Latest news: Bad news from GBTA; $36M loan in Houston; Waldorf to Turks and Caicos

GBTA poll shows confidence plummets. Business travel industry optimism has taken a hit in the wake of recent U.S. government actions concerning the economy and immigration, and some buyers say they are cutting down inbound travel to the U.S., according to a Global Business Travel Association poll of 905 industry professionals. The poll, fielded from March 31 through April 8, showed 31% of surveyed industry professionals said they were optimistic about the overall industry outlook. That marked a drop of 36% from a GBTA poll in November that showed a positive outlook from 67% of respondents. Additionally, 40% of respondents in the current poll said their outlook was neutral, and 26% had a pessimistic outlook. Fully, 27% of buyers said they expect their business travel spending will decline this year, with an average expected decline of 20% compared with 2024, and 29% of buyers said their average trip volume would decline by an average of 21% year over year.

DSG $36.1M loan for Houston hotel. Memphis-based Development Services Group (DSG) has secured a $36.1 million loan to refinance its transformation of a Houston office building into the Meridien Houston Downtown, according to the Commercial Observer. Peachtree Group originated the three-year, floating-rate loan with two 12-month extension options for the property, which DSG acquired in 2015. The Melrose Building, which was built in 1952 and was Houston’s first modern skyscraper, was turned into a 250-key hotel that opened in 2017.

Hilton to debut Waldorf in Turks and Caicos. Hilton has signed a branding and management agreement for Waldorf Astoria Turks and Caicos Dellis Cay in the Caribbean, which is expected to debut in 2028. The hotel will feature 175 rooms and branded residences. The signing broadens Hilton’s presence in the Caribbean, aiming to double its footprint by adding 35 new properties to its current portfolio of over 45 hotels and resorts. Hilton’s momentum in CALA continues to grow, with more than 280 open hotels and a pipeline of 135 properties.

Highway West Vacations adds 3. Irvine, California-based Highway West Vacations has acquired three properties in California from an undisclosed seller for an undisclosed amount. The Avila Pismo RV Resort & Campground in San Luis Obispo has 64 spots and 22 cabins; Costanoa in San Mateo has 89 RV sites, 40 lodge rooms, 85 tent bungalows and 24 cabins. Situated near Mount Shasta and the Shasta Trinity National Forest, Lake Siskiyou Camp Resort offers 231 tent sites, 119 cabins and 12 houses. This expansion increases the company’s portfolio by 30%.

Ritz-Carlton Reserve in the Bahamas. Marriott is partnering with Cotton Bay Holdings Ltd. to add the Ritz-Carlton Reserve at Cotton Bay to the Bahamas. The 207-key property broke ground recently and is scheduled to open in 2027. It is expected to feature a 110-room Ritz-Carlton Reserve hotel in South Eleuthera and 97 Ritz-Carlton Reserve branded residences.

US hotels mixed last week. The U.S. hotel industry from April 6-12 reported mixed year-over-year comparisons, according to CoStar data. Occupancy was 65.6% (-0.3% YOY); ADR was $162.72 (+0.5% YOY); and RevPAR was $106.81 (+0.2% YOY). Year-over-year percentage changes were lower due to comparison against the week of the total solar eclipse in 2024. Among the top 25 markets, San Francisco saw the largest occupancy increase (+17.1% to 65.1%), Orlando reported the highest gains in ADR (+12.1% to $230.05) and RevPAR (+23.8% to $167.47). The largest RevPAR drops were seen in Philadelphia (-18.5% to $108.85) and Dallas (-17.1% to $98.63).

Ashford preliminary Q1 results. Dallas-based REIT Ashford Hospitality Trust said the company expects to report occupancy of approximately 68%, ADR of approximately $196 and RevPAR of approximately $133 as part of its Q1 2025 results next month. The comparable RevPAR reflects an approximate increase of 3.2% compared to Q1 2024.

Crescent adds 2. Fairfax, Virginia-based Crescent Hotels & Resorts is adding two hotels to its management portfolio with announced management of two DoubleTree properties in Tulsa, Oklahoma. The DoubleTree by Hilton Hotel Tulsa - Warren Place recently had a $15 million renovation completed in April 2023, and the 411-key DoubleTree by Hilton Hotel Tulsa Downtown recently had $7 million in renovations completed in April 2024.

Delaware North partners with Fontainebleau. Buffalo, New York-based Delaware North is partnering with Fontainebleau Las Vegas to bring special offers at the luxury resort and casino to Delaware North’s gaming loyalty club members. Through the new partnership, more than 2.5 million members of Delaware North’s Lucky North Rewards loyalty program can receive complimentary or promotional stays at Fontainebleau Las Vegas as determined by program tier, with the nightly resort fee waived for all members.