U.S. Lodging Stocks Rise, But Canadian Hotel Occupancy Declines
The DJIA, Nasdaq, and S&P 500 rose on Friday, while Canada's hotel industry saw a slight decline in occupancy in July 2024 after three months of increases.
Kim Woinski
Kim is Vice President of Gaming USA Corporation, the previous owner of the Daily Lodging Report, now owned by Skift. Kim is the primary writer of the Daily Lodging Report – North America. Kim moved to Southwest Florida in July of 2020 and recently became a first time grandmother to baby Susie.
U.S. Hotel Industry Reports a Largely Flat July Performance
In July 2024, the U.S. hotel industry saw flat year-over-year performance, with Oahu Island leading in key metrics, while Phoenix and New Orleans had the lowest occupancy rates.
Club Med Rolls Out Developments Across its Portfolio
Club Med announced renovations at its Cancun and Punta Cana resorts and plans for a new luxury resort in Oman opening in 2028.
Hyatt to Buy Standard International's Brands
Hyatt Hotels announced plans to acquire Standard International's brands and affiliates, creating a new lifestyle group led by Amar Lalvani, with a $150 million base purchase and potential additional payments.
Marriott Drops Sonder a Lifeline
Marriott International has entered a long-term licensing agreement with Sonder Holdings to add over 9,000 rooms to its portfolio under a new "Sonder by Marriott Bonvoy" collection, contributing to a projected 2024 net room growth of 6-6.5%.
Blackstone and AAHOA Invest in M3 Hotel Software
M3, LLC has secured a majority investment from Blackstone Growth, with AAHOA also investing, to accelerate its growth and expand its hotel management software.
U.S. Hotel Performance May Be Down But RevPAR Is Still Up
CBRE has lowered its U.S. hotel performance forecast for 2024 due to weakening leisure travel and corporate profits but still expects RevPAR growth driven by international tourism and election-related events.
Hyatt Regency Orlando Could be Sold for $1 Billion
Hyatt is set to sell the Hyatt Regency Orlando for approximately $1.02 billion to Ares and RIDA Development, with Hyatt retaining a preferred equity interest and a 30-year management agreement.
U.S. Hotels State of the Union Reveals Surge in Short-Term Rental Demand
The CBRE August 2024 U.S. Hotels report highlights slowing GDP growth, moderate consumer risks, declining CMBS borrowing rates, and mixed performance in hotel occupancy, RevPAR, and travel metrics.
Choice Hotels Misses its Earnings Mark
Choice Hotels missed earnings expectations and lowered RevPAR guidance, but maintained EBITDA guidance and continued significant stock buybacks.