STR, TE UPGRADE U.S. OUTLOOK: STR and Tourism Economics (TE) have raised their YOY growth predictions for ADR and RevPAR in this year’s final U.S. hotel forecast revision. RevPAR growth was raised by 0.3 percentage points due to a 0.6 ppt rise in ADR growth. Going by the recent RevPAR trends, rate continues to be the primary driver of performance, STR and TE said in a release. Occupancy was marginally downgraded by 0.2 ppts. For 2024, the growth predictions for each of the key performance metrics are expected to stay flat from the previous forecast due to the previously mentioned long-term average trends beginning to normalize. The predicted rise in ADR will result in higher TRevPAR, which, along with less spending on labor, is expected to lift GOP projections as well, STR said, adding that the gap in employment levels and increased operational efficiencies have brought down labor cost projections. Improvements in the travel sector, including improved group activity and return of international travelers, will offset economic factors and support RevPAR gains, TE said.
FOUR POINTS BY SHERATON TO KUALA LUMPUR: Four Points by Sheraton has ventured into Kuala Lumpur with the opening of Four Points by Sheraton Kuala Lumpur, City Centre. The hotel marks the brand’s fourth in Malaysia. Owned by Ventura International Sdn. Bhd., the hotel offers 513 rooms, outdoor swimming pools with water slides and a splash play area, an indoor kid’s club, an adventure zone, a fitness center and a spa. The hotel also has two specialty restaurants and a grab-and-go station. The opening also follows the reopening of the Renaissance Kuala Lumpur Hotel & Convention Center in October. The two hotels comprise Marriott Bonvoy’s first dual-branded property in Malaysia and feature a reimagined convention center that offers 27 meeting venues spanning 52,000 square feet of event space.
KWC MANAGEMENT ACQUIRES MONTAGE KAPALUA BAY: KWC Management, LLC, the hospitality investment management company of Kemmons Wilson Companies, has acquired the Montage Kapalua Bay following an engagement that began in early spring. Other terms of the transaction were not disclosed. Located along Namalu Bay, the hotel spans 24 acres of oceanfront area on the northwest part of Maui. The resort has 146 residential-style multi-bedroom suites, a cultural program, a multi-tiered lagoon pool, four restaurants and bars, a spa and a collection of privately owned residences. White Label Asset Management will be managing the hotel. Montage Kapalua Bay is a member of Preferred Hotels & Resorts’ global collection.
RENAISSANCE BOCA RATON REOPENS: TPG Hotels & Resorts has announced the reopening of the Renaissance Boca Raton in Boca Raton, Fla., following a transformational renovation. Renovations of the luxury hotel’s exteriors and interiors began last November. Refurbishments were focused on modernizing the 189 rooms, guest corridors, 15,000 square feet of meeting and conference space, club lounge, public spaces and the fitness center. The hotel now includes a new 30,000-square-foot resort-style pool deck with a waterfall backdrop, a dedicated WET by Meat Market tiki bar to service the pool and VIP cabanas. The new Meat Market restaurant will operate the restaurant and banquets and catering for the hotel.
VALENCIA HOTEL GROUP REBRANDS: Valencia Hotel Group is rebranding to Valencia Hotel Collection (VHC). The new name will reflect the Houston-based independent hotel group’s portfolio and how it has transformed since it launched 20 years ago, VHC said in a statement. The company’s first hotel, Hotel Valencia Riverwalk, opened along San Antonio’s River Walk in January 2003. The group currently has seven independent hotels operating and plans to grow its collection to new markets and widen its property management services. Along with the rebrand, VHC has been focused on leveraging its team’s perspective on development and property management to grow its portfolio. The restructuring of the leadership team has seen the appointment of Roy Kretschmer to COO, Wendy Norris to vice president of sales, marketing & revenue optimization and Trent Freeman to vice president of operations.