5 things to know: 6 December 2019
5 things to know: 6 December 2019
06 DECEMBER 2019 10:30 AM

From the desks of the Hotel News Now editorial staff:

  • US expected to continue travel share losses
  • Remington prioritizing third-party management growth
  • Blackstone-Unizo saga continues
  • Hundreds evacuated in Thai resort fire
  • Caesars completes $516-million Rio sale

U.S. expected to continue travel share losses: The latest forecasts from the U.S. Travel Association project continued drops for the U.S. when it comes to their share of global international travel through 2023, according to a news release.

During that period, global long-haul travel is expected to grow 4.8% annually, while it’s expected to grow just 2.4% per year in the U.S.

By the end of that time frame, the U.S. share of global travel would be 10.4% if projections hold true, down from the previous high of 13.7% seen in 2015.

Remington prioritizing third-party management growth: While Remington Hotels has long focused on operating hotels owned by the Ashford group of companies, new President and CEO Sloan Dean said growth aspiration for Remington requires the company to seek more partners for third-party management deals, HNN’s Sean McCracken writes. That will require the company to convince management groups that there are some firewalls between Remington and Ashford Inc., which officially purchased Remington Holdings in November.

“For us, creating some separation of church and state is important, because we want to do business with large capital groups that we haven’t done business with historically,” Dean said. “That’s something that is necessary given the future of Remington is going to be heavy on third-party management.”

Blackstone-Unizo saga continues: In the latest stage of The Blackstone Group’s long pursuit of Unizo Holdings, Blackstone officials say the Japanese hotel operator has been silent in regards to Blackstone’s $1.6-billion takeover offer, Reuters reports.

Blackstone has been setting and extending deadlines for a Unizo response since October, with the threat of a tender offer looming. The latest deadline is 13 December.

Hundreds evacuated in Thai resort fire: A fire forced the evacuation of 400 guests at the 241-room Holiday Inn Express in Pattaya, Chonburi province, Thailand, according to The Associated Press. No injuries or deaths were reported in relation to the blaze.

Authorities say the fire was caused by electrical issues, originating in an area overhanging the hotel’s entrance then spreading along cables to the third floor and above. The hotel had just opened in August, but the Associated Press reported it avoided major damage and remains open.

Caesars completes $516-million Rio sale: Officials with Caesars Entertainment Corporation have announced they’ve closed on the $516.3-million sale of the Rio All-Suite Hotel & Casino to an affiliate of Dreamscape Companies, according to a news release.

Caesars is expected to continue operating the property “for a minimum of two years and pay annualized rent of $45 million” with a $7-million buyer option for a third year.

Compiled by Sean McCracken.

No Comments

Comments that include blatant advertisements or links to products or company websites will be removed to avoid instances of spam. Also, comments that include profanity, lewdness, personal attacks, solicitations or advertising, or other similarly inappropriate or offensive comments or material will be removed from the site. You are fully responsible for the content you post. The opinions expressed in comments do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies. Please report any violations to our editorial staff.