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1. Sonesta Appoints John Murray as President, CEO
Hotel brand Sonesta International Hotels Corp. announced it has appointed John Murray as its new president and CEO effective April 1, according to a news release. Carlos Flores, who has served as CEO of the brand for seven years, will continue with Sonesta as an adviser to Murray and the company.
Murray has served as director of Sonesta since 2018 and has been a managing trustee, president and CEO of real estate investment trust Service Properties Trust since 2018, the release states. Murray will resign from his roles as president and CEO of Service Properties Trust and president and CEO of Industrial Logistics Properties Trust, the release states.
Murray has been part of Service Properties Trust's management team since its initial public offering in 1995. The REIT owns 34% interest in Sonesta.
"I am very excited to assume the role of president and chief executive officer at Sonesta, which is well poised for further growth and expansion,” Murray said in the release. “As Sonesta has greatly expanded its number of hotels over the last few years under Carlos' leadership, it has also enhanced the depth, quality, and experience of the Sonesta team. We are grateful to Carlos for his tremendous contribution to Sonesta. I look forward to working closely with the talented leadership team, whom I know well, and our more than 6,000 dedicated employees to continue Sonesta's growth, enhance Sonesta's brand awareness and deliver an exceptional guest experience."
2. Oil Prices Decrease at Start of the Week
Oil prices dropped at the start of Monday after prices surged the previous week as markets "braced for American sanctions" amid Russia's invasion on Ukraine, the New York Times reports.
Brent crude traded at $107 per barrel in the morning, down about 5%, while it had cost $65 per barrel in December before Russia began its invasion in Ukraine.
Data from AAA shows the average price of gas per gallon on Monday was $4.325, which is up from $4.009 a week earlier, but flat from Sunday.
3. Some Chinese Investors Retreated From Western Hotels in Past Decade
Major players in Chinese investment, such as Anbang and HNA, have reversed the direction of their capital in global hotel brands and real estate in large U.S. urban markets, reports HNN's Terence Baker.
"It is believed that Chinese firms allocate capital in international hotel firms only with the approval of the Chinese state government, and when Chinese officials regard that outflow as outside the 'core' strategy of a Chinese company, they can be forced to sell off their investments," Baker reports.
For full look at how Chinese hotel ownership across the Western lodging sectors slowed, click here.
4. Poland's Tourism Industry Welcomes Ukrainian Refugees
Lublin, Poland, was in an off-season tourism lull until Russia's attacks on Ukraine sent tens of thousands of fleeing refugees to fill hotel rooms by the busloads, the New York Times reports.
One Polish hotel chain in particular, Arche Hotels, has pledged more than $1 million to temporarily house refugees across its 16 properties in Poland.
“We have a whole army here, a network of hotel connections that works as a crisis team 24 hours a day, communicating fast with each other to check the availability of rooms and sending Ukrainians to one another,” said Marta Koman, the director of the Arche Hotel Lublin. “Such help requires a lot of money, but these are special situations. I hope we will not have to escape also."
5. More Americans Consider Travel Insurance While Claims Response Times Slow
Up to 93% of Americans are planning a vacation in the next 12 months, and as they do, they are also considering purchasing travel insurance, the Wall Street Journal reports.
Companies that provide travel insurance are seeing inquiries and sales spike compared to 2021.
That increase in sales has translated to slower response times.
“As an industry, we have seen an unprecedented spike in the number of COVID-related claims over the last two-plus years, which at times has translated into a backlog for many member companies who have been working around the clock to help their customers,” according to a statement provided by the U.S. Travel Insurance Association, a nonprofit trade group.