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Travel and Tourism Sector Deal Activity Down by 31.8% YoY During January-October 2023, Finds GlobalData
GlobalData | November 10, 2023
A total of 621 deals* were announced in the travel and tourism sector globally during January-October 2023, which was a decline of 31.8% compared to the announcement of 911 deals during the same period in the previous year, finds GlobalData, a leading data and analytics company. An analysis of GlobalData’s Financial Deals Database also revealed that all the deal types under coverage witnessed a decline in volume during January-October 2023 compared to January-October 2022. For instance, the volume of mergers and acquisitions (M&A) deals declined by 34.2% during January-October 2023 compared to January-October 2022. Meanwhile,...
Baird/STR Hotel Stock Index Down 2.4% in October to a Level of 5,600
Baird | November 10, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index decreased 2.4% in October to a level of 5,600. "Hotel stocks fell for the third consecutive month in October, and performance directionally tracked the broader indices,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Interest rates remained a key driver of performance, and elevated interest rates weighed on real estate stocks, which caused the hotel REITs to be relative outperformers during the month. The global hotel brands’ approximate 2% decline nearly matched the S&P 500’s pullback in October.” “U.S. h...
Homewood Suites by Hilton Montgomery and Hilton Garden Inn Montgomery East in Montgomery, Alabama Complete Renovations
LBA Hospitality | November 10, 2023
MONTGOMERY, Ala., Nov. 10, 2023 -- LBA Hospitality, an Alabama–based hotel management company, today announced that the 97-room Hilton Garden Inn Montgomery East and 91-suite Homewood Suites by Hilton Montgomery have completed renovations. All guestrooms and public spaces at the hotels were upgraded to include all new seating, lighting, flooring, wall coverings, furniture, window treatments and artwork. The hotels are owned by Flynn Properties Inc. of San Francisco, California and managed by LBA Hospitality of Dothan, Alabama. Both properties are located at the Offices at Midtown Park on Interstate Park Drive directly off I-85...
Indianapolis Gears Up for Convention and Hotel Expansions
Amy Schmidt | November 10, 2023
By Amy Schmidt, Trey Osadchey While Downtown occupancy in the year-to-date 2023 period remains 5–10% below the 2019 level, the robust convention and citywide event calendar has kept rates high and increased the market rate ceiling. This trend is anticipated to continue given the new higher-rated supply. Market ADR surpassed 2019 levels in 2022, aiding the recovery of RevPAR. According to our research, the Downtown Indianapolis market is achieving RevPAR only 5–10% below the pre-pandemic levels, a positive sign given the delayed return of corporate demand. Convention Center Expansion and New Hotel Supply The Indiana Convention Cent...
Hyatt and Extell Development Company Partner to Bring Grand Hyatt Brand to Utah
Grand Hyatt Hotels | November 10, 2023
Expected to open late 2024, Grand Hyatt Deer Valley will expand Hyatt’s brand presence in a vibrant resort market CHICAGO (November 10, 2023) – Hyatt Hotels Corporation (NYSE:H) and Extell Development Company today announced the planned expansion of the Grand Hyatt brand in Park City, Utah. Expected to open late 2024, Grand Hyatt Deer Valley will mark the debut of the Grand Hyatt brand in Utah and will be located at the famed Deer Valley Resort. Uniquely designed as a captivating destination within a destination, the property will open as the first luxury hotel within Deer Valley Resort’s forthcoming expansion. Situated 40 minu...
ESPACIO The Jewel of Waikiki Welcomes Two New Hospitality Veterans to Hotel and Restaurant Teams
ESPACIO The Jewel of Waikiki | November 10, 2023
HONOLULU, HI (November 10, 2023) –ESPACIO, The Jewel of Waikiki, the ultra-luxury beachfront hotel located on Waikiki Beach, and its award-winning restaurant Mugen today announced the appointment of two industry veterans as General Manager and Food and Beverage Manager. Gerald Glennon has been named General Manager of ESPACIO The Jewel of Waikiki and Wes Zane has joined as Food and Beverage Manager, ushering in a new era of world-class service and hospitality at the boutique hotel and Mugen, its award-winning fine dining restaurant. In their roles, Glennon and Zane will oversee the expansion of the hotel’s experiential offerings and t...
