Monday, June 5, 2023
North America

Marriott’s Next New Midscale Brand

  • Marriott International, Sonesta International Hotel Corporation, and Pyramid Global Hospitality, announced plans for expansion and introduced new brands in different locations, including Latin America, Canada, and several U.S. states.
  • Accor highlighted the progress of its branded residences business, with numerous projects under development worldwide, including Dubai, Australia, and South Korea.
  • The Plasencia Group facilitated the sale of The Westin Tampa Bay, and Dan Hansen returned from retirement to lead Hyatt’s new mid-market extended-stay brand, Hyatt Studios, with a significant development pipeline.

The DJIA fell 200 points while Nasdaq was down 11, the S&P 500 fell 9 points and the 10-year treasury yield was nearly flat at 3.69%. Lodging stocks were lower despite what seemed like optimism from the NYU show. SOND was down -10% and SHCO was down -6% to top the big movers. Marriott International, Inc. plans to further expand in the affordable midscale […]