HFTP® Acquires Leading Hospitality Industry Brands: Hospitality Upgrade, Hotel-Online, The CIO Summit and The Executive Vendor Summit
Hospitality Financial and Technology Professionals | June 25, 2024
Industry Happenings
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...
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)...
European Stocks Climb on Energy Boost; Headed for Weekly Losses
November 1, 2024
By Pranav Kashyap (Reuters) -European shares climbed on Friday, buoyed by a rally in energy stocks, but remained on track for their worst week in nearly two months as a tightly contested U.S. presidential election kept investors on edge. The pan-European STOXX 600 index rose 0.5% to 508.05, after falling more than 1% in the previous session. The benchmark was poised to record a drop of about 2% this week, marking its second consecutive weekly decline. As the Nov. 5 U.S. presidential election approaches, the race remains too close to predict, with opinion polls showing a virtual dead heat. Investors are placing their bets on the...
HFTP Announces 2025 HITEC North America Advisory Council
HFTP | November 1, 2024
Hospitality Financial and Technology Professionals (HFTP®) producers of the Hospitality Industry Technology Exposition and Conference (HITEC®), has announced the 2025 HITEC Advisory Council. An expert group of distinguished industry professionals selected to develop and coordinate the education program for HITEC’s North American event. With over five decades of history, HITEC has become a must-attend event, drawing thousands of professionals to explore the latest trends, innovations in technology, best practices and solutions in the hospitality industry. HITEC 2025 will take place from June 16–19 at the Indiana Convention Center in I...
Analysis-US Airlines See Stronger Profits as Airfare War Ends
October 31, 2024
By Rajesh Kumar Singh CHICAGO (Reuters) - U.S. airlines appear to have rediscovered their mojo, thanks to a sharp reduction in capacity that plagued the market this summer. Airfares have turned higher, and airline stocks are now outperforming the broader market. That improvement was one reason why American Airlines lifted its full-year profit forecast. It led to a surprise third-quarter profit at Southwest Airlines and has put Delta Air Lines on track to deliver one of the most profitable fourth quarters in its history. The NYSE Arca Airline index has gained 23% in the past three months, outpacing an 8% jump in the S&P 500 index....
Booking Holdings Beats Quarterly Profit Estimates on Healthy International Travel
October 31, 2024
(Reuters) - Online travel agency Booking Holdings beat analysts' expectations for third-quarter profit and revenue on Wednesday, as resilient demand for international travel offset the weakness in domestic travel in the U.S. and China. Shares of the company rose 4.3% after the bell. International travel demand in Europe and many Asian countries has remained steady, making up for the domestic travel slump in the U.S. and China as consumer spending falls amid macroeconomic difficulties. "We are pleased to report third-quarter room night growth of 8%, which exceeded our prior expectations, driven primarily by stronger performance in Eur...
Spirit Airlines To Furlough Hundreds of Pilots To Cut Costs
October 31, 2024
By Rajesh Kumar Singh CHICAGO (Reuters) - Spirit Airlines will furlough about 330 pilots on Jan. 31, 2025, a company spokesperson told Reuters, as part of its efforts to cut costs and shore up its finances. The ultra-low-cost carrier has been losing money despite strong travel demand. It has failed to report a profit in the last five out of six quarters, raising doubts about its ability to manage looming debt maturities. Spirit furloughed 186 pilots last month. It will also downgrade 120 captains to first officers on Jan. 31, the spokesperson said. The company has been facing an uncertain future after the collapse of its $3.8 bill...
Low US Weekly Jobless Claims, Solid Consumer Spending Showcase Economy’s Strength
October 31, 2024
By Lucia Mutikani WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits fell to a five-month low last week and consumer spending increased more than expected in September, showcasing the economy's strength heading into the final stretch of 2024 and just days before next Tuesday's presidential election. Though prices pushed higher last month, inflation is firmly on a downward trend, with other data on Thursday showing labor costs posting their smallest gain in more than three years in the third quarter. The data likely keeps the Federal Reserve on track to cut interest rates next week and possibl...
