U.S. growth forecast: CBRE is predicting an eighth consecutive year of occupancy growth for U.S. hotels. For 1Q 2017, hotel demand increased 2.8% and occupancy hit 61.1%, the highest first-quarter occupancy rate reported by STR in the past 30 years.
Upscale pipeline: According to Lodging Econometrics, the upper midscale category is currently at 2,067 projects/205,662 rooms, and has the largest project count of any chain scale in the total pipeline. Second-largest is upscale, with 1,246 projects/161,229 rooms. The two sectors account for 66% of the total pipeline. The brands with the most projects in upper midscale are IHG’s Holiday Inn Express, Hilton’s Home2 Suites and Marriott’s Fairfield Inn.
Electronics ban effect: The Business Travel Coalition (BTC) released the results of a survey of 112 travel managers that show the potential economic risk of a U.S.-imposed inflight electronics ban from European airports. Fifty percent of respondents expect that their travel will fall off more than 25%; 12.5% indicate travel will decline 11% to 15%.
Sydney purchase? An Asian real estate website cites reports that Shanghai United Real Estate Investment, a private-equity firm, is close to a deal to acquire an Intercontinental hotel in Sydney from its Singaporean owners for A$140 million (US$104 million).
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Expedia in Cuba: Online booking tool Expedia has begun offering hotel booking services in Cuba. It is operating under two different licenses that allow it to do business in the country.
Icahn in New Jersey: Billionaire investor Carl Icahn’s company, IEP Morris, has acquired the debt of the Chelsea hotel in Atlantic City, New Jersey. The amount of the debt was not disclosed.
Bellagio fountains: Las Vegas’ MGM Resorts International is denying rumors that the fountains at its Bellagio hotel will be shut down. Some sources say they will be replaced by restaurants.