RevPAR growth is projected to improve in the second half of the year, increasing by 2% compared to only 0.5% in the first half of 2024.
In 2019, 13% of reporting hotels in the top 25 U.S. markets charged an average daily rate of at least $200, in 2024, that figure is just over 20%.
Blackstone has agreed to sell the economy hotel chain Motel 6 and sister brand Studio 6 to India’s Oyo in an all-cash transaction valued at $525 million. The private equity giant acquired Motel 6 in 2012 from Accor for $1.9 billion. Blackstone exits its 12-year hold of Motel 6 having more than tripled its investors’ capital and generating over $1 billion in profit through executing an asset-light campaign, selling off owned assets and focusing on franchising.
The number of U.S. hotels with an average daily rate of $1,000-plus in the first half of this year was 80, compared with 22 in 2019. In Europe, the number of places tripled, to 183.
Hotels and airlines expect Americans to partake in less leisure travel and pare down the trips they take in the months ahead.
More hotels are introducing specialty ‘wellness’ accommodations that bring the gym into the guest room.
In comparing spreads of hotel deals closed in January and closed mid-year, it’s 50 to 75 basis points more today than at the beginning of the year.
The 3,000-room casino hotel that changed Las Vegas when it opened in 1989 will close on July 17.
Many less-efficient vessels were scrapped, and there will be slow growth in 2026 and 2027 as the absence of industry orders during the height of the pandemic works its way through specialized shipyards.