Article Summary: From the desks of the Hotel News Now editorial staff:
From the desks of the Hotel News Now editorial staff:
Primary Category: 5 Things to Know
Secondary Categories: News
Macro issues dominate ALIS discussion: Hoteliers took a pragmatic tone during the first day of the Americas Lodging Investment Summit in Los Angeles, even as big issues such as international trade disputes and increasing labor costs threaten to weigh on their businesses.
Editorial Director Jeff Higley noted that some attendees felt like the industry is going through the inverse of what it saw during the depths of the recession a decade ago.
“As much as we were bouncing around the bottom in (2009) and (2010), we’re bouncing around the top right now,” said Brad Rahinsky, president and CEO of Hotel Equities, during the Lodging Industry Investment Council meeting at the Luxe City Center Hotel.
U.K. officials go back to the drawing board with Brexit: U.K. Prime Minister Theresa May is expected to go back to the bargaining table with European Union leaders to smooth over some of the rough spots that have prevented a Brexit deal from passing through parliament, the BBC reports.
The most notable sticking point seems to be the backstop plan for the border between Ireland and Northern Ireland, which some U.K. politicians believe “could leave the U.K. tied to the EU’s rules indefinitely.”
EU leaders have previously pledged they would not make changes to the agreed upon deal.
A look at where rooms are opening in the U.S. in 2019: New York is expected to lead that way in terms of new hotel room openings across the U.S. in 2019, according to data from Hotel News Now’s parent company STR. That market is set to see 7.8% supply growth during the year, accounting for 11,641 new rooms.
Other top markets include Orlando, Florida, with 8,200 rooms (5.5%); Dallas with 7,454 rooms (5%); Las Vegas with 6,432 rooms (4.3%); and Houston with 4,576 rooms (3%).
Among chain scales, upper midscale is expected to see the largest share of new rooms, a total of 50,351—accounting for 33.5% of all new rooms in the year.
Chinese investors continue U.S. real estate sell-down: Chinese investors have been net sellers of U.S. real estate for three straight quarters, The Wall Street Journal reports, and investment has reached its lowest levels since 2012. This is happening as the Chinese government is pushing for companies to bring cash back to their country, the newspaper notes.
Real Capital Analytics noted Chinese investors were net sellers by $854 million in the fourth quarter of 2018, continuing the longest stretch of declines on record.
“The selling during most of 2018 marked a powerful reversal from the previous five years, when Chinese investors went on a massive buying spree, often handily outbidding other investors for U.S. trophy properties,” The Journal reports. “They spent tens of billions dollars on luxury hotels like the landmark Waldorf Astoria in New York, a nearly $1-billion skyscraper development in Chicago, and a glitzy residential project in Beverly Hills, California.”
A look at London’s best GMs: Forbes recently highlighted five hotel GMs in London that it deemed “some of the most talented individuals leading London’s top hotels.”
The list is comprised of Jannes Soerensen of The Beaumont Hotel; Kostas Sfaltos of the Bvlgari Hotel London; Amanda Hyndman of the Mandarin Oriental Hyde Park; Michael Bonsor of Rosewood London; and Kit Kemp of Firmdale Hotels.
Compiled by Sean McCracken.
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Headline: 5 things to know: 29 January 2019
Article Date: 1/29/2019
Article Time: 11:28:00 AM