Industry News
Hospitality
Top stories summarized by our editors
12/3/2021

Former President Donald Trump could come away with a $100 million profit from sale of the lease to his company's money-losing flagship hotel in Washington, D.C., experts say. The $375 million price reportedly paid by Miami-based CGI Merchant for the Trump International Hotel would be a record for the city.

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Trump International Hotel
12/3/2021

Hopes for repurposing pandemic-vacated New York City hotels as affordable housing have failed to materialize, in stark contrast to California's success. Regulatory and zoning barriers have been the chief culprit behind thwarted plans by nonprofit developers to convert more than 700 hotels.

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The New York Times
12/3/2021

Florida-based Timbers Co. has created a brand called Soleil Hotels & Resorts adaptable for US locations ranging from urban centers to mountains and beaches. A host of partnerships are planned for the line, geared to remote working and the second-home trend.

12/3/2021

Starwood Capital Group's Baccarat Hotels & Resorts and Hilton Worldwide's LXR Hotels & Resorts are among 14 upscale lodging brands to be included in a forthcoming $50.6 billion development project in Riyadh, Saudi Arabia. The brands announced Wednesday are the first of 38 planned for the mixed-use complex in the historic city of Diriyah inside the capital.

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Starwood Capital Group
12/2/2021

The impact of the newly discovered Omicron coronavirus variant on hospitality remains to be seen, but the Delta variant experience suggests at least a mild setback, particularly for business travel. "It's too early to say what exactly may happen here," researcher Patrick Scholes says, "but it certainly doesn't incentivize already nervous HR directors and risk managers to say, 'Hey, let's accelerate our return.'"

12/2/2021

Peru-based Inkaterra Hotels has become the first hotel brand to be designated "climate positive" by GreenInitiative, a United Nations-endorsed certification company. The eco-tourism firm's merits include extensive carbon mitigation efforts with a goal of 5% annual reductions by 2030.

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UN, United Nations
12/2/2021

Blackstone Group has succeeded in its lengthy quest for access to the accounts of troubled Australian casino operator Crown Resorts Ltd., but the takeover target asserts that doesn't mean a deal is imminent. Blackstone's bid, raised to $6 billion last month, "does not represent compelling value," Crown said.

12/2/2021

Optimism for the North American hotel industry and its investment viability reigns in Canada, with statistical support. Canadian transactions in the first nine months of this year totaled $858.6 million, topping the $672.8 million in all of 2020 and approaching the $975.6 million of 2019's first three quarters.

12/2/2021

A bill to impose a 3% hotel tax sailed through the Honolulu City Council on Wednesday, with Mayor Mayor Rick Blangiardi's signature expected. Rail transit will receive a large slice of the new revenue, estimated by state officials to reach $86 million its first year and to exceed $99 million in fiscal 2027.

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Honolulu Civil Beat
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Honolulu hotel, Rail transit
12/2/2021

A complaint filed by Byron Allen, owner of The Weather Channel, lacks facts supporting claims of the fast-food chain discriminating against Black-owned media, a federal court judge in California has ruled. Allen can resume the legal fight by amending the claim, which McDonald's lawyer Loretta Lynch says is "meritless."