Weekly data on the three key performance metrics for the United States and Canada was released by STR, parent company of HotelNewsNow.com, today.
U.S.: Anaheim-Santa Ana, California, reported the largest growth in all three key performance metrics during the week of 15-21 January 2012, according to data from STR.
The market’s occupancy rose 29.5% to 73.1%, its average daily rate increased 16% to US$123.73 and its revenue per available room jumped 50.2% to US$90.39.
Overall, the U.S. hotel industry’s occupancy was up 3.9% to 51.4%, ADR increased 3.7% to US$99.96 and RevPAR was up 7.8% to US$51.39.
Canada: In year-over-year measurements, the Canadian hotel industry’s occupancy ended the week with a 2.8% increase to 53.7%, its ADR rose 1.9% to CAD$122.51 (US$122.61) and its RevPAR was up 4.8% to CAD$65.73 (US$65.78).
Among the provinces, New Brunswick achieved the largest occupancy increase, rising 23.6% to 51.8%. Prince Edward Island rose 7.9% in ADR to CAD$78.16 (US$78.21), posting the largest increase in that metric. New Brunswick jumped 26.6% in RevPAR to CAD$57.59 (US$57.63), reporting the largest increase in that metric.
HotelNewsNow.com editors continue their coverage of the Americas Lodging Investment Summit with reflections and highlights from sessions on the event’s final day.
• Not since January 2009 has there been such a genuine, honest assessment of the hotel industry as there was this week in the halls of the JW Marriott at L.A. LIVE during the Americas Lodging Investment Summit, blogs Jeff Higley, editorial director of HotelNewsNow.com. Of course, back then the assessment was one of dire circumstances and deer-in-the-headlights reaction. This time, the operative words are reserved optimism.
Read “ALIS attendees finally have it right.”
• One of the biggest surprises during the recession was banks’ willingness to inject capital to maintain distressed hotels on their balance sheets. Many owners, on the other hand, have not been as diligent.
Read “Banks stepping up to maintain hotel values.”
• During the closing session at ALIS on Wednesday, members of the Industry Real Estate Financing Advisory Council said the changing debt market is likely to draw out the closings of hotel transactions.
Read “IREFAC: Hotel debt market evolving.”
Hyatt Hotels Corporation on Tuesday announced the official rebranding of 38 Hyatt Summerfield Suites and 15 Hotel Sierra hotels to its extended-stay Hyatt house brand. As a part of the rebranding, all of the properties underwent official name and signage changes, bringing the total to 53 Hyatt House properties in 16 states.
In addition to its extended-stay hotels currently open in the U.S., Hyatt has additional properties in this segment under development in key markets in North America, the Middle East and Southwest Asia. All Hyatt House properties will undergo service upgrades and remodeling throughout 2012 and beyond that are designed with guests’ everyday needs in mind.
InterContinental Hotels Group announced Wednesday that Robert Morse, formerly managing principal and COO of Noble Investment Group, was appointed senior VP and COO for the Americas region. In his new role with IHG, he will lead the operations activities for franchised and managed hotels across all of IHG’s brands in the Americas region.
For the past seven years, Morse was responsible for Noble’s hotel management group, which prior to its October 2011 merger with Interstate Hotels & Resorts, operated more than 60 properties including full- and select-service hotels with annual management revenues of approximately US$350 million. Before joining Noble, Morse was the COO for Interstate.
After an 18-month court battle, a New York judge has given an investor group the green light to move forward with foreclosure on boutique hotels Flatotel and Alex Hotel in Manhattan. Which have more than US$300 million in unpaid debt and fees, according to a Wall Street Journal report.
New York State Supreme Court Judge Joan Madden earlier this month ruled that a venture that bought the debt at a discount—which includes Rockpoint Group, Atlas Capital Group and Procaccianti Group—may foreclose on the 272-room Flatotel and the 203-room Alex Hotel in Midtown.
Unless the hotels’ owners, Simon Elias and Izak Senbahar of Alexico Group, appeal the decision and find a judge to halt the foreclosure proceedings, they are expected to lose the Alex and Flatotel before the end of the year, say people familiar with the matter.
Compiled by Stephanie Wharton.