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1. Rosen Hotels names Frank Santos new CEO
Rosen Hotels & Resorts named Frank Rosen as its new CEO following the death last week of company founder and president Harris Rosen. Santos joined the company in 1986 as chief financial officer, a position he has held for nearly 39 years.
“It is an honor. I will always be grateful for the privilege to lead this great company that Mr. Rosen poured his heart and soul into building for 50 years,” Santos said. “I do not take this responsibility lightly, and I promise to continue the amazing work in our industry and in our community which Mr. Rosen started."
2. Ashford Trust to sell Courtyard Boston Downtown for $123 million
Ashford Hospitality Trust will sell its 315-key Courtyard Boston Downtown for $123 million, according to a news release. The deal is expected to close in January 2025.
"This sale will not only deleverage our BAML Highland Pool loan, but will also result in significant capital expenditure savings," Ashford Trust President and CEO Stephen Zsigray said. "We continue to have several assets in the market at various stages of the sales process and are encouraged by the improved sentiment we are seeing in the transaction market."
3. IHG's Maalouf sees Chinese middle class, Trump administration as tailwinds
At Barclays Capital's Eat, Sleep, Play, Shop Conference, IHG Hotels & Resorts CEO Elie Maalouf spoke about his optimism for the hotel industry, reports HNN's Terence Baker. Maalouf pointed to surging business travel and group demand, more international travel by Chinese citizens and the second Trump administration in the U.S.
“We’ve been in the U.S. for 70 years now across many administrations. We’re not unfamiliar with the climate that is coming,” Maalouf said, adding that Trump's mass deportation plan would not affect IHG's hotels. “The tax regime, which came in 2017 with the first [President] Trump administration will benefit business. We advocate for growth policies. … Deregulation, low taxes, could be favorable for travel.”
4. OECD predicts world economy will accelerate
The Organization for Economic Cooperation and Development expects the global economy will grow at a faster pace next year, but potential tariffs and budget deficits threaten it, the Wall Street Journal reports. The OECD's quarterly report forecasts a 3.3% growth rate, up from the 3.2% projection for 2024.
Alvaro Pereira, the OECD’s chief economist, told the newspaper that trade tensions and protectionism through tariffs could weaken growth.
“The debt continues to rise, deficits are relatively large, and we think it’s quite important to make sure that fiscal policy improves the sustainability of the public finances,” Pereira said.
5. US job openings grew in October
The U.S. Department of Labor reported the number of job openings in October was 7.7 million, up from 7.4 million in September, according to the Wall Street Journal. Hiring in October reached 5.3 million, down from 5.6 million the month before. Layoffs also dropped to 1.6 million in the month, down from 1.8 million in September.
While the number of openings increased in October, these monthly reports indicate a general cooling in job openings. September's openings were the lowest since the trend started in mid-2022. The November jobs report is due Friday.