Marriott International Inc. has started eliminating corporate jobs across the globe as part of a larger restructuring aimed at trimming annual expenses by as much as $90 million.
Funds targeting hotel assets reached $10B in YTD Q3 2024, an increase of 19% from the same period in 2019.
RevPAR growth is projected to improve in the second half of the year, increasing by 2% compared to only 0.5% in the first half of 2024.
In 2019, 13% of reporting hotels in the top 25 U.S. markets charged an average daily rate of at least $200, in 2024, that figure is just over 20%.
Blackstone has agreed to sell the economy hotel chain Motel 6 and sister brand Studio 6 to India’s Oyo in an all-cash transaction valued at $525 million. The private equity giant acquired Motel 6 in 2012 from Accor for $1.9 billion. Blackstone exits its 12-year hold of Motel 6 having more than tripled its investors’ capital and generating over $1 billion in profit through executing an asset-light campaign, selling off owned assets and focusing on franchising.
The number of U.S. hotels with an average daily rate of $1,000-plus in the first half of this year was 80, compared with 22 in 2019. In Europe, the number of places tripled, to 183.
Hotels and airlines expect Americans to partake in less leisure travel and pare down the trips they take in the months ahead.
More hotels are introducing specialty ‘wellness’ accommodations that bring the gym into the guest room.
In comparing spreads of hotel deals closed in January and closed mid-year, it’s 50 to 75 basis points more today than at the beginning of the year.
