HOTELSMag.com - 10 Minutes News for Hoteliers - Page 43

2 min

Blackstone acquires majority stake in tech company M3

💰 Blackstone acquires majority stake in M3, a hospitality accounting software provider, with investment terms undisclosed. AAHOA, representing 20,000 U.S. hotel owners, joins as a strategic investor. The partnership aims to enhance operational efficiency for AAHOA's members. M3, founded in 1998, offers cloud-based accounting solutions to over 8,000 North American hotels and boasts a 95% retention rate. Blackstone manages over $1 trillion in assets. Legal counsel for the deal included Carlton Fields, P.A., Houlihan Lokey, Evercore, and Kirkland & Ellis LLP.

4 min

Higher-end hotels are thriving. It’s the lower-end that is worrisome.

🏨 Hilton CEO Chris Nassetta highlighted a spending slowdown at the lower ends of the hotel market, with economy RevPAR down 4.4% year-to-date June 2024. In contrast, luxury RevPAR is up 2.1%. Wyndham remains optimistic, citing a 2.6% annual growth in U.S. RevPAR since 2000. CoStar projects a 2% RevPAR growth for 2024 across all scales, but forecasts negative growth for midscale and economy segments. U.S. credit card debt is at $1.14 trillion. Group business recovers, with Marriott reporting 24% of room nights in Q2. New hotel supply is limited, with an annual rate of around 0.6%, and Lodging Econometrics records an all-time high of 6,095 projects in the pipeline for Q2, up 9% YOY.

2 min

Wyndham debuts Trademark Collection in South Korea

🏠 Wyndham Hotels & Resorts launched Trademark Collection in South Korea with La Vie D’or Hotel and Resort in Hwaseong-si, 30 minutes from Seoul. This addition brings Wyndham's presence to 30+ hotels in the country and nearly 20 Trademark hotels in Asia Pacific. The 190-room property covers 330,000 square meters, featuring a nine-hole golf course, fitness center, spa, pools, saunas, fine dining, event spaces, and a business center. South Korea, focusing on tourism for economic growth, saw 3.4 million tourists Jan-Mar, nearing pre-pandemic levels, with March recovering 97%. In 2023, 11 million visitors were welcomed, with tourism projected to hit $13.66 billion.

4 min

How technology can help hotels drive wellness tourism

🏠 Global Wellness Institute research shows wellness tourism rebounded from $351 billion in 2020 to significant growth rates of 36% in annual spending and 30% in trips by 2022, surpassing general tourism growth. Asia-Pacific region, renowned for its wellness traditions, sees rapid expansion in this market, with hotels leveraging tech for enhanced guest experiences. Technologies like spa management software, data analytics, and property management systems (PMS) enable personalized, local wellness experiences, benefiting guest satisfaction and hotel revenue.

2 min

citizenM opens its third location in Miami

🏨 citizenM opened its third Miami location, citizenM Miami South Beach, joining the brand's 36th property portfolio. Recent openings include Miami Worldcenter in 2023 and Miami Brickell in 2022. The South Beach hotel offers 168 rooms, bleisure amenities, a 24x7 food and drinks bar, retail space, a gym, meeting rooms, a rooftop infinity pool, and an outdoor terrace. It features locally sourced art, XL king-size beds, and technology-controlled room ambience. Targeting LEED Gold certification, it reflects citizenM’s sustainability goals. The brand, launched in 2008, now has a presence in 21 cities worldwide.

2 min

Former Four Seasons president tapped as new CEO of Auberge Resorts

🏡 Christian Clerc, former global president of Four Seasons Hotels and Resorts (2016-2022), will become president and CEO of Auberge Resorts on September 1, 2024. Clerc will replace Craig Reid, who retires after a decade. Clerc previously oversaw 127 hotels, 51 residential properties, and 50,000 employees in 47 countries. Auberge Resorts, owned by The Friedkin Group, has 28 properties globally and plans to open six new locations by 2027, aiming for 40 hotels mid-term. Clerc's base will be Auberge’s Bethesda, Maryland office.

2 min

Annual turnover in U.S. hospitality sector sees slight decline

The annual turnover rate in the hospitality sector has seen a slight decline, but turnover continues to be challenging for room attendant positions, a new study has revealed. According to…

3 min

People on the Move: Peachtree Group, Hard Rock, Virgin Hotels, Minor Hotels, The Davenport Hotel Collection, Marriott, Access Point Financial

📈 Peachtree Group promoted Vickie Callahan to president of their hospitality management division, overseeing 88 hotels, 27 brands, 11,173 rooms across 23 states and Washington, D.C. Callahan joined Peachtree in 2020 and sits on the Marriott Revenue Management Franchise Advisory Board. Hard Rock International advanced Frank Chesky to executive vice president & chief legal officer, after joining in 2017 and serving as interim general counsel in 2023. Virgin Hotels New Orleans named Jesse Carr as director of food & beverage, while Minor Hotels appointed Richard Beh as vice president commercial – Asia, based in Bangkok. The Davenport Hotel Collection welcomed Melissa Green as VP & area managing director, and King Kamehameha Kona Beach Resort in Hawai’i selected Revell Newton as general manager. Access Point Financial hired Daniel Zagoria as managing director, business development.

2 min

Zleep Hotels merges with Core Hospitality

🏨 Zleep Hotels, a Denmark-based hotel company, merges with Core Hospitality, becoming Denmark's fourth-largest hotel operator. The merger follows Zleep's split from H World International, which now owns the Zleep brand, while Core Hospitality owns Danish operations. Post-merger, Core Hospitality manages 19 hotels with 2,288 rooms across five brands, including 14 Zleep Hotels in Denmark, two Moxy Hotels in Norway, and three Marriott properties in Copenhagen and Vejle. Core Hospitality has two hotels in the pipeline, adding 340 rooms. Zleep recently opened its first Swiss hotel in Lucerne.

3 min

India to lead Asia Pac in new hotel openings till 2026

🏨 India's hotel industry is rebounding with 610 new projects and 75,280 rooms as of Q2, representing 30% of the Asia Pacific pipeline. Vietnam, Indonesia, Thailand, and Japan follow, with India leading in new hotel openings through 2026. Hotel investment volumes in India reached $401 million in 2023, a four-fold increase from 2022. Greenfield projects gained 8,000 keys in 2023, while 2023 hotel signings and openings hit 25,176 and 12,647 keys, respectively, predominantly in Tier-2 cities. India's RevPAR grew by 15.8% in Q4 2023 versus 2022. IHG, Hilton, and Marriott are expanding significantly, with Marriott opening its 150th Indian hotel and planning 12 new hotels in 2023. Accor signed 11 hotels and aims to open nine more across various segments.

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