Property Types  Hospitality
Marriott Sees RevPAR Dip in 2Q
Jul 17, 2009

Hotelier Marriott International suffered a 20 percent decline in revenue per available room and double-digit percentage rate drops for its upper-tier properties in North America during the second quarter of 2009. Compared with the second quarter of 2008, worldwide RevPAR fell by 23.6 percent systemwide. In North America, systemwide RevPAR was down 21.2 percent.

The company's upper upscale and luxury brands suffered the steepest occupancy and rate declines for the region.The Ritz-Carlton brand in North America saw its RevPAR drop by 31.4 percent, its occupancy down by 13.9 percent and its rate down by 16.1 percent. The Marriott, Renaissance and Courtyard brands also saw rates fall by double-digit percentages, and rates for the company overall were down by 12.6 percent in North America in the second quarter.

Marriott opened 62 properties during the quarter, adding 8,462 rooms to its portfolio. Its pipeline now stands at about 110,000 rooms either under construction, awaiting conversion or approved for development, according to the company.

 
Recent Hospitality Headlines
Exclusive Yellowstone Club Sells for Only $115M
Aug 06, 2009
Bargain prices for namebrand merchandise. No, it isn’t a sale at Macy’s or Nordstrom, it is the market for resort properties. The sale of the exclusive ski lodge for the rich and famous in Big Sky, Mont. – the Yellowstone Club – was finalized this week for $115 million. Reports show that the resort could have sold for somewhere around $400 million just a year ago.
As Trump Retakes Namesake Firm, $486M of Debt to Be Restructured
Aug 05, 2009
Trump Entertainment Resorts said that it will sell the company to Donald Trump and BNAC Inc., an affiliate of Beal Bank Nevada, along with restructuring some $486 million in debt.
Fitch Ratings: Large Hotels Defaulting on Loans at High Rate
Aug 05, 2009
As the commercial real estate market continues its downward decline, a new Fitch Ratings report indicates that large hotels lead loans of concern for U.S. CMBS with eight newly defaulted loans greater than $100 million entering special servicing, according to Fitch’s 'What's in Special Servicing' U.S. CMBS report.
Economic Update - Gaming Industry Bets Heavily That Economy Will Turn
Aug 04, 2009
Times are still tough for the subset of the hospitality industry that depends on gambling, but a few operators are betting on a return of the gambling masses as the economy turns.
Russia Leads Europe In Hotel Construction
Jul 27, 2009
In terms of hotel development in Europe, Russia is king, according to the June 2009 Smith Travel Research Global Construction Pipeline Report.
 
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