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North America
Global Hotel Construction Sees Upscale Domination in Q2 ’23 With Hilton and Marriott Leading
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. -
North America
Omni Hotels Rolls out a New Identity
Xenia Hotels & Resorts reported an in-line to a modest miss result and narrowed guidance. They repurchased common stock in the quarter. Chatham Lodging Trust had a 5% increase in RevPAR year over year and a 5% AFFO rise, with RevPAR down less than -2% from 2019. Several hotels announced new openings, acquisitions, and rebranding, including Omni Hotels & Resorts , Sonesta , Braintree Group , Elise Capital , Hyatt Hotels Corporation , and DiamondRock Hospitality Company . -
North America
JP Morgan Is Cautious About Hotel Earnings Season
Financial Markets: DJIA up 184 points, Nasdaq up 26, S&P 500 rose 18 points, and 10-year treasury yield up to 3.86%. Lodging stocks performed poorly despite overall market gains. JP Morgan anticipates unimpressive 2Q23 RevPAR results and mixed net rooms growth in the lodging sector. They remain cautious due to tougher year-over-year comparisons and potential effects from tightening credit conditions. Several hotels are being developed or opened, including a 100-room hotel in Northeast Philadelphia, a Marriott Residence Inn in West Vail, and a Fairfield Inn & Suites in Conway, South Carolina. Some projects are facing challenges, like the halted construction of a Homewood Suites in Skokie, Illinois, due to high-interest rates. -
North America
Choice and Wyndham Maintain Baird’s Outperform Ratings
DJIA and S&P 500 rose, Nasdaq was up, and the 10-year treasury yield decreased. Airbnb Co-founder Joe Gebbia sold over $1 billion worth of stock, while ABNB reached a 52-week high. U.S. hotel RevPAR increased, new hotel constructions and acquisitions were announced, and a hotel opening was delayed in Portland. -
North America
Great Wolf Chooses Maryland for Its Largest Resort
Stock market performance: DJIA, Nasdaq, and S&P 500 rose while the 10-year treasury yield was down. Lodging industry updates: Sonder Holdings downgraded, EF Hutton assumes coverage of Selina Hospitality, Ryman Hospitality Properties acquires JW Marriott San Antonio Hill Country Resort & Spa. New hotel developments: Chartwell Hospitality and Rockbridge developing three new hotels, Innisfree Hotels and RREAF Holdings open Fairfield Inn & Suites Pensacola Beach, Great Wolf Resorts opens Great Wolf Lodge Maryland. -
North America
Pebblebrook Sees Demand Soften a Bit
Stock market: DJIA fell 219 points, Nasdaq was down 138, and S&P 500 fell 34 points. Pebblebrook Hotel Trust warns of weaker weekend leisure travel and expects slightly lower 2Q revenue. Various hotel announcements: HHM Hotels launches Echelon Luxury & Lifestyle division, Driftwood Capital acquires Hilton Dallas/Plano Granite Park, LBA Hospitality opens Homewood Suites by Hilton in Greenville, Renaissance Cleveland undergoing renovations, and more. -
North America
Travel Industry Sees 40 Percent YoY Decline in Deal Activity
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 -
North America
Less Caution, More Optimism: The State of the Hotel Industry
The hospitality industry is experiencing optimism and cautiousness, with hotels considering divesting assets and anticipating a potential distressed sale boom. Hoteliers are optimistic about increasing demand, but face challenges such as high-interest rates, labor shortages, and decreased construction activity. The U.S. hotel forecast shows improvements in occupancy, ADR, and RevPAR, while hotels are offering incentives to combat staffing shortages. International visitor arrivals to the U.S. continue to rise, with Mexico and Canada leading the way. -
North America
Hotel Recovery Is Uneven Worldwide
STR’s global report reveals positive RevPAR growth in most markets, with notable gains in occupancy, particularly surpassing 2019 levels in half of all markets. Israel, Singapore, Greece, Italy, and Ireland emerge as top performers in terms of RevPAR among countries with over 50,000 rooms, indicating strong tourism and hotel demand. Summer approaches with rising occupancy rates in 40 out of 48 countries , signaling a promising season for the hospitality industry worldwide. However, Vietnam and Saudi Arabia experience significant declines in RevPAR compared to 2019. -
North America
Wyndham’s Stock Strength Continues
Stock market performance: DJIA and lodging stocks showed mixed results, while Nasdaq and S&P 500 experienced gains. Hotel openings and renovations: New hotels and renovated properties were announced by various companies, including Wyndham Hotels, Hyatt Hotels, Candlewood Suites, and Knott’s Berry Farm Hotel. Business updates: Remington Hotels promoted Keith Oltchick to Chief Development Officer, Hunter Hotel Advisors facilitated the sale of Hilton-branded assets, and Wyndham Hotels completed the refinancing of its Senior Secured Term Loan B Facility. Additionally, Mandarin Oriental revealed plans for a new hotel and residences in Athens, Greece.