Analysis-Companies Boost Social and Climate Reporting Amid ESG Backlash
November 4th, 2024
Robot AI Startup Physical Intelligence Raises $400 Million From Bezos, OpenAI
November 4, 2024
(Reuters) - Physical Intelligence, a startup that is developing foundational software for robots, said on Monday it has raised $400 million in early-stage funding from Amazon's Jeff Bezos, OpenAI, venture capital firms Thrive Capital and Lux Capital. The new funds were raised at a $2 billion valuation, PitchBook data showed. Physical Intelligence is seeking to make a software that would work on any robot, eliminating the need to develop a software for each specific task. The largest tech companies — Microsoft, Google, Meta, Amazon, and Nvidia — are investing billions in adopting AI. Funding of AI and cloud companies in the U.S., ...
Analysis-Companies Boost Social and Climate Reporting Amid ESG Backlash
November 4, 2024
By Ross Kerber (Reuters) - Many U.S. companies have stepped up reporting on environmental and social matters in recent years even with sustained pressure from conservative politicians, data reviewed by Reuters shows. The trend shows the importance investors and regulators now place on environmental, social and governance (ESG) issues, analysts said, amid rapid global warming and shifting workforce demographics. Some political conservatives call the attention misplaced or worry the disclosures could give activists leverage to force companies to make unnecessary changes. "Most ESG problems are business problems. I'm an accounting profe...
EU Must Spend 39 Billion Euros a Year for Net Zero Transport Targets, Campaign Group Says
November 4, 2024
By Alessandro Parodi (Reuters) - Europe needs to spend 39 billion euros ($42.46 billion) a year to reach its net zero targets in the transport sector by 2050, campaign group Transport & Environment (T&E) said on Monday, issuing five key recommendations for the European Union. The EU is seeking a more coordinated industrial policy involving massive investment, including in green technologies, following a report by former European Central Bank chief and Italian prime minister Mario Draghi in September. "An EU-level investment strategy must be urgently deployed to decisively support transport decarbonisation and enhance the sect...
Wall St Struggles to Gain as Uncertainty Around U.S. Election Grows
November 4, 2024
By Chuck Mikolajczak NEW YORK (Reuters) -U.S. stocks oscillated between gains and losses on Monday, as investors prepared for a crucial week in which Americans will elect a new president and the Federal Reserve will announce its policy statement. The presidential election saw candidates Donald Trump and Kamala Harris both scrambling for an edge in the last full day of a race that polls show as extremely close. It could take days to determine the victor. Some of the so-called "Trump trades" unwound after a recent poll showed Harris leading in Iowa, sparking a drop in the U.S. dollar , Treasury yields <US10YT=RR> and bitcoin . Tr...
Loyalty Program Membership, Contribution, Liability, and Costs Continue to Grow
CBRE Hotels | November 4, 2024
By Rachael Rothman CFA, ISHC, Robert Mandelbaum, and Christine Bang Strong loyalty programs help hotel brands lower customer acquisition costs, increase direct-to-consumer access, and offset occupancy shortfalls during shoulder periods and weaker economic conditions. After analyzing publicly available data from five large hotel companies, we found that while growth in several key metrics slowed in 2023, loyalty members' overall contribution to occupancy increased, though marginal contribution per member contracted. Benefits The average number of loyalty program members at the subject five companies increased 11.3% in 2023, slower tha...
Mews Acquires Sales and Catering Innovator, Quotelo
Mews | November 4, 2024
Mews makes its first French product acquisition [Lyon, 4 November 2024]: Mews, the industry-leading hospitality cloud, has announced the acquisition of Quotelo, marking its first product acquisition in France. This milestone comes on the heels of Mews surpassing 1,000 French customers, further solidifying its presence and commitment to innovation in the region. Founded in 2021, Quotelo revolutionizes event hospitality by accelerating and simplifying event quotation, booking and management. Quotelo’s seamless solution supports independent hotels and resorts, as well as major hotel brands, to increase their revenue for groups and...