The Hospitality Show Wraps Up With Key Insights on Increasing Revenue, Streamlining Operational Efficiency, and Innovating Sustainability Initiatives
The Hospitality Show | October 31, 2024
SAN ANTONIO (Oct. 31, 2024) – Today, The Hospitality Show (The Show), produced by Questex and the American Hotel & Lodging Association (AHLA), concluded with a third day of insightful programming and an expo hall full of products and solutions aimed at enhancing revenue, optimizing operations and improving guest satisfaction. The day opened with a keynote session titled, “Breaking Barriers: Erin Andrews on Leadership, Resilience, and Teamwork.” During this session, moderated by Eva Saha, Erin Andrews, FOX Sports Broadcaster, spoke about her path as a trailblazing woman, insights on leadership, resilience, and creating meani...
Day Two at The Hospitality Show Delivers Game-Changing Insights, Hands-On Experiences, and Unmatched Networking for Hotel Owners and Operators
The Hospitality Show | October 30, 2024
SAN ANTONIO (Oct. 30, 2024) –The Hospitality Show (The Show), produced by Questex and the American Hotel & Lodging Association (AHLA), continued today for a second day of programming for hotel owners and operators at the Henry B. González Convention Center in San Antonio, Texas. The Show also celebrated the grand opening of its expo floor, which featured over 400 of the industry’s top vendors offering solutions to drive innovation and profitability, interactive showcases, and dedicated breakout sessions. The main stage opened with three sessions designed to provide insights into growth through development, technology, and commerci...
AHLA Names 2024’S Top General Managers, Hospitality Tech Innovators at The Hospitality Show
The Hospitality Show | October 30, 2024
SAN ANTONIO (Oct. 30, 2024) – The American Hotel & Lodging Association (AHLA) today announced its 2024 General Managers of the Year, TechOvation, and Technology Acceleration Award winners during The Hospitality Show in San Antonio, Texas. AHLA’s 2024 general managers of the year are: GM Lifetime Achievement Award: The Omni Homestead Resort & Spa, Hot Springs, Va., Managing Director Mark Spadoni GM of the Year, Extended Stay Property: TownePlace Suites by Marriott Naples, Fla., General Manager Dasha Chayka GM of the Year, Select-Service Property: Holiday Inn Express and Suites, Twin Falls, Idaho, General Manager Tif...
Hotel Collapses in Argentina, Firefighters Search for Trapped People
October 29, 2024
(Reuters) -A ten-story hotel building collapsed early on Tuesday in the coastal city of Villa Gesell in Argentina’s Buenos Aires province, the local municipality said in a statement. Between seven and nine people, including workers from a construction site allegedly operating without municipal permits at the Dubrovnik hotel, were believed to be inside at the time, the statement said. Rescue teams are currently removing the debris to free those trapped, the Villa Gesell authorities noted, adding that the municipality had halted construction work at the site in August of this year. (Reporting by Natalia Siniawski; Editing by Gabriel ...
Delta Sues CrowdStrike Over Software Update That Prompted Mass Flight Disruptions
| October 28, 2024
By David Shepardson WASHINGTON (Reuters) -Delta Air Lines on Friday sued cybersecurity firm CrowdStrike in a Georgia state court after a global outage in July caused mass flight cancellations, disrupted travel plans of 1.3 million customers and cost the carrier more than $500 million. Delta's lawsuit filed in Fulton County Superior Court called the faulty software update from CrowdStrike "catastrophic" and said the firm "forced untested and faulty updates to its customers, causing more than 8.5 million Microsoft Windows-based computers around the world to crash." The July 19 incident led to worldwide flight cancellations and hit indu...
US October Nonfarm Payrolls Seen Taking a Hit From Striking Aerospace, Hotel Workers
October 28, 2024
By Lucia Mutikani WASHINGTON (Reuters) -U.S. nonfarm payrolls in October could be reduced by as many as 41,000 jobs amid strikes in the aerospace manufacturing industry and at three hotel chains, government data showed on Friday. The Labor Department's monthly strike report showed 33,000 Boeing employees were idle at the planemaker's plants in California, Oregon and Washington state during the October payrolls survey. Another 5,000 members of the International Association of Machinists and Aerospace Workers, the union representing the Boeing factory workers, were also on strike at Textron, an aircraft company, in Kansas. The repor...
