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1. Choice appoints Dragisich CEO
After spending the summer as the company's interim chief executive, Dominic Dragisich has officially been appointed president and CEO of Choice Hotels International by that company's Board of Directors.
Dragisich had worked with the hotel brand company for a decade before taking over as interim CEO in May, replacing Patrick Pacious.
"Dom has been a proven, exceptional leader for nearly a decade at Choice Hotels," Chairman Stewart Bainum Jr. said in a news release. "Since stepping into the role of interim CEO, Dom has advanced strategic priorities and fostered a performance-driven culture across the company. He brings an innovative mindset, a deep appreciation for attracting and developing great talent, and a clear vision for the future of the business."
2. Fed chair's comments fuel rate-hike speculation
U.S. Federal Reserve Chair Kevin Warsh's recent comments on inflation have left many market-watchers expecting rate hikes, and Reuters reports Barclays is now projecting two 25-basis-point increases in the last four months of this year.
Warsh commented on Friday that the Fed will "have work to do" to get back to their stated inflation target of 2%, and Barclays analysts described that tone as "notably hawkish."
CME Group's FedWatch is now pricing in a 60.4% chance of a rate increase when the Fed meets in September.
3. Hoteliers turn focus from World Cup to fall business travel
The FIFA World Cup is officially in the rearview mirror and hoteliers are looking ahead now to fall, traditionally a strong season for business travel and events, according to the analyst co-hosts of the "Tell Me More" podcast.
Jan Freitag, CoStar's national director of hospitality analytics, said many of the star markets of July weren't host markets for that much-discussed soccer tournament.
Revenue per available room "for July in Chicago was plus-16, in Detroit it was plus-17, in San Diego, plus-11," Freitag said. That's because those markets in part absorbed business and event travel demand that stayed away from soccer cities.
4. Travel shoulder season shifts
The just-outside peak season phenomenon across the travel industry known as shoulder season is shrinking, CNBC reports. Similarly, the associated discounts from traveling at that point of the calendar have also dropped.
“In many ways, I think that’s the irony of shoulder season: It has become more desirable because it’s a better time to travel,” Sofia Markovich, a travel advisor and founder of Sofia’s Travel, told the news outlet. “And because everyone is discovering that, it’s becoming less of a bargain.”
Hopper data showed just three years ago, travelers spent 20% less for trips in shoulder season, but this year, prices are actually higher than peak summer costs.
5. Floods close Grand Canyon lodgings
Flash flooding has damaged the water pipeline that feeds Grand Canyon National Park, leading officials to close hotels and other lodgings indefinitely, The San Francisco Chronicle reports. Flooding in the area has been major, killing one and leaving 15 more missing or unaccounted for.
Overnight lodgings closed effective August 31 include hotels and lodges operated by Xanterra like El Tovar, Bright Angel Lodge, Maswik Lodge and Phantom Ranch. Delaware North's Yavapai Lodge and Traler Village are also closed, according to the National Park Service.