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Marriott Expects To Debut More Than 30 Luxury Hotels In 2020

December 4, 2019 /
  • Planned Openings from Tokyo to Mexico City and Reykjavik to Melbourne, Marriott International Continues to Create Enriching Experiences Through Its Portfolio of Distinct Luxury Brands

BETHESDA, Md., Dec. 4, 2019 /PRNewswire/ — Marriott International, Inc. (NASDAQ: MAR) today announced it is projecting to open more than 30 luxury properties in 2020 as the company focuses on creating the future of high-end travel through its portfolio of distinct luxury brands. With the world-renowned hospitality hallmarks of The Ritz-Carlton, Ritz-Carlton Reserve, St. Regis Hotels & Resorts, W Hotels, The Luxury Collection, EDITION, JW Marriott and Bvlgari, Marriott International uses the global perspective gained from its boundless network of more than 420 landmark hotels and resorts in nearly 65 countries and territories to provide an unmatched variety of luxury experiences. From the world’s most established destinations to the ultimate undiscovered gems, Marriott International has more than 185 luxury properties in its signed development pipeline that could add more than 15 new countries and territories to the company’s luxury portfolio, from Iceland to Montenegro and the Philippines.

Matild Palace, a Luxury Collection Hotel, Budapest
Matild Palace, a Luxury Collection Hotel, Budapest

“Celebrating the distinct nature and individuality of our luxury brands, Marriott International offers a diverse variety of nuanced brand experiences that speak to the needs of the modern luxury traveler,” said Tina Edmundson, Global Brand Officer and Luxury Portfolio Leader, Marriott International. “Across our luxury brands portfolio, we will continue to incubate innovation and apply fresh thinking, both at the brand level and across our individual hotels, as we seek to be future forward, push boundaries, and continue to raise the bar by creating new, unexpected, and enriching guest experiences.”

“Our plan to open more than 30 luxury properties in 2020 – an average of about three exciting new hotels per month – speaks to the remarkable momentum that brands such as St. Regis, The Ritz-Carlton and EDITION have with affluent travelers, our Marriott Bonvoy members and hotel developers around the world,” said Tony Capuano, EVP and Global Chief Development Officer, Marriott International. “Each year, our luxury portfolio continues to grow in both quality and quantity in strategic destinations around the world.”

Transformative Travel Gives Rise to The Purposeful Luxurian 
In looking at the future of luxury hospitality, Marriott International collaborated with a team of trend forecasters at The Future Laboratory to better understand the attitudinal shifts that are creating a new genre of travelers. Edmundson continued: “The concept of transformative travel – travel motivated and defined by a shift in perspective, self-reflection and development – has become more pronounced and it has given rise to The Purposeful Luxurian, a new breed of traveler that is more progressive, proactive, and looking to affect positive change. This new global explorer views travel as a way to improve physical and mental wellbeing, as well as a means to do good.” With its scale and breadth of distribution, Marriott International is on the frontlines of the evolving global luxury economy, elevating its approach and inviting globally minded travelers to look at the world through a new lens. “We are defining the future of luxury travel by creating the real, rare and personal experiences this new Purposeful Luxurian craves,” said Edmundson.

The Ritz-Carlton Elevates Luxury Through Legendary Service 
Known for leaving indelible marks and creating memories that last a lifetime, The Ritz-Carlton continues to set the standard for luxury. The iconic luxury brand recently celebrated the opening of its 100th property with the debut of The Ritz-Carlton, Perth and expanded the Ritz-Carlton Reserve portfolio to four exceptional properties with the opening of Zadún, a Ritz-Carlton Reserve in Los Cabos, Mexico. In the coming year, the brand is expected to bring its legendary service to Morocco for the first time, with the planned opening of The Ritz-Carlton Rabat, Dar es Salam in the country’s dynamic capital. The Ritz-Carlton, Nikko is slated to expand the brand’s footprint in Japan, while a highly anticipated property in Mexico City is expected to give guests a unique way to experience the Mexican capital. Overlooking Camelback Mountain in Scottsdale, Arizona, The Ritz-Carlton, Paradise Valley is slated to grow the brand’s resort portfolio, while the brand also anticipates an opening in Nanjing, China, expects to see the completion of a major renovation of The Ritz-Carlton, South Beach, and continues to work towards the inaugural voyage of The Ritz-Carlton Yacht Collection expected in June 2020.  

