Group items tagged

HYATT HOTELS CORP. reported $26 million in net income for the fourth quarter of 2023 and $220 million for the year. Comparable system-wide RevPAR grew by 9.1 percent during the same period and 17 percent for the full year of 2023, outperforming figures from 2022 and exceeding the previous full-year outlook. Adjusted net income reached $68 million in Q4 and $276 million for full-year 2023, Hyatt said in a statement. "The fourth quarter marks the completion of a transformative year and demonstrates the progress towards our strategic vision and earnings evolution," said Mark Hoplamazian, Hyatt's president and CEO. "RevPAR growth exceeded the high end of our guidance range and we had industry-leading net rooms growth for the seventh consecutive year. This led to a record level of fees and the highest free cash flow in Hyatt's history. We returned $500 million to our shareholders and achieved an asset-light earnings mix of approximately 76 percent for the full year, a testament to the successful execution of our strategy."

STONEHILL PACE, THE Property Assessed Clean Energy financing division of Stonehill, has provided $16.3 million in its first commercial property assessed clean energy (C-PACE) financing in Washington, a statement said. The loan is for the Cornus House, a new 199-unit multifamily project with 1,233 square feet of retail development in Tacoma, Washington. The C-PACE financing is over a 30-year term and will fund lighting, covered process, seismic and qualifying soft costs, according to Stonehill PACE. The project development is expected to start before the year end and is scheduled to be finished by Nov. 1, 2024. "For eligible projects, C-PACE financing remains one of the more attractive venues to get a project over the finish line," said Jared Schlosser, Stonehill's senior vice president and head of Stonehill PACE. "The Cornus House is a great project in a strong market led by a savvy ownership group with 30-plus years of commercial real estate experience and a portfolio of more than 800 apartments. This C-PACE financing is the final piece to complete the financing puzzle."

JUST OVER ONE year ago, President Biden signed an executive order directing an "all-of-government approach" to assessing the status of the nation's supply chains to repair disruptions that are currently plaguing businesses large and small. The order led to the creation of a new plan, based on a six-month study, that the administration announced on Feb. 24 and which has earned the approval of the U.S. Small Business Administration and AAHOA. Biden's order a year ago led to the creation of the Supply Chain Disruptions Task Force. The report includes data from seven cabinet agencies, the Departments of Defense, Homeland Security, Commerce, Energy, Agriculture, Transportation and Health and Human Services. The administration announced additional actions to build long-term resilience across critical supply chains and formally institutionalize supply chain resilience.

USING TECHNOLOGY TO enhance the attendee experience remains a key trend for meeting and event planners as they expect meetings volumes to rise, according to a survey. The tech trend is closely followed by a focus on diversity, equity, and inclusion and a more casual meeting atmosphere. The 2023 State of the Meetings Industry survey by group hospitality analytics firm Knowland and full-service global meetings solution company, ConferenceDirect, also revealed that staff shortages and inquiry backlogs are impacting service standards as rising costs redefine goals. The survey also pointed out that rising costs may cause planners to change their approach, including looking at new destinations. However, cost leveling, return of business travel, and budget increases will support the industry recovery. According to the survey, more than 70 percent of 2022 events had attendance at, or above, 80 percent of 2019 levels. As many as 75 percent of event planners did not expect the number of events and meetings to drop.

NEARLY 80 PERCENT of travelers said that the latest COVID-19 variant, BA5, is unlikely to make them cancel or postpone international travel this year, according to a survey from travel risk assessment firm Global Rescue. At the same time, Global Rescue said relaxed COVID-19 recommendations from the Centers for Disease Control and Prevention could encourage travelers' confidence. The floodgates are opening The Summer 2022 Global Rescue Traveler Safety and Sentiment Survey found that 68 percent of respondents have already traveled internationally since the pandemic. Another 16 percent expects to travel abroad by the end of the year and 9 percent plan to do so in the first quarter of 2023. "Whether it's revenge travel or responsible travel following vaccination, or a combination of both, 7-out-of-10 travelers are much less concerned about travel compared to the beginning of the pandemic," said Dan Richards, CEO of Global Rescue and a member of the U.S. Travel and Tourism Advisory Board at the U.S. Department of Commerce. "They feel safe enough to plan trips and vacations because they're vaccinated, borders are open, and they have confidence they'll be able to get home if the worst happens." The U.S. ending its requirement for a negative COVID test to enter the country in June also went far in increasing confidence and encouraging visits from international travelers, Richards said. Nearly half of travelers, 49 percent, said that they are more likely to travel internationally in the next 12 months as COVID related restrictions are relaxed.

