From the desks of the Hotel News Now editorial staff:
- Watching the Fed for signs of a rate hike
- A look at the status of US hotel strikes
- Oil prices up amid international production cuts
- KPIs up for US hoteliers
- Hilton adds all-inclusives
Watching the Fed for signs of a rate hike: The Federal Reserve is set to release minutes from its early November meeting today, and The Wall Street Journal reports those notes could provide clues on whether it’s reasonable to expect rate increases when they meet again in December.
The Fed has been expected to raise rates.
“The minutes will show how officials judged potential risks to the economy, including their initial assessment of the market selloff in October,” the newspaper reports. “They are also likely to provide details about how internal discussions progressed on a key technical matter that carries implications for the gradual reduction of their bond portfolio.”
A look at the status of U.S. hotel strikes: Strikes at hotels across major markets in the U.S. have driven much of the outside narrative on the hotel industry of late. Hotel News Now’s Sean McCracken compiled a timeline of how those strikes have progressed, and how most have resolved, across the country.
Much of the strike activity started at hotels under the Marriott International flag in Chicago, which experienced its first citywide hotel strike this year impacting 26 hotels, but employees at all but one of those hotels are now back to work.
Oil prices up amid international production cuts: With Russia seemingly falling in line with OPEC production cuts, oil prices are moving up, according to a report from Reuters.
OPEC and allies, including Russia, have been restricting production since late 2016, the news agency reports, and negotiations are ongoing on production cuts going forward.
“Moscow agreed to curb output by 300,000 barrels per day, or one sixth of the overall cut of 1.8 million barrels per day, but Russian companies took several months to reach that level of reduction,” Reuters reports.
Occupancy rose 0.7% year over year to 52% for the week, which includes the Thanksgiving holiday. Average daily rate was up 2.1% to $112.26, and revenue per available room was up 2.8% to $58.38.
Among the top 25 markets, New Orleans, Louisiana, saw the highest percentage increase in RevPAR, up 26.2% to $91.02.
Hilton adds all-inclusives: Hilton has announced the addition of three all-inclusive resorts through its partnership with Playa Hotels & Resorts, according to a news release.
The new properties are the 500-key Hilton Playa Del Carmen, an all-inclusive in Mexico; the 412-room Hilton La Romana, an All-inclusive Family Resort; and the 344-room Hilton La Romana, an All-inclusive Adult Resort. Both La Romana properties are in the Dominican Republic.
Hilton and Playa announced their strategic alliance in September.
Compiled by Sean McCracken.