St. Regis Debuts the Newest Best Addresses in Extraordinary Destinations 
Offering modern glamour and sophisticated design, the St. Regis brand recently grew its footprint in Europe with the opening of The St. Regis Venice, boasting a magnificent outdoor garden and one of the most coveted locations along the city’s famed Grand Canal. Currently offering 45 hotels in more than 20 countries and territories, the brand in the year ahead expects to introduce St. Regis to Cairo, a destination that has long allured travelers with its enthralling history, and which is quickly reclaiming its place as a global hotspot. Additionally, St. Regis expects to expand its resort portfolio with the anticipated opening of The St. Regis Kanai Resort in Riviera Maya, Mexico. The St. Regis Dubai, The Palm is also slated to open in 2020, bringing highly bespoke service and beloved signature rituals to the most populous city in the United Arab Emirates.

Lux Rebel W Hotels Turns Traditional Luxury on its Head 
This year, W Hotels brought its boundary-breaking approach, bold design and innovative programming to destinations including Dubai, Abu Dhabi, Muscat, Ibiza and Aspen, the brand’s first alpine destination in the United States. Multi-million-dollar renovations by owners are underway or completed at more than half the brand’s properties in North America, including W Washington D. C. and W San Francisco. In addition, the company recently announced plans to transform W New York – Union Square into a cutting-edge W Hotels showcase, advancing a larger strategy to redefine and reinvigorate the W portfolio in North America. Also underway is the exciting addition of W Nashville to the brand’s growing portfolio. The brand continues to trailblaze its way around the globe with 2020 expected openings in Philadelphia, Toronto, Chengdu, and Melbourne. Offering the insider track wherever the iconic W sign lands, the brand is also slated to debut in Italy with the planned openings of W Milan and W Rome, giving locals and visitors alike a distinctly W take on “la dolce vita.”  

EDITION Matches Sophisticated Style With Global Growth 
In 2019, the EDITION brand made global news with the debuts of The Times Square EDITION in New York and The West Hollywood EDITION in Los Angeles, proving sustained high demand for its curated mix of modern design and service. Created through a collaboration between boutique hotel creator and innovator Ian Schrager and Marriott International, the lifestyle brand is slated to bring its distinct point of view to the in-demand destination of Reykjavik in 2020. Additionally, with 10 hotels in six countries and territories, the rapidly growing EDITION brand is expected to bring its sophisticated style to the global hotspotsof Tokyo and Dubai. 

The Luxury Collection Continues on its Quest as the Destination Authority 
With a rapidly growing ensemble of 114 hotels in more than 30 countries and territories around the world, The Luxury Collection takes guests on journeys to the world’s most captivating places. In 2019, the brand celebrated the opening of North Island, Seychelles, the portfolio’s first private island destination, and welcomed properties in Cyprus, Nanning, Buckinghamshire, Kolkata and Çeşme. Looking to the year ahead, The Luxury Collection anticipates openings in coveted locations spanning the globe, including Nashville and Budapest, Hungary, as well as Hobart, Australia – a destination that signals the future of luxury travel.

JW Marriott Inspires Guests to be Mindful and Present through Uplifting Experiences
JW Marriott offers warm and intentional luxury experiences at nearly 90 properties around the world, including the recent, highly anticipated debut of JW Marriott Maldives Resort & Spa. Inspired by the principles of mindfulness, JW Marriott is a haven designed to let guests focus on feeling whole – present in mind, nourished in body and revitalized in spirit. Expected to reach more than 115 hotels by 2022, the year 2020 is slated to be a period of rapid growth for the brand, with planned U.S. openings in Savannah, Orlando and Anaheim, in addition to global destinations ranging from Istanbul and Danang, Vietnam, to Nara, Japan, Muscat, Oman and Monterrey, Mexico.

