Global Travel and Tourism Deal Activity Down by 11% YoY During Q1-Q3 2024, Finds GlobalData
GlobalData | October 21st, 2024
Thousands Protest in Spain’s Canary Islands Against Overtourism
October 21st, 2024
Global Travel and Tourism Deal Activity Down by 11% YoY During Q1-Q3 2024, Finds GlobalData
GlobalData | October 21, 2024
A total of 519 deals (comprising mergers and acquisitions (M&A), private equity, and venture financing deals) were announced in the travel and tourism sector globally during January to September (Q1-Q3) 2024, which was a year-on-year (YoY) decline of 11% over 583 deals announced during the same period in the previous year, according to GlobalData, a leading data and analytics company. An analysis of GlobalData’s Deals Database also revealed that the volume of M&A deals decreased by 6.8% during Q1-Q3 2024 compared to the same period in 2023, while the number of venture financing deals was down by 25.2% YoY. Meanwhile, private...
Thousands Protest in Spain’s Canary Islands Against Overtourism
October 21, 2024
By Borja Suarez GRAN CANARIA, Spain (Reuters) - Thousands of people protested in holiday resorts in Spain's Canary Islands on Sunday against overtourism which they say prices local people out of the housing market. Under the slogan Canary Islands has a limit, residents demonstrated simultaneously in Gran Canaria, Tenerife, La Palma, Fuerteventura, Lanzarote and El Hierro and called for a change in the tourism model for the islands. In the Playa de las Americas in Tenerife, protesters appeared on the beach while tourists were sunbathing and chanted "This beach is ours." Activists claimed the arrival of millions of visitors every ye...
Q3 2024 Major U.S. Hotel Sales Survey
Daniel Lesser | October 21, 2024
By Daniel H. Lesser 2024 has been a turbulent year thus far as we have witnessed dramatic national and global events that may very well alter the course of history. During this past quarter alone: • Two assassination attempts were made on a former U.S. President who is a major party candidate once again in the upcoming election. • One month prior to this year’s Democratic National Convention, U.S. President Joe Biden, having earned sufficient delegates to be the party nominee, withdrew his candidacy and was replaced by the current Vice President Kamala Harris. • Nearly one year after the horrific events of October 7, 2023,...
U.S. Election Impact on Global Travel and Hotel Performance
CoStar Group | October 21, 2024
Analysis by Kelsey Fenerty American outbound travel was much stronger than anticipated across European markets this year, in part due to mega events such as the Summer Olympics and Taylor Swift’s Eras Tour. With the summer months past us, conversations are now swirling around how the U.S. presidential election will impact tourism outside of North America. Less international travel is standard this time of year There will be fewer Americans abroad this autumn and winter, which is entirely normal. U.S. schools resumed between mid-August to early-September with corporate conference season following swiftly thereafter. The U.S. h...
U.S. Hotel Performance for September 2024
CoStar Group | October 21, 2024
WASHINGTON – 21 October 2024 – The U.S. hotel industry reported mixed performance results from the previous month, according to September 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. September 2024 (percentage change from September 2023): Occupancy: 64.6% (-2.5%) Average daily rate (ADR): US$162.63 (+1.2%) Revenue per available room (RevPAR): US$105.04 (-1.3%) Among the Top 25 Markets, New York City experienced the highest occupancy level (-0.8% to 87.0%), driven by the United Nations General Assembly, Fashion Week, and the...
Hotel Assets: The Dark Horse in Real Estate Investing
Dancong 'Dannie' Li | October 21, 2024
By Dancong 'Dannie' Li , Jingjianxiong 'Charlie' Shi , Monique Rosszell Introduction Once considered the 'underdog' in the world of real estate investing, the hotel sector has experienced a remarkable resurgence over the past decade, with a particularly significant upturn since 2021, driven by the surge of pent-up demand resulting from the pandemic. Hotels were often perceived as risky investments due to their seasonality and reliance on short-term leases (i.e., daily rentals). In comparison, the multifamily and office sectors have often been considered safer real estate investments due to the stability of rental income, their resilien...
