Editor's Note: Some linked articles may be behind subscription paywalls.
1. Leonardo To Buy 12-Hotel Portfolio From KSL
Leonardo Hotels will acquire the Zien Group from KSL Capital Partners and Garden Capital Group, adding 12 hotels with 1,522 rooms in the Netherlands to the Berlin-based firm's portfolio of more than 300 properties.
After the deal closes in the third quarter, Leonardo will have more than 4,161 rooms across the Netherlands and Belgium with 28 hotels across the Benelux region.
No price or terms for the deal were disclosed.
2. UK Unemployment Hits Two-Year High
The latest employment data from the United Kingdom showed an unexpected spike to a two-and-a-half-year high, the BBC reports. Unemployment for the three-month period ending in April was 4.4%, the highest since September 2021.
"This month's figures continue to show signs that the labor market may be cooling, with the number of vacancies still falling and unemployment rising, though earnings growth remains relatively strong," the Office for National Statistics said.
3. Weighing How Hotels Will Incorporate AI
While there is some consternation about how little hotels are actually using artificial intelligence today, hospitality leaders believe it will help unlock efficiency across operations, at least at some point.
Speaking at the 2024 NYU International Hospitality Industry Investment Conference, Aimbridge Hospitality CEO Craig Smith said he saw many use cases for AI.
"You think about [online training] or predictive modeling for predictive scheduling, I think that will improve over time," he said. "I think with revenue management, as great as we think we are as an industry with revenue management, I think there's a thousand miles that we can go, and I think that AI — maybe not the AI you'll see with Apple but a more JV version of AI — is going to help with that."
4. DNC Hotel Rates Outpace Lollapalooza
Chicago will play host to the Democratic National Convention this year in August, and early returns on hotel rates are beating out Lollapalooza, which is typically the most expensive time to stay in the city, the Chicago Sun-Times reports.
"The average rate during the DNC is $534.88 a night, according to a Sun-Times search of downtown hotel rates during three major events taking place in the city this year — the convention, Lollapalooza and NASCAR Chicago Street Race Weekend," the newspaper reports.
Average rates during the four-day music festival in early August average $485.24.
5. Google Fined Over Hotel Searches in Turkey
Google is being hit with a fine in Turkey due to what government officials there believe are anti-competitive practices for hotel searches, Reuters reports. The search engine faces a fine of roughly 482 million lira ($14.9 million).
Turkish officials are pushing Google to adopt new practices to ensure "fair competition with local search engines."