Read the latest hotel industry news from around the Americas region.
US Ends Travel Ban Barring More Than 30 Countries
The U.S. on Nov. 8 officially removed a travel ban that lasted nearly 20 months and barred more than 30 countries from entering due to the COVID-19 pandemic.
"The new U.S. entry requirements require foreign air passengers to test negative for the virus before boarding a plane to the country, and, if they are 18 or older, show proof of full vaccination. Travelers entering the U.S. on land or by ferry for nonessential reasons must need to show proof of vaccination," USA Today reports.
Hotel Executives Expect Pickup in Group, Business Travel in 2022
Commentary from public hotel companies and real estate investment trusts on third quarter earnings calls show there's optimism for a recovery of business transient and group demand in 2022, writes HNN's Dan Kubacki.
Marriott International CEO Tony Capuano said group demand "accelerated nicely" in the U.S. and Canada. Additionally, group room revenues during the quarter were down 46% compared to the third quarter in 2019, "a significant improvement compared to the second quarter's decline of 76% versus the same time period in 2019."
CorePoint Lodging To Be Sold for $1.5 Billion
Real estate investment trust CorePoint Lodging on Nov. 8 announced it entered into an agreement to be purchased by a joint venture between affiliates of Highgate and Cerberus Capital Management. The all-cash deal is valued at $1.5 billion, writes HNN's Robert McCune.
The deal is expected to close in the first quarter of 2022.
Hotel Construction Lending Begins a Comeback
Lending in the U.S. for development of new hotels is making a return from the pandemic-induced freeze, writes HNN's Bryan Wroten.
According to Daniel MacDonnell, managing director for HVS Capital Markets, some of the recent hotel deals have driven up the volume of new-build projects.
“That’s really supporting more development, even while all the [development] costs have gone up,” MacDonnell said. “Labor, obviously, is a little bit short. The supplies have gone up [in price]. It takes a little longer to get through planning departments. But that being said, the tailwind has been where transaction volume and then the recovery has been in some of these markets.”
PM Hotel Group, Paramount Management Associates Merge
PM Hotel Group on Nov. 8 announced its merger with Paramount Management Associates, which brings the combined portfolio to a total of 70 branded and independent hotels across 22 states, a news release states.
The merged company will operate as PM Hotel Group.
Deals, Developments, People on the Move
- Hyatt Hotels Corp. on Nov. 2 completed the previously announced deal to acquire all-inclusive resort operator Apple Leisure Group. The deal is valued at $2 billion.
- The Ritz-Carlton, Lake Tahoe appointed Laurie Munos as director of sales and marketing.
- Nemacolin resort in Farmington, Pennsylvania, selected Muhannad Al Ateem as executive chef for its Lautrec restaurant.
- The Harpeth Hotel and Valor Hospitality has appointed Thomas Tuggle as executive chef and Richard Iannone as director of food and beverage.
- Wild Dunes Resort in Isle of Palms, South Carolina, announced Monica Bennett as event operations manager.
- Tobby Rau has been named as general manager of Poco Diablo Resort and Spa in Sedona, Arizona.
- Dream Hotel Group reopened The Chatwal New York on Nov. 1, 2021.
- Auberge Resorts Collection has expanded its portfolio with the 18-room Goldener Hirsch Inn in Deer Valley, Utah.
- Midas Hospitality opened the Element by Westin hotel in Richardson, Texas.
- DiamondRock Hospitality Company announced the debut of The Hythe, a Luxury Collection Resort, Vail in Vail, Colorado.
- Hyatt Hotels Corp. announced that a Hyatt affiliate entered into a franchise agreement with SIR Investments Guyana Inc. for the development of Hyatt Place Georgetown Demerara in Washington, D.C.