Romer Hell’s Kitchen Opens in New York City
HIGHGATE | November 10, 2023
New York, NY (November 10, 2023) - Imagine a new kind of hotel where a local bar owner trains the concierge team on where guests can find the best late-night eats. A hotel that stands for its neighborhood so they’ve appointed a “Mayor of the Block” to be a friend to all. A hotel invested in supporting nearby businesses so they work with a vintage shop down the street to style and accessorize associate uniforms. That is the DNA behind Romer Hell’s Kitchen, a 295-guest room hotel in one of Manhattan’s most storied neighborhoods. Romer Hell’s Kitchen is rooted in the belief that travel should be anchored in local culture. It is a ...
Best Western Columbia River Waterfront Hotel Astoria Now Open
BWH Hotels | November 10, 2023
Astoria, Oregon (November 10, 2023) – Best Western® Hotels & Resorts announces the opening the Best Western Columbia River Waterfront Hotel Astoria, located at 3420 Leif Erickson Drive in Astoria, Oregon. The hotel is owned by Columbia River Hotel Operations, Inc., is managed by Hospitality Associates out of Spokane, Washington, and features 75 beautiful guest rooms and suites. The Best Western Columbia River Waterfront Hotel Astoria will debut a recently completed renovation, which includes a refreshed design and amenities. The public areas, like the lobby and breakfast area, offer a contemporary modern décor with splashes of bl...
Maine-Based Hotelier Tim Harrington Acquires The Dunes on the Waterfront in Ogunquit
November 10, 2023
OGUNQUIT, ME, November 10, 2023 - Tim Harrington, hotelier, real estate developer, entrepreneur and owner of several award-winning properties, has acquired The Dunes on the Waterfront, adding to his number of boutique properties in Maine. Harrington purchased the property with his Batson River Partner Kevin Lord. Set to open for the summer 2024 season, The Dunes overlooks Ogunquit Beach and is situated among sandy dunes, providing inspiration for its namesake along with an ideal setting for a seaside getaway. Originally purchased in 1935 as farmland, The Dunes property is one of Maine’s original cottage colonies, and has welcomed gues...
Alila Ventana Big Sur Welcomes New Executive Chef Alan Kwan
Alila Ventana Big Sur | November 10, 2023
Kwan to Bring a New Wave of Culinary Expertise to the Iconic, Luxury Inclusive Property in the Heart of Big Sur BIG SUR, Calif. (Nov. 10, 2023) – Alila Ventana Big Sur, an intimate luxury retreat along the Pacific Coast Highway, is pleased to announce the appointment of Alan Kwan as the new Executive Chef. In this role, Chef Alan will oversee daily operations and menu curation at The Sur House – the dining centerpiece of the resort perched high above the trees, with sweeping views of the Pacific Ocean – along with culinary offerings for groups and weddings, poolside menus, and in-room dining. With over 20 years of experience in the lu...
IHG and Pro-invest Group Open Hotel Indigo Sydney Potts Point
IHG Hotels & Resorts | November 10, 2023
10th November 2023: IHG Hotels & Resorts and Pro-invest Group announce the opening of Hotel Indigo Sydney Potts Point, debuting the neighbourhood-inspired global boutique brand in Sydney. The unveiling of the 105-room hotel marks a new chapter in the property’s history thanks to Pro-invest Group’s multi-million-dollar refurbishment inspired by the eclectic Kings Cross neighbourhood that’s been a place for creatives and revellers for nearly a century. Tucked behind the city’s iconic neon Coca-Cola sign, the new style of boutique hotel will provide curious travellers a front row seat to King Cross’s round the clock ...
When the Pendulum Stops Swinging
H. Keith Thompson | November 10, 2023
By H. Keith Thompson I have been a hotel broker for 33 years and during all past cycles, the markets would simply swing from being either a seller’s market or a buyer’s market and then after a correction, swings back again. Using a swinging pendulum as a metaphor for the hotel real estate market today, the pendulum has almost stopped swinging. In my history as a hotel broker, the only time the pendulum almost stopped swinging was just after 911 and this new interest rate cycle we all find ourselves in today. In 2023, new transactions in the hotel space are down 50-70 percent depending on the brand and the market. Today it is neither...
