LODGING Staff - 10 Minutes News for Hoteliers - Page 173

3 min

Hyatt Completes Sale of Hyatt Regency Orlando

🏨 Hyatt Hotels Corporation sold the 1,641-room Hyatt Regency Orlando and 45 acres of land to RIDA Development Corporation and an Ares Management Real Estate fund for $1.07 billion, retaining a long-term management agreement. Transaction includes $265 million of non-controlling preferred equity and $50 million of seller financing. The sale contributes to Hyatt's $2.6 billion proceeds from their asset-disposition strategy. A new Grand Hyatt hotel is planned on the adjacent land, expecting around 2,500 rooms and will be part of a combined total of over 4,000 guestrooms with Hyatt Regency Orlando.

2 min

AHLA Releases Statement About GSA Fiscal Year 2025 Per Diem Rates

💰 In Washington, the GSA announced fiscal year 2025 per diem rates for federal workers, effective October 1, 2024. Lodging allowance increases by $3 to $110/day, and meals/incidental expenses by $9 to $68/day. The hike is estimated to bring $100 million to the hotel industry. The new standard per diem rate totals $178/day. The AHLA, led by interim President and CEO Kevin Carey, sees this as a victory, highlighting the importance of government travel revenue for hotels.

2 min

Hilton Cocoa Beach Oceanfront Completes Renovation

🏖 Driftwood Hospitality Management completed a multimillion-dollar renovation of the Hilton Cocoa Beach Oceanfront, a 295-key hotel in Florida. The refresh includes seven floors, over 10,000 square feet of meeting space, a lobby with ocean-themed artwork, and guestrooms with blue tones and surfing photos. Amenities like Waves Craft Bar & Kitchen and Castaways Beach Bar are updated, and a redesigned pool with fire pits and a surf lounge is added. Located near Port Canaveral and Kennedy Space Center.

2 min

CBRE Reduces U.S. Hotel Performance Forecast, Lodging Demand Softens

🏗️ In Dallas, Texas, CBRE revised its 2024 U.S. hotel performance forecast, now expecting a 1.2% increase in RevPAR, down from an earlier 2.0% projection. The company predicts 2% RevPAR growth in H2 2024 due to international tourism and elections, despite a slowdown in the first half at 0.5% year-over-year growth. The GDP is forecasted to grow by 2.3%, with an average inflation rate of 3.2%. CBRE suggests a potential RevPAR peak of $100.54, reaching 114.5% of 2019's pre-pandemic levels, assuming a 1.1% ADR growth and a 0.1% occupancy increase. Travel demand remains high, with TSA year-to-date throughput at nearly 549 million passengers, marking a 5.4% year-over-year rise. However, challenges include weakening consumer spending and alternative lodging options. CBRE also warns of a possible economic slowdown into 2025 and anticipates less than 1% annual growth in lodging supply over the next three years due to high financing and construction costs.

1 min

CoStar: U.S. Hotel Industry Continues Positive Performance

🏨 In Washington, from August 4-10, 2024, the U.S. hotel industry marked a year-over-year occupancy increase of 0.5% to 68.7%, ADR growth of 1.4% to $159.49, and RevPAR rise of 1.9% to $109.51, as reported by CoStar. Houston led with occupancy surging by 31.1% to 76.3% and RevPAR jumping by 47.2% to $93.89. Chicago experienced the biggest ADR boost of 13.8%, reaching $188.95. Conversely, Los Angeles and Dallas faced RevPAR drops of 12.2% to $161.66 and 11.3% to $66.30, respectively.

2 min

Otelier and Stayntouch Announce New Integration

📈 Otelier and Stayntouch partnered for hotel data integration, offering reservation, guest, and financial information via IntelliSight software. The collaboration enables hoteliers to normalize data across their properties, aiding decision-making with actionable insights. Stayntouch’s cloud PMS enhances guest engagement and operational efficiency. The Otelier suite includes DigiAudit, TruePlan, IntelliSight, DigiPay, and Rec for comprehensive hotel management, focusing on audit compliance, budgeting, business intelligence, accounts payable automation, and financial reconciliation.

3 min

Knowland and Amadeus Present Q2 2024 Industry Performance Data

📊 ARLINGTON, Virginia—The Hospitality Group and Business Performance Index, presented by Knowland and Amadeus for Q2 2024, recorded an overall health of 105.5% YOY, surpassing 100% for the first time. Top U.S. markets like Las Vegas (117.9%), Seattle (117.6%), and Nashville (114.2%) led the performance. Group segment growth continued for seven consecutive quarters, with Las Vegas achieving 125.7%. The Group Index reached 108%, while the GDS Index hit 112%. The Negotiated Index stood at 102%, with an 18/25 market score. Event volume remained steady with an average attendee size of 145 guests, and the average ADR for top 25 markets was $229/night compared to $185/night for others. Overall, business segments are normalizing, as reflected by the index increase from 99.9% in Q1 to 105.5% in Q2 2024.

2 min

La Vie D’or Hotel and Resort, Trademark Collection by Wyndham Opens

🏠 Wyndham Hotels & Resorts launched Trademark Collection in South Korea with La Vie D’or Hotel and Resort, expanding to over 30 hotels in the country. The hotel in Hwaseong-si features a nine-hole golf course, facilities for business travelers, and proximity to cultural sites. Spanning 330,000 square meters, it offers 190 guestrooms suitable for corporate events and weddings. South Korea saw 11 million visitors in 2023, with tourism projected to hit $13.66 billion by 2024.

2 min

This Week’s Comings & Goings

🏢 Christian Clerc appointed as president and CEO of Auberge Resorts Collection, effective September 1, succeeding Craig Reid after his 10 years of service. Daniel Zagoria joins Access Point Financial as managing director, focusing on capital service growth. Agilysys Inc. welcomes Joe Youssef as SVP and CCO. Melissa Green appointed VP and area managing director at The Davenport Hotel Collection. Danielle Auckerman becomes GM of 58-room Piñon Court in Santa Fe. Sam Shafer announced as executive chef at The Kimpton Sawyer Hotel. Jesse Carr named director of food and beverage at Virgin Hotels New Orleans. Cindy Ferreiro appointed as marketing and PR director at The Setai Miami Beach. Mumford Company promotes Lillian Walker and hires Nick McCardel. Austin Tisdale and Christa Baer join Moxy Asheville as executive chef and food and beverage director, respectively. Matai Gilroy becomes commercial director at Conrad Maldives Rangali Island.

3 min

DoubleTree Suites by Hilton Salt Lake City Downtown Completes Renovation

🏨 DoubleTree Suites by Hilton Salt Lake City Downtown, managed by HRI Hospitality and redesigned by Studio 11, completed renovation of its central atrium, lobby, guestrooms, food and beverage concepts, fitness center, and indoor pool. Featuring 241 all-suite rooms, the hotel showcases a new aesthetic inspired by Salt Lake City with geometric carpeting, SLC-inspired artwork, and updated amenities including Crabtree & Evelyn products. Red Beryl Kitchen and Red Beryl Bar offer Southwest cuisine and local beers. Sustainability initiatives include Wi-Suite thermostats and LED lighting.

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