Regulatory filing states Steve Wynn not entitled to severance pay: A regulatory filing by Wynn Resorts states the company’s former CEO is not entitled to severance pay after resigning in light of allegations of sexual misconduct, Reuters reports. The filing also states Steve Wynn’s healthcare coverage will be terminated at the end of the year and his personal residence’s lease at Wynn Las Vegas will terminate in June.
Wynn owns 12% of Wynn Resorts, making him the largest shareholder, according to the article, and he told the company he has no immediate plans to sell his shares. Wynn has denied the allegations against him.
Ashford to acquire Ritz Sarasota for $171 million: Ashford Hospitality Prime announced in a news release that it has a definitive agreement to buy the 266-room Ritz-Carlton Sarasota in Sarasota, Florida, for $171 million (a per-key price of $643,000).
According to the release, the deal is expected to close in early April.
“The acquisition of the Ritz-Carlton Sarasota is an opportunity for us to acquire a luxury resort property with a premier location in the upscale and growing Sarasota market,” Richard J. Stockton, Ashford Prime’s President and CEO, said in the release. “This property fits perfectly with our strategy of owning luxury hotels and resorts and further diversifies our portfolio while also increasing the overall RevPAR of our portfolio, which is already the highest among our hotel REIT peers.”
Comparing hotel performance in Super Bowl host markets: The Minneapolis/St. Paul hotel market is the third-smallest hotel market among the past eight Super Bowl hosts, which meant expectations were high for revenue per available room growth during the weekend of the big game, writes STR’s Hannah Smith.
It didn’t disappoint, as the Minneapolis/St. Paul submarket achieved 626% RevPAR growth compared to the same weekend in 2017.
“The RevPAR gains in the Minneapolis/St. Paul market are impressive on their own, but particularly so when compared with gains seen in Super Bowl host cities in the last eight years,” Smith writes. “The market’s RevPAR lift of 626% was surpassed only by Indianapolis’ astounding increase of over 1,000%.”
Australian hotel sales volume falls after Chinese investors pull back: Australia saw a 33% year-over-year decline in its hotel sales volume in 2017, at roughly 2 billion Australian dollars ($1.7 billion), The Sydney Morning Herald reports. The country had seen hotel sales volume reach AU$3.7 billion ($2.9 billion) as recently as 2015.
Chinese investment dropped from 40% of deals in 2016 down to 9% in 2017, the article states, while foreign investment from Vietnam, Japan, the United Arab Emirates, Germany, the U.S. and Hong Kong increased.
“The previous three years were dominated by large five-star hotel sales in Sydney and outbound capital restrictions in China,” said Gus Moors, head of hotels, Australia, for Colliers International.
Baha Mar seeks chief flamingo officer: Bahamian resort Baha Mar is seeking someone to corral the flamingos that will call the resort home this spring, Conde Nast Traveler reports. The chief flamingo officer position involves working with the resort’s chief scientist to care for the flock by managing the birds’ diet and habitat requirements, overseeing the breeding programs, treating their illnesses and providing educational tours for guests.
The position requires a degree in zoology with five years of experience working with exotic birds along with “wide knowledge of biology and avian science,” the article states.
Compiled by Bryan Wroten.