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1. Minor to spin off REIT
Bangkok-based Minor International is planning to spin off its owned real estate into a real estate investment trust, HNN's Terence Baker reports.
The news, first reported by Bloomberg and confirmed by Hotel News Now, did not include which parts of the company's global portfolio will be included in the spinoff but noted the company plans to halve its liabilities of 255 billion Thai baht ($7.3 billion)
Minor is looking to lower its debt levels as it seeks to "invest strategically in property upgrades, residential inventory, new restaurant openings and high-return partnerships, all of which support our long-term growth trajectory,” according to the company's third-quarter earnings presentation.
2. Taj parent plans roughly $600 million in CapEx
Reuters reports Taj Hotels parent company Indian Hotels Co. is planning to invest 50 billion Indian rupees ($592.5 million) in capital expenditures over the a five-year period during which company officials hope to double their portfolio size and revenues.
"Under the hotels expansion plans, 80% to 90% of the projects will be centered around the Indian subcontinent," CEO Puneet Chhatwal said at the company's investor day conference in Mumbai.
3. Outbound Chinese travelers have changed
Chinese travelers have reemerged as a force on the global stage, and HNN's Terence Baker reports their preferences have changed substantially from before the COVID-19 pandemic.
As more outbound Chinese tourists reach Europe, many are looking for new destinations and amenities. Stay patterns have also changed.
“In Austria, it was 50% [foreign independent travelers] before the pandemic, but now we almost have no group, and they are staying longer. No longer it is seven countries in seven days, and there has been a 25% increase in room nights, up to 1.7 nights per visitor,” said Emanuel Lehner-Telič, head of markets for Asia-Pacific at Austria Tourism.
4. Airbnb lobbying against Spain's short-term rental crackdown
Airbnb executives are looking to push back against a expanding short-term rental crackdown in Barcelona, as local officials look to cope with issues of overtourism and housing shortages, Reuters reports.
In a letter to Barcelona Mayor Jaume Collboni, Airbnb's head of Policy for Spain and Portugal Sara Rodriguez said the true winners of the regulatory push aren't city residents but Barcelona's hotel industry. The letter notes similar efforts taken earlier by the city have been ineffective.
"A decade later, official data shows that while short-term rentals numbers have fallen, challenges related to housing and overtourism are worse than ever," the letter reads.
5. Hilton to open 150 Spark properties in India through licensing deal
Hilton has announced a new strategic licensing agreement with Olive by Embassy to open 150 Spark by Hilton hotels across India, HNN's Bryan Wroten reports. The deal marks the premier economy brand's entry into the Asia-Pacific region and significant growth in India as it becomes a more favorable market for international hotel brands.
“Spark by Hilton will address a gap in the Indian market, offering affordable stays without compromise, and capturing unmet demand for value and consistency across major and smaller cities," said Alan Watts, Hilton's president for Asia-Pacific. "Not only will this partnership set the stage for record-breaking growth, but it also positions Hilton to achieve a commanding presence in one of the world’s largest lodging markets.”