Los Angeles-Long Beach, California, was able to buck this trend, accounting for the largest weekly increases of the top 25 markets. The market’s occupancy rose 16.9 percent to 61.8 percent, ADR was up 4.3 percent to US$127.57, and RevPAR jumped 21.8 percent to US$78.89.
Read, “STR: Los Angeles-Long Beach leads weekly numbers.”
Click here for more details, including a state-by-state breakdown of total properties with filings.
Choice announce yesterday that it had agreed to acquire the remaining 60-percent ownership interest in Choice Hospitality India, which served as the master partner and franchisor of Choice’s hotel brands in India. Choice Hospitality India will be operated as a wholly owned subsidiary after completion of the deal. Choice currently has 28 properties in India.
Read “Choice to acquire remaining interest of India unit.”
Carlson will increase its stake in RHW Hotel Management Services, its partner in the region, from 13 percent to 87 percent. The Minnetonka, Minnesota-based company plans to add 50 hotels in India by the end of 2012. It currently has 28 properties.
Read “Carlson to triple portfolio in India within three years.”
Rockwood, which bought the Mayflower in 2007, had asked the servicer overseeing the hotel's mortgage late last year to rework its terms, explaining that the 657-room property wouldn't be able to cover debt-service payments, according to debt-rating company Fitch.
Rockwood, a real-estate investment company that owns 35 hotels and manages US$3.6 billion of equity, bought the Mayflower from Walton Street Capital LLC for US$260 million. It continued a renovation effort started by Walton, redoing the hotel's lobby and lounge, adding a wine bar and overhauling its fitness center, among other things. All told, Rockwood and Walton have put US$27 million of upgrades into the Mayflower since 2004.
In the United States, GDS transactions represented more than one-third of all travel supplier revenue and almost two-thirds of all airline passenger revenue for 2008. Despite the recession, GDS companies grew the total bookings they powered in the U.S. from US$93.6 billion in 2006 to US$98.7 billion in 2008, and the study projected them to hold their overall share in 2009 and 2010, despite falling industry revenue.
To download a copy of the report, click here (free PhoCusWright online registration required).
Compiled by Patrick Mayock.