Marriott has logged some 60 years of service with the company his father founded. Making the announcement Tuesday, he said, “I have been so fortunate to have worked with some of the most talented people in the world over the past six decades. It’s amazing to me what we have accomplished over the years together, from a small root beer stand in Washington, D.C., to a global lodging powerhouse with operations in more than 70 countries.”
The board also appointed Robert McCarthy, currently group president for the company, as Marriott’s COO.
The fundamental issue is that the central state and the regional administrations can both legislate on tourism. The Code now coexists with regional laws potentially in contrast with it. If the state says one thing and then the region says another, the hotelier is in a difficult position because he doesn’t know who to listen to, said Filippo Donati, president of hotel association Asshotel.
For an overview of the Code’s major changes and its impact on Italy’s hotel industry, read “Italy’s Code of Tourism misses mark, hoteliers say.”
European leaders last Friday announced measures to shore up battered market confidence in the currency, trotting out stricter rules governing public finances in the eurozone and more money for a bailout fund. But confusion on just how and when the measures will be implemented and the European Central Bank’s refusal to increase bond-buying have left sentiment close to where it was before a brief burst of hope after the meeting.
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Additionally, the company has formed a strategic alliance with Stoneleigh Capital Partners LLC, a private equity firm whose Stoneleigh WP Partners LLC will seek to co-invest with owners of hotel and resort properties that expand the Capella and Solis brands.
Capella indicated its outlook for the luxury hotel business is strong over the next few years with Asian high net-worth travelers expected to provide great growth. “We will attract those travelers with the best hotels in the world. And because our offering has been created for the luxury traveler, we are not affected by typical economic cycles," Capella’s COO Robert Warman said.
“The resort sector has faced many challenges in recent years: the bankruptcy of Brazil’s national airline in 2006; the decline of key European markets in 2009; increased competition from cruise lines; and the rising value of the local currency, making international travel more appealing for Brazilian,” Ricardo Mader, executive VP for JLLH in São Paulo, said in a news release. “Now, the sector is poised for real transformation and growth, as economic decentralization and increases in average income enable many Brazilians to stay at a resort for the first time.”
Brazil’s sustained economic growth also is leading to a significant increase in demand for corporate travel to resorts. “A general expansion in business activity and a sharp increase in the pricing of traditional urban hotels are factors causing an increased number of Brazilian associations to hold annual meetings and conventions at resort hotels, providing a considerable lift to the segment. To accommodate this growing demand, we’re seeing existing resorts expanding their meeting space or room count,” Mader added.
Compiled by Patrick Mayock.