Latest news: Tough week in US; Thompson to APAC; Invesco buys in France

Down week in US. The U.S. hotel industry from October 19-25 reported negative year-over-year comparisons, according to Costar data. Overall, 21 of the Top 25 Markets saw an occupancy decline. Occupancy was 66.6% (-3.6% YOY); ADR was $166.36 (-1.7% YOY); and RevPAR was $110.78 (-5.3% YOY). Among the Top 25 Markets, Tampa reported the steepest occupancy drop (-24.2% to 63.7%) due to the elevated displacement demand period that followed Hurricane Milton in 2024. New Orleans posted the largest decreases in ADR (-35.3% to $195.39) and RevPAR (-41.9% to $132.94). The market’s performance was affected by a comparison against Taylor Swift’s 2024 Eras Tour dates.

First Thompson in APAC. Hyatt Hotels Corp. has opened the 254-room Thompson Shanghai Expo, marking the debut of the Thompson Hotels brand in the Asia Pacific region. The hotel is a part of Expo Place—part landmark commercial complex, part hub of art, retail, and leisure, set along the riverfront with extensive urban links.

MGM misses. MGM Resorts International reported third quarter earnings that included adjusted earnings per share of $0.24, missing consensus of $0.39. Revenue rose 2% year-over-year to $4.3 billion, slightly above the $4.25 billion consensus, driven primarily by strong performance at MGM China. MGM’s Las Vegas operations showed weakness with revenue declining 7% year-over-year to $2 billion. MGM attributed this drop to the MGM Grand Las Vegas room remodel, decreased RevPAR, lower table games win percentage, and reduced food and beverage revenue. “We are seeing encouraging signs of stability in Las Vegas with the return of the group and convention season and the completion of the MGM Grand room remodel,” said MGM CFO and Treasurer Jonathan Halkyard.

Invesco fund buys Blu. Invesco Real Estate’s European Hotel Fund has made an off-market acquisition of 189-room Radisson Blu in Marseille, France, for €43.5m, bringing the fund's portfolio to 11 hotels across Europe's gateway cities. Union Investment was the seller after a 20-year hold and a comprehensive refurbishment last year. The property operates under a long-term lease to the Radisson Hotel Group, Brussels.

Essendi sells in Argentina. Paris-based owner-operator Essendi has sold five hotels in Buenos Aires and Mendoza, Argentina to ISWM Group. Essendi said the sale was aimed at consolidating the group's position in the economy and midscale segments in Europe. With this disposal, 96% of Essendi's hotel portfolio is now located in Europe. This strategy is also reflected in recent initiatives such as the opening of the Tribe Krakow Old Town in Poland, the buy-back of the ibis Edinburgh Centre South Bridge, and the renovation of the Novotel Zurich Airport Messe. Essendi added that it continues to own hotels located in Chile, Colombia, Mexico, and Peru), and is collecting and analyzing investment proposals from interested parties.

Curator expands. Curator Hotel & Resort Collection has added three hotels to its portfolio with more than 100 properties. The new hotels are Garden of the Gods Resort and Club, Colorado Springs, Colorado; The National Exchange Hotel, Nevada City, California; and The Holbrooke Hotel, Grass Valley, California.

Accor grows in Africa. Accor has signed a master development agreement with Mayan Properties, a subsidiary of Resources Investment, to develop five hotels across Sub-Saharan Africa, adding over 1,100 keys to Accor’s regional portfolio. The collaboration builds on the signing of Novotel Nouakchott in Mauritania, a 154-key new-build project, and Mövenpick Moroni in Comoros, a 159-key conversion, with four additional projects to follow in key destinations. Accor currently operates more than 175 properties across Africa, representing over 33,000-plus keys across 15 brands. It has another 60-plus properties in development.

Hoxton to Madrid. Ennismore has signed a deal for the 192-room Hoxton, Madrid, which is set to open in 2026. The hotel will be located on Plaza de Santa Ana, and comes as the brand’s second destination in Spain, following The Hoxton, Poblenou, which opened in Barcelona in 2022. The refurbishment of The Hoxton, Madrid, will be led by Petra AM, with the support of Urban Input Group, which previously helped bring The Hoxton, Paris and Poblenou to life.

Four Seasons residences at Red Sea. Four Seasons in partnership with Red Sea Global, announced the Four Seasons Private Residences Red Sea at Shura Island. Located within The Red Sea, Red Sea Global’s flagship regenerative, tourism development, just 75 Four Seasons residences are being released with 43 Dune Villas and 32 Waterside Villas. They will be located between the Four Seasons Resort and the Shura Links golf course. The three-to five-bedroom residences will feature floorplans ranging from 414 to 534 square metres (4,467 to 5,748 square feet), private infinity pools and expansive terraces for al-fresco living.

Tivoli adds Puglia. Minor Hotels has announced a new Tivoli Hotels & Resorts in Italy, in the heart of Puglia. Following a comprehensive renovation, the 45-room Tivoli Palazzo Risorgimento Lecce is set to open in April 2026.

Korea's Sono buys Cross Hotels. South Korea’s Sono International Co. Ltd. has acquired Cross Hotels and Resorts from Flight Centre Travel Group Ld. The Asia-based hotel management business consists of Cross Hotels and Resorts and PT Bespoke Hospitality Management Indonesia and includes more than 1,500 keys at 17 hotels across Thailand and Indonesia. Cross’ portfolio includes five brands, ranging from urban lifestyle hotels to premium resort properties. Starting with this acquisition, Sono International said it plans to add 10 more hotels and resorts in Thailand and Indonesia by 2029.