IHG ANA Hotels Group Japan Appoints Kiyohito Iinuma as New Chief Operating Officer
IHG Hotels & Resorts | October 21, 2024
21 October 2024 – Tokyo, Japan: IHG ANA Hotels Group Japan (IHG) is pleased to announce the appointment of Kiyohito Iinuma as its new Chief Operating Officer (COO) for Japan. In addition to his current position as Director of Operations, Japan, Kiyohito will now also serve as the ANA appointee to the joint venture and as a Director of IHG ANA Hotels Holdings Co., Ltd. Abhijay Sandilya, CEO, IHG ANA Hotels Group Japan and Managing Director, IHG Hotels & Resorts Japan & Micronesia, said: “We are thrilled to see Iinuma-san take on this critical role. His extensive experience and proven track record make him the ideal candidate...
IHG Hotels & Resorts Accelerates Garner Expansion With Four Additional Signings Across Europe
IHG Hotels & Resorts | October 21, 2024
21 October 2024 (London, UK) – IHG Hotels & Resorts (IHG), one of the world’s leading hotel companies, today announces the signing of four new Garner properties, extending the brand’s presence across the UK and Europe. Launched in August 2023, Garner occupies the midscale conversion space, offering owners flexibility and strong returns, and guests a high quality, distinct experience at a price that’s hard to find. With a clear focus on ease and simplicity, the brand has seen rapid global growth, with 76 properties signed in the first half of 2024 alone, with 58 of those coming to IHG’s Europe market. Interest in conversio...
Marriott International and MGM Resorts International Partner to Convert Iconic Las Vegas Strip Property to W Hotels Brand
Marriott International, Inc. | October 21, 2024
Marriott International, Inc. and MGM Resorts International announced plans to convert an iconic property on the Las Vegas Strip to the W Hotels brand within the Marriott Bonvoy® portfolio, continuing the brand’s storied evolution. Anticipated to complete its conversion later this year, W Las Vegas marks the latest step in the companies’ long-term strategic licensing agreement announced in July 2023. “Our relationship with Marriott has far exceeded our expectations, demonstrating the power of its brand portfolio and the strength of their distribution channels,” said Steve Zanella, President of MGM Resorts Operations. “W Las Veg...
The Ayre Group and Nikki Beach Hospitality Group Partner to Bring Resort & Spa, Beach Club and Residences to Antigua
Ayre Group | October 21, 2024
JOLLY BEACH, Antigua, Oct. 21, 2024 -- Today the Ayre Group and Nikki Beach Hospitality Group, the global luxury lifestyle hospitality company, announced their partnership to open Nikki Beach Resort & Spa Antigua, which will also feature a beach club – Nikki Beach Antigua – as well as branded, private Nikki Beach Residences. The details of the resort were unveiled at a groundbreaking ceremony on Jolly Beach, the location for the new development. The mile long Jolly Beach is located on the island's beautiful west coast, an immaculate example of one of Antigua's 365 powdery-white sand beaches. The US $400m+ de...
Palm Holdings Celebrates Grand Reopening of TownePlace Suites by Marriott London After Extensive Renovation
Palm Holdings | October 21, 2024
LONDON, Ontario-- Palm Holdings is proud to announce the grand reopening of the newly renovated TownePlace Suites by Marriott London, a premier extended-stay hotel. The ribbon-cutting ceremony was led by Mandy Choi (VP of Hotels Palm Holdings) and David Abraham (General Manager TPS), alongside local dignitaries. Located at 800 Exeter Rd near Highway 401, the revamped property offers business and leisure travelers a modern and comfortable stay, with easy access to the city's main attractions and key businesses. The hotel’s 126 suites, spanning three floors, have undergone a complete transformation, featuring latest designs for the ...
Sunray Group and Town of Wasaga Announce Agreement on New Mixed-Use Development
Sunray | October 21, 2024
TORONTO--Sunray Group of Hotels and the Town of Wasaga Beach have announced a letter of intent on a new development in Wasaga Beach at 1st St. North and Beach Drive. The project, set on 4 acres of land across from Beach Area One, is planned to include a full-service hotel with 120 to 150 units, restaurant, event spaces and retail. The hotel component will occupy approximately 1.5 acres of the property. The redevelopment also includes a joint venture between Sunray Group and the Town on a mixed-use residential component and public square. Sunray is also in preliminary discussions with the Town to acquire additional land to build and operate a...