The Ritz-Carlton, Half Moon Bay Appoints Rosie Karakan as New Director of Sales and Marketing
The Ritz-Carlton, Half Moon Bay | November 10, 2023
HALF MOON BAY, Calif. (November 10, 2023) — The Ritz-Carlton, Half Moon Bay has appointed Rosie Karakan as Director of Sales and Marketing. Karakan has a robust history in the hospitality industry, bringing over 20 years of experience to the Forbes Five-Star resort. Karakan joins The Ritz-Carlton, Half Moon Bay after spending over three years as Area Director of Sales and Marketing for Dream Hotel Group in Los Angeles. She has previously held Director of Sales and Marketing roles at Ace Hotel Downtown Los Angeles and Avalon Hotels. Karakan was also part of the opening team as Director of Sales for Freehand Hotel Los Angeles. Her past expe...
AHLA Statement on Bipartisan Resolution to Overturn Job-Killing Joint-Employer Rule
AHLA | November 10, 2023
WASHINGTON (Nov. 10, 2023) – After House and Senate lawmakers introduced a bipartisan resolution aimed at overturning the National Labor Relations Board’s destructive joint-employer rule, American Hotel & Lodging Association President & CEO Chip Rogers released the following statement: “AHLA welcomes this Congressional Review Act resolution to overturn the NLRB’s disastrous joint-employer rule. The NLRB is intentionally taking a wrecking ball to one of America’s great economic engines – the franchise model – and jeopardizing millions of small business jobs,” said AHLA President & CEO Chip Rogers. “We thank ...
AHLA Sues Biden Administration Over Franchise-Model Destroying Rule
AHLA | November 10, 2023
WASHINGTON (Nov. 10, 2023) – Today, the American Hotel & Lodging Association (AHLA), the U.S. Chamber of Commerce, and other plaintiffs filed a lawsuit in the U.S. District Court for the Eastern District of Texas challenging the legality of the National Labor Relations Board’s (NLRB) new “joint-employer” regulation. The suit contends the NLRB has violated the National Labor Relations Act and is acting arbitrarily and capriciously in violation of the Administrative Procedure Act. The NLRB issued a new joint-employer standard Oct. 26 that will force hotel brands to the collective bargaining table with franchised employees over w...
AHLA Foundation Names Jessica Janis as an Honorary Trustee
AHLA Foundation | November 10, 2023
WASHINGTON (November 10, 2023) – The AHLA Foundation today announced that Jessica Janis, Director and Practice Leader, Hospitality at Corning Optical Communications LLC, has been selected to serve on the Foundation Board of Trustees as an honorary member. “Jess and Corning have been fervent advocates and supporters of the AHLA Foundation and our work for many years,” said AHLA Foundation President Anna Blue. “We are thrilled to welcome her to our dedicated group of Trustees who are steadfastly committed not only to the growth of our industry, but to the success of its people.” “It’s an honor to be part of an organization sha...
How Hotelier Personas Can Help You Unlock Top Hospitality Performance
Anuska Linc | November 9, 2023
From happier guests and staff to higher revenue, here’s how a small mindset shift can ensure big gains across the board for modern hoteliers. The hospitality industry has entered a new era, one characterized by the innovative use of spaces and hyper-personalized services that have transformed the way we stay and experience places. Gone are the days of bland services and generic stays – a new generation of tech-savvy experience seekers has taken center stage. These modern travelers demand unique and engaging experiences, and they expect hotel staff to provide them. As the world of hospitality evolves, it's crucial for hoteliers to adap...
Hilton Signs With Groupe Bertout to Open Columbus Hotel Monte-Carlo as Part of Curio Collection
Curio Collection by Hilton | November 9, 2023
Columbus Hotel Monte‑Carlo, Curio Collection by Hilton, is due to open before the end of the year MONTE-CARLO, Monaco and MCLEAN, Va. – Hilton (NYSE: HLT) today announced a franchise agreement with Groupe Bertout to open the Columbus Hotel Monte-Carlo, Curio Collection by Hilton. Marking Hilton’s debut in Monaco, the boutique lifestyle, 181-guest room hotel is expected to rebrand before the end of the year. Patrick Fitzgibbon, senior vice president, development, Europe, Middle East and Africa, Hilton, said, “The Principality of Monaco is an iconic destination, and the Columbus Hotel Monte-Carlo, Curio Collection by Hilton wil...