The new The Ritz-Carlton Zadún, Los Cabos, Mexico

Hyatt Announces Plans for New Hyatt Place and Hyatt House in Ho Chi Minh City

November 22, 2019 /

CHICAGO–(BUSINESS WIRE)–

The first dual-branded Hyatt Place and Hyatt House project in Southeast Asia is expected to open in 2023

Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate has entered into a management agreement with Xuan Mai Sai Gon Construction Investment Joint Stock Company (“Xuan Mai”) to develop a 300-key Hyatt Place Saigon, District 7 and 250-key Hyatt House Saigon, District 7 in one of Ho Chi Minh City’s largest districts. Planned for completion in 2023, the new hotels will be Hyatt’s first dual-branded Hyatt Place and Hyatt House hotel project in Southeast Asia and will also mark the entry of the Hyatt House brand in Vietnam.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191121005818/en/

The Hyatt Place brand combines style, innovation and 24/7 conveniences to create an easy to navigate experience for today’s multi-tasking traveler. Guests can enjoy thoughtfully designed guestrooms featuring distinct zones for sleep, work and play, and free flowing social spaces. Hyatt House hotels are designed to welcome guests as extended stay residents seeking the conveniences of home in modern, apartment-style suites with fully equipped kitchens and separate living and sleeping areas.

“We are delighted to be working with Xuan Mai to develop Hyatt’s first dual-branded select-service hotel project featuring the Hyatt Place and Hyatt House brands in Southeast Asia,” said David Udell, group president, Asia-Pacific, Hyatt Hotels Corporation. “Whether guests are looking for short term or extended stay accommodations, the location of Hyatt Place Saigon, District 7 and Hyatt House Saigon, District 7 will put them in the heart of an up-and-coming residential, commercial and entertainment district that is well connected to Ho Chi Minh City’s Central Business District.”

The new Hyatt Place Saigon, District 7 and Hyatt House Saigon, District 7 will be integral to Eco Green Saigon, an iconic 34-acre mixed-use development, which will also include residential units, office space, event space, and a primary school. Eco Green is strategically located eight miles (13 kilometers) from the Tan Son Nhat International Airport, the busiest airport in Vietnam, three miles (five kilometers) from District 1, Ho Chi Minh City’s Central Business District, and less than two miles (three kilometres) from Phu My Hung New Urban Area comprising of office developments, high end residences and schools, as well as the Saigon Exhibition and Convention Centre.

Hyatt Place Saigon, District 7 will consist of 300 rooms, a café, a bar serving coffee and cocktails, a lobby lounge, and three meeting rooms, as well as an outdoor pool and fitness center. Hyatt House Saigon, District 7 will predominantly cater to guests looking for longer term accommodations, and will consist of 250 rooms divided into studios and one-bedroom suites, a bar, a lobby lounge, one meeting room, as well as an outdoor pool and fitness center. Once completed, the 69-story tower housing both hotels will be one of the tallest buildings in Ho Chi Minh City.

“With this signing, Hyatt is set to more than triple its brand presence in Vietnam over the next few years, and we are delighted to now offer locals and travelers additional accommodation options across the country, as well as have an opportunity to further solidify Hyatt’s brand presence in Ho Chi Minh City,” said Patrick Finn, Senior Vice President – Development, Asia-Pacific, Hyatt. “This project also presents Hyatt with an ideal opportunity to launch the Hyatt House brand in Vietnam’s gateway city that has the potential to be a catalyst for further Hyatt Place and Hyatt House developments in the country.”

“Hyatt Place Saigon, District 7 and Hyatt House Saigon, District 7 is expected to be the center piece of the Eco Green Saigon development in the heart of Ho Chi Minh City’s largest district,” said Mr. Bùi Khắc Sơn, a member of the board of Xuan Mai Sài Gòn. “This is our first hotel project and we are excited to introduce guests to the first dual-branded Hyatt Place and Hyatt House project in Southeast Asia, and furthermore, collaborate with Hyatt, a globally recognized company with extensive hospitality knowledge.”