The Hospitality Show Announces Highlights and Key Sponsorships for 2024
The Hospitality Show | October 21, 2024
NEW YORK (Oct. 21, 2024) – The Hospitality Show, the industry’s leading technology and operations event produced by Questex and the American Hotel & Lodging Association (AHLA), announced an extensive list of program highlights and sponsorships today. This year’s event will take place at the Henry B. González Convention Center in San Antonio, Texas, Oct. 28-30, bringing together thousands of owners, operators, and leading hospitality professionals for three days of networking, education, and tangible tools to operate more efficiently. Recently awarded the prestigious Trade Show Executive Gold 100 Grand Award for “Bes...
Vincent De Croock Joins Park Hyatt New York as New Director of Sales and Marketing
Park Hyatt New York | October 21, 2024
NEW YORK (October 21, 2024) — Park Hyatt New York, the five-star award-winning hotel located on Manhattan’s Billionaires’ Row, is pleased to announce the appointment of Vincent De Croock as Director of Sales & Marketing. With a passion for excellence and a dynamic approach to sales leadership, De Croock will focus on growing strategic accounts, cultivating key relationships and further strengthening the hotel’s reputation as a leading luxury destination. This year the flagship hotel of the Park Hyatt brand celebrates its 10th anniversary with a transformative renovation and the addition of the Manhattan Suite, a new 3,500-square-...
Commonwealth Hotels Names Dorian Franklyn Phillips as General Manager, The Art Hotel, Curio Collection by Hilton
The ART Hotel Denver | October 21, 2024
DENVER, Colo. (October 21, 2024) – Commonwealth Hotels announced today that Dorian Franklyn Phillips has been appointed General Manager of The Art Hotel, Curio Collection by Hilton. With over a decade of experience in the hospitality industry, Phillips aims to demonstrate his successful management style by overseeing all daily operations, crafting memorable moments for guests, and encouraging staff members to provide top-tier service. “We are pleased to welcome Dorian as our new General Manager and look forward to his leadership inspiring our team to achieve greatness, combined with extensive experience, a fresh perspective, and a ke...
OUTRIGGER Unveils the All-New OUTRIGGER Waikiki Paradise Hotel
OUTRIGGER HOSPITALITY GROUP | October 21, 2024
Honolulu — OUTRIGGER Hospitality Group proudly unveils the newly reimagined OUTRIGGER Waikīkī Paradise Hotel, the brand’s second craft hotel following OUTRIGGER Waikīkī Beachcomber Hotel. Formerly known as OHANA Waikīkī East, this transformed property merges modern amenities with cultural authenticity to offer guests a truly unique and immersive Hawai‘I experience. Built on the historic land that was once part of Princess Ka‘iulani’s esteemed Waikīkī estate, ‘Āinahau—meaning “cool land”—the OUTRIGGER Waikiki Paradise Hotel draws its name and inspiration from the estate’s former title, “Paradise Garden.” Kn...
Kimpton Virgilio Appoints Carlos Juárez Soto as Executive Chef
Kimpton Virgilio | October 21, 2024
Mexico City, Mexico – October 21, 2024 – The executive team at Kimpton Virgilio is pleased to officially announce Carlos Juárez Soto as the Executive Chef at the new 48-room luxury boutique hotel in Mexico City’s hip Polanco district. Juárez Soto is in charge of the Pepe restaurant, a vibrant Spanish tavern concept combining Spanish and Latin flavors, as well as La Caña, the hotel's lively rooftop bar. From Escabeche Kampachi to Octopus Morcilla to Iberico Dumplings, Chef Juárez Soto brings bold flavors and a wealth of experience to the table. "We are honored to have Chef Juárez Soto leading our culinary team," said Erick Vargas...
Premier Resorts & Management Opens Renaissance Hotel on Daytona Beach Oceanfront
Renaissance Hotels | October 21, 2024
Daytona Beach, FL – October 21, 2024 – Premier Resorts & Management, a full-service hotel operating company headquartered in Ormond Beach, Florida today announced the opening of the 190-room Renaissance Daytona Beach Oceanfront Hotel. The futuristically-designed property located at 640 North Atlantic Avenue on the oceanfront of Daytona Beach is owned by 640 North Atlantic Hospitality, LLC and managed by Premier Resorts & Management. With nothing separating the hotel from the ocean but a sandy beach, the Renaissance Daytona Beach Oceanfront Hotel is just a short walk from the Ocean Center Convention Center and only 15 minutes from...
