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1. Marriott closes on CitizenM deal
Marriott International closed on its $355 million acquisition of lifestyle hotel brand, developer and operator CitizenM, CoStar News Hotels reports. The deal adds 37 properties with 8,789 rooms across 20 cities in the U.S., Europe and Asia-Pacific to Marriott's portfolio.
Marriott announced in April its intention to buy Netherlands-based CitizenM.
"As travelers continue to seek innovative lodging offerings that blend technology with genuine, people-first hospitality, the CitizenM brand is the perfect addition to our portfolio," Marriott President and CEO Tony Capuano said in the release. "Marriott has proven success in growing select-service lifestyle offerings, including our AC, Moxy, and Aloft brands, and we look forward to accelerating CitizenM's global reach with our guests and Marriott Bonvoy members around the world."
2. Accor to debut in Las Vegas as new operator of Treasure Island
Accor will enter Las Vegas for the first time with a franchise deal with Ruffin Companies to manage the 2,844-key Treasure Island casino hotel, CoStar News Hotels' Terence Baker reports. The property will be renamed the Treasure Island - TI Las Vegas Hotel & Casino, Handwritten Collection.
Thomas Dubaere, Accor’s CEO for premium, midscale and economy brands in the Americas, said that the deal is a “milestone achievement, not only for our Handwritten Collection portfolio, but for Accor’s growing presence of exclusively selected properties in the U.S. market.”
3. Wyndham reports global revenue per available room drop of 3%
In the company's second-quarter earnings report, Wyndham Hotels & Resorts said global revenue per available room dropped by 3% year over year in constant currency, with international RevPAR growing by 1% while it fell 4% in the U.S. It pointed to 150 basis points of unfavorable effects of the Easter holiday calendar shift and the 2024 solar eclipse as well as softer demand.
Wyndham reported its global hotel portfolio grew by 4% year over year. Its pipeline as of June 30 was 2,150 hotels with 255,000 rooms, a record high and a 5% year-over-year increase. Roughly 75% of the pipeline is new construction and 35% of these projects have broken ground.
For coverage of Wyndham's second-quarter earnings call by CoStar News Hotels' Sean McCracken, click here.
4. European Central Bank holds rates steady
The European Central Bank held rates steady at 2% after reducing interest rates eight times since June 2024, the Wall Street Journal reports. The bank pointed to trade disputes as causing an "exceptionally uncertain" environment.
The pause in cuts was not unexpected, and markets believe another cut will come later this year, bringing rates down to 1.75%, according to the article.
5. UK, India sign free trade deal
The United Kingdom and India have reached a new free trade deal after three years of negotiations, the BBC reports. Under the agreement, U.K. cars and whisky will be less expensive to export to India, and Indian textiles and jewelry will be less expensive in the U.K.
U.K. Prime Minister Keir Starmer said the deal will also create more than 2,200 British jobs across the country as Indian companies expand their operations and British companies seek new business opportunities in India.
India's cabinet approved of the deal earlier this week, but the U.K. parliament has yet to vote on it. The deal will take at least a year before it takes effect.