LODGING Staff - 10 Minutes News for Hoteliers - Page 120

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.

1 min

CoStar: Super Bowl LIX Impacts Weekly Hotel Performance for New Orleans

🏨 In Arlington, Virginia, negative year-over-year hotel performance was reported through February 8, 2025. Occupancy decreased by 0.5% to 55.9%, ADR by 2.2% to $156.03, and RevPAR by 2.7% to $87.22. Notably, New Orleans saw the largest increases due to Super Bowl LIX, with occupancy up 13.6% to 74.2%, ADR up 107.1% to $485.52, and RevPAR up 135.2% to $360.46. Conversely, Las Vegas experienced the steepest declines from the previous year's Super Bowl LVIII period, with occupancy down 16.8% to 63.9%, ADR down 54.9% to $183.20, and RevPAR down 62.5% to $117.10.

6 min

Women in Lodging Nomination

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2 min

The Inn at Celebration Completes Renovation

🏠 Vision Hospitality Group unveiled The Inn at Celebration in 2022 after a multimillion-dollar renovation, joining the Autograph Collection Hotel Portfolio. Located in Celebration, Florida, the property features 115 renovated rooms, including 23 suites. The renovation, in partnership with Baskervill, introduced a new aesthetic and includes an expanded Lakeside Kitchen & Bar, a doubled fitness center, and approximately 7,500 square feet of event space. The Inn, previously known as Celebration Hotel, was renamed in November 2024.

2 min

Cendyn and Amadeus Index Shows Highest Overall Rating in Four Quarters

📈 Cendyn and Amadeus reported Q4 2024's Hospitality Group and Business Performance Index with a health metric of 108.2%, the highest in four quarters. Notable markets include Tampa (121.4%), Houston (120.6%), Miami (116.8%), NYC (112.0%), and Chicago (111.6%). Group performance in Houston reached 124.0%, while overall GDS grew by 112.3% with a 9.8% increase in room nights. Events volume hit 115.2%, and the average event size remained at 127 guests, using 3,410 square feet of space.

7 min

Wyndham Hotels & Resorts Reports Q4 and Full-Year 2024 Results

💸 Wyndham Hotels & Resorts reported year-end 2024 results with a 4% global system-wide room growth, including a record 68,700 new rooms. U.S. and global RevPAR increased by 5% in Q4 2024; full-year global RevPAR up 2%. Retention rate hit a record 95.7%. Development pipeline expanded by 5% to 252,000 rooms. Q4 adjusted EBITDA rose 9% to $168 million; full-year adjusted EBITDA grew 5% to $694 million. Shareholders saw $430 million returned through repurchases and dividends, with dividends expected to increase by 8% to $0.41 per share in Q1 2025.

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