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1. NewcrestImage Joint Venture Buys 16 Hotels
A joint venture of NewcrestImage and Hospitality Capital Partners has reached a definitive agreement to acquire 16 Marriott International-branded hotels representing 2,155 rooms across nine states, reports HNN’s Stephanie Ricca. The portfolio includes 13 Courtyard by Marriott hotels and three Residence Inns.
“This acquisition affirms our high expectations and high confidence in hotel investments, both near term and long term,” said Mehul Patel, managing partner and CEO of NewcrestImage. “We’re hungry to be part of hospitality’s growth and prosperity.”
The deal is expected to close in the fourth quarter.
2. Marriott Plans 14 Luxury Hotels in Asia-Pacific
Marriott International announced plans to add 14 luxury properties to the Asia-Pacific region by the end of 2023, according to a news release. The brand company already operates 156 luxury properties in the region.
The upcoming properties include the Ritz-Carlton, Fukuoka, and the Tokyo Edition, Ginza, in Japan as well as the W Sydney and the Ritz-Carlton, Melbourne, in Australia. The company also intends to open several JW Marriott properties throughout the Asia-Pacific, such as the JW Marriott Khao Lak Resort Suites and JW Marriott Jeju Resort & Spa.
"Today's luxury traveler is looking for authentic experiences that are personalized, thoughtful and uniquely meaningful," Bart Buiring, Marriott's chief sales and marketing officer in the Asia-Pacific, said in the release. "Our current portfolio of highly distinctive brands is well-positioned to meet the evolving needs of travelers, and these expected additions reflect our optimism for the future of luxury travel."
3. Peak Travel Season Returns to India
The return of business travel has accelerated the recovery of hotels in India over the summer, traditionally a lean travel season, and is expected to continue at its pace as it enters into its high season, writes HNN contributor Chitra Balasubramaniam.
“Traditionally, India used to see a dip in occupancy and average daily rate until the end of summer," said Samir MC, managing director of Fortune Hotels. "However, this year is all about making up for the lost time. Despite the increase in room rates, consumer views regarding tourism remain positive.”
4. West Coast Port Labor Talks Stall
Labor talks at ports along the West Coast have stalled, potentially setting up further obstacles to further recovery of the U.S. supply chain, the Wall Street Journal reports. Members of the International Longshore and Warehouse Union have been working without a contract since July when their previous one expired.
The union and the Pacific Maritime Association, the organization negotiating for shipping lines and terminal operators that employ the workers, reached a tentative agreement on health and benefits in July but haven’t made much progress on issues such as pay or automation.
5. Fed Expected To Raise Rates Again
Investors expect the Federal Reserve will raise the interest rate by 0.75 percentage points tomorrow while raising and holding its benchmark rate above 4% as it tries to get a handle on inflation, the Wall Street Journal reports.
“They would only go for 100 if they saw a fundamental change in where they thought the economy and inflation were going, and I doubt one month’s data was enough to do that,” said William English, a former senior Fed economist who is now a professor at the Yale School of Management. “You could do 100 if you really wanted to stamp your foot and say, ‘This is unacceptable.’ To me, it doesn’t seem like they need it.”