🛎 CBRE Adjusts Hotel Performance Outlook for 2024

The rise of contactless tech, top hiring challenges, and more.

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🛎️ CBRE Adjusts Hotel Performance Outlook for 2024

CBRE Hotels has lowered its 2024 RevPAR growth forecast from 2.0% to 1.2% due to weaker leisure travel and slowing corporate profits. Despite challenges like increased competition and weaker consumer spending, CBRE remains optimistic, projecting a nominal RevPAR record of $100.54 in 2024, supported by international tourism and election-related events. Read More.

⚠️ More than 10,000 hotel workers may strike this fall. Here’s what it means for travelers

Over 10,000 hotel workers are planning to strike this month, potentially disrupting travel at major hotels in cities like San Francisco and Honolulu as they demand better wages and working conditions. The strike could last into the fall, affecting services like housekeeping and food and beverage at affected hotels. Read More.

📈 Report: Hotels continue to gain from strong group and business travel

Seattle, Nashville, Detroit, and Houston followed Las Vegas as top performers in group and business travel in Q2. Las Vegas, Detroit, and Seattle also led in group growth, with Las Vegas topping event volume, driven by the tech sector. Major hotels like Marriott and Hilton attributed Q2 revenue growth to increased group travel, while Wynn Las Vegas expects 2024 to be its best year ever for group performance. Read More.

🤝 Sohal Hotels Sells 117-Room Marysville Property for $26.5 Million

The La Quinta Inn & Suites by Wyndham in Marysville was sold for $26.5 million to Jaye Enterprises Inc., marking another hotel sale in the Puget Sound region. Other recent transactions include APA Hotel Co.'s $68.8 million purchase of the Hilton Seattle, which will be rebranded as Coast Seattle Downtown Hotel by APA. Smaller deals include the $28.7 million sale of the Bellevue Hampton Inn and Suites and the $11 million purchase of the HomeTowne Studios by Red Roof in Tacoma. Read More.

📉 Hotel Stock Index Falls for the Third Time in Four Months

Hotel stocks fell in July as executives reported mixed Q2 results and lowered expectations for the rest of the year. The Baird Hotel Stock Index dropped 2.9% in July, marking declines in three of the past four months. While the S&P 500 rose 1.1% and the RMZ increased 6.1%, hotel brands fell 3.4% and hotel REITs dipped 0.4%. Marriott saw the steepest monthly decline at 6%, while Braemar Hotels & Resorts surged 39.2%. Despite recent declines, the Hotel Stock Index remains up 4.5% year-to-date. Read More.

👨‍💼 Auberge Resorts Collection Appoints Former Four Seasons Executive as CEO

Luxury hotel brand Auberge Resorts Collection has appointed former Four Seasons Global President Christian Clerc as its new CEO. Clerc, with extensive experience in luxury hospitality, will succeed Craig Reid, who is retiring after 10 years. The leadership change comes as Auberge plans to expand its portfolio, supported by a recent investment from BDT & MSD. The brand aims to grow in several U.S. markets, including San Francisco, Dallas, and Miami Beach, by 2027. Read More.

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