U.S. TRAVELERS SAID that gas prices and inflation will impact their summer travel decisions more than COVID-19 concerns, according to a survey commissioned by the American Hotel & Lodging Association. The survey, conducted by Morning Consult and released just ahead of the Memorial Day holiday weekend ending May 30, revealed that more than half of the respondents, 57 percent, are likely to take fewer leisure trips and 54 percent will take shorter trips due to current gas prices. The majority of people surveyed, 82 percent, said that gas prices will have at least some impact on their travel destinations.

EXTENDED STAY AMERICA is continuing its support for The American Cancer Society with a new video series. The series will focus on ESA's Hotel Keys of Hope program that provides free and discounted rooms for cancer patients and their caregivers. The "Stay Stories" video series will feature the stories of families who have to travel for cancer treatment, such as Candace Bennik, the subject of the first video who traveled from her home in Grand Rapids, Michigan, to Houston for treatment for stage four lung cancer. "One of ESA's core values is to put people first and care for our community, a sentiment that is demonstrated through our support of the ACS," said ESA's Director of Creative Services Holly Hester. "As part of this partnership, our goal is to help patients and their families overcome the financial stress of travelling for treatment and gain access to the care they need. We are honored to share their incredible stories."

BLACK HISTORY MONTH is a time to think about unity in general and hoteliers of all races acknowledged that this year. AAHOA observed the month, as did others in the industry through actions and testimonials. A way to engage the local community California hotelier and philanthropist Sunil "Sunny" Tolani in a recent article discussed the importance of the month to him. Tolani is CEO of the Prince Organization in Anaheim, California, and in an interview with New York Wire magazine, he discussed diversity and his company's participation in the Martin Luther King Jr. Day of Service in January. The event supports a sense of family among his employees, Tolani said. "Employees make time to volunteer and the MLK Day of Service is a great way we engage with our local community while honoring the legacy of Dr. King," Tolani said. "Whether we plan on cleaning up a public space, mentoring and providing internships to young people, mentoring our staff, inviting the local students to tour the back of house hotel operations, what they do makes a world of difference. Our entire organization felt a sense of pride at what we were able to achieve." Tolani said supporting minority rights also builds meaningful relationships within the communities in which they operate and "taps the passions of millions of guests."

C.J. Chapman is the new general counsel of Denver-based hotel operator and developer Stonebridge Cos. Chapman, who has nearly two decades of experience, will provide in-house legal advice for Stonebridge and also oversee the firm's risk management group, a statement said. A Denver native, Chapman also will become a shareholder in Stonebridge, according to the company. Previously, he served as general counsel to Elevation Capital, a venture fund based in Vancouver, Canada. "I am excited to have C.J. join our team. His breadth of experience and knowledge is a welcomed addition to Stonebridge," said Tom Brinkman, president and chief operating officer of Stonebridge. "C.J.'s professionalism, broad experience in the commercial real estate sector and commitment to excellence is a perfect fit for the team and culture here at Stonebridge."

AS COVID-19 FEARS subside, travelers are significantly less concerned about safety during travel, driving a significant rebound in travel activity, according to a survey by travel risk and crisis response provider Global Rescue. Most are vaccinated, or have recently recovered from COVID-19. The 2021 fall Global Rescue Traveler Sentiment and Safety Survey revealed that nearly 86 percent of travelers have taken domestic trips, and 42 percent have traveled internationally, since the start of the pandemic last year. The survey was conducted among more than 1,500 of the firm's current and former members between Oct. 26 to 30, 2021. "Between April and October, there's been a 74 percent jump in people taking domestic trips and an enormous 207 percent increase in individuals traveling internationally," said Dan Richards, CEO of Global Rescue and a member of the U.S. Travel and Tourism Advisory Board. According to the survey, fear of COVID-19-related quarantine or infection while traveling declined by 37 percent compared to January 2021.

