-
North America
Market Surges and Airbnb Lawsuit
Market surge: DJIA and Nasdaq experience significant gains, with the DJIA surging 701 points and the stronger-than-expected jobs report contributing to the rise. Airbnb lawsuit: Airbnb files a lawsuit against New York City over a new law that the company claims will limit short-term rentals and make it more difficult for hosts to do business. Hotel openings and acquisitions: Several hotel brands announce new openings and acquisitions, including WoodSpring Suites, Sonesta, and Margaritaville, expanding their presence in different cities and states. -
North America
Truist Talks U.S. Hotel Trends for Rest of Year
Stock market indices experienced gains, with DJIA, Nasdaq, and S&P 500 rising while the 10-year treasury yield decreased. Truist’s RevPAR Monitor highlighted positive and negative trends in the hotel industry, including the recovery of group travel and sluggish corporate individual business/transient segment. Various hotel-related announcements were made, including the launch of IHG’s Wi-Fi Auto Connect feature, expansion of Saks Fifth Avenue’s personal shopping service to luxury resorts, and the opening of new hotels by Hyatt, IHG, Palisociety, and others. -
North America
Disney Opening First U.S.-Based Pixar-Themed Hotel
Hotel industry news: Renovations, expansions, and openings across various cities, states, and countries. Notable updates include the completion of a multi-million-dollar renovation at The Westin Savannah Harbor Golf Resort & Spa in Georgia. Exciting developments include the opening of the first fully Pixar-themed hotel, Pixar Place Hotel, in Anaheim, California, and the debut of Six Senses Crans-Montana in Switzerland. -
North America
CBRE Raises Hotel Performance Forecast for 2023
STR reported US RevPAR for the week ended May 13 was down -1.3% year over year, possibly impacted by Mother’s Day timing. CBRE is again raising its forecast for hotel performance this year . The company has revised its forecast for 2023 RevPAR to $97.89, up 6.0% YOY and an increase of $0.43 from its previous forecast. Hilton announced the opening of Canopy by Hilton San Francisco SoMA . -
North America
Marriott Officially Adds Its 31st Brand City Express
Marriott International, Inc . said Monday it had completed its acquisition of the City Express brand portfolio from Hoteles City Express, S.A.B. de C.V. A solid beat and raise was repeated over and over again today by analysts when commenting on Park Hotels & Resorts’ earnings report. Vacasa Inc. has become the second new-age lodging SPAC to receive notice from Nasdaq that if they don’t get their stock price above $1, they could be delisted . -
North America
Acquisitions by Noble Investment Group and Bluegreen Vacations
The stock market experienced a decrease, with the Dow Jones Hotel & Lodging REITs Index down 2.3%. There were several hotel acquisitions, renovations, and new developments announced. There were also announcements of management changes, upgrades, and technology acquisitions in the hospitality industry. -
North America
Record Sign-Ups for Hotel Loyalty Programs
Heading into the upcoming 1Q earnings season, JP Morgan said they expect relative upside in 1Q23 RevPAR results and, for the C-Corps, at least in-line net rooms growth with both operating metrics benefiting from improvements in China. A record number of loyalty program members should help hotel brands lower their customer acquisition costs, increased direct-to-consumer engagement and offset any occupancy shortfalls during an economic downturn. Corporate travel spending is tracking toward full recovery to 2019 levels by 2024 or 2025 , but higher costs and climate concerns will keep trip volumes smaller than pre-pandemic levels in real terms. -
North America
Red Roof to Add 50 Properties This Year
Red Roof will open 50 properties, new builds and conversions , in 2023, representing 60% year-on-year growth. The Greater Las Vegas Short-Term Rental Association wants the Supreme Court to rule on the constitutionality of short-term rental regulations in Clark County, Nevada. The newly minted penny stocks, VCSA and SOND, both traded down to new lows, dropping another -4% and -7% respectively. SLNA hit a new low, down another -7%. -
North America
Two Forecasts Point to Strong 2023 Hotel Performance
Despite projections of persistent inflation and a moderate economic recession, CBRE’s November 2022 Hotel Horizons forecast calls for a 5.8% increase in RevPAR in 2023, up from CBRE’s previous forecast of a 5.6% increase. The hotel industry in 2023 is projected to surpass pre-pandemic levels of demand , nominal room revenue and state and local tax revenue, while inching closer to other key 2019 performance metrics. Starwood Capital Group , and Adventurous Journeys Capital Partners , announced the launch of Field & Stream Lodge Co., a branded hospitality platform aiming to create modern and affordable lifestyle lodging across the United States. -
North America
Hotel Purchases and Development Heat Up in Early January
The DJIA rose 133 points while Nasdaq was up 72, the S&P 500 was up 29 points and the 10 year treasury yield was down .08 to 3.71%. Canada’s hotel performance came in lower than the month prior but showed improved comparisons to 2019, according to STR ‘s November 2022 data. Kolter Urban is planning to build a Ritz-Carlton Hotel Residences in Sarasota Bay, Florida .