Today’s news in brief – 3/11/23
Hyatt reported Q3 adjusted earnings of $247m (£201.9m), slightly below last year’s levels, despite an 8.9% increase in Revenue per Available Room (RevPAR). Net income for the quarter was $68m (£55.6m), compared to $28m (£22.9m) in the previous year. The growth was attributed to resilient demand from leisure guests and group customers, with the European and Middle Eastern hotels leading the way with a 40% earnings increase. Hyatt opened 20 new hotels during the quarter, adding 3,262 rooms, and has a pipeline of management or franchise contracts for approximately 600 properties with 123,000 rooms. Hyatt’s CEO, Mark S. Hoplamazian, is optimistic about future fee growth due to a strong pipeline and robust global travel demand.
Michael Bonsor has been appointed as the managing director for The Chancery Rosewood, a luxury hotel opening in London’s Mayfair in 2025. Developed by Qatari Diar Europe LLP, the Grade II listed building is being transformed into a retail destination and Rosewood Hotels and Resorts luxury hotel with 144 guest rooms, dining venues, retail concepts, and more. Bonsor, a 10-year veteran of Rosewood Hotels and Resorts, will lead the hotel’s operations and leverage his extensive hospitality expertise.
The Hospitality Investor Sentiment Index indicates growing confidence in the corporate sector, with expectations for a bounce-back in corporate business in 2024. In contrast, investors predict slower growth in leisure travel due to socio-economic and climate change issues. Factors such as the war in Ukraine, climate-related wildfires, rising living costs, and inflated prices are affecting leisure travel confidence. This shift in confidence has led to reduced appetite for resort investment and increased focus on urban markets, particularly limited-service hotels. Investors are exploring refurbishment and repositioning opportunities, often with local government support.
Moor Hall Restaurant with Rooms in Lancashire, led by Chef Mark Birchall, is set to launch seven new Garden Rooms in spring 2024. Each standalone Garden Room, designed by Koto, will be located in the secluded woodland surrounding Moor Hall’s gardens and offer eco-friendly features. The rooms are named and inspired by botanicals, each with its unique design and colour palette. Moor Hall’s commitment to sustainability, innovative design, and guest experience is central to this expansion.
