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HYATT HOTELS CORP. reported strong early 2024 performance, with RevPAR and revenue growth, fueled by pipeline expansion driving its core hotel business and global franchise network. Systemwide RevPAR surged by 5.5 percent compared to 2023, while all-inclusive resorts net package RevPAR soared by 11 percent. Meanwhile, U.S. RevPAR increased by approximately 2 percent, excluding the Easter impact, indicating normalized growth. Net rooms grew by about 5.5 percent, with net income at $522 million and adjusted net income at $75 million, Hyatt said in a statement. Adjusted EBITDA stood at $252 million, dropping by 9 percent compared to Q1 2023, mainly due to the Super Bowl in Phoenix, increased real estate taxes, higher wages, and transaction costs from ongoing asset sales.

PEACHTREE HOTEL GROUP and its affiliates added five executives to its management teams. These new appointments aim to strengthen the company's ability to support strategic growth objectives to scale its investment platform and further diversify allocation strategies, the company said in a statement. The Atlanta-based company, led by Jatin Desai and Mitul Patel as managing principals, appointed Matthew Ram as senior vice president of acquisitions and Susan McClure as vice president leadership and executive development. Will Woodworth assumed the role of vice president for investments, Nicole Havens is vice president of revenue management and Kelly Mascari is vice president of operations at PHG's affiliate Peachtree Hospitality Management.

THE U.S. HOTEL industry showed improved performance in May compared to the same month last year, according to CoStar. All three performance metrics-occupancy, ADR, and RevPAR-increased year-over-year. The top 25 markets reported higher occupancy and ADR than all other markets. Occupancy increased to 65.7 percent in May, up from 65.2 percent in April, and increased by 1.5 percent compared to May 2023. ADR climbed to $160.40 from $157.31 the previous month, a 2.4 percent rise from 2023. RevPAR reached $105.46, up from $102.51 the preceding month, reflecting a 4 percent increase from May of the previous year. Among the top 25 markets, New York City led in all three key performance metrics: occupancy rose 5.8 percent to 88.9 percent, ADR increased 6.3 percent to $339.25, and RevPAR climbed 12.5 percent to $301.57. Markets with the lowest occupancy for the month included Detroit at 46.1 percent and Chicago at 49.4 percent.

DALLAS-BASED INVESTMENT firm NewcrestImage became the second largest shareholder in TiffinLabs, a Singapore-based food tech company which operates food delivery-focused virtual restaurant brands, a statement said. Founded in 2020, TiffinLabs introduced numerous virtual brands across Singapore and Malaysia. It started U.S. expansion in Dallas in 2021 and now operates in Chicago, Detroit, Knoxville, and Charlotte. By 2023, it expects to have 1,000 digital storefronts globally and to be operating in 30 U.S. cities. "TiffinLabs offers hotels and restaurants a low cost, turn-key source of incremental revenue for post-pandemic recovery, while for us as investors, TiffinLabs represents a strategic opportunity for long-term growth," said Mital Patel, managing partner of NewcrestImage. Because of the company's shareholder position, Patel now becomes a board member of TiffinLabs.

THE BWH HOTEL Group board of directors elected Danny Lafayette as board chairman for 2023. Previously, Lafayette served as vice-chairman of the board of directors and has been a Best Western owner for more than 40 years. Lafayette also served as a Best Western governor for more than 25 years, according to the company. He was elected to the board of directors in 2018 to represent Best Western's District VII, which includes the Northeastern region of the U.S. and the eastern provinces of Canada. "I'm pleased to announce Danny Lafayette as our new chairman of the board," said Larry Cuculic, BWH Hotel Group president and CEO. "Danny has been a trusted member of our organization for over four decades. His deep knowledge of our brand, together with his extensive industry experience, make Danny the ideal selection to serve as Chairman. I look forward to working alongside Danny and his colleagues on the board of directors as we continue to grow our brand, deliver industry-leading customer care to our guests, and drive superior revenue to our hoteliers."

Alex Cisneros is Red Roof's new senior vice president for revenue generation. Prior to joining Red Roof, he was vice president of revenue generation and distribution for Wyndham Destinations. Cisneros also worked in operations for New Jersey TRANSIT, Delta Services Group and AT&T where he consulted on demand planning, pricing analysis, operations research, customer experience, and consumer analytics. A native of Ecuador, Alex holds a bachelor's degree in economics from Rutgers University and a master's degree in management and hospitality from Fairleigh Dickinson University.

MARRIOTT INTERNATIONAL RECENTLY launched "Business Access by Marriott Bonvoy," an online travel booking program for small and medium business travelers. This program combines the benefits of the Marriott Bonvoy portfolio with travel tools for booking, managing, and expensing business travel. It is available to businesses in the U.S., Canada and other countries, Marriott said in a statement. "We recognize the significant value small businesses provide to the hotel industry," said Drew Pinto, Marriott International's executive vice president and chief revenue and technology officer. "Whether small to medium-sized businesses are looking for convenient online booking capabilities for their employees or better expense management solutions, the all-in-one platform, merged with our portfolio of hotel brands around the world, provides everything they need to manage their business travel needs."

A STABLE ECONOMIC backdrop is expected to fuel a 10.7 percent year-over-year increase in the U.S. short-term rental industry in 2024, surpassing the 6.7 percent rise seen in 2023, according to AirDNA's 2024 outlook report. Moreover, AirDNA foresees balanced growth for the industry in 2024, marked by a projected 10.9 percent increase in supply expansion guided by rising demand for more sustainable market practices. "Approaching 2024, the industry anticipates balanced growth with a projected 10.9 percent increase in supply expansion," said Jamie Lane, senior vice president of Analytics at AirDNA. "Contrary to exaggerated reports of an STR 'collapse,' heightened market competition emphasizes the need for hosts and property managers to meticulously monitor data trends. This strategic approach is crucial for surpassing competitors and sustaining revenue, taking advantage of a strong economy and the growing preference of travelers for STR lodging."