Sojern and Cloudbeds Announce New Integration at World Travel Market 2024
Sojern | November 4, 2024
LONDON – 4 November 2024 – Sojern, the leading digital marketing platform built for travel, and Cloudbeds, the premier hospitality management software platform, have today announced a new partnership to bring two leaders together within the hotel technology space, just ahead of the World Travel Market in London. This strategic partnership means that Sojern’s built-for-travel digital marketing and guest experience solutions are fully integrated with Cloudbeds’ system and deliver industry-leading accuracy and tracking capabilities. Sojern’s commission-based travel advertising helps hoteliers increase direct bookings while only pa...
First-Ever GBTA Sustainability Benchmark Reveals Gaps to Decarbonize Business Travel Programs, Calls for Accelerated Corporate Action to Reach Net Zer
GBTA Foundation’s Sustainability Initiative | November 4, 2024
GBTA’s Sustainability Acceleration Challenge assesses emissions reduction efforts in corporate travel across all industry sectors, highlighting areas for immediate progress The GBTA Foundation, the charitable arm of the Global Business Travel Association (GBTA), today unveiled findings from its Sustainability Acceleration Challenge, an industry-first global benchmarking initiative to evaluate the current state of business travel programs and the actions being taken by organizations to decarbonize them. The findings reveal that organizations have much work to do to accelerate the integration of practices if they are to materially reduce...
Choice Hotels International Reports Strong Third Quarter 2024 Results
Choice Hotels International, Inc. | November 4, 2024
NORTH BETHESDA, Md., Nov. 4, 2024 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's leading lodging franchisors, today reported its third quarter 2024 results. Highlights include: Total revenues reached $428.0 million for third quarter 2024, a quarterly record and a 1% increase compared to the same period of 2023. Net income increased 15% to $105.7 million for third quarter 2024, representing diluted earnings per share (EPS) of $2.22, a quarterly record and a 23% increase compared to the same period of 2023. Third quarter 2024 adjusted net income, excluding certain items described in Exhibit 7, increased 1...
AluaSoul Costa Adeje, part of Hyatt’s Inclusive Collection, Debuts in Spain’s Canary Islands
Hyatt Hotels Corporation | November 4, 2024
CHICAGO, IL (November 4, 2024) – Hyatt Hotels Corporation (NYSE: H) announced today the opening of AluaSoul Costa Adeje in Tenerife. The opening further expands Hyatt’s brand presence in the Canary Islands and supports its continued commitment to providing more distinct options for guests and members seeking unique experiences. “The debut of AluaSoul Costa Adeje strengthens Hyatt’s brand presence in the region, to meet the growing demands of travelers,” said Manuel Melenchón, managing director of South Region EAME at Hyatt. “Offering multiple accommodation options tailored to guest and member preferences, the new hotel pro...
Marriott International Reports Third Quarter 2024 Results
Marriott International | November 4, 2024
Third quarter 2024 comparable systemwide constant dollar RevPAR increased 3.0 percent worldwide, 2.1 percent in the U.S. & Canada, and 5.4 percent in international markets, compared to the 2023 third quarter; Third quarter reported diluted EPS totaled $2.07, compared to reported diluted EPS of $2.51 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $2.26, compared to third quarter 2023 adjusted diluted EPS of $2.11; Third quarter reported net income totaled $584 million, compared to reported net income of $752 million in the year-ago quarter. Third quarter adjusted net income totaled $638 m...
Loews Corporation Reports Net Income of $401 Million for the Third Quarter of 2024
Loews Corporation | November 4, 2024
NEW YORK, Nov. 4, 2024-- Loews Corporation (NYSE: L) today released its third quarter 2024 financial results. Third Quarter 2024 highlights:Loews Corporation reported net income of $401 million, or $1.82 per share, in the third quarter of 2024, compared to $253 million, or $1.12 per share, in the third quarter of 2023. Excluding the prior year third quarter's $37 million charge for the termination of Loews's defined benefit pension plan, net income grew 38% year-over-year due to increases at CNA, Boardwalk and investment income at the parent company, offset by a decrease at Loews Hotels. The following are key highlights: CN...
