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Briefs: Stake high in Vegas | Latin pipeline stalls

High stakes in Vegas. The two biggest resort operators in Las Vegas could lose over US$10 million a day combined starting at midnight on Thursday if an approved strike goes through, according to the union representing some of the staff. The Culinary Union released estimates of what would happen at MGM Resorts International and Caesars Entertainment, which run more than half the properties that would be affected if the more than 50,000 employees went on strike.

 


Mohegan takes on Wynn again. Casino company Mohegan Sun is seeking to overturn Wynn Resorts’ Boston-area casino license, arguing that recent allegations of sexual misconduct against company founder Steve Wynn are further proof the state’s licensing process was biased and flawed. The Boston Herald reported the Connecticut casino company submitted new filings in Superior Court in Boston this week in a 2015 lawsuit challenging the Massachusetts Gaming Commission’s decision to award Wynn the lucrative license over Mohegan Sun the previous year.

 


MCR ready to buy more. MCR, the seventh largest hotel owner-operator in the United States, announced the successful closing of its fund, MCR Hospitality Fund LP. The Fund’s capital commitments total $300 million, providing MCR with approximately $1 billion in purchasing capacity. The MCR Hospitality Fund LP targets investments in institutional-quality Marriott and Hilton select service and extended stay hotels throughout the country.

 


Wyndham timeshare flies solo. Wyndham Destinations, Inc., formerly known as Wyndham Worldwide Corp., announced the completion of the spin-off of Wyndham Hotels & Resorts, Inc. to become the world’s largest vacation ownership, exchange, and rental company. It has a global presence in 110 countries at more than 220 vacation ownership resorts and 4,300 affiliated exchange properties. Wyndham Hotels & Resorts is the world’s largest hotel franchisor and a provider of hotel management services, with a portfolio of 20 lodging brands and nearly 9,000 franchised hotels in more than 80 countries.

 


200 Wyndham jobs for Orlando. Florida Govenor Rick Scott plans to announce Friday that Orlando has lured 200 high-paying corporate jobs from Wyndham Worldwide’s headquarters in New Jersey. The news comes as Wyndham’s spinoff of its hotel franchise business becomes official, and it starts trading on the New York Stock Exchange under a separate name, Wyndham Hotels & Resorts.

 


Accor completes property sale. AccorHotels on Thursday announced that it completed the sale of 57.8% of the capital of AccorInvest to sovereign wealth funds Public Investment Fund (PIF) and GIC, institutional investors Colony NorthStar, Crédit Agricole Assurances and Amundi, and other private investors. For AccorHotels, the transaction results in a gross cash contribution of €4.6 billion, which is slightly more than the €4.4 billion announced in February and in line with the higher percentage of capital finally sold. AccorHotels will therefore hold 42.2% of the capital of AccorInvest, which will no longer be included in the group’s consolidated financial statements as of June 1, 2018.

 


Japan hot spot. Foreign guests who made overnight stays at hotels and other accommodations in Japan rose 15% to 6.78 million in March compared to the previous year as regional cities attracted more tourists, government data show. The figure was the highest ever for March, the Japan Tourism Agency said Thursday. Visitors from China made the most stays with 1.37 million, up 16.2%, followed by South Koreans with 920,000, up 21.3%, and Taiwanese with 910,000, up 9.7%.

 


Latin pipeline stalling. According to Lodging Econometric’s, the total construction pipeline in Latin America has 776 projects/134,143 rooms, down 8% by projects year-over-year.? ?There are 365 projects/64,004 rooms under construction, down 4% by projects YOY. Projects scheduled to start construction in the next 12 months are at 213 projects/33,536 rooms, up 28%.

 


ESA on the March. Extended Stay America on Thursday announced the acquisition of its newest property in Rock Hill, South Carolina.

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