Michigan

Park Hotels exceeded adjusted EBITDA and AFFO estimates and raised their financial guidance, citing optimism in their group and leisure outlook, likely due to recently renovated properties.

A new report points to a resurgence in business travel, with group travel boosting hotels and companies increasingly sending employees on trips, challenging earlier predictions that virtual meetings would replace in-person business interactions permanently.

Selina Hospitality received a delisting notice from Nasdaq due to its low stock price, but plans to implement a reverse stock split to regain compliance.

MCR plans to build two eight-story hotels with a total of 400 rooms and additional parking facilities next to the Hilton Miami Airport Blue Lagoon.

The Americas is the only region to show an increase in hotel construction and development activity in the first quarter of 2024, contrasting with declines or slower growth in Europe, Asia Pacific, and the Middle East and Africa.

Hilton's expansion in Canada includes nearly 20 deals signed in 2023, with plans to introduce Spark by Hilton and Motto by Hilton in 2024 – aiming to surpass 200 hotels.

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.

Choice Hotels commented on their Wyndham hostile takeover implosion and said it was challenged by a ‘difficult’ administration and a regulatory body that Choice said was ignorant of hotel industry pricing structures, among other reasons.

Hilton will acquire the Graduate Hotels brand for $210 million, which includes all rights to the Graduate brand worldwide, franchise agreements for all existing and signed pipeline Graduate Hotels, and future development and growth.

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.