LODGING Staff - 10 Minutes News for Hoteliers - Page 106

2 min

Cvent Supplier Network Group Sourcing Volume Sets New Record

📅 In 2024, Cvent's Supplier Network (CSN) achieved a record $16.5 billion group business volume, exceeding pre-pandemic figures with a 16% rise in room nights from 2019. The 2025 Cvent Planner Sourcing Report predicts a continued increase in in-person meetings, with 90% of planners expecting growth. Budgets are projected to rise for 70% of respondents to support larger events, with a shift towards special event venues (49% sourcing, up from 17% in 2023). Speedy RFP responses within four days are anticipated by 80% of planners. Additionally, 70% of planners are engaged in sourcing for their company's transient hotel program, with 87% dedicating over half their time to this task.

5 min

IHG Acquires 20th Brand, Ruby, to Further Global Expansion

🏨 IHG acquired Ruby brand for €110.5M, with Ruby operating 20 hotels (3,483 rooms) and having 10 pipeline hotels (2,235 rooms) set to open in Europe within three years. Ruby's CAGR is 26% over five years. IHG targets Ruby's growth to over 120 hotels in 10 years and expects to introduce the brand to the US by year-end. The seller will continue to operate Ruby hotels, now under IHG franchise agreements. IHG anticipates franchise fees of $8M in 2028 and over $15M by 2030, with potential additional payments up to €181M based on the seller's growth. Integration of all 20 Ruby hotels into IHG’s system is expected to begin in 2025 and end by March 31, 2026, with integration costs of around $10M for IHG in 2025.

2 min

Extended Stay America Opens 20th Premier Suites Hotel in Florida

🏨 Extended Stay America opened its 20th Floridian property, Extended Stay America Premier Suites – Bradenton, marking the brand's continued growth. The four-story, 124-room hotel offers WiFi, a healthy breakfast, cable, a 24-hour fitness room, onsite guest laundry, and a lobby with additional vending options. Suites feature fully equipped kitchens and are designed for long-term business travelers and those needing temporary housing solutions. The Bradenton property is strategically located near several businesses, hospitals, academic institutions, and leisure destinations. Sandpiper Hospitality, which already developed a hotel in Sparks, Nevada, has added this property to their portfolio, aiming to serve the increasing number of travelers to the Bradenton-Sarasota market.

1 min

Two Anaheim Hotels Name Lodging Dynamics as Manager

🏨 Provo, Utah-based Lodging Dynamics Hospitality Group appointed to manage Residence Inn and SpringHill Suites at Anaheim Resort/Convention Center. These become their 11th and 12th properties in California. The Marriott-flagged hotels offer a total of 468 rooms and are near Anaheim Convention Center and Disneyland Resort. Residence Inn features 294 rooms, a lobby bar, outdoor pool, and fitness center. SpringHill Suites has 174 rooms, including kids’ suites, a rooftop pool, and breakfast buffet.

5 min

MGM Resorts International Reports Q4 and Full-Year 2024 Financial Results

🎰 MGM Resorts International reported record full-year consolidated net revenues for 2024 at $17.2 billion, a 7% increase. MGM China saw a 25% rise in Segment Adjusted EBITDAR to $1.1 billion. Over 33 million shares were repurchased in 2024, reducing outstanding shares by over 40% since 2021. Q4 results showed a slight dip with consolidated net revenues at $4.3 billion, down 1%, and net income at $157 million compared to $313 million the previous year. Las Vegas Strip Resorts' revenues fell by 6% to $2.2 billion, while Regional Operations increased by 7% to $932 million. MGM China's revenues grew by 4% to $1 billion. MGM Digital's quarterly revenues were up 15% at $140 million. The company bought back 3 million shares in Q4 at $121 million, with $826 million left in the repurchase plan.

3 min

Hotel Spero Joins IHG’s Vignette Collection

🏡 IHG Hotels & Resorts added Hotel Spero to its Vignette Collection in San Francisco, near Union Square and the Theater District. The West Coast's first Vignette Collection hotel, built in 1924, features 236 guestrooms, 23 suites, and Spanish Colonial Revival architecture. The hotel is listed on the National Register of Historic Places. Hotel Spero offers unique guest experiences like postcard messages of hope and participates in the GLIDE Daily Free Meals Program, supporting local non-profits and promoting sustainability with eco-friendly practices. Jasper’s Corner Tap & Kitchen, the on-site restaurant, is undergoing renovations. Hotel Spero also includes 3,000 square feet of event space, a co-working area, pet-friendly services, and a 24-hour fitness center. Vignette Collection aims for 100 hotels in 10 years, debuting in the Americas in early 2023 with Yours Truly DC in Washington, D.C., and planning openings in Peru, Mexico, and Oregon.

1 min

CoStar: Labor Costs and Inflation Impact U.S. Hotel Industry

🏨 In 2024, the U.S. hotel industry saw profits grow alongside higher labor costs and inflation. Key percentage changes from 2023 included a 3.2% increase in GOPPAR to $73.60, a 7.2% rise in TRevPAR to $209.67, and a 2.5% growth in EBITDA PAR to $51.88. Labor costs spiked by 11.2% to $72.44. Miami led the Top 25 Markets with a $12 rise in GOPPAR and $27 in TRevPAR, while Oahu faced the steepest declines due to labor strikes.

2 min

Brittain Resorts & Hotels Invests in Renovations at Three Myrtle Beach Hotels

🏖 Brittain Resorts & Hotels, in partnership with EOS Hospitality, invested over $58 million in renovations at Caribbean Resort & Villas, Ocean Reef Resort, and Compass Cove Resort in Myrtle Beach, South Carolina. Caribbean Resort & Villas underwent a $20 million renovation, Ocean Reef Resort a $15 million upgrade, and Compass Cove Resort received the largest investment of over $23 million. The company manages 30 hotels and over 40 restaurants and bars, with a total of more than 4,700 rooms, suites, and condos. Renovations started in October 2024 and will conclude by April 2025, with resorts operational throughout the process.

2 min

Infor Release Revenue Management Solution for Hospitality

📈 Infor announced its new AI-driven revenue management solution (RMS) for the hospitality sector in New York. The RMS features AI and machine learning algorithms to enhance pricing and revenue optimization for hoteliers. It offers personalized KPI access, granular pricing capabilities, a unified system adaptable to various property types, AI for opportunity-focused insights, role-specific interfaces, and data analysis powered by Infor’s data lake and hospitality-centric language model. The RMS supports manual, fully-automated, or semi-automated operations, providing real-time data streaming and continuous reforecasting.

6 min

Hyatt Hotels Corporation Reports Q4 and Full-Year 2024 Results

💰 Hyatt Hotels Corporation's 2024 full-year net income hit $1,296 million, with RevPAR growth of 4.6%. Q4 net income reached $56 million, with diluted EPS at $0.58 and adjusted at $0.42. Adjusted EBITDA for Q4 was $255 million, contributing to the annual $1,096 million. Net rooms saw a 7.8% growth, and shareholder returns exceeded $1.2 billion. The World of Hyatt loyalty program grew to approximately 54 million members. For 2025, the forecast includes 2-4% RevPAR growth, 6-7% net rooms growth, and a projected net income of $190-240 million.

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