Hotel construction in Los Angeles has significantly declined, with many projects facing foreclosure or bankruptcy, and financing difficulties limiting new developments.
Hilton Grand Vacations Inc. completed the previously disclosed acquisition of Bluegreen Vacations. The transaction broadens HGV’s offerings, customer reach, and sales locations, creating a premier vacation ownership, and experiences company.
Xenia Hotels & Resorts reported an in-line to a modest miss result and narrowed guidance. They repurchased common stock in the quarter.
Chatham Lodging Trust had a 5% increase in RevPAR year over year and a 5% AFFO rise, with RevPAR down less than -2% from 2019.
Several hotels announced new openings, acquisitions, and rebranding, including Omni Hotels & Resorts , Sonesta , Braintree Group , Elise Capital , Hyatt Hotels Corporation , and DiamondRock Hospitality Company .