Market Trends

🏡 Dusit International, a Thai hotel company, partners with IDC Prime to manage two new hotels in Mindanao, Philippines, under the Dusit Princess brand. The hotels, located in Bukidnon and Cagayan de Oro, are opening in late 2029. Dusit Princess Moena in Bukidnon will feature 184 rooms and facilities like a business center, dining restaurant, and gym. The 14-story Dusit Princess Firenze in Cagayan de Oro will have 180 rooms and amenities like a gym and spa. These projects join Dusit's 302 properties in 19 countries and expand its Philippine presence, which includes Manila, Cebu, Davao, and Samal Island.

🏖️ In 2024, overtourism led to higher visitor fees, cruise ship bans, rental restrictions, and protests. Experts anticipate the summer of 2025 to be as crowded as 2024. Cities are adopting robust planning, and "destination dupes" near popular areas offer alternatives. Overtourism persists despite efforts to diversify travel interest and manage tourist influx.

🏡 The Crawford Hotel at Denver Union Station, originally established in 1881, reopened in July 2014 following a $54 million renovation. The latest refresh includes updates to the Great Hall and 112 guestrooms. The redesign was led by Sage Studio and DLR Group, with public spaces revamped by Goodrich. The Crawford introduced The Parlour, a new lobby with private elevator access. Guestrooms feature custom-made furniture in jewel tones, local art, and Grown Alchemist bath products. Upgrades include Loftie alarm clocks with custom content. Denver Union Station is owned by Union Station Alliance and hosts various shops and restaurants, with new additions set for early 2025.

🏨 In Washington, CoStar's data revealed a decline in U.S. hotel industry performance for the week of January 5-11, 2025, compared to the same period in 2024. Occupancy dropped by 7.7% to 49.2%, ADR decreased by 5.9% to $144.03, and RevPAR fell by 13.2% to $70.92. Tampa experienced the highest gains with occupancy up 18.2% to 79.1%, ADR rising 7.6% to $178.42, and RevPAR increasing 27.2% to $141.20. Los Angeles saw occupancy grow by 5.7% to 65.0% and RevPAR by 8.6% to $122.63 due to fire displacement demand, while San Francisco's RevPAR plunged 78.1% to $85.89, affected by the J.P. Morgan Healthcare Conference calendar shift.

💰 Aimbridge Hospitality, the world's largest third-party management company, has agreed to convert over $1.1 billion in debt into equity and inject $100 million in new capital. This deal will reduce Aimbridge’s debt from $1.3 billion to a maximum of $210 million. First- and second-lien lenders have shown "overwhelming support," with first-lien lenders becoming majority owners. Although not explicitly stated, the Restructuring Support Agreement (RSA) often precedes Chapter 11 bankruptcy proceedings. Aimbridge, under CEO Craig Smith, aims to strengthen its balance sheet and continue investing in operations, targeting improvements and industry leadership. The company manages over 1,000 hotels in more than 20 countries and has recently reshaped its operational structure for greater efficiency.

🏠 London, as a global hub, welcomed around 20.3 million overnight visitors in 2023, according to the Office for National Statistics (UK), nearing the 2019 pre-pandemic level of 21.7 million. This influx boosts accommodation demand and supports the tourism sector, highlighting the city's diverse events from business conferences to cultural and sporting activities as key drivers of tourism performance.