FLORIDA ATTORNEY GENERAL Ashley Moody is targeting fake postings offering vacation rental properties. The state's campaign against these specific scams plays into AAHOA's call for more short-term rental regulation, the association said. The scams involve fake postings offering vacation rental properties with requests for application fees or security deposits, according to Moody's office. Victims of the scam pay the deposit, only to find the listing has disappeared and so has the deposit money. The would-be vacationers often show up at the property and find that the actual owners have no record or intention of renting. "Florida is one of the most popular vacation destinations in the nation," Moody said. "Scammers will take advantage of this by creating fake vacation rental listings in hopes of stealing personal information and money. Whether you are traveling within the state or from out of state, make sure to take extra precautions when renting a vacation home to avoid being burned this summer vacation season."

AMERICINN BY WYNDHAM has launched the State Fair Family contest with a $15,000 family payday, a statement said. The winning family will get a $10,000 travel stipend and $5,000 cash as prize. To participate in the competition, families need to attend at least three separate Midwest state fairs in one week. They then document their experience in photos and videos on social media and contribute to the future AmericInn Best of the Midwest Fair Guide, the statement added. A social-media savvy family with active social media accounts (TikTok and Instagram preferred) over 21 years old can participate in the contest. They must be a U.S. resident with a valid federal or state-issued ID. Entries should be submitted by Aug. 3 along with a 300-word minimum written entry and family photo or 1- to 3-minute video describing what makes your family the ideal candidate for the job. The winner will be selected during the week of August 4, the company said.

IT'S BEEN SIX decades of keeping the light on for guests by Motel 6. To mark the occasion, the economy brand is thanking its team members, owners and guests, with plans to stick to the same business model for the next 60 years. Motel 6 began in 1962 in Santa Barbara, California, for just $6 a night in keeping with the philosophy of providing affordable, clean and comfortable lodging, according to the company. Since then, the brand, owned by G6 Hospitality, has followed a strategic development plan that has led it to expand more than 1,400 Motel 6 and Studio 6 locations throughout the U.S. and Canada, said Rob Palleschi, G6 CEO, in a video for the June 25 anniversary. "Years later, our value proposition remains rooted in the same belief, that everyone has the right to travel," Palleschi said. "As we look to the next 60 years, I want to thank every team member and owner for their dedication to our brand."

ATLANTA-BASED BANYAN Investment Group has completed the sale of the 112-room Holiday Inn Express & Suites Bluffton at Hilton Head Area in South Carolina, to Trishul Hospitality, the company said. The transaction, for an undisclosed amount, generated a 24 percent internal rate of return and a 3.3x equity multiple for Banyan. "We purchased the Bluffton Holiday Inn Express & Suites back in 2014 with the idea that this South Carolina coastal submarket was poised for long term growth. We were confident Bluffton would evolve into a tourist destination, aided by its proximity to several year-round destinations such as Hilton Head Island, South Carolina; Savannah, Georgia; and Charleston, South Carolina," said Samir Yajnik, principal and EVP of investments, Banyan Investment Group. "Our underwriting and research at that time proved to be correct given Beaufort has become the fastest growing town in Beaufort County, South Carolina, with its population having grown by more than 124 percent in the last decade.

INTERNATIONAL INBOUND TRAVEL is expected to slow down in the fall after surging over the summer, according to the latest U.S. Travel Association forecast. USTA also expects it may take until 2025 for the travel segment to recover to pre-pandemic levels. Inbound travel recovery picked up in summer and reached a pre-pandemic high of 35 percent below 2019 levels in July 2022, said U.S. Travel Association. It improved from a 41 percent decrease in May and declines of more than 50 percent earlier in 2022. The latest report by Aaron Szyf, economist, USTA, said that inbound travel recovery continued from Europe and Latin America in the past few months, which was 22 percent below 2019 levels in July. Meanwhile, Asian markets declined 66 percent in July, largely due to stagnation from China and a very slow return from Japan.

