Airbnb’s billion-dollar valuation: Forbes estimates the value of home-sharing behemoth Airbnb at US$38 billion – that’s US$7 billion more than last year. The “unicorn” is now cash-flow positive.
Speaking of billions: MGM Resorts will buy back US$2 billion of its shares, about 10% of the company’s market value. It didn’t give a timeframe for the buyback; the announcement comes as the company is completing an investment cycle that includes three new casinos and a rebranding of a Las Vegas property, says the Las Vegas Review-Journal.
Starwood move planned: Barry Sternlicht’s Starwood Capital Group plans to develop a new headquarters in Miami Beach to move into by 2021, according to The Real Deal, coinciding with the end of its lease on its current HQ in Greenwich, Connecticut.
NH relaunches loyalty: NH Hotel Group relaunched its loyalty program covering 400 hotels and four brands in 30 countries. The company has tweaked its point system and made redemptions available with no blackout dates (watch a video of the new program).
St. Joe in JV: Watersound, Florida-based develop St. Joe Company is forming a joint venture with Key International to develop a 250-room hotel in Panama City Beach, Florida, according to Zacks.
London not calling quite as much, maybe: Preliminary data for April from STAR shows lower occupancy levels and room rates in London. Year over year, supply rose 2.2%, demand was up 1.3%, occupancy fell 0.9% to 82.2%, ADR fell 1.1% to £141.87 (US$192.02)and RevPAR fell 2.0% to £116.59 (US$157.80). STR analysts point to “continued significant supply growth and comparisons with high performance periods that followed Brexit.”