IHG expected to return shares: IHG is preparing to unveil plans to return US$1 billion to shareholders. According to market sources, the company plans to announce the move at its annual results call later in February.
Hilton London Wembley sold: Al Habtoor Group acquired the Hilton London Wembley hotel for an undisclosed price. The hotel includes 361 guestrooms and suites, several restaurants restaurants, event space and 10 meeting rooms.
Mövenpick plans Philippines expansion: Mövenpick Hotels & Resorts is planning to triple the number of propertied that it is managing in the Philippines. The company is targeting to operate five to six hotels over the next four years. Mövenpick is currently in talks with Picar Development, Inc., for the development of a 250-room hotel within a mixed-use community in Makati.
Read more at the Manila Bulletin
Dusit signs in Haikou City: Dusit Fudu Hotels and Resorts signed an agreement with Hainan Jinxiu Industrial Company Limited to manage a new luxury Dusit Devarana Resort in Haikou City, Hainan Province of China. Scheduled to open in 2018, the Dusit Devarana Resort, Haikou West, will include 108 guestrooms and villas.
Urgo signs in Lake George: Urgo Hotels & Resorts signed a management agreement to operate the Courtyard by Marriott in Lake George, New York. The 119-room hotel is scheduled to open this summer.
Easyhotel buys second Amsterdam hotel: Easyhotels’ Benelux franchisee purchased a property in Amsterdam to convert into a 131-room hotel. The property’s conversion is underway and the hotel is expected to open by the end of 2016.
Radisson Hotel Plymouth Harbor acquired: Linchris Hotel Corp. acquired Radisson Hotel Plymouth Harbor in Massachusetts for an undisclosed amount. The hotel was reamed Hotel 1620 Plymouth Harbor and a US$5.7 million renovation is planned.
Continued growth through 2017 in U.S.: The US hotel industry is projected to experience continued year-over-year performance increases through 2017, according to a recent forecast by STR and Tourism Economics. For 2016, the US hotel industry is predicted to report a 0.6% increase in occupancy to 65.9%, a 4.4% rise in ADR to US$125.30 and a 5% increase in RevPAR to US$82.60. For 2017, the US hotel industry is predicted to post a 0.2% increase in occupancy to 66.1%, a 4.3% rise in ADR to US$130.63 and a 4.5% increase in RevPAR to US$86.28.
Travel agents’ booking holds steady: A recent report from Phocuswright suggests money spend on bookings through travel agents in the U.S. grew 5% for the fourth consecutive year in 2015, totaling US$341 billion. Phocuswright also expects bookings to grow 6% for the next two years, with bookings reaching US$381 billion in 2017.