HOTELSMag.com - 10 Minutes News for Hoteliers - Page 38

3 min

Office valuations have plummeted. Now what?

🏢 UBS sold its 23-story, 920,000-square-foot office building at 135 West 50th Street in New York for a mere $8.5 million, a steep discount from its $332 million acquisition in 2006. The sale reflects a 97% value erosion, despite a $76-million renovation. The building is 35% occupied with design issues like low ceilings and awkwardly placed columns. UBS turned a profit selling the ground for $285 million in 2019 after buying it for $279 million in 2012. The ground lease expires in 2123 with 99 years of rent remaining.

2 min

Briefs: Rosewood residences in Florida; Palisociety adds to Le Petit Pali portfolio

🏗️ Rosewood Residences Naples, a 42-unit waterfront condo development by Ronto Group and Wheelock Street Capital, commences construction in Naples, Fla., featuring ocean views and amenities like pools and firepit areas. Lillian Wu designs common spaces. Rosewood currently operates 34 properties across 21 countries and plans 24+ new projects in 7 years. Le Petit Pali Brentwood opens in LA in November, becoming Palisociety's 8th city hotel, with further expansion in 2025. Prizeotel rebrands to Prize by Radisson, with new properties in Gdansk (2026) and Berlin (2027), adding to 21 existing hotels. U.S. hotel industry shows YOY growth with occupancy at 63.9% (+1.9%), ADR at $153.67 (+1.6%), RevPAR at $98.18 (+3.6%), led by Tampa (+15.2% occupancy) and Seattle (+12.5% ADR).

4 min

How hotels—and guests—can benefit from text-messaging engagement

Here’s a novel thought: Technology should complement the human element, not overshadow it. In hospitality, the goal is to use tech to make guests feel valued and understood, not to…

3 min

The U.S. remains most powerful travel market, finds WTTC study

The U.S. emerged as the most powerful travel and tourism market in the world, contributing a record $2.36 trillion to the country’s economy in 2023, a recent study has revealed.…

3 min

Appetite for leisure travel remains strong, reveals Cheval Collection survey

Demand for leisure travel is seeing an upward trend, with almost 72% of travelers planning to take at least three trips in the next 12 months, a recent survey has…

2 min

Third-party hotel management companies deliver better guest experiences, finds J.D. Power study

🏨 U.S. third-party hotel management companies outperform chain-managed and independent hotels in guest satisfaction, with a score of 683/1000, an 8-point increase YOY. Guests experience better value despite higher room rates, with value scores rising 6 points. Notably, Davidson Hospitality Group leads with a satisfaction score of 735, followed by HEI Hotels & Resorts (705) and White Lodging (704). The 2024 J.D. Power study is based on 4,907 guest responses and covers over 14,000 branded hotel rooms.

2 min

Briefs: Miami St. Regis condo project secures $527M loan; The Boardwalk opens in San Diego

🏠 Related Group and Integra Investments obtained a $527M loan from TYKO Capital for St. Regis Residences, Miami, positioned in South Brickell. The financing marks one of Florida's largest residential construction loans, with the St. Regis project featuring a 50-story tower, 152 condos, ranging from two to six bedrooms, including penthouses and garden villas, over 60% of which are sold. The Waldorf Astoria Residences and Cipriani Residences in Miami previously secured $668M and $600M loans respectively.

6 min

Hyatt CEO says Taylor Swift impact much bigger than the Olympics on his hotels

🎶 Taylor Swift's presence boosts revenue for Hyatt Hotels, with fans finding it cheaper to see her in Europe due to ticket resell limits. Mark Hoplamazian, CEO, claims she significantly impacts global GDP and Hyatt's income, more than the Paris Olympics. Leisure travel at Hyatt was 20% above pre-pandemic levels, with Europe performance up 12% in Q2. Hyatt's luxury segment revenue grew by 4%, upscale by 2.5%. U.S. unemployment was 4.3% in July 2024. Hyatt's RevPAR for group business is expected to be +4% for the year and +7% next year, with business transient revenue surpassing pre-Covid levels by 12% in Q2. Hyatt is also focusing on asset-light strategies, recently selling the Hyatt Regency Orlando for $1.07 billion, and is in the process of acquiring Standard International for up to $335 million.

2 min

Briefs: Wyndham brings Registry Collection to the U.S.; Drury Hotels expands in the Carolinas

📍 Wyndham introduces Registry Collection Hotels in the U.S. with The Mining Exchange in downtown Colorado Springs, a 128-room lifestyle hotel in a building from 1902 featuring dining venues, a spa, gallery, and 15,000 sq ft event space. Drury Hotels to open a 252-room property in Charleston, S.C., with amenities like complimentary breakfast and a pool; their second in South Carolina, seventh in the Carolinas. RIU reopens Riu Palace Bavaro in Punta Cana with 994 rooms, including 255 family rooms and 108 Elite Club rooms, post extensive refurbishment. IHG to launch Vignette Collection in the Maldives with Noku Maldives in Noonu Atoll featuring 50 villas, joining IHG's five properties in the Maldives post-December refurbishments.

4 min

Why celebrating your hoteliers though internal culture sets the pace for success

🏨 Hotel leaders who focus on team member recognition enhance engagement and consistency in the hospitality industry. Caring for a loyal team involves capital and time investment to prevent costly turnover. Prioritizing early bonds, especially during onboarding, is crucial for long-term growth and employee satisfaction. Managers should identify dedicated team members for leadership roles and monitor progress through reduced turnover and increased satisfaction scores. The industry faces a challenge in retaining skilled associates, emphasizing the need for attention to individual goals and interdepartmental recognition to foster loyalty and reduce turnover. Story contributed by Rachel Moniz, COO at HEI Hotels & Resorts.

Input your search keywords and press Enter.