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1. IHG Points to China Recovery for Third-Quarter Performance
IHG Hotels & Resorts CEO Elie Maalouf credited the recovery of Greater China's hotels with helping further improve the company's overall performance during the third quarter, reports HNN's Terence Baker.
“This is another strong trading performance, the fifth quarter of subsequential improvement, with excellent rebound in Greater China, which, too, has completed its post-pandemic recovery,” Maalouf said.
2. US Moves Up Visa-Free Travel for Israelis
The U.S. Department of Homeland Security will now allow Israelis to travel to the U.S. for up to 90 days without a visa, the New York Times reports. That means eligible Israelis hoping to escape their country's war with Hamas can travel to the U.S. faster.
Israel was part of a group of 40 other countries that was going to receive that status starting Nov. 30. Countries that participate must provide information about travelers faster. Individuals need a biometric passport, commit to staying no more than 90 days and pay a $21 application fee.
3. Fed's Powell Indicates Pause in Rate Increases
Federal Reserve Chair Jerome Powell said the current state of long-term Treasury yields could result in a pause on interest rate increases if inflation continues to cool, the Wall Street Journal reports. The Fed's next meeting will take place Oct. 31-Nov. 1.
“We have to let this play out and watch it, but for now, it is clearly a tightening in financial conditions,” Powell said, adding that the goal of raising interest rates was to “affect financial conditions, and higher bond rates are producing tighter financial conditions right now.”
4. US Hotel Results for Week Ending Oct. 14
U.S. hotel performance saw mixed year-over-year results for the week ending Oct. 14, according to CoStar's latest data. Occupancy dipped 2.3% to 68.5% while average daily rate grew by 3.2% to $164.25, resulting in revenue per available room increasing by 0.8% to $112.51.
Among the top 25 markets, Oahu Island reported the largest increase in occupancy and RevPAR, jumping 17.8% year over year to 85.2% and 29.7% to $243.22, respectively. Las Vegas had the biggest increase in ADR, growing 14.7% to $226.94.
5. Maui Prepares for Return of Tourism
The island of Maui has reopened to tourism following the wildfires that spread across the Lahaina region in August, the New York Times reports. Disaster relief continues for the affected areas, and West Maui is reopening in phases, complicating the recovery.
“Unfortunately tourism is just such a big part of our economy. When something like this happens, the domino effect is catastrophic,” said Jasmine Kilborn of Holo Holo Maui Tours.