Read the latest hotel industry news from around the Americas region.

Craig Smith, formerly group president and managing director, international at Marriott International, will become the next CEO of global third-party management company Aimbridge Hospitality effective March 18.

Smith retired from Marriott in 2023 and will succeed former Aimbridge CEO Mike Deitemeyer, who left the company at the end of 2023.

Aimbridge also appointed Steve Joyce, former CEO of Choice Hotels International, as executive chairman effective immediately. He became a board member in November 2023 when Aimbridge announced Deitemeyer's departure.

Marriott is set to spend a total of $500 million — $300 million for the hotel and $200 million for the ground beneath it — to purchase the 1,218-room Sheraton Grand Chicago as part of a settlement reached with the hotel's owner Tishman Realty more than six years ago, reports CoStar News' Ryan Ori.

Once the deal is complete in fourth quarter of this year, Marriott will become the owner of Chicago's fifth-largest hotel by total room count. There's no indication yet whether Marriott plans to significantly change the hotel.

Publicly traded hotel companies and hospitality real estate investment trusts are wrapping up presentations to analysts and investors on fourth-quarter and full-year 2023 earnings results.

Kicking off the season was Hilton, which executives declared growth of its luxury portfolio is a priority for 2024. Hilton signed a partnership with Small Luxury Hotels of the World allowing Hilton's loyalty members to book, earn and redeem points at SLH's 560 luxury hotels across the globe.

Marriott boasted strong group demand. Demand from that segment made up 23% of total room nights for 2023 and was the "standout customer set."

Group revenue in the fourth quarter rose 9% year over year globally and 7% in the U.S. and Canada.

Wyndham Hotels & Resorts managed to grow its portfolio at record pace despite distraction from Choice Hotels International's efforts to acquire Wyndham during the year.

Hyatt Hotels Corp. completed the sale of its 80% stake in Unlimited Vacation Club for $80 million to an unnamed buyer in the first quarter of 2024. Hyatt will retain control of the business through a long-term management agreement and license and royalty agreement.

Unlimited Vacation Club is an exclusive travel club that gives members preferred rates and benefits at Hyatt's all-inclusive resorts in the Caribbean and Mexico.

Hyatt President and CEO Mark Hoplamazian said part of the reason for selling Unlimited Vacation Club came from prolonged confusion within the investment community about the business's accounting metrics. This sale will simplify Hyatt's accounting and reporting.

• Walker & Dunlop Capital Markets arranged a $103 million commercial mortgage-backed security loan with Citigroup, JP Morgan and Argentic to facilitate the refinancing of boutique hotel Casa Cipriani in New York City.
• A 460-acre Six Senses South Carolina resort, spa and residential community will open in South Carolina in 2026 just a short distance away from the Savannah/Hilton Head International Airport. A hotel management agreement was signed between Whitestone, Redrock Portfolio and Six Senses.
• Sanjiv Hulugalle has been appointed managing director for the Hotel del Coronado, part of Hilton's Curio Collection, in San Diego. Hulugalle brings nearly three decades of industry leadership to the hotel.
  
• Meyer Jabara Hotels welcomed Ian McAuley as its chief investment officer. He has had 30 extensive years of experience in publicly traded and privately held real estate as well as in hotel development, operations and ownership. In this role, he will source acquisition opportunities, equity investors, debt financing and third-party management contracts.
  
• Justin Wilson has been appointed general manager of 69-room luxury boutique hotel MacArthur Place Hotel & Spa in Sonoma, California. The hotel was recently purchased by Foley Entertainment Group.
  
• Joern Schwaiger has been named general manager of The Inn at Mattei's Tavern, Auberge Resort Collection in Los Olivos, California. He has more than 20 years of luxury hotel experience and will oversee all operations of the property.
  
• Choice Hotels International opened the 150-room Cambria Hotel Burbank Airport one mile from Burbank airport close to nearby West Hollywood and Beverly Hills.
• The former Marriott Hilton Head Resort & Spa rebranded as Hilton Beachfront Resort & Spa Hilton Head Island. The brand change follows a recent multimillion-dollar renovation. The hotel is owned and managed by Columbia Sussex.

• Tilman Fertitta, who in 2022 closed on the purchase of the Montage Laguna Beach Resort Hotel, recently acquired River Oaks District for $450 million. It is a 13.87-acre luxury retail and mixed-use development in Houston's Uptown/River Oaks corridor that includes retail and restaurant offerings, boutique office space, luxury apartments and hotel.

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