-
North America
Hyatt’s Heavy Canadian Expansion
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. -
North America
Business Travel Close to a Full Recovery
JP Morgan downgraded IHG Hotels & Resorts from Neutral to Underweight, favoring Premier Inn owner Whitbread in the European hotels sector. Canada has 275 hotel construction projects with 37,780 rooms in its pipeline, with 22 new projects announced in Q3. Ontario leads with 160 projects, and Toronto has the most projects with 61. A total of 16 new hotels opened in the first three quarters of 2023, with more expected in the last quarter and beyond. The latest GBTA Business Travel Outlook Poll reports that domestic business travel bookings have reached 75% of 2019 levels, while international bookings are at 70%. Spending on domestic business travel is at 77%, and international spend is at 74%. -
North America
Rosewood Hotels & Resorts Expands Branded Residences in High-Demand Markets
U.S. hotel industry saw positive growth in RevPAR and rates for the week ending September 30, with Group RevPAR showing significant improvement. Rosewood Hotels & Resorts is expanding its branded residence portfolio especially in Europe. Various hotel projects and developments are underway in different locations, including downtown Springfield, Norfolk, San Antonio, Beaufort, and Las Vegas, with a range of amenities and timelines. -
North America
Canada Notches Record High Average Room Rates
Wedbush initiated coverage on lodging REITs, with Ryman Hospitality and Host Hotels receiving Outperform ratings and price targets of $94 and $19, respectively. Park Hotels and Pebblebrook Hotel Trust were initiated with Neutral ratings and price targets of $13 and $14, respectively. Keybanc downgraded Airbnb’s rating to Sector Weight from Overweight. A report by Morning Consult indicates that the “revenge travel” trend may be declining, with travel intentions increasing in some countries but declining in others, particularly in Europe. China is experiencing a significant surge in travel, driven by pent-up demand. -
North America
Canadian Hotels Enjoy Record Average Daily Rates
DJIA, Nasdaq down; S&P 500 fell; 10-year treasury yield up. Hotel Trends: Global RevPAR growth; Canada’s record ADR and RevPAR; mixed occupancy rates. Developments: Hotel expansions, renovations; Hyatt Vacation Club launch; new CEOs, brand in Croatia. -
North America
Canada Is Eagerly Building Hotels
Canada ‘s construction pipeline has a total of 275 projects and 37,359 rooms, with Ontario and Toronto leading in projects and rooms. Jeff Vinik is selling his share in the company that developed Water Street in Tampa, Florida, to Cascade Investment Fund LLC . Q Group Hospitality is launching a new LGBTQ+ boutique hotel, Queen Las Vegas, in Las Vegas , Nevada, featuring themed rooms and a nightclub. -
North America
What Do Guests Want? Connected Rooms
Stock market summary: DJIA up 429 points, Nasdaq up 156, S&P 500 up 53. Increased demand for connecting rooms and suites in hotels due to multigenerational family and group travel. Acquisitions and expansions: Fairmont Hot Springs Resort acquired for $40 million, Rimrock Resort Hotel acquired for $170 million with renovations planned, and Bluegreen Vacations expanding accommodations across various properties. -
North America
More San Francisco Hotels Face Loan Pressures
Stock Market: DJIA, Nasdaq, and S&P 500 showed gains, while lodging stocks had mixed performance. San Francisco Hotels: Park Hotels plans to surrender ownership, raising concerns about more foreclosures. Multiple hotels face loan due dates in the next two years. Hotel Updates: Various hotels undergo management changes, renovations, and new openings in different locations, including California, Illinois, Texas, and Canada. -
North America
Vancouver’s Occupancy Levels Lead Canadian Rivals
Hotel industry updates: Canadian hotel RevPAR exceeds C$100 for third consecutive month, with Manitoba and Vancouver leading in occupancy rates. Renovations and expansions: Knoxville, Tennessee plans to add 350 hotel rooms, while a $12 million extended-stay hotel is set to open in Maryland Heights, Missouri. Company announcements: Hyatt Place Melbourne Airport opens in Florida, while LVMH scraps luxury hotel plans in Beverly Hills. -
North America
Club Med to Shift Upmarket
Club Med said it was beginning a new chapter. Taking inspiration from the original Club Med philosophy, creating simple moments of happiness, the lifestyle brand will be providing a more premium, family-friendly and eco-conscious experience. Deutsche Bank initiated coverage on Wyndham Hotels & Resorts with a Buy rating and $79 price target. STR reported US lodging data for the week ended April 1. US hotel RevPAR was up 10.9% year over year.