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1. Marriott posts first-quarter earnings
Marriott International reported its first-quarter earnings on Tuesday, noting year-over-year global revenue per available room growth of 4.1% and earnings before interest, taxes, depreciation and amortization of $1.2 billion.
The brand also adjusted its full-year 2025 outlook to reflect somewhat softer expectations in the U.S. and Canada. Marriott projects worldwide RevPAR growth between 1.5% and 3.5% in 2025.
"Despite uncertainty about the macroeconomic outlook, we are confident that the power of our industry-leading global portfolio, the strength of our Marriott Bonvoy travel platform and loyalty program, our dedicated associates, and resilient asset-light business model, position us very well for sustainable, long-term growth," President and CEO Tony Capuano said.
2. REIT roundup: Park, RLJ report earnings
Park Hotels & Resorts and RLJ Lodging Trust reported their first-quarter earnings results on Monday, with both real estate investment trusts boasting "better than expected" performance in the quarter. Both companies downgraded their full-year outlooks due to uncertainty in the macro economic picture.
For Park in the first quarter, comparable revenue per available room was $177.67, down 0.7% from 2024 levels. Comparable occupancy was down 2.1% to 69.2% and comparable average daily rate was up 2.3% to $256.62, compared to the first quarter last year.
RLJ reported a comparable RevPAR of $141.23, which is a 1.6% increase year over year compared to the first quarter of 2024. The REIT also reported a first quarter net income of $3.2 million, a 33.2% decline year over year.
3. Citadines Raffles Place Singapore sells
Singaporean investment firm CapitaLand Integrated Commercial Trust Management Ltd. sold the 299-room Citadines Raffles Place Singapore, the serviced-residences-style hotel in the Marina Bay neighborhood, for 280 million Singapore dollars ($217 million), CoStar News Hotels' Terence Baker reports.
CapitaLand didn't disclose the buyers of the property, but Asian news site Mingtiandi reports a joint venture between New York City-based investment firm BlackRock and Malaysia's YTL Hotels are the buyers.
4. High hotel prices stifle domestic Golden Week demand in Japan
Golden Week in Japan gives Japanese workers three consecutive public holidays to take a break and enjoy some time off. This year, however, there's been less domestic travel due to inflation and inbound tourism driving up hotel prices, Gulf Today reports.
The room rate in Japan's five major cities was about 16% more expensive at the start of Golden Week this year compared to last year, according to a survey from Nikkei. Another poll shows that the percentage of respondents who said they will or probably will go on a trip during Golden Week is down 5.6% year over year.
“The biggest reason seems to be the inflation that has curtailed their willingness to spend lavishly," said Atsushi Tanaka, a tourism studies professor at Yamanashi University. “Because the inbound tourism is booming so much, hotel operators don’t need to lower their accommodation prices, which is making it harder for Japanese people to travel."
5. Canadian firms reshape business with US
In light of President Donald Trump's tariffs, many Canadian manufacturing firms are facing decisions when it comes to their business with the U.S., Reuters reports. Some firms are seeking trade with Asia to replace their U.S. business, while others are simply increasing their prices.
Mike Chisholm, founder and CEO of Canadian exporter consultancy Chisholm Consulting Group, said even if there is a new trade agreement between the U.S. and Canada, uncertainty will linger when it comes to business between the two.
"If you are a smart, savvy business person, you are not going to jump right back into another arrangement where you are totally reliant on a U.S. partner," he said. "Owners want stability, banks want stability, private equity funds want stability."