Days after Hyatt Hotels Corp. completed the acquisition of Playa Hotels & Resorts, it announced it has entered into a definitive agreement to sell all of Playa’s owned real estate portfolio for $2 billion to Tortuga Resorts, which is a joint venture between an affiliate of KSL Capital Partners and Rodina. The portfolio includes 15 all-inclusive resorts across Mexico, the Dominican Republic and Jamaica.
Hotel owners have to contend with what local Los Angeles union leaders say will be the highest minimum wage in the country. The city council voted last month to boost the wage for workers in hotels with 60 rooms or more. Hourly pay, currently $20.32, will increase every year until it reaches $30 in 2028.
Luxury hotels inside airports are having a moment. Affluent vacationers and business travelers are splurging before or after a flight in the same way they are paying up for cushier plane seats with more perks.
United and JetBlue are partnering, expanding JetBlue’s reach and allowing United to resume JFK flights.
DoorDash said it struck a $1.2 billion cash deal to buy closely held software concern SevenRooms, whose technology helps hotels and restaurants manage reservations.
Marriott International has reached an agreement to acquire the select-service lifestyle brand citizenM for $355 million. The citizenM global portfolio currently consists of 36 open hotels comprising 8,544 rooms across more than 20 cities in the U.S., Europe and Asia Pacific.
Google remains the top way travelers prepare for their trips but a growing subset of consumers is turning to artificial intelligence to help them research and plan out their stays. Specifically, they’re experimenting with AI platforms known as large language models, or LLMs, such as ChatGPT, Gemini and Llama.
Hyatt Hotels Corporation has entered into an agreement to acquire all outstanding shares of Playa Hotels & Resorts N.V. for $13.50 per share, or approximately $2.6 billion, including approximately $900 million of debt, net of cash. Playa is a leading owner and operator of all-inclusive resorts in Mexico, the Dominican Republic and Jamaica and Hyatt is currently the beneficial owner of 9.4% of Playa’s outstanding shares.
The U.S. hotel industry reported record-high average daily rate and revenue per available room in 2024, but the country’s growth rate was its lowest since the declines of 2020. For the year (percentage change from 2023): Occupancy: 63 percent (flat), ADR: $158.67 (+1.7 percent), RevPAR: $99.94 (+1.8 percent).
