HOTELSMag.com - 10 Minutes News for Hoteliers - Page 42

2 min

Banyan Group debuts flagship Banyan Tree brand in Japan

🌱 Banyan Group introduced Banyan Tree brand in Kyoto’s Higashiyama Ward, Japan. This luxury hotel, Banyan Tree Higashiyama Kyoto, features 52 rooms, a spa, natural Onsen, and two dining venues. The hotel is close to the UNESCO heritage site Kiyomizu-dera Temple and offers traditional Japanese architecture with modern influences by Kengo Kuma and Yukio Hashimoto. It joins Banyan Group's eight hotels in Japan and forms part of their global portfolio of 80 hotels, targeting to double their footprint by 2025.

3 min

Olympics drive Paris room rates to record numbers

🏆 Paris hotel room rates hit an all-time high during the Summer Olympics (July 26-August 11), with the highest ADR on opening night at €876.26 and RevPAR at €765.85, a 179.3% increase. Over the next four nights, rates remained above €800, marking a 141% YOY surge in ADR and 200% in RevPAR. Occupancy in Paris grew by 24.1%, while Île-de-France peaked at 79.7% on August 3. Paralympics bookings are at 49.7% occupancy. Prior concerns of a disappointing summer due to high prices and overcrowding proved unfounded with 11.2 million visitors reported.

2 min

Briefs: Preferred Hotels expands L.V.X. Collection; Hyatt House Chicago sells

🏠 Grand Hotel Courmayeur Mont Blanc, part of R Collection Hotels, joins Preferred Hotels & Resorts' L.V.X. Collection, increasing Preferred's global presence to over 600 properties in 80 countries. Boasting 72 rooms, two dining venues, and a 5,382 square-foot spa, this luxury hotel exemplifies the family-owned R Collection Hotels' portfolio of 10 Italian hotels. Rockbridge acquires Hyatt House Chicago West Loop/Fulton Market, a 200-room hotel featuring a rooftop activity center and built in 2019. Extended Stay America launches Premier Suites in Portland, Oregon, offering 146 rooms and aiming to expand beyond its 700 U.S. properties. Hotel Ivy, Minneapolis, embarks on a multi-million-dollar renovation, with phase one complete and phase two expected by early fall.

4 min

Hyatt to acquire Standard International, create new lifestyle group

📌 Hyatt Hotels Corp. to acquire Standard International for a base price of $150 million, with potential $185 million in additional payments. The deal will add 21 hotels with about 2,000 rooms to Hyatt's portfolio, including The Standard, London and High Line in NYC. Amar Lalvani, Standard International's executive chairman, to lead the new dedicated lifestyle group in NYC. Hyatt has made several recent acquisitions, including Mr & Mrs Smith for £53 million in April 2023. The Standard International deal, expected to close later this year, includes more than 30 signed or intended projects. Moelis & Company LLC and Venable LLP serve as advisors to Hyatt.

4 min

People on the Move: Noble House, Avion Hospitality, Outrigger Resorts, Hyatt Regency Boston, Radisson Salt Lake City Downtown

👤 Shane Pappas named GM of Jekyll Island Club Resort and Jekyll Ocean Club; Dan Peterson appointed SVP of Operations at Avion Hospitality; Christine San Nicolas becomes GM of Outrigger Kaua‘i Beach Resort & Spa; Chrystalle Anger is the new area director of front services at Outrigger Waikiki Beach Resort and Outrigger Reef Waikiki Beach Resort; Matthew Huss is the GM at Hyatt Regency Boston/Cambridge; Mike McLeod takes GM role at Hilton Portland Downtown and The Duniway; Julien Labays steps in as resort manager at Rosewood Baha Mar; Kate Eckhardt is the new director of sales and marketing at Radisson Salt Lake City Downtown; Katie de Besche promoted to director of sales at Viceroy Snowmass; Sally Glen appointed director of sales and marketing at Aurora Anguilla Resort & Golf Club.

2 min

GSA increases FY2025 per diem rates for government travel

💰 Starting October 1, the U.S. GSA increases the FY 2025 standard lodging rate from $107 to $110 and M&IE rate from $59 to $68. The combined standard per diem rate sits at $178. Six locations previously classified as NSAs now receive the standard rate, with no new NSAs added. This change potentially injects $100 million into the hotel industry, as estimated by AHLA. The rates, reviewed annually by GSA, are based on a trailing 12-month period's ADR for lodging and meals, minus 5%.

3 min

Marriott signs licensing agreement with Sonder

🏨 Marriott International partners with Sonder, adding over 9,000 rooms to its portfolio by year-end, with 1,500 more in the pipeline, expecting a 6-6.5% net room growth in 2024. Sonder by Marriott Bonvoy, a new collection, will offer Marriott Bonvoy members the ability to earn and redeem points at approximately 200 properties starting later this year. Full integration with Marriott’s digital channels is anticipated by 2025. Sonder strengthens its balance sheet by enhancing liquidity by around $146 million, gaining $43 million in convertible preferred equity and $83 million liquidity boost, including a 30-month extension on the paid-in-kind feature of its note purchase agreement.

3 min

Group, business transient shine at Hyatt

🏨 Hyatt Hotels Corp. saw group and business transient as strongest customer segments in Q2, with group room revenue up by 8%. U.S. business transient segment increased by 14%, and global RevPAR grew by 4.7% compared to 2023. Net rooms growth was approximately 4.6%, and the pipeline of executed management or franchise contracts grew by 9% YOY to 130,000 rooms. Hyatt recorded a net income of $359 million and a leisure transient decrease of 2%. World of Hyatt membership reached 48 million, up 21% from the previous year, and strategic partnerships continue to expand with recent alliances and acquisitions.

2 min

Hilton debuts Graduate Hotels near Princeton University

🏦 Graduate by Hilton launched Graduate Princeton in Princeton, N.J., marking the first opening since Hilton's acquisition. The hotel, situated on Nassau Street, is housed in a 1918 dormitory converted into a 180-key boutique hotel with 6,000 square feet of public space. The project is a collaboration between AJ Capital Partners and Stonehill Taylor. Princeton has been a target for Graduate Hotels for a decade. Graduate Princeton is the first new hotel in the town in 90 years and features interiors with Princeton University references, including a Gothic-inspired lobby and a restaurant named Ye Tavern. Earlier in the year, Hilton acquired Graduate Hotels for $210 million from AJ Capital, with over 35 hotels currently open or planned near educational institutions in the U.S. and U.K.

2 min

Hotel construction pipeline touches new high in China

🏨 China's hotel construction pipeline in Q2 saw a 4% increase in projects and 3% in rooms YOY, reaching 3,815 projects with 699,786 rooms. Under construction: 2,743 projects with 498,551 rooms, up 3% in projects, 4% in rooms YOY. After pandemic recovery in 2023, leisure travel demand drove room rates up. Midrange and prime hotels in China rose 26.3% and 9.2% since 2019. Upcoming: 390 projects/70,520 rooms to start within 12 months, 9% and 10% increases YOY. Early planning stages: 682 projects/130,715 rooms, up 4% YOY. New announcements in Q2: 264 projects with 43,301 rooms, a 12% YOY increase. Renovation and conversion projects jumped 32% in projects, 47% in rooms YOY. By Q2's end, 341 new hotels with 47,084 rooms opened; 937 new hotels/139,673 rooms expected by year-end. Forecasts for 2025 and 2026 are 994 hotels/166,683 rooms and 759 hotels/146,894 rooms, respectively. Top cities: Chengdu (147 projects/29,951 rooms), Shanghai (126/24,340),

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