market happenings
Service Properties Trust Completes the Sale of Eight Hotels for $45.3 Million
Service Properties Trust | November 23, 2020
NEWTON, Mass. - Service Properties Trust (Nasdaq:SVC) today announced that it has completed the previously announced sale of eight TownePlace Suites branded hotels with 834 rooms and a net carrying value of $35.0 million for an aggregate sales price of $45.3 million, excluding closing costs. The proceeds from the sale will be used for the repayment of debt. John Murray, President and Chief Executive Officer of SVC, made the following statement: “Given current market conditions, we are pleased to complete the sale of this hotel portfolio, which we had identified for disposition in late 2019. We were successful in achieving pricing co...
STR: Canada Hotel Results for Week Ending 20 June
STR | June 25, 2020
HENDERSONVILLE, Tennessee—STR data for 14-20 June 2020 shows Canadian hotel performance up slightly from previous weeks with the same significant level of year-over-year declines. In comparison with the week of 16-22 June 2019, the industry reported the following: Occupancy: -66.1% to 25.6% Average daily rate (ADR): -39.0 to CAD110.70 Revenue per available room (RevPAR): -79.3% to CAD28.33 The previous three weeks produced absolute occupancy levels of 23.6%, 22.2% and 21.4%. British Columbia was the only province to reach a 30% occupancy level (31.7%). Saskatchewan (27.9%), Manitoba (26.8%) and Alberta (25.2%) were th...
State by State Breakdown: Negative Impact of Coronavirus Pandemic on Hotel Industry Employment
March 23, 2020
Click here to download fact sheet with state by state data on estimated job losses for hotel industry. (Source: American Hotel and Lodging Association/Oxford Economic Study) The hotel industry is facing an abrupt and unprecedented drop in hotel demand that is gaining pace and getting progressively deeper and more severe week by week. AHLA and top hotel CEOs met with President Trump and Congress this week to seek urgent assistance to keep hotels from shuttering, protect millions of employees from losing jobs. Based on current occupancy estimates, the American Hotel & Lodging Association (AHLA) says four million tota...
Top Hotel CEOs Meet With President Trump, Vice President Pence on Urgent Assistance to Keep Hotels From Shuttering; Protect Millions of Employees From
AHLA | March 18, 2020
WASHINGTON, D.C. (March 18, 2020) – Leading hotel CEOs met today with the White House to discuss urgent economic recovery solutions needed to protect millions of U.S. hotel employees and 33,000 small businesses as travel grinds to a virtual halt across the country. From Main Street to major cities across the country, hotels everywhere are on the verge of shutting their doors in the coming days – many by the end of this week. With 1 in 25 jobs supported by the hotel industry, the rapid pace of booking cancellations is having an immediate, negative ripple effect that risks seeing mom and pop hotel owners shutter, furlough their employees...
Marriott Development Projects Lead the U.S. Hotel Construction Pipeline at the Close of 2019
Lodging Econometrics (LE) | January 30, 2020
January 30, 2020 – PORTSMOUTH, NH - In the Lodging Econometrics (LE) year-end report for 2019, analysts detailed the leading franchise companies and their brands in the construction pipeline. Marriott International tops the list, at an all-time high, with 1,579 projects/207,906 rooms, followed by Hilton Worldwide with 1,370 projects/152,832 rooms, and InterContinental Hotels Group (IHG) with 943 projects/96,725 rooms. Sixty-eight percent of the projects in the total pipeline derive from these three franchise companies. The leading brands by project count for these three companies continue to be Hilton’s Home2 Suites by Hilton with 408...
