Everything you wanted to know about buying and selling hotels.
Hyatt Hotels Corporation's Q2 2024 results show a 4.7% increase in RevPAR and a net rooms growth of 4.6%. The company achieved a net income of $359 million and adjusted EBITDA of $307 million. Hyatt’s pipeline hit a record 130,000 rooms, and the World of Hyatt loyalty program grew to 48 million members.
The Master Innholders are offering scholarships for up to 12 UK hospitality professionals to advance their careers through two prestigious programs: the Talent Development Programme at Cranfield University and the General Managers Programme at Cornell University. Applications are open until August 30, 2024.
Dusit International and King Square Development Co., Ltd have announced a new project in Bangkok, featuring the Dusit Suites Kingsquare and KingsQuare Residence, set to open in 2026. This upscale development on Rama 3 Road will include a hotel with 60 rooms and 49 serviced suites, alongside a 52-storey luxury residential tower with 222 residences. The complex will also feature a shopping center and offer a range of high-end amenities.
Net Affinity has introduced a Hotel Mobile Barometer to help hotels track and compare their mobile booking performance. With mobile bookings rising—65% in the UK and 59% in Ireland—the tool offers insights and benchmarks against national averages, highlighting the importance of optimizing mobile user experience for high-value bookings.
The Cube Hotel in Birmingham is listed for £12 million after its owners entered administration in July. The hotel, located on the 23rd and 24th floors of the 25-storey Cube development, features 52 rooms, an 180-cover Marco Pierre White restaurant, and a rooftop bar. Joint administrators Quantuma Advisory Ltd are overseeing the sale, with Watling Real Estate and Graham + Sibbald managing the marketing. The property offers potential for significant branding and trading enhancements.
Rosewood Hotels & Resorts, in partnership with Yntegra Group, will open a 33-suite luxury resort on East Sampson Cay, a private island in the Exuma archipelago, Bahamas. The eco-conscious development will feature solar-powered energy, six dining venues, a 20,000 square-foot spa, and two marinas. Rosewood Exuma is set to open in 2028, offering a next-generation luxury experience in this pristine Caribbean paradise.
CapitaLand Ascott Trust (CLAS) has secured a S$165 million loan from OCBC Bank, aimed at supporting its carbon reduction targets. This financing, part of OCBC's 1.5°C loan program, incentivizes companies to align with net-zero pathways by offering interest rate reductions for meeting sustainability goals.
Hotel Marcel in New Haven introduces an innovative "Climate Wake-Up Call," where guests can start their day with messages from climate change experts, promoting sustainability and environmental awareness.
Seven countries, including India, Australia, and the UAE, have issued travel warnings for their citizens amid rising anti-immigration protests in the UK. The unrest, sparked by misinformation following a tragic incident in Southport, has led to violent riots targeting immigration centers and hotels housing migrants. The UK government has vowed swift action against rioters, with over 400 arrests made. Concerns are growing about the impact on sectors like hospitality and housing as the situation escalates.
A recent study by Drax Electric Vehicles reveals that just six percent of UK city hotels offer electric vehicle (EV) chargers. Out of over 15,000 hotels in 74 cities, St Davids, Milton Keynes, Central London, and St Albans lead in providing this service. Major cities like Birmingham and Manchester have fewer options, with only four and six percent of their hotels equipped for EVs, respectively. The report highlights a significant gap in infrastructure and suggests that investing in EV chargers...
Spain’s tourism sector surpassed pre-pandemic levels in 2023, with significant growth in both domestic and international visitors. Hotel investment hit €4.2 billion, driven by high-end transactions and international interest. Looking to 2024, the market is set for further expansion, with projected increases in travelers, overnight stays, and revenue per room.
Portugal's hospitality industry is witnessing an extraordinary resurgence, surpassing pre-pandemic levels and setting new records. In 2022, the country welcomed over 28.4 million tourists, and by 2023, this number had increased to 30 million, contributing to nearly 70 million overnight stays. This influx has significantly boosted the tourism sector's contribution to the nation's GDP, now accounting for almost 16%, the third highest in the European Union. Revenue per Available Room (RevPAR) exceeded 2019 figures, reaching €56 in 2023, reflecting a...
Fattal Hotel Group secures a £525 million refinancing loan from Cheyne Capital to support the redevelopment of four major London hotels, highlighting confidence in the post-pandemic recovery of the city's hospitality market.
IHG Hotels & Resorts has launched its Low Carbon Pioneers programme, featuring hotels that eliminate on-site fossil fuel use and rely entirely on renewable energy. The initiative aims to set a new industry standard for sustainability, with participating hotels implementing advanced energy-efficient technologies and achieving global sustainability certifications.
Registration is now open for the Independent Hotel Show London 2024, the premier event for boutique hotel professionals, taking place on October 15-16 at Olympia London.
A U.S. court has ruled that Booking.com violated the Computer Fraud and Abuse Act by accessing Ryanair's website without permission. The jury found Booking.com engaged in screen scraping with "intent to defraud." Ryanair CEO Michael O'Leary hailed the decision, stating it protects consumers from overcharging by unauthorized OTAs. Booking.com plans to appeal the ruling.
On July 26, 2024, a flawed update by CrowdStrike triggered a global outage, crippling the travel industry’s IT infrastructure. Airports ground to a halt, airlines canceled flights en masse, and travelers faced long delays. This incident highlights the urgent need for the travel industry to rethink its system setups and embrace embedded AI to build resilience and prevent future catastrophic failures.
Spanish regulators have fined Booking.com €413.24 million for abusing its market dominance by imposing unfair conditions on hotels and restricting competition from other OTAs. Booking.com plans to appeal the decision.
Once a niche interest, luxury resorts are now a booming investment trend. The pandemic has shifted their appeal from a niche luxury to a mainstream investment opportunity, with major hotel groups expanding their resort portfolios and focusing on unique, high-end experiences. As travel rebounds, the demand for these opulent escapes shows no sign of waning.
Luxury is now the main growth driver in the hotel industry, with even traditionally budget chains like Choice Hotels expanding into this segment. Marriott International set a record in 2023 by signing 58 luxury hotel deals, while Accor plans nearly 40% of its future openings in luxury. Despite the robust market growth, standing out requires delivering unique, emotionally engaging experiences and managing high operational demands. As competition intensifies, asset managers must innovate and adapt to ensure their properties remain distinctive...