The Westin Dallas Stonebriar Golf Resort & Spa and The Sheraton Stonebriar Hotel Appoint New Complex Director of Sales and Marketing, Robert Jone
The Westin Dallas Stonebriar Golf Resort & Spa | November 4, 2024
FRISCO, TX – November 4, 2024 – The Westin Dallas Stonebriar Golf Resort & Spa and The Sheraton Stonebriar Hotel announce the appointment of Robert Jones as the new Complex Director of Sales and Marketing. With nearly 20 years of experience in the hospitality industry, Jones brings a wealth of knowledge and a track record of success in revenue growth, strategic partnerships, and brand innovation. Jones joins the properties after notable tenures with leading hospitality brands, where he implemented impactful sales strategies and led teams to achieve record-setting growth. His extensive background in luxury and lifestyle segments a...
Ryan Kingston Appointed to Area Managing Director for Noble House Hotels & Resorts’ Three Wyoming Properties
Teton Mountain Lodge & Spa | November 4, 2024
Jackson Hole, WY – November 4, 2024 – Noble House Hotels & Resorts is pleased to announce the appointment of Ryan Kingston as the Area Managing Director for its three Wyoming properties – Hotel Terra Jackson Hole, Teton Mountain Lodge & Spa, and the newest addition to its impressive portfolio, Snake River Sporting Club. In this pivotal role, Kingston will oversee the strategic direction and operational excellence of these premier properties, ensuring that each delivers exceptional guest experiences in the breathtaking landscape of Jackson Hole. With a diverse and dynamic background in hospitality, Kingston brings a wealth ...
Hudini and Orascom Hotels Management Begin Global Rollout of New Staff Connect Platform
Hudini | November 4, 2024
Dubai, 4 November 2024: Smart hospitality solutions provider, Hudini, has entered into an agreement with Orascom Hotels Management for the rollout of their new digital platform, Staff Connect, across Orascom’s portfolio of hotels globally. Orascom Hotels Management has chosen the Staff Connect platform by Hudini to create exceptional guest arrival experiences with tailored personal interaction. Orascom’s vision is to transform the arrival experience by completely removing the front desk. Upon arrival, the guests are welcomed and escorted to their rooms by an Experience Ambassador who is assigned to the guests for the entire stay. With th...
Questex and AHLA Celebrate Success of The Hospitality Show 2024: Driving Growth, Sustainability, and Industry Connections
The Hospitality Show | November 4, 2024
SAN ANTONIO (Nov. 4, 2024) – The Hospitality Show (The Show), produced by Questex and the American Hotel & Lodging Association (AHLA), last week wrapped up its second annual event at The Henry B. González Convention Center with three days of groundbreaking insights, networking opportunities, and innovative solutions designed to elevate the hospitality industry. The Hospitality Show witnessed an impressive year-over-year growth attracting 4,800 attendees and 460 vendors, marking a 26% increase in attendance and a staggering 43% growth in vendors. “The Hospitality Show exists to convene our industry’s top operations and techn...
Davidson Hospitality Group Tapped by Lennox Capital Partners to Manage Two Hotels
Davidson Hospitality Group | November 4, 2024
ATLANTA (November 4, 2024) – Davidson Hospitality Group, recently ranked #1 in Guest Satisfaction among Third-Party Hotel Management Companies by J.D. Power for the third consecutive year, has been selected by Lennox Capital Partners to manage two distinctive properties: The Highland Dallas, Curio Collection by Hilton in Dallas, Texas, and The Westin St. Louis in St. Louis, Missouri. “We are grateful for the opportunity to partner with the Lennox Capital team on these two outstanding hotels in truly dynamic and vibrant cities,” said Thom Geshay, Chief Executive Officer & President, Davidson Hospitality Group. “We look forward to...
Grand Hyatt Scottsdale Resort Debuts $115M Renovation
Grand Hyatt Scottsdale Resort | November 4, 2024
SCOTTSDALE, Ariz. (November 4, 2024) –Hyatt Hotels Corporation (NYSE: H) is proud to announce Grand Hyatt Scottsdale Resort has completed its highly anticipated $115 million property-wide renovation. The property, formerly known as Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch, marks the first Grand Hyatt hotel in Arizona. The newly reimagined luxury resort invites guests to connect with the captivating spirit of the American Southwest, complemented by six elevated dining experiences in partnership with celebrity chef Richard Blais, expanded pool and cabana offerings, a refreshed Spa Avania, expanded group meeting space capabi...
