Latest HITs: Wyndham in Australasia; LIIC survey results; boost to US inbound

Wyndham grows in Australasia. Wyndham Hotels & Resorts has announced four signings and two new openings in the Australasia market – the TRYP by Wyndham Tory Street Wellington and TRYP by Wyndham Pulteney Street Adelaide. These hotels are its 48th and 49th hotels respectively in the region, signifying the brand’s introduction in the wider South Pacific and the re-entry of the TRYP by Wyndham brand in Australia. Among the new signings: the 117- by Wyndham Kings Head, Adelaide, slated to open by end of 2024; the 35-key Ramada Seafront Apartments, Coral Coast, Fiji, slated to open end of 2023; the room-room Wyndham Garden Wailoaloa Beach, Fiji, slated to open by the end of 2023; and the 60-key Wyndham Garden Suites Lake Tekapo, New Zealand, slated to open mid-2024.

Survey reveals debt market concerns. The Lodging Industry Investment Council’s (LIIC) annual investment survey generally revealed a soft, slower transaction market with prevailing concerns about the hotel debt markets. On the other hand, investors believe post-pandemic performance, both operating fundamentals and investment performance, are better today than anticipated sitting back in June of 2020. Upscale (23%) and Upper Upscale (35%) are preferred target categories for buyers. Fully, 68% believe hotel going-in capitalization rates will rise, yet 37% envisioning only a slight increase. Importantly for the future market liquidity, 94% of investors are trying to purchase at least one hotel over the coming 12 months. Fully, 67% of LIIC members believe uncertainty in debt acquisition financing is the number one threat to hotel investment. Almost half (47%) are currently worrying about refinancing their existing assets. Where not to buy: 1) Chicago, 20 San Francisco/San Mateo,3) Detroit, Minneapolis/St. Paul, and St. Louis. Where to buy: 1) Tampa/St Pete, 2) Phoenix, 3) Denver, 4) Boston, 5) Miami. Lastly, 50% believe inflation is negatively affecting the value of their lodging investments; 21% believe inflation is positively impacting the hotel assets they own.

New STR product. Real estate analytics provider CoStar Group has launched a market share product called STR Benchmarking with STR’s hotel data benchmarking, analytics and marketplace insights integrated into CoStar’s information, analytics, and data-driven news platform. The first release focuses on property-level data and analytics for hotel owners and operators with enhanced functionality built on the foundation of the STAR Report. The multilingual software also rolls out new functionalities such as user and competitive set self-management as well as high-frequency updates to data. Future product enhancements, which is expected to begin rolling out later this year, include portfolio-level benchmarking, monthly P&L, average-length-of-stay data, and forward-looking occupancy.

No more vaccine mandates for US incoming travelers. The Biden administration will end most of the federal COVID-19 vaccine requirements next week. Vaccine requirements for federal workers and federal contractors, as well as foreign air travelers to the U.S., will end May 11. White House COVID-19 coordinator Dr. Ashish Jha dismissed concerns that the ending of the international traveler vaccination requirement would increase the risk of a new variant from overseas entering the U.S. Biden has already rolled back virus testing requirements for both American citizens and foreign travelers to the U.S. Jha said the U.S. was already protected by a traveler genomic surveillance program, which, for instance, tests for different virus strains in aircraft wastewater.

La Vie launches NOOE. Sydney-based management company La Vie Hotels & Resorts has launched lifestyle brand, NOOE, alongside its first NOOE resort, a 72-key new-build island resort in the Maldives. Leadership said they see huge growth opportunities for urban and resort properties within this segment across Asia Pacific.

Chedi to KSA. The 35-room Chedi Hegra situated within Saudi Arabia's first UNESCO World Heritage Site will open by 4Q23. RCU is building the hotel directly into several existing structures, including an old railway station and surrounding buildings, Hegra Fort, and others.