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North America
International Visitor Spending in the U.S. Surges, Fueling Hotel Industry Growth
DJIA, Nasdaq, and S&P 500 experienced gains, while the 10-year treasury yield decreased. Spending by international visitors in the U.S. increased significantly compared to the previous year, leading to a trade surplus in travel and tourism. Several hotels underwent renovations or acquisitions, and new hotels were announced in various locations across the United States. -
North America
U.S. Hotel Sales Fell in First Half 2023
Stock Market: DJIA rises while Nasdaq and S&P 500 experience slight declines. Hotel Sales: Major U.S. hotel sales show decreases in transactions, dollar volume, and prices per key. Hotel Developments: Construction progresses on a skyscraper in New York and new hotels are planned in Virginia , Connecticut , and South Carolina . -
North America
Great Wolf Chooses Maryland for Its Largest Resort
Stock market performance: DJIA, Nasdaq, and S&P 500 rose while the 10-year treasury yield was down. Lodging industry updates: Sonder Holdings downgraded, EF Hutton assumes coverage of Selina Hospitality, Ryman Hospitality Properties acquires JW Marriott San Antonio Hill Country Resort & Spa. New hotel developments: Chartwell Hospitality and Rockbridge developing three new hotels, Innisfree Hotels and RREAF Holdings open Fairfield Inn & Suites Pensacola Beach, Great Wolf Resorts opens Great Wolf Lodge Maryland. -
North America
Curator Now Has 100 Member Hotels
Market Update: DJIA up 270 points, S&P 500 rose 23 points, Nasdaq remained flat, and 10-year treasury yield jumped to 3.85%. Lodging Industry News: STR reported a slight decline in hotel RevPAR , but a 12% increase compared to the same week in 2019. Hotel Renovations and Openings: StepStone Hospitality completed a $3.5 million renovation at Fairfield Orlando I-Drive Convention Center, and The Ritz-Carlton Naples reopens after extensive renovations with new amenities and redesigned rooms. -
North America
Choice Merger With Radisson Americas Is on Track
Choice Hotels to integrate nearly 600 Radisson Americas hotels onto its reservation delivery engine and loyalty program. Dauntless Capital Partners purchases Hilton Garden Inn Bethesda Downtown for immediate renovation. Excel Hotel Group plans to build a 130-room SpringHill Suites Hotel in Grover Beach, California. -
North America
What Do Guests Want? Connected Rooms
Stock market summary: DJIA up 429 points, Nasdaq up 156, S&P 500 up 53. Increased demand for connecting rooms and suites in hotels due to multigenerational family and group travel. Acquisitions and expansions: Fairmont Hot Springs Resort acquired for $40 million, Rimrock Resort Hotel acquired for $170 million with renovations planned, and Bluegreen Vacations expanding accommodations across various properties. -
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. -
North America
Wyndham’s Stock Strength Continues
Stock market performance: DJIA and lodging stocks showed mixed results, while Nasdaq and S&P 500 experienced gains. Hotel openings and renovations: New hotels and renovated properties were announced by various companies, including Wyndham Hotels, Hyatt Hotels, Candlewood Suites, and Knott’s Berry Farm Hotel. Business updates: Remington Hotels promoted Keith Oltchick to Chief Development Officer, Hunter Hotel Advisors facilitated the sale of Hilton-branded assets, and Wyndham Hotels completed the refinancing of its Senior Secured Term Loan B Facility. Additionally, Mandarin Oriental revealed plans for a new hotel and residences in Athens, Greece. -
North America
Service Properties Trust Completes Sale of TravelCenters to BP
Last week BP plc completed the acquisition of TravelCenter of America Inc . Service Properties Trust received $379.3 million in cash as part of the transaction. Sonder Holdings was cut to Perform from Outperform by Oppenheimer and InterContinental Hotels Group was upgraded to Neutral from Sell by Redburn. The Baird/STR Hotel Stock Index rose 1.4% in April from March. The Hotel Brand sub-index rose 2.5% from March while the Hotel REIT sub-index was down -2.6%. -
North America
CBRE Raises Hotel Performance Forecast for 2023
STR reported US RevPAR for the week ended May 13 was down -1.3% year over year, possibly impacted by Mother’s Day timing. CBRE is again raising its forecast for hotel performance this year . The company has revised its forecast for 2023 RevPAR to $97.89, up 6.0% YOY and an increase of $0.43 from its previous forecast. Hilton announced the opening of Canopy by Hilton San Francisco SoMA .