Quotes of the week: Hotel Investment Partner, Marriott, Hyatt

QUOTE OF THE WEEK
“The partners’ cumulative size, scale and capital will bolster our ability to continue the transformation of the hotel landscape in Southern Europe. The fundamentals of the Southern European hotel market continue to be strong with revenue booked for the balance of the year over 20% ahead of last year.” – Alejandro Hernández-Puértolas, HIP, on its new tie-up with Singapore’s GIC  Read story

“The Philippines and Malaysia don’t have a lot of international brands. It’s mostly domestic… People are going, but not everyone. It’s not for everyone. You need to have good relationships, and the owner is king in this [area].” – Jesper Palmqvist, STR, at HICAP 2023  Read story

“While there is heightened geopolitical risk and continued macroeconomic uncertainty, the consumer is still generally holding up well and our forward bookings through the end of the year in most regions around the world remain solid.” – Leeny Oberg, Marriott International, during 3Q23 earnings call  Read story

“For most of the hotels we have developed and expanded with already in Europe, the main clients are Europeans. But we’ve been very surprised to see more Americans becoming interested. The thing about Europe, though, is that not all the destinations are a fit for an all-inclusive product, and there are some important nuances. We have a brand, Alua, for example, where, in many cases, we do have all-inclusive packages, but in other cases, we offer meal plans. We've also developed some Secrets, Dreams and a Zoetry in Europe, and the idea is to adapt the product but still make sure that we have the same basic promises in place.” – Gonzalo del Peon, Hyatt Hotels Corp., on its all-inclusive development  Read story

“We’re seeing in some hotels it’s in the double digits, more than 10% of total revenue. Even when you’re underwriting something, you would never imagine that. It [property tax] has to be looked at and dealt with proactively, just like payroll, utilities or any other large expense.” – Ahmer  Naushad, Sonesta International Hotels Corp., on property tax challenges  Read story