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1. Tilman Fertitta to buy Caesars Entertainment for $5.7 billion
Billionaire Tilman Fertitta's company will buy Caesars Entertainment for $5.7 billion, CoStar News Hotels' Natalie Harms reports. Fertitta Entertainment will add more than 50 resorts to its portfolio.
As part of the deal, Fertitta Entertainment will pay Caesars' shareholders $31 a share and take on Caesar's $11.9 billion outstanding debt. The deal funding will come from Fertitta equity, assumed Caesars debt and debt financing from a group of 10 banks, the newspaper reports.
The newspaper previously reported in March that Fertitta was in talks with Caesars for $7 billion.
2. Accor's Bazin to step down in May 2028
Accor President and CEO Sébastien Bazin will step away from the French hotel firm in May 2028, reports CoStar News Hotels' Terence Baker. Bazin told shareholders at the company's annual meeting he does not plan to renew his contract when it expires in two years, and he may leave earlier if a suitable replacement is found before then.
Bazin stepped into his role at Accor in August 2013. Before that, he was managing director for Europe at Colony Capital, one of Accor's largest shareholder, and had a seat on Accor's board.
As Accor's chief executive, he was responsible for leading the company into the asset-light model. He helped to spin off its owned real estate through AccorInvest, now Essendi, in 2018. He also led the company through several brand acquisitions, including FRHI Holdings and its Fairmont Hotels & Resorts, Raffles Hotels & Resorts and Swissôtel Hotels & Resorts brands in 2016; and the Swiss brand Mövenpick Hotels & Resorts in 2018.
3. Philly mayor changes course on hotel tax increase
Philadelphia Mayor Cherelle Parker is revising down her proposed 2% tax increase on hotels to 0.6%, the Philadelphia Inquirer reports. Now she is also seeking an additional 6% tax on short-term rentals in the city.
The mayor plans to use the increased short-term rental tax to address homelessness in the city of Philadelphia, the newspaper reports.
Under the new tax rates, if approved by Philadelphia City Council, the tax on hotels would increase from 15.5% to 16.1% and the tax on short-term rentals would grow from 15.5% to 21.5%. Combined, the increases are estimated to generate an additional $15 million annually until they sunset after five years.
4. Sixth Street buys Park Hyatt Beaver Creek for $176 million
Global investment firm Sixth Street bought the 193-key Park Hyatt Beaver Creek Resort & Spa in Colorado for $176 million from Braemar Hotels & Resorts, according to a news release. Sixth Street completed the transaction in a partnership with real estate private equity firm Riller Capital.
The property has direct access to Beaver Creek Mountain and is near the nearby town's restaurants, boutiques and performing arts center.
The luxury resort features multiple food and beverage venues, a full-service spa, a state-of-the-art fitness center, heated outdoor pool and hot tubs and approximately 50,000 square feet of meeting and event space. Braemar renovated all its guest rooms and suites in 2025.
5. Cost of travel means some will stay home this summer
The rising costs of airfare and hotels this summer is making travel unaffordable to many Americans while those in better economic situations are still taking their trips, Reuters reports.
"The trend underscores a growing divide in what had been a resilient post-pandemic travel rebound, another example of a so-called K-shaped economy that is showing up across consumer markets such as groceries, dining out and apparel," according to the article.
Demand for economy hotels has softened, leading to some discounting on rates to counter lower occupancy.
"The young and underemployed are finding it increasingly difficult to gain a foothold," said Aran Ryan, director of industry studies at Tourism Economics, an Oxford Economics company. "But we’re still seeing an outlook for positive travel growth this summer."