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1. IHG CEO Challenges Governments To Help Hotels’ Green Futures
The CEO of IHG Hotels & Resorts, Elie Maalouf, publicly challenged global governments to provide more aid and assistance to hoteliers and others “ranging from greater access to renewable energy and incentives for owners [and] to a reduction in the cost of technology that speeds up the industry’s transition to a greener, more resilient future.”
His comments come on the launch of IHG’s Low Carbon Pioneers program, which Maalouf said is the first community of its kind in the industry, bringing together energy-efficient hotels that have no fossil fuels combusted on-site and are backed by renewable energy. IHG hotels in the scheme include the Iberostar Waves Cristina on the Spanish isle of Mallorca.
2. Accor’s Ibis Brands Reach 50 Years of Age
One of Accor’s best-known and earliest brands, Ibis, marks its 50th anniversary this year, with executives saying it remains a “democratizing brand.” Julie White, the French firm’s chief commercial officer, premium, midscale and economy, Europe and North Africa, said Ibis — originally just Ibis, but now Ibis, Ibis Styles and Ibis Budget — have their roots in economy-sector fundamentals.
“Ibis has always been geared in it being the first hotel brand in Europe that was economy but had standards that were new and acceptable for any type of traveler,” she told Hotel News Now.
Ibis was created in 1974 by Accor’s founders Paul Dubrule and Gérard Pélisson seven years after Accor was founded in 1967.
3. US Posts Negative Metrics Across the Board
U.S. hotel performance for the week ending July 16 saw negative performance metrics across the board. Occupancy fell 3.7% to 69.2%, average daily rate fell 1.5% to $158.21 and revenue per available room fell 5.2% to $109.51, according to CoStar data.
In Canada, occupancy fell 3.2% to 75%, ADR fell 3.6% to 231.47 Canadian dollars ($169.21) and RevPAR fell 6.7% to CA173.59.
4. UK Pay Slows To Two-Year Slump
Pay in the United Kingdom has slowed to its lowest increase in almost two years, but the rate now is outpacing inflation, which is at 2%. According to the Office for National Statistics, wages grew in year-on-year terms across the three months to May by 5.7%, although if inflation is taken into account, the average rise is 3.3%, according to the BBC.
The ONS added the number of job vacancies in the period fell by 30,000 to 889,000 and unemployment remained at 4.4%.
5. Braemar Closes Hilton La Jolla Torrey Pines Deal
Real estate investment trust Braemar Hotels & Resorts closed on its sale of the Hilton La Jolla Torrey Pines for $165 million, or $419,000 per key. According to the company, the sale price represents a 7.2% capitalization rate on net operating income for the trailing 12 months ending March 31, 2024.
In May, Braemar signed a definitive agreement to sell the 394-room California resort to an unnamed buyer. Braemar purchased the hotel in 2013 as part of an eight-property portfolio from Ashford Hospitality Trust.