The latest data shows the top 25 hotel markets are now at 65% of year-to-date 2019 levels of gross operating profit per available room and are just seven percentage points below the 2019 year-to-date gross-operating-profit margin. Additionally, all these markets year to date are beyond 50% of 2019 levels in total revenue per available room and beyond 24% of 2019 GOPPAR levels.
Choice Hotels International, Inc. has entered into a definitive agreement to acquire the franchise business, operations and intellectual property of Radisson Hotel Group Americas for approximately $675 million.
Some resort owners are converting room nights for sale into nonfungible tokens, or NFTs, that can be bought or sold by hotel guests, similar to the StubHub market for concert and sporting event tickets.
A union representing hotel housekeepers is asking guests to request daily room cleaning as a way to secure housekeepers’ jobs and ease strain
Brookfield is set to acquire Watermark Lodging Trust in a $3.8-billion all-cash transaction, which includes 25 properties, including five Ritz-Carlton hotels.
U.S. hotel gross operating profit per available room reached its highest level since November 2019. The GOPPAR of $83.81 was less than $10 shy of reaching the pre-pandemic comparable from March 2019.
The project is aiming to finish before the end of next year, though work may continue into 2024, with costs now are expected to run to more than $2 billion. That means the total acquisition and conversion costs will approach or potentially exceed $4 billion, making it one of the largest, most intricate and most expensive condo conversion and hotel rebuild projects undertaken.
Miami investment fund, CGI Merchant Group is paying $375 million to buy Trumps’ Washington Hotel lease and will begin the process of rebranding the property as a Waldorf Astoria.
