Industry News
Hospitality
Top stories summarized by our editors
7/23/2021

Marriott International Inc. has set the long-delayed opening of its 60-plus-story resort casino on the Las Vegas Strip for fall 2023. The former Fontainebleau hotel, which has sat unfinished for more than a decade, will be reborn as the JW Marriott Las Vegas Blvd., according to Marriott's website.

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New Marriott hotel
7/23/2021

Australia's Star Entertainment Group has withdrawn its $6.6 billion bid to buy out rival casino operator Crown Resorts, citing indications Crown could lose its main license. Star says it still might consider a joint venture with Crown, which saw its stock has fall in the wake of government probes that found unacceptable business practices.

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Reuters
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Star Entertainment Group
7/23/2021

New York City's hotel industry still faces a long comeback road with almost 100 closed properties, but Mayor Bill de Blasio noted that last week's demand reached its highest level since the pandemic hit in March 2020. The city has launched a $30 million marketing campaign for tourism, a sector that saw pre-pandemic numbers of about 400,000 jobs and $72 billion.

7/23/2021

Hilton Hotels Corp. is offering steep discounts for its suites and standard rooms at three select resorts on the big island of Hawaii. The sale covers the Hilton Hawaiian Village Waikiki Beach Resort, the DoubleTree by Hilton Hotel Alana-Waikiki Beach and the Hilton Waikoloa Village, the last of which is the main island's largest resort.

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TravelPulse
7/22/2021

The Lexington Hotel, Autograph Collection by Marriott, a near-century-old New York City landmark, has been purchased for $185 million by a joint venture of MCR, Three Wall Capital and Island Capital Group. The 725-room property, once host to entertainment and sports luminaries, closed down during the pandemic and is scheduled to reopen next month.

7/22/2021

A new study by the American Hotel & Lodging Association clouds the recovery picture with a projection that business travel, the industry's primary income source, could take until late 2024 to fully rebound. Despite an upswing in leisure traffic, room revenue will fall $44 billion this year from 2019 levels and 20% of hotel jobs lost to the pandemic will not return in 2021, the study says.

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TravelPulse
7/22/2021

Leadership will always require long-term effort to develop "the full repertoire of the skill set," says Michael Useem, a professor at the Wharton School of the University of Pennsylvania. His recent book profiles such leaders across eras, including Progressive CEO Tricia Griffith and President George Washington.

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Knowledge@Wharton
7/22/2021

Partake Foods has opened the application period for its second virtual internship program as it works to elevate students from historically Black colleges and universities in the industry. "Fellows have the opportunity to work with and learn from a company that is really walking the walk of what it means to be a diverse and welcoming and inclusive workplace," said CEO Denise Woodard.

7/21/2021

An estimated one million hotel room cancellations could result from the exclusion of spectators from the Olympic Games in Japan, battering hopes that the event would revitalize the nation's lodging and tourism industries. The hotel business spent $13.7 billion on improvements in the three years leading up to 2019, a 50% hike over 2014-2016, according to finance ministry data.

7/21/2021

MGM Resorts International has joined Japanese financial firm Orix Corp. in presenting a bid to build a $9 billion casino resort in Osaka. Japan nation legalized gambling in 2018, but interest by global firms has decreased and some have withdrawn proposals.