Name: Hanh Pham
Class: HADM 3010
April 24th, 2024
Module #8 News Article Summaries
Article Title: Partners Group Acquires Minority Stake in Trinity Investments
Article Source: http://www.costar.com/news/section/hospitality
Publish Date: April 16, 2024
Partners Group is set to acquire a strategic minority stake in Trinity Investments, with an initial
investment target of $500 million. The deal follows Trinity's acquisition of the Las Colinas
Resort in Dallas in 2022 and the Scottsdale Plaza Resort & Villas in early April. Partners Group
plans to further invest in Trinity's North American, European, and special situations investment
platforms. Trinity has nearly three decades of experience in the hotel real estate asset class, and
Partners Group is committed to investing alongside Trinity to continue building a global
hospitality program. Lastly, Trinity sees opportunities to deploy its sophisticated platform for
hotel real estate, repositioning, operation, and asset management into new hotel assets and credit
investments.
Article Title: US Hotel Performance Mixed in March
Article Source: http://www.costar.com/news/section/hospitality
Publish Date: April 19, 2024
The U.S. hotel industry reported higher performance results in March 2024, with occupancy at
63.7%, average daily rate at $159.79, and revenue per available room at $101.81. Miami was the
top market for occupancy, average daily rate, and RevPAR, also with the highest levels in each of
these metrics. Minneapolis and Detroit had the lowest occupancy rates. CoStar Group, a leading
provider of online real estate marketplaces, information, and analytics, conducts extensive
research to produce and maintain the largest database of real estate information. In addition, the
company websites attract nearly 100 million monthly visitors to support offices in the U.S.,
Europe, Canada, and Asia. CoStar Group plans to utilize its corporate website,
CoStarGroup.com, as a distribution channel for material company information.
Article Title: Marriott Plans to Add 100 Properties in Europe Through 2026
Article Source: https://lodgingmagazine.com/
Publish Date: April 15, 2024
Marriott International plans to add nearly 100 properties with 12,000 rooms to its European
portfolio through hotel conversions and adaptive reuse projects by the end of 2026. This growth
will strengthen Marriott's footprint across Europe, which currently has over 800 properties with
nearly 150,000 rooms across 25 brands in 47 countries and territories. Marriott's new midscale
brand, Four Points Express by Sheraton, has spurred conversion opportunities in the region since
its launch in 2023. The company is also seeing momentum for hotel conversions and adaptive
reuse projects in countries such as Italy, the UK, Spain, and Türkiye, and across all brand
segments. The luxury segment is also seeing an increase in conversion and adaptive reuse
opportunities. The Luxury Collection, W Hotels, The Ritz-Carlton, and St. Regis Hotels &
Resorts represent more than 10% of the anticipated additions by the end of 2026.
Article Title: Controlling Utility Costs: Volatile Market Conditions Call for a Focus on
Contracts and Energy Consumption
Article Source: https://lodgingmagazine.com/
Publish Date: April 19, 2024
Utility costs at U.S. hotels have increased over the past four years, from 2.9% of total revenue in
2019 to 3.3% in 2023. However, the growth rates have slowed with the year-over-year growth
rates declining from 21.4% in 2022 to 4% in 2023. Convention and resort properties have the
highest utility costs, with an average of $2,370 PAR or $9.42 POR. Limited-service and
extended-stay hotels spend the least on utilities but average around 4% of revenue. Total utility
expenses increased at a CAGR of 3.6% from 2019 to 2023. Hotel Horizons predicts RevPAR
growth will slow to 3% in 2024, the lowest in four years. Operators must control utility
expenditure increases to below 3%. Market conditions are unpredictable, with factors like
hurricanes, flooding, and the pandemic impacting operating costs. Hotels should focus on utility
contract terms, pricing, billing, and energy-saving opportunities.
