From the desks of the Hotel News Now editorial staff:
- Searches continue for those trapped in tsunami hotels
- US recession predicted to begin in 2020
- CorePoint execs on going from brand to REIT
- Al Marjan signs $200m, 300-key resort
- Travelodge to pump £100m into UK conference hotels
Searches continue for those trapped in tsunami hotels: The 7.5 Richter Scale earthquake, which hit on 5 October in Indonesia, and the devastating tsunami that followed it is unlikely to have revealed its full number of victims as searches continue to find survivors, including those trapped beneath two hotels in Palu, Indonesia, where the effect was most terrible, The Daily Mail reports.
The news outlet reports that searches beneath the 80-room Hotel Roa-Roa and the Hotel Mercure in Palu are becoming increasingly frantic as the Indonesia government sets a tentative deadline for Friday, a calendar week after the tsunami struck, after which it says the chances of finding any more survivors will “dwindle to almost zero.”
U.S. recession predicted to begin in 2020: According to a survey of economists conducted by The Wall Street Journal, the U.S. might enter recession in 2020 after what the news outlet calls the “second-longest (economic expansion) in American history.”
Fifty-nine percent of those questioned said a recession was most likely in 2020, while 22% said there would be one more year before the trouble starts in 2021. Economists point to possible interest rate rises as the catalyst.
“The current economic expansion is getting long in the tooth by historical standards, and more late-cycle signs are emerging,” Scott Anderson, chief economist, Bank of the West, said.
CorePoint execs on going from brand to REIT: Executives who came over to CorePoint Lodging from La Quinta Holdings with Wyndham Hotels & Resorts’ buy of its franchise and management business are going through a period of transition, with the biggest change being them giving up the control they had as managers of La Quinta, HNN’s Danielle Hess writes.
Keith Cline, president and CEO of CorePoint, and former president and CEO of La Quinta, said the early days of the midscale-focused real estate investment trust have been good so far. CorePoint hit the New York Stock Exchange on 31 May 2018.
“We’re used to running the entire brand, making all the decisions on technology and marketing and operations,” he said. “Wyndham certainly paid almost $2 billion for the benefit of making all those decisions, so now it’s about, ‘how do we work most effectively together as partners?’”
Al Marjan signs $200m, 300-key resort: Al Marjan Island, the artificial resort and entertainment island Ras Al Khaimah, United Arab Emirates, has announced the signing of a $200-million, 300-room hotel and entertainment area, according to Arabian Business.
Al Marjan plans to have 8,000 hotel keys open on the island by 2025, with the final tally expected to be 15,000. Four thousand rooms are in its current construction pipeline, this latest signing coming courtesy of UAE-based Indian investor Ivan Richard Menezes and his firm United Ventures & Investments Limited.
Travelodge to pump £100m into U.K. conference hotels: United Kingdom budget operator Travelodge plans to invest £100 million ($130 million) into developing 10 sites adjacent to conference and convention locations, according to Independent.Ie.
There’s been strong growth in demand from business travelers who want hotels close to convention centers, which has “outstripped supply in key areas,” the news outlet reports.
“Our hotels located close to conference and event centers are literally booked out as soon as event dates are released and value seeking attendees will even book into a Travelodge up to 20 miles from the event venue,” Paul Harvey, managing director of property, international and development, Travelodge, told the news outlet.
Sites under the microscope include London, Edinburgh, Brighton and Bournemouth, according to the U.K.-based hotels company.
Compiled by Terence Baker.