U.S. Hotel Results for Week Ending 4 November
CoStar Group | November 9, 2023
WASHINGTON – 9 November 2023 – U.S. hotel performance showed an expected decline from the previous week as well as mixed year-over-year comparisons, according to CoStar’s latest data through 4 November. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 29 October through 4 November 2023 (percentage change from comparable week in 2022): Occupancy: 59.7% (-4.0%) Average daily rate (ADR): US$152.90 (+2.0%) Revenue per available room (RevPAR): US$91.23 (-2.1%) The decrease in occupancy was anticipated with Halloween falling on Tuesday. Among the Top 2...
Dolly Parton Welcomes Guests to Grand Opening of Dollywood’s HeartSong Lodge & Resort
Dollywood Parks & Resorts | November 9, 2023
Pigeon Forge, Tennessee (November 9, 2023) —Dollywood’s HeartSong Lodge & Resort celebrated its grand opening this past weekend with a visit from international icon Dolly Parton. The lodge marks the second world-class resort created by Dollywood Parks & Resorts and Parton, further expanding the premier family destination located in Pigeon Forge, Tennessee. Tucked away in the Smoky Mountains next to Dollywood’s original resort, Dollywood’s DreamMore Resort and Spa, the 302-room lodge was inspired by Parton’s love of the Great Smoky Mountains and blurs the lines between indoors and out, seamlessly blending mountain adven...
Minor Hotels to Debut in Paris With Addition of Three Hotels
Minor Hotels | November 9, 2023
Bangkok, November 9, 2023: Minor Hotels, an international hotel owner, operator, and investor with more than 540 hotels in 56 countries in Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, South America and North America, announces its debut in the French capital with the upcoming addition of three four-star hotels. The group will launch three NH Hotels in Q1 2024, with one of the properties to be rebranded as NH Collection in 2025 following a renovation. After a careful selection process, owning company Swiss Life Asset Managers France has chosen Minor Hotels to manage the three hotels. The addition of these properties is...
Noble Breaks Ground on Tempo by Hilton Savannah Historic District
Noble Investment Group | November 9, 2023
Atlanta, Georgia (Thursday, November 9, 2023) – Noble Investment Group ("Noble") today celebrated the groundbreaking of the Tempo by Hilton Savannah Historic District. With an anticipated opening in early 2025, the hotel will be within walking distance of the Savannah River, the sites of River Street, and the Historic District's top attractions. Working collaboratively with the Savannah Historic District Board, the LEED-certified Tempo by Hilton Savannah Historic District has been designed to complement the unique character and heritage of the district. The energetic lifestyle hotel will feature 153 tech-enabled guestrooms and Peloton®...
Hotel Lawyer: Preparing for the Corporate Transparency Act
Jim Butler | November 9, 2023
By Jim Butler and the Global Hospitality Group® Hotel Lawyers | Authors of www.HotelLawBlog.com In 2021, Congress passed the Corporate Transparency Act in order to combat money laundering and other illegal activities. The CTA goes into effect on January 1, 2024, and requires almost all businesses to file a report with FinCEN identifying their beneficial owners. JMBM’s Taxation, Trusts & Estates Department has written the below article detailing the steps businesses should take to prepare for this new law. Preparing for the Corporate Transparency Act Disclosure of Beneficial Ownership Information to FINCEN by JMBM’s Taxation,...
Diversity, Equity, and Inclusion Defined
Gissell Moronta | November 9, 2023
By Gissell Moronta The terms diversity, equity, and inclusion are intertwined. As workplaces, communities, and society work to build justice, fairness, and equality into their environments, these three words represent opportunities to embrace new ways of inviting people in, capitalizing on their unique perspectives, and encouraging productive collaboration. Diversity Diverse is an adjective that describes something with a great deal of variety. A diverse workforce is one that includes people from different social, cultural, ethnic, gender, sexual orientation, economic, religious, and racial backgrounds. Diversity extends beyond re...
