Quotes of the week: CBRE, NewcrestImage, Choice, Wyndham

QUOTE OF THE WEEK
“Even though we may be operating in the ‘new normal’ of higher rates compared to where we were pre-pandemic, the anticipated cuts will likely provide fuel to the market for investors to re-engage and the market can then determine the appropriate pricing.” — Brian Waldman, Peachtree Group  Read story

“Consumers are really strong; they are spending, and they are spending on travel. They’re just not spending in a traditional hotel to the same extent as before the pandemic, at least on the demand side. Rates are higher, but in terms of occupancy and demand, we have yet to see a full recovery.” — Rachael Rothman, CBRE  Read story

“The GM must behave as if he were the owner.” — legendary hotelier Georg Rafael, who passed away on November 21, from a previous speech about the key to success for him  Read story

“A lot of times when you sell, people are very selective. [They say] ‘I only want to buy this hotel. I only want to buy 5 or 10.’ We’re saying we will buy everything. What we don’t like, we’ll sell. It’s our problem. But we want a discount because we’re buying everything from you.” — Mehul Patel, NewcrestImage  Read story

“Choice has, once again, failed to address the major value gap and risks of their offer – which remains virtually unchanged from the terms outlined in their previous unsolicited proposal. The core issues we have articulated remain the same: a likely prolonged regulatory review period of up to 24 months with an uncertain outcome; the pure inadequacy of the offer from a valuation standpoint, including the significant equity component of Choice stock; and the lack of consideration for Wyndham’s superior, standalone growth prospects.” — Stephen Holmes, Wyndham Hotels & Resorts  Read story

“Attempting to use the FTC to prevent Wyndham shareholders from even accessing the option of a merger with Choice robs them of meaningful upside from the combination or, at a minimum, the substantial break-fee Choice has offered in the unlikely event the transaction was not to receive the requisite regulatory clearance.” — Choice Hotels International's latest statement Read story

“We plan to continue to grow through the same acquire-and-renovate model. We already have some target cities and markets. In Australia, for instance, we want to cover all the key CBD cities, such as Adelaide, Perth and Melbourne, as our existing Melbourne hotel is more on the outskirts of the CBD in an area called Richmond. We’re just waiting for the right opportunity, the right price and the right fit.” — Earp Siriphatrawan, Amora Hotels & Resorts  Read story