LODGING Staff - 10 Minutes News for Hoteliers - Page 104

1 min

CooperWynn Capital Modifies Loan for Hotel Indigo Detroit Downtown

🏡 CooperWynn Capital completed a loan modification for Hotel Indigo Detroit Downtown, featuring 241 rooms and 48 suites, plus amenities like a restaurant, a fitness center, and over 1,750 square feet of meeting space. The modification provides flexibility and improved financial performance amid lender uncertainty last fall. Located in downtown Detroit, the hotel offers skyline views and proximity to attractions like Ford Field and the Detroit Institute of the Arts.

1 min

CoStar: U.S. Hotel Industry Reports Lower Performance From January

🏨 In January 2025, U.S. hotel occupancy reached 52.5% with a 1% increase from January 2024. Average Daily Rate (ADR) was $151.20, showing a 3.4% increase; Revenue per Available Room (RevPAR) rose to $79.42, up 4.5%. Influences on these figures included Hurricanes Helene and Milton, the L.A. wildfires, and the inauguration. Tampa led the Top 25 Markets with a 17.6% increase in occupancy to 79.9%, while St. Louis and Minneapolis saw the lowest occupancy rates at 42.9% and 43.1%, respectively. The Top 25 Markets outperformed others in occupancy and ADR.

4 min

Hyatt Centric Brand to Double in Size by Year-End 2028

🏨 Hyatt Centric brand expanded in 2024 with openings in Cairo, Shanghai, San José, and Santo Domingo. The brand plans over 35 new hotels by 2028, aiming to reach over 100 hotels globally by 2029. This includes a 50% portfolio increase and a 75% growth in Asia Pacific. Upcoming openings are set for Costa Rica, Malta, the Caribbean, and Shanghai. Notably, the first Hyatt Centric hotels will open in Puerto Rico (2025), Ohio (2026), British Columbia (2026), and Iceland (2026), with additional expansion in Canada, China, India, Japan, and Saudi Arabia (2028).

13 min

Accor Reports Q4 and Full-Year 2024 Results

💰 In 2024, Accor reported strong resilience in the hospitality sector, opening 293 hotels with over 50,000 rooms, a 3.5% growth, and reaching a portfolio of 850,285 rooms across 5,682 hotels. RevPAR increased by 4% in the PM&E division and 10% in the L&L division compared to Q4 2023. Key regions showed varied performance, with ENA at +2%, the Americas at +12%, and the Middle East-Africa with significant growth due to Saudi Arabia's high demand and occupancy. Revenue reached €5,606 million, an 11% increase from 2023, with scope effects contributing €223 million, despite negative currency effects of €117 million. Net profit was €610 million with diluted earnings per share rising to €2.33. The company reaffirmed its medium-term growth prospects and proposed a 7% higher dividend of €1.26 per share for 2024, to be decided at the Annual Shareholders' Meeting on May 28, 2025. Notable events included multiple acquisitions, a bond issue, and strategic partnerships, all emphasizing Accor's asset-light strategy and commitment to growth.

1 min

AHLA Statement on House Companion to Hotels Fees Transparency Act

🏨 In Washington, the American Hotel & Lodging Association (AHLA) praised the introduction of the House companion to the Hotel Fees Transparency Act by Representatives Young Kim (R-California), Kathy Castor (D-Florida), Russell Fry (R-South Carolina), and Kevin Mullin (D-California). AHLA aims to set a federal standard for clear, upfront pricing on hotel bookings nationwide, enhancing transparency and informed consumer decisions.

1 min

CoStar: Weekly Performance Increases for U.S. Hotel Industry

🏨 U.S. hotel industry saw a year-over-year increase in occupancy by 1.2% reaching 60%, ADR by 2.2% at $164.79, and RevPAR by 3.4% to $98.83 for the week of February 9-15, 2025. Chicago experienced the most significant occupancy rise of 14.4%, achieving 55.0%. New Orleans, hosting Super Bowl LIX, saw ADR soar by 42.8% to $314.37 and RevPAR by 33.5% to $222.66, despite a 6.5% drop in occupancy to 70.8%. In contrast, Las Vegas faced a decline with occupancy falling 7.1% to 76.4%, ADR dropping 30.6% to $202.10, and RevPAR plummeting 35.5% to $154.44.

1 min

DiamondRock Hospitality Completes Sale of Westin Washington, D.C. City Center

🏦 On Feb. 19, 2025, DiamondRock Hospitality Company sold the 410-room Westin Washington, D.C. City Center for $92.0 million. The sale reflects an 11.2x multiple on 2024 hotel EBITDA, a 7.5% capitalization rate on 2024 hotel net operating income, or 5.6% inclusive of projected capital expenditures. CEO Jeffrey J. Donnelly emphasizes the sale as part of a strategy to boost long-term earnings and shareholder value.

2 min

AHLA: Nearly Two-Thirds of Hotels Report Staffing Shortages

🏨 In Washington, the American Hotel & Lodging Association (AHLA) and Hireology survey reveals 65% of hotels still face staff shortages, despite higher pay and benefits. Pre-pandemic staffing levels are nearly 10% higher than current figures. Staff shortages decreased from 76% in May 2024 to 65% by year-end, with 9% of hotels "severely understaffed." Hotels aim to fill an average of 6-7 positions, struggling most with housekeeping (38%) and front desk (26%) roles. Key retention strategies include raising wages (47%), flexible hours (20%), and hotel discounts (13%).

2 min

CBRE Forecast Shows RevPAR to Increase in 2025

🏨 In Dallas, Texas, CBRE forecasts a 2.0% RevPAR growth for U.S. hotels in 2025, with occupancy up by 23 basis points and a 1.6% ADR increase. This marks a 16.6% higher RevPAR than in pre-pandemic 2019. The growth aligns with a 2.4% GDP growth and 2.5% average inflation expected in 2025. Urban hotels are predicted to lead with a 2.8% RevPAR increase. Major events like the 2026 FIFA World Cup and 2028 Summer Olympics, coupled with U.S. leisure appeals, are expected to sustain a 1.5% to 3.5% annual RevPAR growth range. CBRE anticipates investment resurgence and increased transaction activity in late 2025, despite potential supply growth below 1% over the next three years due to high costs and external economic factors.

2 min

Concord Hospitality Celebrates 40th Anniversary

🎊 Concord Hospitality, founded in 1985 in Ohio and now based in North Carolina, celebrates its 40th anniversary. With a portfolio including Hilton, Hyatt, Marriott, and IHG, the company has 145 hotels and 23,696 rooms across 25 states and two Canadian provinces, plus over 30 bars and restaurants. In 2024, Concord opened The Westin Atlanta Gwinnett, a 348-room hotel. For 2025, they plan to open 14 hotels and six restaurants, indicating ongoing expansion and investment in the hospitality sector.

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