Jobs rebounding in US: A strong July jobs report in the United States was led by the leisure and hospitality sectors, which added 96,000, still 1.2 million workers shy of its pre-pandemic level. Wage growth also surged with average hourly earnings jumping 0.5% for July and 5.2% year over year.
Lux Collective to China: The Lux Collective, the Mauritian-based operator, and Dubai-based Jumbo Group, have signed a deal to build LUX* Guangzhou, the first LUX urban resort in Guangzhou, China. The hotel is slated to open in June 2024. The project consists of a luxury complex comprising the 109-key hotel, which will include 36 ultra luxurious residences, an art gallery and a modern office building. This will be The Lux Collective’s first project in one of the three top-tier cities in China. The hotel is the third LUX* property in Guangdong Province to be managed by The Lux Collective. The company currently manages 15 properties across China, Maldives, Mauritius and Ile de la Reunion, with 13 hotels in its development pipeline in China, Europe, Middle East and Southeast Asia.
RLJ reports: RLJ Lodging Trust beat the Street with its 2Q earnings reports with funds from operations of US$81 million, or 49 cents per share. The company post net income of US$26.7 million, or 16 cents per share. The Bethesda, Maryland-based REIT posted revenue of US$330.5 million in the period, also exceeding Street forecasts. RLJ reported adjusted EBITDA of US$111 million, beating consensus of US$102.3 million. Pro Forma RevPAR y/y of +71% was below consensus of +73.3%.
Expedia reports: Seattle-based online travel giant Expedia Group reported Q2 earnings, stating travel demand continued to rebound. Revenue was US$3.2 billion, up more than 50% YOY and up 1% from 2019. Adjusted earnings were US$1.96 per share versus a US$1.13 per share loss a year ago. Gross bookings were US$26.1 billion, up 26% from US$20.8 billion a year ago. Net loss was US$185 million versus a loss of US$301 million a year earlier. Expedia also stated it continues to transition its brands to a single platform, including moving Hotels.com to the Expedia tech stack.