Article Title: Global Meetings Industry Day on April 11 Champions Value, Benefits of
Business Events and Meetings
Article Source: https://www.ustravel.org/
Publish Date: April 09, 2024
Global Meetings Industry Day, focusing on "Meetings Matter," is April 11. The day aims to
highlight the benefits of business meetings, trade shows, conferences, and conventions, which
significantly impact local economies, business profits, individual growth, and professional
relationships. In 2023, spending on meetings and event-related travel in the US totaled $119
billion, supporting nearly 600,000 jobs. A study by American Express Global Business Travel
has found that in-person interactions foster greater innovation and tangible business value.
GMID 2024 will feature events and activities by approximately 50 businesses and organizations
across the US, including Hilton's contest, Meeting Professionals International's broadcast, the
Las Vegas resort community's takeover, PCMA's Capital Chapter's discussion, and informational
sessions on the meetings industry.
Article Title: U.S. Travel Announces New Appointees to Executive Board, Governance
Committee
Article Source: https://www.ustravel.org/
Publish Date: March 21, 2024
The U.S. Travel Association has appointed two new members to its executive board and three
new members to its governance committee. The appointments were approved during the
association's spring executive board meeting on March 20. The new members will bring unique
perspectives to the association's leadership and contribute to its strategic priorities for future
success. The board officers, who represent the U.S. travel industry, are nominated for second
terms.
Article Title: Bank of America updates casino earnings estimates ahead of this week’s
kickoff
Article Source: https://cdcgaming.com/
Publish Date: April 15, 2024
BofA Analyst Shaun Kelley has reported that gaming stocks have underperformed the broader
market since the fourth quarter, due to negative estimate revisions on regionals and higher
interest rates. First-quarter 2024 estimates are slightly below the Street in Vegas, ahead in
Macau, and slightly below in regionals. Wynn Resorts is expected to beat estimates in Las Vegas,
while Caesars Entertainment is 5% below the Street. MGM Resorts International and Wynn are
expected to beat estimates in Macau, while Las Vegas Sands is expected to miss estimates. In
Singapore, Marina Bay Sands' estimate is slightly ahead of the consensus. The Bank of America
estimates are 1% below the Street in Las Vegas, with Wynn beating estimates, MGM in line with
estimates, and Caesars missing estimates. Baccarat is expected to grow again in March,
providing further upside to Wynn and MGM estimates.
Article Title: iGB L!VE registration opens, record 9,000 attendees expected
Article Source: https://cdcgaming.com/
Publish Date: April 14, 2024
iGB L!VE, a global igaming event, is now open for registration in Amsterdam from July 16-19.
The event, which is the last before its relocation to London in 2025, will feature over 300
exhibitors and sponsors, 35% more than in 2023. The event connects the industry's best affiliates,
operators, tech vendors, game providers, and suppliers. With a 44% higher attendance than in
2022, the event will provide valuable peer networking, lead generation opportunities, and
insights into igaming trends and products.
Article Title: Atlanta restaurateur Ford Fry making big impact on Nashville dining scene
Article Source: https://www.bizjournals.com/atlanta/
Publish Date: Apr 15, 2024
Rocket Farm Restaurants founder, David Fry, is making a significant impact in Nashville by
introducing concepts from his portfolio. He invested over $7 million to bring three restaurants to
an old hammer mill in the city's Germantown neighborhood, including The Optimist, Le Loup,
and Star Rover Sound. Fry's introduction to Nashville was the opening of Superica in 2019. In
February, building permits revealed Fry is eyeing a former Qdoba Mexican Eats space for his
Little Rey "al carbon" restaurant. Fry has already opened a second Atlanta Little Rey in
Buckhead and plans to open a third in Johns Creek.
Article Title: Nobu Hotel Atlanta names new general manager
Article Source: https://www.bizjournals.com/atlanta/
Publish Date: Apr 16, 2024
Drew Smith has been appointed as the general manager of the Nobu Hotel Atlanta, a luxury hotel
in the Buckhead Mall. Smith, a Georgia native, has previously held sales roles for Hyatt Hotels
Corp and InterContinental Buckhead Atlanta. The hotel opened in late 2022 and was part of a
mixed-use redevelopment at Phipps Plaza Mall. The hotel, which opened in late 2022, is part of a
mixed-use redevelopment at the mall.