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Hyatt Reports Third-Quarter 2019 Results

November 2, 2019 /

Strong Net Rooms Growth Fuels Nearly 11% Increase in Management and Franchise Fees

CHICAGO (October 30, 2019) – Hyatt Hotels Corporation (“Hyatt” or the “Company”) (NYSE: H) today reported third-quarter 2019 financial results. Net income attributable to Hyatt was $296 million, or $2.80 per diluted share, in the third quarter of 2019, compared to $237 million, or $2.09 per diluted share, in the third quarter of 2018. Adjusted net income attributable to Hyatt was $39 million, or $0.37 per diluted share, in the third quarter of 2019, compared to $37 million, or $0.33 per diluted share, in the third quarter of 2018. Refer to the table on page 14 of the schedules for a summary of special items impacting Adjusted net income and Adjusted earnings per share in the three months ended September 30, 2019.

Mark S. Hoplamazian, president and chief executive officer of Hyatt Hotels Corporation, said, “The strength of our brands and the consistent approach we have to operating with excellence and efficiency are serving us very well in this period of volatile economic conditions. In particular, our management and franchise fee growth of nearly 11% this quarter is driven by roughly 13% year-over-year net rooms growth. Further, we have successfully increased productivity and operating efficiency for 23 straight quarters which has allowed us to maintain strong hotel operating margins even in the face of flat RevPAR growth this quarter.”

Third quarter of 2019 financial highlights as compared to the third quarter of 2018 are as follows:

  • Net income increased 25.4% to $296 million.
  • Adjusted EBITDA decreased 7.3% to $163 million, a decrease of 6.5% in constant currency.
  • Comparable system-wide RevPAR was flat, including a decrease of 0.1% at comparable owned and leased hotels. Comparable system-wide RevPAR growth was favorably impacted by approximately 50 basis points from the timing of the Jewish holidays, but was offset by a similar reduction resulting from political unrest in Hong Kong.
  • Comparable U.S. hotel RevPAR decreased 0.6%; full service hotel RevPAR increased 0.2% and select service hotel RevPAR decreased 2.3%.
  • Net rooms growth was 13.2%, or 7.9% excluding the acquisition of Two Roads Hospitality LLC (“Two Roads”) in the fourth quarter of 2018.
  • Comparable owned and leased hotels operating margin decreased 20 basis points to 21.0%.
  • Adjusted EBITDA margin of 26.9% decreased 280 basis points in constant currency.Mr. Hoplamazian continued, “We continue to execute on our capital strategy and shift our earnings profile while maintaining our focus on global growth. We expect to end the year with approximately 57% of our earnings coming from our hotel management and franchise business, an increase of roughly 400 basis points from 2018. Our pipeline remains robust while continuing to deliver solid organic net rooms growth of almost 8% this quarter, net of the acquisition of Two Roads in the fourth quarter of 2018. While theNote: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 12.

current global operating environment is challenging, we feel confident in our ability to manage through volatility and identify opportunities to strengthen our brands and performance.”

Third quarter of 2019 financial results as compared to the third quarter of 2018 are as follows:

Management, Franchise and Other Fees

Total management, franchise and other fees increased 11.9% (12.5% increase in constant currency) to $148 million. Base management fees increased 17.8% to $64 million, primarily in the Americas management and franchising segment due to the acquisition of Two Roads. Incentive management fees decreased 1.3% to $33 million. Franchise fees increased 11.8% to $37 million. Other fees increased 22.0% to $14 million. Excluding other fees, management and franchise fees increased 10.9% (11.6% increase in constant currency) to $134 million.

Americas Management and Franchising Segment

Americas management and franchising segment Adjusted EBITDA increased 11.2% (11.4% increase in constant currency), driven by higher management, franchise, and other fees from the Two Roads acquisition and recently opened hotels. RevPAR for comparable Americas full service hotels increased 1.5%, occupancy increased 70 basis points, and ADR increased 0.7%. RevPAR growth was driven by strength in certain resort locations outside of the United States and benefited from the timing of the Jewish holidays which had an approximate 110 basis point favorable impact. RevPAR for comparable Americas select service hotels decreased 2.4%, occupancy decreased 40 basis points, and ADR decreased 1.8%. Total Americas management and franchising adjusted revenues increased 29.6% (29.9% increase in constant currency) including revenue from the residential management operations acquired as part of Two Roads.