The Peninsula Hotels Welcomes New Leadership as Benjamin Vuchot Appointed Executive Director and CEO of The Hongkong and Shanghai Hotels, Limited
The Hongkong and Shanghai Hotels, Limited (HSH) | October 21, 2024
Hong Kong, 21 October 2024 - The Hongkong and Shanghai Hotels, Limited, owner and operator of The Peninsula Hotels, is pleased to announce that Mr Benjamin Vuchot will succeed Mr Clement King Man Kwok as Executive Director and Chief Executive Officer of the Company with effect from 3 March 2025. Mr Vuchot will also be appointed as a member of the Executive Committee, Finance Committee and the Group Management Board and a Director of some of the group’s entities following his appointment as Executive Director and Chief Executive Officer of the Company. As per the company’s announcements dated 15 December 2023 and 13 August 2024. Mr Kw...
Radisson Hotel Group Boosts Its Italian Portfolio with 5 Signings and Introduction of New Brands to the Region
Radisson Hotel Group | October 17, 2024
Italy is a crucial growth market for Radisson Hotel Group, drawing million visitors annually to cities like Rome, Venice, and Milan. Its rich cultural heritage makes it ideal for expanding luxury lifestyle brands such as Radisson Collection. Opportunities in emerging cities like Bergamo and Pisa, along with Italy’s role as a major business hub, align with the Group’s strategy to serve diverse travelers. With five new hotels signed in the past year and seven openings planned in 2025, adding over 1,000 rooms, Radisson Hotel Group’s Italian portfolio has grown from three to 20 properties in six years, advancing its goal of 30 hotels ...
Baha Mar in The Bahamas Unveils Expansion Plans With New Beachfront Resort and Residences
Baha Mar | October 17, 2024
NASSAU, The Bahamas, Oct. 17, 2024 -- The leading luxury resort Baha Mar announces expansion plans to add a 4th luxury resort as the next phase of its continued development. The new resort and residences will be a stunning addition to Baha Mar's "luxury of choice" collection, with a projected opening in 2029. Today Baha Mar and the government of The Bahamas have signed their Heads of Agreement signaling the approval to move the project forward to construction. Designed by internationally recognized architect and designers Foster + Partners, the resort will be situated on 12 beachfront acres and feature approximately 350 rooms and 5...
Club Med Appoints New VP of Marketing and VP of Sales for North America
Club Med | October 17, 2024
Club Med, the global leader in premium all-inclusive vacations, is announcing the appointment of two seasoned executives to its North American leadership team: Armelle De la Porte des Vaux has been named Vice President of Marketing, North America, and Ron Gulaskey has been appointed Vice President of US Sales & Strategy. Both bring extensive experience and proven track records of driving growth and innovation in the travel industry. They will join Club Med as it continues its ambition to become the most desirable lifestyle brand ahead of its 75th anniversary year in 2025. Resort focuses will include Club Med Michès Playa Esmeralda...
Maverick Promotes Vasileios Ioannoum to Regional Director of Operations
Maverick Hotels & Restaurants | October 17, 2024
Chicago, Illinois, October 17, 2024 – Maverick Hotels and Restaurants announced today that it has promoted Vasileios Ioannoum to the position of Regional Director of Operations. Maverick founder and CEO Robert Habeeb made the announcement. Vasileios has extensive experience in all aspects of hotel operations for large national properties. His responsibilities have included ensuring compliance with regulatory agencies, budgeting and forecasting of sales and revenue, P&L accountability, monitoring payroll, food and beverage cost controls, analyzing performance trends, scheduling staff and hotel management meetings, and coordinating all...
Hermitage Bay in Antigua Re-Opens After Extension Renovation
Hermitage Bay | October 17, 2024
October 16, 2024 (St. Mary’s, Antigua) – Hermitage Bay, the highly acclaimed, laid-back, luxury resort nestled on the rolling hillside of Antigua’s west coast, is set to open its doors again on November 1, 2024, following a multi-million dollar renovation project. Now under the ownership of international hotelier, Daniel Shamoon of Luxury Hotels Partners, the resort retains all the charm that established it as a Caribbean gem while offering inspired enhancements, including 30 fully redesigned guest villa suites, an increased number of private pools, refreshed spa and newly landscaped gardens. The guest experience has been reinvigorat...