HOTELSMag.com - 10 Minutes News for Hoteliers - Page 45

2 min

Europe performance fuels Minor Hotels’ profit growth

📌 Minor Hotels, a Bangkok-based group, reported a revenue increase of 11% year-over-year (YOY) in Q2 and a first half (H1) profit jump of 16% from 2023. The company's consolidated core net profit rose 3% YOY to THB 2.6 billion ($72 million) in Q2, and 17% to THB 1.7 billion ($47 million) in H1, backed by a core revenue surge to THB 66.1 billion ($1.86 billion), marking a 14% YOY growth. Occupancy rate growth was noted in Asia, the Indian Ocean, and MEA region by six percentage points to 61% in H1 and 56% in Q2. Globally, occupancy increased modestly. Average Daily Rate (ADR) jumped 11% YOY for the quarter, while Revenue Per Available Room (RevPAR) saw a 12% increase. In Thailand, RevPAR surged by 14% YOY in Q2. Minor expanded its global hotel portfolio, including brand debuts in Finland, South Africa, and Sri Lanka. With over 50 hotels in 56 countries, Minor aims to add over 200 properties by the end of 2026.

2 min

Rosewood expands in the Caribbean with Bahamas resort

🏖️ Rosewood Hotels & Resorts to open Rosewood Exuma in the Bahamas in 2028 on a 124-acre private island in Exuma archipelago. The luxury resort will feature 33 suites, six dining venues, a 20,000 sq. ft. Asaya spa with six treatment rooms, an outdoor sports center, and two marinas for yachts up to 150 feet. Sustainable initiatives include only 25% island development and solar powered energy. Rosewood currently operates 34 properties in 21 countries.

3 min

IHG posts strong Q2 driven by U.S. RevPAR, conversion projects

🏨 IHG Hotels & Resorts witnessed a 3.2% rise in RevPAR in Q2 with overall RevPAR up by 3%, ADR increasing by 2%, and a notable 2.5% increase in the Americas. However, RevPAR in China dipped by 7%. Operating profits soared 12% to $535 million despite a $10 million currency hit, as total revenue climbed 4% to $2.32 million. Growth momentum saw the opening of 80 hotels (11,700 rooms) in Q2, and a remarkable 123% YOY increase in new signings at 255 hotels (39,400 rooms). In H1, IHG launched 126 hotels (18,000 rooms) and signed a record 384 properties (57,100 rooms). New brand Garner already boasts over 80 signings since 2023, with conversions representing over half of H1 signings. Holiday Inn expanded with 200 new signings over 30 months, 90 openings, contributing to IHG's global estate of 6,430 hotels totaling 955,000 rooms.

2 min

Briefs: NexGen Hotels acquires in California; Moxy Hotels grows China portfolio

🏡 NexGen Hotels acquired The Cole Hotel in Palm Springs, California, managed by Genuine Hospitality Group, featuring 30 rooms, outdoor pool, and original construction in 1959. Moxy Hotels introduced Moxy Chongqing in China offering 360 rooms, a 29th-floor bar, and expanding to over 25 countries. InterContinental launched a 390-room Riverwalk hotel in San Antonio, Texas, boasting a rooftop pool and over 18,000 square feet of meeting space. The Ansonborough Charleston is set to open on September 3 in South Carolina with 45 rooms, following renovations, inspired by the 1700s neighborhood.

4 min

People on the Move: Aimbridge Hospitality, Marriott, R Collection Hotels, Dreamscape Hospitality, Pendry Hotels & Resorts

🏩 Christopher Tatum named divisional president of Aimbridge Hospitality's Full Service division, overseeing its U.S., Canada, and Caribbean portfolio. Marriott International appoints Federico Greppi as COO for the Caribbean and Latin America, and Sam Basu as area general manager of Puerto Rico, including GM of the Ritz-Carlton, San Juan. Claudio Coriasco joins R Collection Hotels as GM in Italy. Christina Pedersen becomes vice president of sales and marketing at Dreamscape Hospitality. Derek Lescrinier set to manage Pendry Natirar, opening fall 2024.

