From the desks of the Hotel News Now editorial staff:
- Accor, IHG report earnings
- US reaches high total for virus cases
- History shows stocks climb regardless of who takes office
- San Diego mayor calls on governor to allow hotel meetings
- Disneyland hotels move back new bookings
Accor, IHG report earnings: Accor and InterContinental Hotels Group held conference calls to discuss third-quarter earnings with analysts on Thursday, HNN’s Terence Baker reports.
Jean-Jacques Morin, Accor’s CFO and deputy CEO, said the company “has adequate liquidity, a comprehensive cost-savings plan and the innovation and adaptability to get through the storm,” Baker writes.
Executives on IHG’s call said rent payments have improved.
Paul Edgecliffe-Johnson, CFO and head of group strategy, said that “invoices paid by our owners within 90 days of their due date increased to 90% from 80% in the Americas.”
While working capital will be reduced from normal years, Edgecliffe-Johnson said IHG is pleased as they have a tight control on it.
U.S. reaches high total for virus cases: The U.S. hit its second-highest daily total for COVID-19 cases on Thursday since the start of the pandemic, reaching more than 75,000 cases, The New York Times reports.
“Eight states set single-day case records, and 13 states have added more cases in the past week than in any other seven-day stretch,” the news outlet writes.
Areas of the Midwest and the Rocky Mountains are having a difficult time containing major outbreaks. Kentucky reported 1,470 cases on Thursday, which is “the biggest one-day jump in that state.”
History shows stocks climb regardless of who takes office: Some investors are worried about how the stock market will fare after the results of the presidential election “in the event of a divided government or a sweep by either party,” but history shows that stocks climb regardless of which party controls the White House, The Wall Street Journal reports.
“From 1929 through 2019, one party controlled both chambers of Congress and the presidency in 45 of those years. The S&P 500 on average rose 7.45% during those years, according to Dow Jones Market Data. The index was up 30 times and down 15 times,” according to the news outlet.
When there was a split government, the S&P 500 increased 7.26% on average, “rising 29 times, falling 16 times and remaining unchanged once.”
San Diego mayor calls on governor to allow hotel meetings: San Diego Mayor Kevin Faulconer called on California Gov. Gavin Newsom to issue guidance that would allow hotels in San Diego to start hosting business meetings and conferences again, ABC 10 News reports.
"It's incredibly important for the jobs that this industry represents and the bottom line of dollars to our city," Faulconer told the news outlet.
The San Diego tourism industry has lost approximately $4 billion so far because of the pandemic, according to city tourism officials.
“About 22% of out-of-town visitors to San Diego typically come for business meetings or conferences. The loss of this business has led to the loss of more than 50,000 local hospitality jobs,” the news outlet reports.
Disneyland hotels move back new bookings: Disneyland hotels such as Disneyland Hotel, Grand Californian Resort and Spa and Paradise Pier Hotel were supposed to start taking new reservations at the beginning of November, but those have been pushed back to mid-November, Inside the Magic reports.
Disney has been sending out emails to guests to postpone or cancel reservations booked through 7 November. Reservations cannot be made until 16 November.
Compiled by Danielle Hess.