guitar Hotel Las Vegas. The new resort will feature a guitar-shaped hotel nearly 700 feet in height.

Host Hotels reported solid first-quarter earnings exceeding expectations, while Summit Hotels also outperformed with significant margin expansion.

Las Vegas saw a significant tourism and economic boost in 2023, highlighted by a surge in convention attendance, international visitors, and major events like the Las Vegas Grand Prix and the Super Bowl.

Hilton acquires a majority stake in Sydell Group to globally expand the NoMad Hotels brand, with plans for up to 100 properties and integration into Hilton's commercial platforms, while NoMad Las Vegas will rebrand, addressing Hilton's gap in the luxury market.

U.S. hotel performance in February 2024 saw modest revenue gains driven largely by Las Vegas and major events, with luxury and upscale chains leading growth amidst varied demand across other segments.

MGM Collection with Marriott Bonvoy, the brand created by MGM Resorts International and Marriott International, is now accepting reservations for 16 hotel and resort destinations on Marriott's website and app.

Choice Hotels issued a press release urging Wyndham stockholders to tender their shares before the March 8 deadline. We would characterize the press release as of begging WH shareholders to threaten they will pull the plug.

IHG posted slightly better than expected results with the most publicized part of the release being their intention to give more $1 billion back to shareholders in 2024.

Canada is seeing a surge of hotel construction in major cities, with Vancouver leading the way in new building applications. It is now seen as the most attractive bet by analysts because it leads the way in hotel profits and occupancy, which was almost 80% in October.

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.