From the desks of the Hotel News Now editorial staff:
- Choice closes on WoodSpring deal
- Pat Pacious lays out his vision of growth
- January continues strong job growth pace
- Travel to China picks up for Spring Festival
- Analysis shows hotel impact of NFL teams moving
Choice closes on WoodSpring deal: Roughly a month and a half after initially announcing the deal, Choice Hotels International officials said they’ve closed on the $231-million purchase of the WoodSpring Suites brand, according to a news release. The deal brings 240 extended-stay properties across 35 states into Choice’s portfolio.
Choice now has more than 350 properties in the extended-stay segment, including the WoodSpring, MainStay Suites and Surburban Extended Stay brands.
Pat Pacious lays out his vision of growth: Also in Choice Hotels news, President and CEO Pat Pacious sat down with Hotel News Now Editorial Director Jeff Higley at the 2018 Americas Lodging Investment Summit in Los Angeles and shared some insights into how his first few months on the job have gone and what he sees going forward for the company.
Pacious specifically touched on opportunities with the WoodSpring Suites brand.
“It’s on a nice growth trajectory,” he said. “We see it as a brand of tomorrow, and one that we think putting on our distribution platform—being able to bring the corporate accounts that we can bring—will really help improve the owner return on investment, which is really what we’re all about.”
January continues strong job growth pace: The latest U.S. jobs reports showed the economy added roughly 200,000 seasonally adjusted jobs in January, as unemployment remains at its lowest level in 17 years, The Wall Street Journal reports.
Wage growth also ticked up for private-sector workers, increasing 0.34% for the month and 2.9% over the past year. That marks the largest year-over-year wage increase in almost a decade.
Travel to China picks up for Spring Festival: A travel rush to China began Thursday for its Spring Festival, known as Chunyun, to celebrate the Chinese Lunar New Year, Xinhua reports.
The Chinese Lunar New Year starts on 16 February this year, and travelers are expected to take approximately 2.98 billion trips between 1 February and 12 March.
Local airports plan to schedule an additional 30,000 flights during the travel rush and expect 14,500 flights a day, according to the news organization.
Analysis shows hotel impact of NFL teams moving: A new analysis of performance data by HNN’s parent company STR shows the recent relocation of two NFL teams—the St. Louis Rams and the San Diego Chargers—led to performance declines in the departed markets. Both teams moved to Los Angeles.
San Diego hotels saw a 7.9% demand decrease when comparing days when home games were held in the city in 2016 versus those same days in 2017, after the team had left. St. Louis hotels saw a 2.1% demand decline from the team’s last season in the city in 2015 to 2016, when it relocated to Los Angeles. Meanwhile, the selected Los Angeles submarkets most affected by the Chargers’ and Rams’ moves saw demand increases of 4.4% and 5.1%, respectively.
Compiled by Sean McCracken and Danielle Hess.