3 min

Global business travel spending set to hit record in 2024

📌 Global business travel spending projected to reach $1.48 trillion by end of 2023, up from 2019's $1.43 trillion. By 2028, spending expected to surpass $2 trillion. The industry likely to see 11.1% growth in 2023, with a compound growth rate of 6.95% from 2025 to 2028. In 2023, spending hit $1.34 trillion: $501 billion on lodging, $282 billion on air travel, $245 billion on food and beverage, $165 billion on ground transportation, and $142 billion on other expenses. Despite recovery, adjusted for inflation, spending remains behind pre-pandemic highs. Business travel recovery varied by region: Asia Pacific grew by 36% in 2023, Eastern Europe 33%, and North America 25%. Financial and insurance sectors may see the largest growth (72%) by 2028, while retail trade (41%) and agriculture (32%) the least. Business travelers' average spend per trip is $834. 81% of travelers found business trips significant for their objectives, with seminars and training being the most common purpose. 76% traveled the same or more compared to 2019, with 58% extending trips for leisure.

2 min

Ennismore signs first Hyde hotel in Africa

🏡 Ennismore partners with Kasada to sign Hyde Johannesburg, the first Hyde property in Africa and Kasada's fourth project in South Africa. Located in Rosebank, Johannesburg, the hotel offers 131 rooms, featuring 31 suites and a gym. It is situated next to Rosebank Gautrain Station within a mixed-use building, which also houses Proud Mary restaurant, a lobby lounge, meeting rooms, and 7,400 square meters of coworking, office, and commercial spaces. The building won the International Property Award for Best Mixed-Use Development in 2022. Hyde London City is set to open in September, with more properties planned in Perth and Queenstown.

3 min

Briefs: Banyan Group expands Vietnam presence; UNITE HERE backs Kamala Harris

🏖 Banyan Group opened Angsana Quan Lan in Bai Tu Long Bay, Vietnam, featuring 156 rooms and suites, three dining venues, a spa, and amenities like mini-golf and zipline. The group has over 80 properties worldwide. UNITE HERE endorsed Kamala Harris for the 2024 presidency, citing her support for labor and working people, aiming to mobilize union members to knock on 3.2 million doors in key states. Marriott International plans to launch W Hangzhou in China's new CBD by 2031, with 270 rooms, occupying the top floors of a 24-meter building. Hyatt Regency Scottsdale Resort in Arizona will reopen as Grand Hyatt in early October after a $115 million renovation, offering 496 rooms, six dining options, and 90,000 square feet of function space, with a grand ballroom opening in January 2025.

3 min

West Virginia’s Justice in battle to keep The Greenbrier, cites political motivation

🏦 West Virginia Governor Jim Justice's luxury resort, The Greenbrier, faces auction on August 27th amid unpaid debts. Located in White Sulpher Springs, W.Va., the resort features 700-plus rooms, four golf courses, a casino, a medical spa, and is staffed by thousands of local workers. The Justice family pledges to fight the sale, following JPMorgan's loan sale to Beltway Capital and subsequent default declaration. The resort was purchased by Justice in May 2009, after CSX Corporation filed for bankruptcy. Governor Justice, in office since 2017, is also running for a U.S. Senate seat in 2024.

4 min

How to decrease hotel costs through greater operational efficiency

🏨 Post-pandemic hotels and resorts face increased costs in labor, energy, food, and supplies, with service levels challenged by worker shortages. Prior stability from 2011's economic recovery has been disrupted, leading to cuts in services like daily room cleaning and customer desk services. Key profitability strategies for 2024 include competitive vendor bidding, joining purchasing groups, and focusing on energy use. Energy costs have spiked in the last 36 months, urging hotels to implement preventative maintenance and energy management systems. Operational efficiency and guest services can be restored by incentivizing staff, investing in training, and applying industry best practices. Jeff Brainard, VP at Southern Management Companies, emphasizes cost containment through efficiency for long-term success.

Input your search keywords and press Enter.