NOBLE INVESTMENT GROUP has acquired the Homewood Suites by Hilton Salt Lake City | Downtown in Salt Lake City, Utah. The company, led by Mit Shah as CEO,said the city represents a fast-growing market. The 137-room hotel is in Salt Lake City's central business and entertainment district, according to Noble. The area contains more than 15 million square feet of office space and several corporate headquarters, including Zions Bancorporation, Questar Corporation, and Goldman Sachs. Also nearby are the Salt Palace Convention Center, Vivint Arena, Gallivan Center, Temple Square and the Utah State Capitol. More than 26 million passengers annually pass through the Salt Lake City International Airport, which is 4 miles west of downtown. "Salt Lake City has seen some of the highest in-migration trends leading up to and continuing through the global health crisis," Noble said in its statement. "The city boasts more than ten ski resorts within an hour's drive, as well as more than a dozen national parks and monuments. With its world-class outdoor lifestyle, Salt Lake City is one of the most dynamic leisure and corporate travel markets in the U.S."

THE U.S. DEPARTMENT of Justice will appeal the recent court ruling that overturned a federal mask mandate on public transportation. In response, the U.S. Travel Association said that the mandate is simply out of step with the current public health landscape. Last week, U.S. District Judge Kathryn Kimball Mizelle in Tampa ruled that the CDC had overstepped its authority in issuing the mask mandate. The Centers for Disease Control and Prevention asked the DOJ to appeal the ruling. In a statement on April 20, the CDC said that an order requiring masking in the indoor transportation corridor remains necessary for the public health. CDC will continue to monitor public health conditions to determine whether such an order remains necessary, it added.

Noble Investment Group has made three new appointments to its senior management lineup. They are Ben Brunt as chief investment officer, Jim Conley as chief compliance officer, and George Dabney as chief financial officer, and all three are principals, too. Noble, based in Atlanta and led by Mit Shah as CEO, is beginning its 28th year of operation. Brunt, who joined Noble in 2005, succeeds Rodney Williams, who retired as CIO in December. Williams will continue to serve on the firm's investment committee as a senior advisor. "Ben is a driven, results-oriented leader who has been instrumental in guiding our value-creating investment efforts," Shah said. Conley joined Noble in 2006 as chief financial officer. In his new role, he will oversee the administration of the firm's regulatory and compliance function. He also manage the company's environmental, social, and governance initiatives along with the firm's duties as a signatory to the United Nations Principles of Responsible Investment.

From the courtroom to the halls of Congress, Laura Lee Blake has been representing AAHOA in some capacity for more than a decade now. For the past year she has served as the organization's president and CEO, and recently she sat for Asian Hospitality's Leadership Series to discuss the issues facing the association today. Those issues include the promotion of franchise reform, programs to advance women in the hotel industry and her future plans in her role at AAHOA. Blake's work for the association began well before her current appointment. Making the decision Blake, who is an attorney, worked with AAHOA from 2005 to 2014, then left to return to her law firm in Newport Beach, California. She had just started a trial on a big case when AAHOA offered her the president position.

NOBLE INVESTMENT GROUP has announced leadership promotions across its investment, capital markets, finance, and asset management teams - reflecting the firm's continued commitment to the professional development and advancement of its talented and long-tenured team. According to a company statement, Dan Konzelmann is promoted to vice president and will be responsible for executing strategies across Noble's investment platforms. Emily Feeney has been promoted to senior director and will look after financing new asset acquisitions, managing capital market relationships and asset sales. Jeff Pennington is elevated as senior director and will be in charge for internal and external reporting, fund modeling, and valuations. Bo Zhang has been promoted to senior associate, and will be responsible for information, data, and analytics for our asset management team and investment management strategies, the statement added. "We are extremely proud of these Noble leaders and their well-deserved promotions," said Mit Shah, Noble CEO. "We look forward to their continued growth and contributions to the success of our organization as we expand and execute the depth and breadth of our investment strategies."