Gavelston’s Tremont acquired: Hospitality Asset Funding Group (HAFG), a provider of capital market solutions, recently completed its acquisition of the Tremont House Hotel in Galveston, Texas. HAFG is a joint venture between SRH Hospitality, based in Addison, Texas, and JLM Financial Investments, Austin, Texas. HAFG is planning a multimillion-dollar renovation of the Tremont, to be completed in 2022, and converting it to Marriott soft-branded Tribute.
Sunstone names COO: Chris Ostapovicz has been appointed senior vice president and chief operating officer at Irvine, California-based Sunstone Hotel Investors. Ostapovicz will join the company in March and Marc Hoffman, who first joined Sunstone in 2006 and has been responsible for asset management and design and construction, will remain with the Sunstone during the period of transition.
Singapore’s tough 2020: According to Singapore Tourism Board’s preliminary estimates in a new report, the year concluded with visitor arrivals totaling 2.74 million, a year-over-year decline of 85.7%. Visitor arrivals reached an all-time low of 750 in the month of April 2020 but gradual monthly improvements have occurred since. Arrivals from China saw the sharpest year-over-year decline of 90.2%, while other top source markets such as Indonesia, Malaysia, and India also recorded a decline of 85.3%, 87.4%, and 87.6%, respectively.
Only 12% of Americans plan spring break trip: The spring break season is traditionally the first major travel period of the year—but only about one in eight Americans plans a spring break trip this year, according to polling data by Destination Analysts. And despite the nationwide progress on vaccines, spring break travel intentions actually appear to be dropping: the 12% who plan to travel for spring break is down from 16% the week prior—the first time that question was polled. Among those who do plan to travel for spring break this year, the reasons cited as most important were:
• Relax and escape stress (73%)
• Spending time with family (71%)
• Escape boredom (71%)
• Visit new places or destinations (68%)
• Get away from daily life (67%)
JD Power says more at ease with travel: Against the backdrop of improving COVID-19 trends in the United States, travelers are beginning to express less concern about taking to the skies, according to report from data analytics company J.D. Power. As of February 17, daily confirmed COVID cases are down 68% nationally since their peak on January 11. It seems as if those positive trends—coupled with a nationwide vaccine rollout that has, on average, administered more than 1.5 million shots per day this month—is having a significant effect on customer sentiment as it pertains to air travel.
U.S. occupancy dips slightly: U.S. weekly hotel occupancy dipped slightly from the previous week, according to STR’s latest data through February 27.
February 21-27 (percentage change from comparable week in 2020):
Occupancy: 47.5% (-25.8%)
ADR: US$96.72 (-25.2%)
RevPAR: US$45.90 (-44.5%)
The week-over-week decrease was the country’s first since late January. Florida, California, and New York reported the largest drops in demand. Texas, on the other hand, led the nation in room nights sold as hotels continued to house residents displaced by winter storm damage. The state’s occupancy reached a pandemic high of 57.3%, up a full point from the week prior.
Aggregate data for the top 25 markets showed slightly lower occupancy (45.0%) but higher ADR (US$102.49) than all other markets. Among the top 25 markets, Miami saw the highest occupancy level (68.5%). Top 25 markets with the lowest occupancy levels for the week included Oahu Island (30.2%) and Minneapolis (30.8%).
New boutique advisory: A new boutique advisory firm, LHA, has been launched to act as a one-stop-shop, hands-on approach for luxury hotel owners and investors looking for asset management, acquisition, disposition and marketing guidance. The firm has added prominent leaders in the hospitality industry to its board of advisors and has plans to open additional offices in Los Angeles, Dallas, New York and Miami. The principals, Eric Prevette, Carlos Lopes and Teresa Holden collectively share decades of experience in management, ownership, operation, marketing, brand development, and the execution of hotel sales and acquisitions across the globe. Their work includes relationships with the Four Seasons Hotels and Resorts, Rosewood Hotels & Resorts, RockResorts, Bel Air Hotel Co., Cap Juluca Resort and Grand-Hôtel du Cap-Ferrat.
Virtual Young Hoteliers Summit: This year’s Young Hoteliers Summit, taking place virtually March 22-25, will feature a diverse line up of returning speakers, including President Global Operations at Four Seasons Hotel & Resorts, Christian Clerc; GM Astronaut Experience and Hospitality at Virgin Atlantic, Martijn Brouwer; and Special Advisor to the Secretary General of UNWTO, Anita Mendiratta. Additions include Indonesian climate activist and Founder of Bye Bye Plastic Bags and Youthtopia, Melati Wijsen; CEO of Six Senses Hotels Resorts and Spas, Neil Jacobs; and Founder and CEO of Ennismore, Sharan Pasricha.
Accor, Expedia expand UNESCO sustainability pledge: Expedia Group and Accor are partnering to further extend the UNESCO Sustainable Tourism Pledge. The agreement will see 3,358 global Accor hotels join together to promote environmental sustainability and sustainable tourism worldwide. The UNESCO Sustainable Tourism Pledge promotes responsible practices, community resilience and heritage conservation, with the ultimate goal of changing the nature and impact of global tourism. Under the pledge, parties commit to supporting the reduction and elimination of single-use plastics and promoting local economy and culture.
Watch a video on Accor’s pledge