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1. Hyatt closes on Standard International deal
Hyatt Hotels Corp. closed on its acquisition of Standard International and its Standard and Bunkhouse Hotels brands, reports HNN's Sean McCracken. The deal, announced in August, comes with an initial base price tag of $150 million with another $185 million in post-acquisition growth incentives and fees up to $47 million.
The deal adds management, franchise and license contracts for 22 open hotels with about 2,000 rooms.
“The development community knows an industry game-changer when they see it, and the enthusiasm for bringing together the ethos of The Standard and Bunkhouse brands and the power of Hyatt’s network and distribution system is palpable,” Hyatt President and CEO Mark Hoplamazian said in a news release.
2. Alchemy Step Hotel Group buys Belgian management company FLI Group
Frankfurt, Germany-based Alchemy Step Hotel Group bought Belgium's FLI Group and its eight hotels, reports HNN's Terence Baker. ASHG is a joint venture of fund Alchemy Special Opportunities and operator Step Partners GmbH, which will manage the hotels.
Steven Lewerenz, partner at Step Partners, said, "this acquisition is a significant step forward in our growth strategy, enabling us to expand our footprint and reinforce our leadership in the European hotel industry."
3. Economist talks presidential scenarios, consumer spending
Speaking at the fall meeting of the Hospitality Asset Managers Association, economist Bernard Baumohl laid out the pros and cons of both a Kamala Harris administration and a second Donald Trump administration, reports HNN's Sean McCracken. Baumohl also spoke about consumer spending, calling current levels "kind of unsustainable."
"My concern is the increase in real spending has been increasing at a faster rate than the increase in real take-home pay," he said. "At some point, consumers are going to have to scale back. It's one of the reasons household debt is now at record levels."
4. States investigate complaints of hurricane-related price gouging
Governments of the multiple U.S. states affected by Hurricane Helene have been receiving hundreds of consumer complaints of price gouging, Business Insider reports. The complaints focus on the prices of gas, groceries and hotels. While not all complaints meet each states' definition of price gouging, states will investigate claims that have merit.
In a statement, North Carolina Attorney General Josh Stein said the state has an anti-price gouging law to prevent businesses from taking advantage of people in need.
"My team and I aggressively enforce that law and won't let them," he added.
5. North Carolina warns visitors to postpone trips
Visit North Carolina, the state's travel and tourism agency, is advising travelers with trips planned to the state to postpone them as the state recovers from the effects of Hurricane Helene, Travel Weekly reports. Many hotels are temporarily closed until they can assess and repair damage.
"If you cannot reach your travel provider, you should consider them to be unavailable and delay your trip until you have confirmation they are open and ready to welcome visitors," Visit North Carolina said.
Officials have warned against traveling in western North Carolina because of the ongoing risk of flash flooding, landslides and other dangers. Great Smoky Mountains National Park has also asked travelers to reschedule trips because several roads, trails and areas remain closed.