Hozpitality Group Announces the Power List of 30 Most Popular Hospitality & Tourism Leaders in the Middle East
Hozpitality Group | October 28, 2024
These visionary leaders, selected through a public voting process, represent a wide range of expertise and organizational backgrounds. DUBAI, UAE, Oct. 28, 2024-- Hozpitality.com proudly presents its prestigious Power List of the 30 Most Popular Hospitality and Tourism Leaders, recognizing the remarkable achievements of top executives who have made a profound impact on the region's dynamic hospitality and tourism industries. The honorees include influential figures from airlines, hotels, tourism boards, and hospitality management firms, all of whom have played pivotal roles in transforming the Middle East into a global travel hub. Th...
HSMAI Welcomes Brian Hicks as President & CEO, Continuing the Legacy of Innovation and Leadership
HSMAI | October 28, 2024
McLean, VA (Oct. 28, 2024) – The Hospitality Sales and Marketing Association International (HSMAI) is proud to announce the appointment of Brian Hicks as its new President and CEO. Hicks, a distinguished hospitality leader with more than 30 years of international experience, steps into this role as only the fifth CEO in HSMAI’s nearly 100-year history, marking a new chapter in the organization's legacy of leadership. His proven track record of driving growth, innovation, and leadership across major hotel brands and regions positions him well to continue building upon the foundation laid by the late Bob Gilbert, who served as President ...
HFTP Recognizes Top Chapters in 2024 With Annual Awards
HFTP | October 25, 2024
Each year, HFTP strives to recognize the chapters who demonstrate extraordinary efforts to engage their local members and provide educational and networking opportunities to advance their professional development. The chapters who went above and beyond in 2024 were celebrated at the HFTP 2024 Annual Convention in Indianapolis, Indiana. Congratulations to the following chapters! Tier A (1–35 members): HFTP Jamaica Chapter Tier B (36–70 members): HFTP New York Chapter Tier C (71+ members): HFTP Gulf Coast Chapter Student Chapter: HFTP University of Houston Cougar Chapter Representatives from all four winning ch...
U.S. Travel Reacts to DOJ, DOT Inquiry on Air Travel Competition
U.S. Travel Association | October 25, 2024
WASHINGTON (October 25, 2024)—U.S. Travel Association issued the following statement on the Departments of Justice and Transportation inquiry on the state of competition in air travel: "Today's announcement by the Departments of Transportation and Justice that they will launch 'broad inquiries' into airline business practices is another in a long line of disappointing political stunts. Airfares are at new lows and air travel demand is at historic highs. Yet air travel could be improved—by investing in technology, funding airport improvements and addressing the shortage of 3,000 air traffic controllers. Rather than solve these serious, ...
BWH Hotels Hosts 3,000 Attendees at Accelerate Conference Showcasing Global Strategy and Momentum for the Future
BWH Hotels | October 25, 2024
Phoenix, Arizona (October 25, 2024) – BWH Hotels, the leading hospitality enterprise comprised of three hotel companies including WorldHotels™, Best Western® Hotels & Resorts, and SureStay® Hotels, hosted its annual convention this week in Charlotte, North Carolina. With “Accelerate” as this year’s theme, nearly 3,000 attendees, including BWH Hotels’ hoteliers, operators, and partners from around the globe, came together to celebrate one another’s accomplishments and set the groundwork for a successful year ahead and beyond. “We chose ‘Accelerate’ as our theme because it perfectly encapsulates the energy and momen...
King, Rounds Seeking Maximum H-2B Work Visas to Support Small Businesses in 2025
| October 25, 2024
WASHINGTON, D.C. — U.S. Senators Angus King (I-Maine) and Mike Rounds (R-S.D.), alongside a bipartisan group of their colleagues, have written to the Department of Labor (DOL) and the Department of Homeland Security (DHS) to release the maximum allowable number of additional H-2B visas for Fiscal Year (FY) 2025. H-2B visas fill needs for American small businesses when there are not enough able and willing American workers to fill the temporary, seasonal positions. As required by law, employers must first make a concerted effort to hire American workers to fill open positions; when the local workforce is insufficient, H-2Bs are seen as ...
