As restrictions on travel begin to ease globally, destinations around the world are focusing on growing domestic tourism, with many offering incentives to encourage people to explore their own countries.
Hotel news in North America
The COVID-19 pandemic continued to severely impair Manhattan hotels in the second quarter, as travel restrictions and business closures remained the new normal.
Preferred Hotels & Resorts has announced 13 new member hotels from May 1 through August 31, 2020. These recent additions mark 39 new member hotels to join the its global portfolio in the first 8 months of the year
A devastating $155 billion looks set to be lost from the U.S. economy due to the collapse of international travel during 2020
Sonesta International Hotels Corporation is rocketing towards the largest expansion in the history with the addition of 103 properties to its global portfolio of hotels and destinations.
IAC has announced its accumulation of a 12% interest in global hospitality and entertainment company MGM Resorts International for an aggregate of approximately $1 billion.
Marriott International has reported second quarter 2020 results, which were dramatically impacted by the COVID-19 global pandemic and efforts to contain it (COVID-19).
Ascend Hotel Collection opened the doors to seven hotels in the first half of this year and added 10 to its pipeline. Amidst the current COVID-19 pandemic environment, the upscale brand is continuing to attract increased interest from independent hotel owners and travelers.
According to analysts at Lodging Econometrics (LE), the Canadian hotel construction pipeline continued to expand at the close of Q2 2020 with 296 projects / 39,645 rooms. The construction pipeline is up 8% by projects and 11% by rooms, year-over-year (YOY).
The enormous toll of COVID-19 on international tourism has now become clear, with World Tourism Organization (UNWTO) data showing the cost up to May was already three times that of the 2009 Global Economic Crisis.
Accor is stepping up its ambition in the lifestyle sector with TRIBE, a rapidly expanding midscale brand, which is exceeding initial expectations and planning to open more than 50 hotels globally.
Hospitality Technology Next Generation (HTNG), in partnership with the Hospitality Sales and Marketing Association International (HSMAI), launches a joint initiative to better align marketing and technology disciplines in hospitality organizations.
Total travel spending in the U.S. is predicted to drop 45% by the end of this year, spurring renewed calls for federal measures to support the industry that was one of the top U.S. employers and exporters prior to the pandemic.
Hospitality Ventures Management Group (HVMG), an Atlanta-based, private hotel investment, ownership and management company, has assumed management of a four-hotel portfolio of upper-upscale and upscale independent and Hilton-branded hotels located in Fla., Okla., and Texas.
Royal Caribbean Announces Proposed Offerings Of Senior Guaranteed Notes And Senior Convertible Notes
Royal Caribbean Cruises has announced that it has commenced a private offering of senior guaranteed notes to be issued by the company due 2023 for an aggregate principal amount of up to $1.0 billion and a concurrent private offering of senior convertible notes to be issued by the Company due 2023 for an aggregate principal amount of up to $1.0 billion.
Charlestowne Hotels, providing full-service hospitality management, has announced a formal agreement with The Thrash Group, a national hospitality development company, to oversee their entire portfolio of hotels. Under this new agreement, Charlestowne will add ten properties to its portfolio.
Al Rayyan Tourism Investment Company (ARTIC), the international hotel investment and hospitality subsidiary of Al Faisal Holding Company in Qatar has acquired the Viceroy Miami luxury boutique hotel and will now convert the property into a W hotel to be renamed W Miami.
Ashford Hospitality Trust, a real estate investment trust (REIT) focused on investing opportunistically in the hospitality industry in upper upscale hotels, has recently announced that it has entered into a definitive agreement to sell a 5-hotel, 1,396-room portfolio of select-service hotels for US$142 million in cash (US$102,000 per key) to Noble Investment Group.
Provenance Hotels Partners Fund I (PHPF I) has announced its acquisition of the Old No. 77 Hotel & Chandlery in New Orleans.