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HOTELSMag.com

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  • 2 min

Hudson’s Pocketbook Factory secures financing for transformation into hotel, wellness project

🏡 Bayview PACE allocated $7 million in C-PACE financing for Pocketbook Factory's transformation in Hudson, N.Y., into Pocketbook Hudson, a $42 million, 70,000-square-foot mixed-use development featuring a 40-room hotel, wellness center, restaurant, bar, and café. The project, returning the market to 2020 levels, will add rooms increasing Hudson's market count by 10%. The historic property, purchased for $3 million in 2021, also utilized $8.96 million in historic tax credit financing and $13 million in EB-5 debt. C-PACE funds in the U.S. have surpassed $7 billion.
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  • 2 min

World of Hyatt partners with Under Canvas

🏕️ World of Hyatt and Under Canvas announce alliance, offering Hyatt members access to 13 outdoor resorts including ULUM Moab, launched in 2023. Luxury accommodations across U.S. locations like Yellowstone, Great Smoky Mountains, and Acadia, with Yosemite opening May 2025. Camps feature tents, activities, and eco-friendly amenities. Five Utah and Arizona camps are DarkSky-certified. Hyatt's portfolio, including over 700 Mr & Mrs Smith hotels, is expanding with more to be bookable by year's end.
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  • 3 min

New bill seeks NYC hotels to obtain license to operate

🏨 Councilwoman Julie Menin introduced a bill to the New York City Council mandating hotels to obtain a yearly operating license for $200 from the Department of Consumer and Worker Production. The bill requires hotels to maintain room cleanliness, provide front desk and security coverage for large hotels, and employ core employees directly. Violators face penalties. Menin postponed a bill hearing scheduled for Tuesday, July 28, 2024. The legislation is supported by the Hotel Trades Union but opposed by hotel associations, who argue it will increase costs and regulatory burdens. Hotel room rates in NYC increased by 8.5% to $301.61 on average in 2023 after a ban on short-term rentals and the conversion of over 130 hotels into migrant shelters.
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  • 2 min

Briefs: Four Seasons expands residences portfolio; Viceroy resort in Portugal

🏛 Four Seasons Resort Nevis is expanding with 58 new luxury homes by 2025, featuring one- to three-bedroom units, designed by 79 Design and Plan Studios, and interiors by Ward & Co. Viceroy at Ombria Algarve opens October 1 in Portugal with 141 rooms and residences on 5.2 hectares. 1 Hotel Central Park was sold to Host Hotels & Resorts for $233.8 million by Starwood Capital Group. InterContinental Bellevue at the Avenue opened, marking the brand's first property in the Pacific Northwest with a $1 billion development, 208 rooms including 18 suites.
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  • 5 min

Leaning into AI can be scary, but it’s worth it for the hotel industry. Here’s why.

🏨 Remington Hospitality adopted AI 6 years ago to enhance productivity and optimize data analysis, affecting the bottom line for internal and external stakeholders. AI applications in the hospitality industry include predictive analytics for guest preferences, sales data analysis for product offerings, and potentially, future roles in digital marketing and housekeeping operations. Barriers such as the need for human oversight and the inability to detect tone or nuance in communication emphasize the balance between AI benefits and maintaining human interaction. The industry is poised to continue integrating AI to improve guest experiences while preserving the essence of hospitality.
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  • 2 min

Briefs: Barcelona’s Casa Lit hotel changes hands; Hampton by Hilton signs in London Heathrow

🏠 Stoneweg and Bain Capital sold Casa Lit Barcelona hotel, located 400m from Las Ramblas, to Gargallo Hotel Group. The 89-key luxury hotel built in 2010 was managed by Stoneweg since 2022 after renovation. CBRE was the sale's intermediary; Cuatrecasas and Deloitte were legal and financial advisors, respectively. Hampton by Hilton signed with Acre Hotels for a 157-room hotel at London Heathrow. Valencia Hotel Group completed its biggest equity raise and bought two hotels in Texas. Springboard Hospitality rebranded Ascent on Main as The Parker Hotel, with renovations and new amenities in Parker, Colo.
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  • 5 min

Wyndham looks to ‘extend’ rally amid softer RevPAR environment

🏨 Wyndham Hotels & Resorts, known for its economy segment with brands like Days Inn, spun off in 2018 and now has 25 brands. President and CEO Geoff Ballotti discussed the company's Q2 2024 earnings, mentioning a growth slowdown four years post-COVID. U.S. RevPAR for select-service segments grew 2.6% annually since 2000. STR predicts RevPAR growth of 2% for 2024 and 2.6% for 2025. Wyndham's Echo Suites Extended Stay launched in 2022, with the first location in Spartanburg, S.C., and a pipeline of over 270 properties. New supply in the economy segment is down 1-2%, with a shift towards extended-stay, expecting 6% annual growth. Wyndham opened more than 18,000 rooms in Q2, 16% more domestically than the previous year, and its global development pipeline increased 7.4% YOY to 245,000 rooms. Internationally, room growth was 8%, with RevPAR up 7%. They're leveraging technology like Wyndham Connect and anticipate an additional $15 million in adjusted EBITDA by 2026 through royalty rate increases. The company also sees the $1.2-trillion Infrastructure Investment and Jobs Act as a potential $3.3-billion opportunity.
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  • 2 min

Accor achieves medium-term projections with robust H1 performance

🏨 Accor's H1 2020 revenue increased by 11% to €2,677 million ($2,903.05 million), with RevPAR up by 6%. Premium, midscale, and economy division grew 4% to €1,473 million ($1,597.38 million), while luxury and lifestyle surged 22% to €1,243 million ($1,347.96 million). Potel & Chabot takeover contributed €117 million ($126.87 million) to the latter. Group EBITDA rose 13% to €504 million ($546.55 million) despite currency impacts. Accor opened 146 hotels, totaling 24,000 rooms, and expects 2024 RevPAR growth of 4-5% and EBITDA between €1,095 million ($1,187.46 million) and €1,125 million ($1,220 million).
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