ME by Meliá Arrives in Malta With Opening in Seaside Town of St. Julian’s
ME by Meliá | November 4, 2024
Palma - November 4, 2024: November 1 marks the official opening of ME Malta, primely positioned in the seaside town of St. Julian’s on the island’s north-eastern coastline. Located on the water’s edge and designed by the globally acclaimed Zaha Hadid as part of the Mercury Towers development, ME Malta will become a cultural hub for travelers and locals alike, elevating the destination’s urban scene with its restaurants, bars, and cultural programming. The property is ME by Meliá’s Maltese debut and marks the brand’s second collaboration with Zaha Hadid, following the success of ME Dubai which opened in 2020. One of Europe’s ...
Accor Signs With Alphanam Group for New Sofitel Sapa HOTEL & RESIDENCES in Singapore
Accor | November 4, 2024
(November 4, 2024) HANOI, Vietnam – Accor, a global leader in hospitality, is proud to announce the signing of Sofitel Sapa HOTEL & RESIDENCES, a landmark luxury development set to bring Sofitel’s signature French elegance and cultural refinement to the breathtaking highlands of Northern Vietnam. This exciting new project will be a combination of 176 rooms and 436 branded residences. It is expected to open its doors in 2030, marking another milestone in the expansion of Sofitel’s portfolio in Southeast Asia. Perched in the stunning landscapes of Sapa, a region known for its terraced rice fields, mist-covered mountains, and vib...
Hospitality Financial Leadership: What Are CAP Rates and How to Use Them
David Lund | November 4, 2024
A capitalization rate, or cap rate, is a measure of the income return on an asset, such as hotel or rental property, relative to its purchase price. It is calculated by dividing the net operating income (NOI) of the asset by its purchase price. That’s what this piece is all about. It also must be said from the get-go that understanding cap rates is not so difficult. “Normally” NOI is calculated using all income less all operating expenses but does not include costs for debt, depreciation, amortization, reserve for capital expense or income taxes. That’s the typical basis for the calculation of the hotel’s value, est...
U.S. Travel Calls on Congress to Pass Critical Disaster Relief by Thanksgiving Holiday
U.S. Travel Association | November 4, 2024
WASHINGTON - In a letter delivered on Friday, the U.S. Travel Association called on Congressional leaders to pass substantial disaster relief to regions devastated by Hurricanes Helene and Milton as soon as Congress reconvenes. In the letter, U.S. Travel Association President and CEO Geoff Freeman writes: “We urge you to swiftly pass a disaster supplemental appropriations bill by Thanksgiving to support communities devastated by Hurricanes Helene and Milton. Damage caused by these storms is estimated to total more than $100 billion dollars, with downstream impacts on travel, visitor spending, hotel bookings, tax revenues and employm...
China Expands Visa-Free Policy to 9 More Countries Including South Korea
November 1, 2024
BEIJING (Reuters) - China will extend visa-free entry to citizens from nine additional countries, including South Korea, Norway and Finland, the foreign ministry said on Friday. Starting Nov.8, nationals from these countries, which also include Slovakia, Denmark, Iceland, Andorra, Monaco and Liechtenstein, will be allowed to enter China for business, tourism, family visits, or transit for up to 15 days without a visa, the ministry said. The policy will be in effect through Dec.31, 2025. (Reporting by Ethan Wang and Ryan Woo; editing by Philippa Fletcher)...
Australia Household Spending Slips in Sept, Confounding Rebound Hopes
November 1, 2024
By Wayne Cole SYDNEY (Reuters) - Australian household spending fell in September as consumers cut back on clothing and cars, data showed on Friday, further confirmation that billions of dollars in recent tax cuts were being saved rather than spent. That should be a downside surprise to the Reserve Bank of Australia (RBA) which had expected consumption to pick up in the second half of this year and could see it adopt a more dovish tone at a policy meeting next week. "The data looks very weak over the last three months and surprisingly soft," said Gareth Aird, head of Australian economics at CBA. "If the data is close to accurate th...
