IHG’s Business Edge: IHG has introduced Business Edge, a corporate travel tool for small and mid-sized businesses. The company says it gives smaller enterprises some of the same advantages of bigger companies. Companies with less than 250 employees and up to US$50 million in revenue, and that spend at least $5,000 with IHG annually, are eligible for discounted rates at participating hotels.
Cobblestone acquires Key West: Neenah, Wisconsin-based Cobblestone Hotels LLC acquired Key West Inns, Hotels, & Resorts and Centerstone Hotels brands, bringing Cobblestone’s portfolio to more than 120 open locations and more than 5,400 rooms. The Key West brand was founded by Cory Jackson Sr. The price was not named.
Host results: Host Hotels & Resorts’ 2Q 2018 results “handily” beat expectations, writes Michael Bellisario of Baird Equity Research. Total revenue for the quarter was US$1.52 billion, up 5.3% over the previous year’s quarter; for the first half of 2018, revenue was US$2.86 billion, up 2.7%. RevPAR grew 2.8% (domestic was 2.5%) for the quarter; comparable F&B and other revenues increased 4.8% and 9.8%, respectively.
Wynn completes investigation: Las Vegas-based Wynn Resorts Ltd. said its special committee of independent directors finished its investigation of sexual harassment allegations against company founder Steve Wynn. Results were presented to the board last week, according to a filing Monday with the Securities and Exchange Commission.
Yotel in Glasgow: Yotel plans to open a 256-room hotel in Glasgow, the second in Scotland and the fifth in the U.K. It’s expected to open in November 2019.
Choice results: Choice Hotels International reported quarterly results. For the three months ended in June, revenue increased 13% to US$295.4 million over the previous year’s quarter. The company raised its full-year guidance for adjusted EBITDA to US$333 million to US$339 million. RevPAR remains “impressive,” says Patrick Scholes of SunTrust Robinson Humphrey, increasing 11.3% in the second quarter, although “we do not believe WoodSpring’s RevPAR result is sustainable in the long term.”
Dual brand in San Jose: A hotel and housing development near downtown San Jose, California, will have dual Marriott brands in a new-build totaling 311 rooms and 19 condos. The condos will be at the top of the nine-story building.