The latest global news about development, M&A and data.
Hilton busy in KSA. Hilton plans to open more than 50 new hotels across 10 markets in Saudi Arabia, making the country the
company’s largest pipeline market in EMEA. The latest of these signings include
entry into the Saudi capital with the 170-room Conrad Riyadh Laysen Valley in
partnership Mashareq Investment and set to open in 2025. Hilton also signed
hotels, one under the flagship Hilton Hotels & Resorts brand and another
under the lifestyle Canopy by Hilton brand, due to open in 2026 in Abha at the
‘Abha Terraces’ project. Both properties were signed with Real Estate
Development Fund Co., a fund made up of unitholders from SEDCO and the Tourism
Development Fund and managed by Saudi Fransi Capital. The Hilton The Point
Residences and Canopy by Hilton The Point will offer a combined 250 guest
rooms, suites and residences. And expected to open in 2028, the Canopy by
Hilton Porta Jeddah will feature 183 guest rooms and 55 residences. Hilton
currently operates 16 hotels in Saudi Arabia.
Marriott on Maui hotels. Marriott International offered a statement on Friday about the status of its hotels on Maui after wildfires ravaged the island. It stated, "Three of our hotels in West Maui’s impacted area are closing
temporarily due to extended power outages. Guests at The Westin Maui Resort
& Spa, Ka'anapali, Sheraton Maui Resort & Spa and The Ritz-Carlton
Maui, Kapalua have departed the hotels, as requested by Maui County officials.
Our teams have focused on facilitating this evacuation, communicating with
guests, and supporting our associates during this difficult time. We are
grateful to local emergency responders, as well as government and industry
partners, and we are mobilizing to support relief efforts... Cancellation fees at these three hotels are waived through
August 31."
Australia cleared for Chinese outbound tourism. China’s
government announced group tours to Australia can resume, which should be a boost
to Aussie hoteliers. China’s culture and tourism ministry also named Japan,
South Korea, Britain and the U.S. as destinations that Chinese tourism agencies
can run group tours to for the first time since outbound travel was halted due
to the pandemic. Earlier this year, Thailand, Russia, Cuba and Argentina, as
well as Nepal, France, Portugal, Brazil among others were given the green light
for Chinese outbound tourists. Group tours accounted for 30% of the Chinese
leisure travel market to Australia before the pandemic. In the first quarter of
this year, Chinese tourism agencies recorded 318,600 outbound trips (just 1.58%
of the overall tourism market), with Thailand, Hong Kong, Macau, Singapore
among the top destinations.
Stocks rise in July. Led by global hotel brands benefitting from improved
international business and increasing demand in major urban markets, the
Baird/STR Hotel Stock Index grew 8.2% in July to a level of 6,074. In July, the
Baird/STR Hotel Stock Index outperformed both the S&P 500 (+3.1%) and the
MSCI US REIT Index (+2.7%). The Hotel Brand sub-index jumped 9.0% from June to
11,492, while the Hotel REIT sub-index grew 5.3% to 1,129.