Vol. 7 No. 304 About   |   Contact   |   Advertise November 06, 2019
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Marriott, Hyatt see mixed third quarter results
Both companies moderate 2019 RevPAR guidance
News-1

Third quarter results for Marriott International and Hyatt Hotels Corp., released this week, were mixed. Marriott saw an 18 percent decrease in adjusted net income, the second quarter of income decline for the company this year, and Hyatt’s adjusted EBITDA decreased 7.3 percent to $163 million.

THIRD QUARTER RESULTS from two major hospitality companies, Marriott International and Hyatt Hotels Corp., released last week were mixed, adding to the lackluster growth the industry has witnessed in the quarter. As a result, both hotel companies have lowered their forecast for the RevPAR for the full year.

Marriott has seen the comparable systemwide RevPAR increasing by 1.5 percent on constant currency basis, consistent with the company guidance. The metric rose by 1.3 percent in North America, while the international RevPAR grew by 1.9 percent.

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INSIDERS
Insiders Aly El-Bassuni is the new chief operating officer for the Americas at Radisson Hotel Group. His previous role in the company was senior vice president for franchise operations.

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OPENINGS
openings SpringHill Suites by Marriott Gulfport I-10 is now open in Gulfport, Mississippi. The Marriott franchise is owned and managed by Buford, Georgia-based Ascent Hospitality under founder and CEO Nash Patel.

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Vision Hospitality refinances Georgia hotel for $12.5 million
The Chattanooga, TN-based company also named Marriott developer of the year
News-1
Vision Hospitality Group’s 115-room Marriott Courtyard Duluth Sugarloaf in Duluth, Georgia, is near the Infinite Energy Convention Center and Arena in Gwinnett County. The company recently refinanced the hotel for $12.5 million.
VISION HOSPITALITY GROUP has refinanced its 115-room Marriott Courtyard Duluth Sugarloaf in Duluth, Georgia, for $12.5 million. The Chattanooga, Tennessee-based company also recently received the Development Partner of the Year award at the Marriott MINA & Full Service Owners Conference in October.

Vision Hospitality opened the Courtyard Duluth Sugarloaf in 2016. It is next to the 13,000-seat Infinite Energy Convention Center and Arena in Gwinnett County. The area is the most populous county in the state of Georgia.

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Wyndham settles management dispute with CorePoint Lodging
Franchiser agrees to $20M payment and technology upgrades the REIT says are sorely needed
News-3
Lodging REIT CorePoint, formed after Wyndham Hotels & Resorts’ May 2018 acquisition of the La Quinta brand to oversee La Quinta Holdings’ 300 owned hotels has settled a management dispute with Wyndham.
COREPOINT LODGING, A lodging REIT, resolved its dispute with Wyndham Hotels & Resorts over CorePoint’s claim that Wyndham was in default of its management agreement with the REIT.

Wyndham, doing business as LQ Management, manages CorePoint Lodging’s hotels.

Wyndham in May 2018 acquired the La Quinta brand from La Quinta Holdings, including its franchise and management business. La Quinta’s corporate-owned portfolio of more than 300 hotels spun off into CorePoint Lodging, and Wyndham signed on as property manager, doing business as LQ Management.

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Current Issue
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NUMBERS
Numbers
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The percent occupancy for U.S. hotels fell during the last full week of October, down to 70.5 percent, according to STR. ADR increased 0.2 percent to $135 and RevPAR stayed flat at $95.15.Read More...
Report: Extended-stay bookings still high, but traditional hotels are seeing most of them
Transient hotels booked 42 percent more stays of more than seven nights during year-long period than extended-stay properties
News-2
Traditional or non-extended-stay hotels in the country accommodated 71.15 million room nights from guests staying seven nights or longer in the year-long period ending June 2019, 42 percent more than the 50.23 million booked at actual extended-stay hotels, according to shows a new report by the Highland Group and Kalibri Labs.
THE EXTENDED-STAY HOTEL segment has been increasing its market share for the past two decades, accompanied by rapid supply growth. Yet, traditional hotels manage to steal a march on them when it comes to demand and revenue, shows a new report by the Highland Group and Kalibri Labs.
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GRAPHIC OF DAY
Report: Moving average analysis shows RevPAR growth has plateaued since February
Graphic
ONE METHOD OF calculating U.S. RevPAR data shows the metric has plateaued since February, according to an article on HotStats.com. Using the moving average method to analyze the data revealed the trend which is not apparent using the seasonal method more commonly employed for creating budgets.
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