LaSalle RevPAR falls: Maryland-based LaSalle Hotel Properties’ RevPAR for 1Q 2018 fell 7.6% year over year (from US$178.81 to US$165.23), slightly underperforming a Baird Equity Research estimate of -6.8%. The REIT did not provide any more information on its proposed merger with Pebblebrook Hotel Trust. “Management appears confident that its current strategic initiatives and repositioning projects will create meaningful value for shareholders (although we believe this may be positioning by management to improve its negotiating power),” Baird analyst Michael Bellisario said.
IHG in China: InterContinental Hotels Group signed 10 deals under seven brands in Western China, including: InterContinental Chengdu Shawan; Hualuxe Guiyang Financial City; Crowne Plaza Mianyang High-Tech Zone; Hotel Indigo Puzhehei; Hotel Indigo Jiuzhai; Even Hotel Chongqing Central Park; Even Hotel Xi’an High-Tech Zone; Holiday Inn & Suites Lanzhou Centre; Holiday Inn Express Guilin High-Tech Zone; and the Holiday Inn Express Meishan Dongpo.
Wyndham spins off: Parsippany, New Jersey-based Wyndham Worldwide’s board formally approved the spin-off of its wholly-owned subsidiary Wyndham Hotels & Resorts. Wyndham Worldwide will be renamed Wyndham Destinations.
Meliá results: Meliá Hotels International earned €22.1 million (US$26.2 million) in 1Q 2018, a year-over-year increase of 18.9%. Global RevPAR grew 7.4% and group EBITDA grew 13.8%.
Crescent in Las Vegas: Operator Crescent Hotels & Resorts assumed management of the 299-room SpringHill Suites Las Vegas Convention Center in Las Vegas.
Boston ban? Boston Mayor Martin Walsh has proposed rules that could limit growth of short-term rentals in that city with the aim of keeping a lid on housing costs by banning investor-owned apartments from being rented by the night hotel-style.
Hard Rock OK’d: The Hard Rock Hotel & Casino Atlantic City won a casino license from New Jersey’s Casino Control Commission just weeks ahead of the slated opening of the venue, the former Trump Taj Mahal.