Corporate/Finance: Page 8
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Courtesy of EOS Hospitality
EOS Hospitality acquires luxury Brooklyn hotel in $177M bankruptcy sale
The full-service hospitality company will manage The William Vale Hotel, which marks the first New York City property in its portfolio.
By Jenna Graber • June 20, 2024 -
Courtesy of Hotel Equities
Hotel Equities names Aik Hong Tan chief investment officer
The appointment comes less than a month after the hotel management company made other C-suite and executive leadership changes.
By Jenna Graber • June 13, 2024 -
Hispanolistic via Getty via Getty Images
Canary Technologies raises $50M to accelerate AI hotel solutions
The Series C funding will go toward helping hoteliers modernize their tech stacks and improve the guest experience as “enthusiasm” for AI grows, according to company President SJ Sawhney.
By Jenna Graber • June 13, 2024 -
Sean Pavone via Getty Images
LuxUrban Hotels names new CEO
Robert Arigo will take over the beleaguered company, which has “much work to do” following legal troubles.
By Noelle Mateer • June 12, 2024 -
Retrieved from Wyndham Hotels & Resorts on August 04, 2023
LuxUrban Hotels continues leadership shakeups amid lawsuit woes
Michael James will take over as CFO and Alexander Lombardo will join the board of directors as the beleaguered hospitality company works to overcome setbacks.
By Noelle Mateer • June 7, 2024 -
Courtesy of Aimbridge Hospitality
Aimbridge Hospitality names William Davenport CFO
The finance executive previously served as CFO at restaurant chain Velvet Taco and sports entertainment company Topgolf.
By Noelle Mateer • June 5, 2024 -
Sean Pavone via Getty Images
STR, Tourism Economics ‘significantly’ downgrade US hotel forecast for 2024-25
Higher cost of living is reducing lower-to-middle-income households’ ability to travel, and increased operating expenses are impacting hotel profit margins, according to the latest forecast.
By Noelle Mateer • June 4, 2024 -
Mario Tama via Getty Images
More hoteliers will sell than refinance as loan maturity nears: JLL
High interest rates, rising insurance costs and other financial challenges will push hotel owners to consider transacting to repay debt that’s coming due by the end of 2024.
By Jenna Graber • June 3, 2024 -
4kodiak via Getty Images
REIT bets on Phoenix with $43M Hilton extended stay buy
Chatham Lodging Trust acquired the downtown Home2 Suites hotel hoping to capitalize on strong demand from multiple traveler segments.
By Jenna Graber • June 3, 2024 -
Sam Edwards via Getty Images
Stonebridge names Rob Smith president and CEO
The hotel industry veteran jumps ship from management company Aimbridge Hospitality to assume the leadership position.
By Jenna Graber • May 31, 2024 -
slobo via Getty Images
Host Hotels buys Hawaii’s Turtle Bay Resort for $725M
The 450-room resort will be rebranded under Marriott's Ritz-Carlton flag amid high travel demand on Oahu.
By Noelle Mateer • May 30, 2024 -
Courtesy of Hotel Equities
Hotel Equities names Eric McCarthy-Zink CFO
The hospitality industry veteran will work to “streamline processes to enhance efficiency and drive performance” for the hotel owner, operator and developer.
By Jenna Graber • May 24, 2024 -
onurdongel via Getty Images
Hotels to see ‘marginal’ performance gains despite economic woes: PwC
Hotel occupancy, ADR and RevPAR will rise this year and into 2025 even as “economic uncertainty and geopolitical tensions” continue, the professional services company forecasts.
By Jenna Graber • May 23, 2024 -
Retrieved from Arizona Biltmore on May 21, 2024
Henderson Park acquires Arizona Biltmore for $705M
With the buy, the global private equity firm gains a foothold in Phoenix, which CEO Nick Weber calls “one of the country’s premier hospitality markets.”
By Jenna Graber • May 21, 2024 -
Courtesy of Wyndham Hotels & Resorts
Wyndham names Amit Sripathi chief development officer
Sripathi succeeds Chip Ohlsson, who will leave Wyndham in June after more than 30 years with the company.
By Noelle Mateer • May 17, 2024 -
Ethan Miller via Getty Images
Rio Hotel & Casino names Patrick Miller CEO amid $340M transformation
The former MGM Resorts exec will head the Las Vegas property as it prepares to join the Destination by Hyatt brand this fall.
By Jenna Graber • May 15, 2024 -
Courtesy of Aimbridge Hospitality
Aimbridge taps longtime Marriott exec as chief global growth officer
Eric Jacobs will succeed Allison Reid as the hospitality management company continues leadership shakeups.
By Noelle Mateer • May 14, 2024 -
Courtesy of Hyatt
Hyatt sees ‘normalized’ US RevPAR growth, record pipeline in Q1
The company is also making progress on its goal to permanently reduce owned real estate, CEO Mark Hoplamazian said.
By Noelle Mateer • May 9, 2024 -
Courtesy of Choice Hotels
Conversions, extended stay drove Choice Hotels pipeline growth in Q1
The hotel company’s record domestic rooms pipeline grew 11% sequentially in the first quarter of 2024, including a 59% increase for conversion rooms.
By Jenna Graber • May 8, 2024 -
Ethan Miller via Getty Images
Wynn CEO credits Super Bowl for Q1 growth, remains ‘bullish’ on Vegas
Entertainment drivers like the Sphere are bringing leisure travelers to the market, while group demand at Wynn Las Vegas is pacing to have its “best year ever.”
By Jenna Graber • May 8, 2024 -
Courtesy of IHG Hotels & Resorts
IHG’s Americas RevPAR slumps in first quarter
CEO Elie Maalouf said the market has already recovered from the pandemic, blaming “adverse calendar timing” for room profitability in the quarter.
By Noelle Mateer • May 3, 2024 -
Courtesy of Marriott International
MGM CEO: Marriott loyalty partnership ‘exceeds expectations’
MGM said it expects the relationship to be a growth driver in 2024 as the company reports a “record” first quarter, which also benefited from luxury strength in Las Vegas.
By Noelle Mateer • May 2, 2024 -
JHVEPhoto via Getty Images
International markets buoy Marriott Q1 as US RevPAR growth slows
Group and large corporate travel boosted RevPAR in the U.S. and Canada as leisure travel normalized in the region.
By Noelle Mateer • May 1, 2024 -
f11photo via Getty Images
Vegas segment a bright spot in tough Q1 for Caesars Entertainment
The gaming and resort company took a “butt-kicking” in the quarter, according to CEO Tom Reeg, but occupancy in Las Vegas hit an all-time high for Q1.
By Noelle Mateer • May 1, 2024 -
Courtesy of Wyndham Hotels & Resorts
Failed Choice Hotels deal drives developer interest for Wyndham in Q1
Wyndham grew its development pipeline to record highs in the quarter, bolstered by an easing of developer uncertainty surrounding Choice Hotels’ takeover bid.
By Jenna Graber • April 25, 2024
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