LODGING Staff - 10 Minutes News for Hoteliers - Page 168

2 min

Davidson Hospitality Group Expands in the Caribbean

🌎 Davidson Hospitality Group now operates two interconnected resorts in Frenchman’s Reef, St. Thomas, U.S. Virgin Islands: The Westin Beach Resort & Spa and Morningstar Buoy Haus Beach, both reopening in 2023 after a major $400 million renovation. The resorts boast 486 rooms and suites, 85,000 square feet of meeting space, 10 dining venues, four pools, a Heavenly Spa, and a fitness studio. Extras include a 65' catamaran, speedboats, and a kids club, ensuring diverse experiences for guests.

1 min

CoStar: U.S. Hotel Industry Performance Lifts Year Over Year

🏨 U.S. hotel industry reports year-over-year growth with occupancy at 69.4% (up 0.8%), ADR at $159.63 (up 0.6%), and RevPAR at $110.84 (up 1.3%) for the week of July 28 - August 3, 2024, according to CoStar. Houston leads with occupancy rising 28.1% to 75.8% and RevPAR jumping 45.7% to $93.88. Both Houston and Philadelphia saw ADR grow 13.7%, reaching $123.82 and $161.02, respectively. Anaheim and Los Angeles experienced the sharpest RevPAR declines, dropping 12% and 10.7% to $171.55 and $158.64, respectively.

4 min

Choice Hotels Reports Q2 2024 Results

💰 Choice Hotels International reported a 2% revenue increase to $435.2 million in Q2 2024, with net income up 3% to $87.1 million. Adjusted net income slightly decreased by 0.4% to $88.8 million, whereas adjusted EPS grew by 5% to $1.84. The adjusted EBITDA reached a record $161.7 million, a 6% rise. The global pipeline expanded by 22% to over 114,000 rooms, with hotel openings up by 20%. Franchise agreements increased by 8%, and international room numbers grew by 1.6%. Shares worth $296.2 million were repurchased, and $28.9 million in dividends were paid out in the first half of 2024.

1 min

Noble Investment Group Acquires Courtyard by Marriott Jacksonville Beach Oceanfront

🏖 Noble Investment Group acquired the Courtyard by Marriott Jacksonville Beach Oceanfront in Atlanta, Georgia, and will enhance all guestrooms, public areas, and meeting spaces. Jacksonville, known for its business-friendly environment and recreational activities, provides access to demand generators like the Mayo Clinic and Blue Cross Blue Shield’s Florida HQ. Dustin Fisher of Noble Investment sees Jacksonville as a city poised to outperform the broader economy.

2 min

Sonesta Resort Hilton Head Island Completes First Phase of Renovation

🏖 Sonesta Resort Hilton Head Island in South Carolina celebrated the completion of phase one renovations, featuring 340 redesigned guestrooms, during a ribbon-cutting event. Renovations began in December 2023 and introduced upgrades like revitalized bathrooms, coastal-inspired furnishings, and modern amenities such as flat-screen LCD televisions. Phase two, expected to finish by May 2025, will enhance ballrooms, meeting spaces, dining, a new hot tub, an adult pool, private cabanas, and bars. The resort offers 24 room types, including the Palmetto Suite with two private balconies and a jetted spa tub. Situated within the Shipyard community, it allows access to the clubhouse, tennis courts, and six golf courses, and is 8.5 miles from Hilton Head Airport.

2 min

STR, TE Slightly Adjust 2024-2025 U.S. Hotel Forecast

💰 NASHVILLE—STR and Tourism Economics adjusted their 2024-25 U.S. hotel forecast, with 2024 ADR gains downgraded by 0.1 percentage points, RevPAR steady at +2.0%, and occupancy upgraded by 0.2 percentage points. For 2025, occupancy growth projections increased by 0.2 percentage points; ADR and RevPAR forecasts remained at +2.0% and +2.6%, respectively. Economic factors may affect travel with slower growth expected in 2024 but moderate travel growth anticipated due to factors like strong household balance sheets. Midscale and economy hotels face challenges from fewer lower-income travelers, while high-income travel is constrained by increased outbound travel and a strong dollar. GOP and EBITDA margins are projected to improve slightly year over year, with 2025 labor costs forecasted to decrease, especially in upper-midscale chains, projected at $168 lower than luxury chains.

5 min

Hyatt Hotels Corporation Reports Q2 2024 Results

💸 Hyatt Hotels Corporation reported a 4.7% rise in system-wide RevPAR and a 4.6% net rooms growth in Q2 2024. Net Income hit $359 million with $158 million adjusted. The pipeline reached a new record of approximately 130,000 rooms, showing a 9% year-over-year increase. The World of Hyatt loyalty program grew by 21% to 48 million members. In Q2, the company added 18 new hotels with 3,251 rooms. There were notable property sales and a brand acquisition, with $1.5 billion of the $2.0 billion asset sell-down commitment realized. Total liquidity stood at approximately $3.5 billion as of June 30, 2024. The company issued $450 million of 5.250% senior notes due 2029 and $350 million of 5.500% senior notes due 2034. A dividend of $0.15 per share is payable on September 10, 2024.

4 min

GBTA and Cvent Study Finds an Opportunity for Tech Integration to Transform Business Travel

📃 In a study by GBTA and Cvent, 88% of TMCs, 74% of suppliers, and 59% of buyers believe their organization handles technology well, but recognize room for integration of AI and blockchain. While tech spending is generally flat, 61% of suppliers and 83% of TMCs plan to increase tech investment, especially in Europe. About 29% of travel programs have a dedicated tech employee. Hotels largely use tech for operations, with 95% employing a Property Management System and at least two-thirds satisfied with their technology. Survey data was collected from 388 North American and European travel professionals between February 6-19, 2024.

2 min

Visual Matrix’s MOP Tech Increases Adoption by 440 Percent

💸 Visual Matrix's MOP technology experienced a 440% growth since November 2021, now deployed in over 1,000 hotels across 33 brands, including Wyndham, Hilton, Marriott, and IHG. MOP, a mobile housekeeping and maintenance solution, enhances operational efficiency through real-time updates, reducing reliance on physical trips to the front desk. It features labor-saving tools, emergency panic buttons with geolocation, and an integrated texting system for guest communication. The multi-language platform aims to streamline hotel operations and reduce paper and ink usage.

3 min

IHG Hotels & Resorts Reports Half-Year Results

💰 IHG Hotels & Resorts reported 2024 half-year results with a +12% increase in operating profit and Adjusted EPS. Global RevPAR grew by +3.0%, while the Americas saw +1.7%, EMEAA +7.5%, and Greater China dipped -2.6%. The total gross revenue reached $16.1 billion, marking a +6% growth. IHG opened 18,000 rooms, leading to a global estate of 955,000 rooms across 6,430 hotels, and signed 57,100 new rooms (+67% YOY). A significant achievement was the $800 million share buyback program, already 47% completed by June 30, 2024, and an interim dividend increase of +10% to 53.2¢. With adjusted free cash flow at $132 million and a net debt increase of $510 million, IHG remains on track to return over $1 billion to shareholders in 2024.

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