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1. Tristan Capital closes EasyHotel acquisition
London-based investment firm Tristan Capital Partners has completed its acquisition of budget hotel brand EasyHotel that it announced on May 1. The deal for 100% of the hotel firm’s shares was completed via Tristan Capital’s discretionary fund European Property Investors Special Opportunities 6.
While there was no update to the financials in the June 5 completion announcement, the terms of the cash deal comprised the acquisition of approximately 189.5 million shares, or 81% of the entire share issue, for an aggregate price of €196.13 million ($224 million). This includes the 17.38% of EasyHotel owned by the Haji-Ioannou family office, which founded the brand in 2004. The deal places overall value of EasyHotel, which has 48 hotels and approximately 4,700 rooms, at approximately €242 million.
2. US airlines’ checked baggage revenue soars to more than $7 billion
U.S. airlines saw revenue earned only from baggage fees in full-year 2024 rise to $7.3 billion, more than airlines brought in before the pandemic, according to CBS News. In 2019, checked baggage fees reached $5.76 billion. Statistics from the U.S. Bureau of Transportation said that baggage fees in 2024 for U.S. airlines represented 2.9% of all revenue, a metric that fell 0.1% in year-on-year terms.
CBS added baggage fees have been in the news of late due to Southwest Airlines — perhaps the best known of the “no extra fees business model” airlines — announcement on May 28 that it was to start charging for baggage, with a $35 fee for the first piece of luggage. JetBlue introduced surge pricing for checked baggage in 2024, charging more during heavy travel periods.
3. US bans, restricts travelers from 19 countries
U.S. president Donald Trump signed an executive order Wednesday banning travelers entering the U.S. from 12 countries: Afghanistan, Myanmar, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. Trump's order also has restricted travel from a further seven countries: Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela. Trump signed a similar ban in 2017 during his first presidential term.
The ban and restrictions come into force on June 9 with some exemptions. In 2021, President Joe Biden repealed Trump’s first ban, stating the ban was a “stain on our national conscience. … a moral blight that has dulled the power of our example the world over.” But Trump in his latest proclamation said the move was necessary to “protect [U.S.] citizens from aliens who intend to commit terrorist attacks, threaten our national security, espouse hateful ideology or otherwise exploit the immigration laws for malevolent purposes.”
4. US posts negative hotels metrics across the board
U.S. hotel performance for the week ending May 31 declined across the board. Occupancy fell 1.6% to 61%, average daily rate fell 0.3% to $151.48 and revenue per available room fell 1.9% to $92.45, according to CoStar hospitality data. In the top 25 markets, only two markets saw double-digit RevPAR increases: Los Angeles with a 12.2% increase to $131.85 and Saint Louis with a 10.6% increase to $79.47. New Orleans saw the largest decline in RevPAR, a 30.2% drop to $73.59.
The Canadian hotel industry saw the reverse, with occupancy up 2.8% to 74.5%, ADR up 4.2% to 220.91 Canadian dollars ($161.28) and RevPAR up 7.1% to CA$164.47. Two provinces saw notable RevPAR increases of approximately 30%. In Saskatchewan, hotel RevPAR increased 26.7% to CA$116.51, and in Manitoba, RevPAR rose 31% to CA$144.89.
5. Ares places 11 hotels on market from £400 million Landsec deal
Los Angeles-based investment firm Ares Management Corp., with funds from Ares Real Estate, has placed 11 United Kingdom hotels on the market that are part of a £400 million ($501 million) portfolio it acquired from London-based Landsec in May 2024, according to The Business Desk.
The 11 Accor-branded hotels were part of a portfolio of 21 that Ares acquired in a joint venture with operating partner EQ Group. Their flags are either Ibis or Novotel and were fully let via long-term leases to AccorInvest, newly renamed as Essendi.