Transient rooms revenue at comparable U.S. full service hotels increased 1.0%, room nights increased 2.3%, and ADR decreased 1.3%. Group rooms revenue at comparable U.S. full service hotels decreased 0.2%, room nights decreased 2.3%, and ADR increased 2.2%.

Americas net rooms increased 11.5% compared to the third quarter of 2018, or 5.2% excluding Two Roads.

Southeast Asia, Greater China, Australia, South Korea, Japan and Micronesia (ASPAC) Management and Franchising Segment

ASPAC management and franchising segment Adjusted EBITDA increased 0.9% (2.5% increase in constant currency). RevPAR for comparable ASPAC full service hotels decreased 2.0%, reflecting weakness in Hong Kong. Excluding Hong Kong, RevPAR for comparable ASPAC full service hotels would have increased 0.8%. Occupancy decreased 50 basis points and ADR decreased 1.3% for ASPAC full service hotels. Revenue from management, franchise, and other fees increased 4.2% (5.4% increase in constant currency).

ASPAC net rooms increased 17.7% compared to the third quarter of 2018, or 13.7% excluding Two Roads.

Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 12.

Europe, Africa, Middle East and Southwest Asia (EAME/SW Asia) Management and Franchising Segment

EAME/SW Asia management and franchising segment Adjusted EBITDA increased 4.8% (7.8% increase in constant currency). RevPAR for comparable EAME/SW Asia full service hotels increased 1.6%, driven by strong growth in certain European markets, including France and the United Kingdom, and Southwest Asia, offset partially by weaker performance in Russia which lapped the FIFA World Cup in 2018.

Occupancy increased 290 basis points and ADR decreased 2.6% for EAME/SWA full service hotels. Revenue from management, franchise, and other fees increased 2.2% (4.3% increase in constant currency).

EAME/SW Asia net rooms increased 15.6% compared to the third quarter of 2018, or 14.4% excluding Two Roads.

Owned and Leased Hotels Segment

Total owned and leased hotels segment Adjusted EBITDA decreased 17.6% (16.9% decrease in constant currency), including a decrease of 12.0% (11.4% decrease in constant currency) in pro rata share of unconsolidated hospitality ventures Adjusted EBITDA. Refer to the table on page 11 of the schedules for a detailed list of portfolio changes and the year-over-year net impact to total owned and leased hotels segment Adjusted EBITDA.

Owned and leased hotels segment revenues decreased 3.9% (3.0% decrease in constant currency), and was negatively impacted by non-comparable hotels. RevPAR for comparable owned and leased hotels decreased 0.1%. Occupancy and ADR were both flat.

Corporate and Other

Corporate and other Adjusted EBITDA decreased 22.4% (22.5% decrease in constant currency), inclusive of $6 million of expenses from the Two Roads acquisition.

Corporate and other adjusted revenues increased 19.1% (consistent in constant currency).

Selling, General, and Administrative Expenses

Selling, general, and administrative expenses increased 1.0%, inclusive of rabbi trust impact and stock- based compensation. Adjusted selling, general, and administrative expenses increased 13.8%, or $10 million, including $8 million of integration costs related to the acquisition of Two Roads. Refer to the table on page 17 of the schedules for a reconciliation of selling, general, and administrative expenses to Adjusted selling, general, and administrative expenses.

OPENINGS AND FUTURE EXPANSION

Twenty hotels (or 4,422 rooms) opened in the third quarter of 2019, contributing to a 13.2% increase in net rooms compared to the third quarter of 2018. Excluding the impact of the Two Roads acquisition, net rooms increased 7.9% compared to the third quarter of 2018.

As of September 30, 2019, the Company had executed management or franchise contracts for approximately 460 hotels, or approximately 92,000 rooms. The Company is expected to open approximately 85 hotels in the 2019 fiscal year.

Note: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 12.

SHARE REPURCHASE/DIVIDEND

During the third quarter of 2019, the Company repurchased a total of 1,776,891 (1,099,507 Class A shares and 677,384 Class B shares) for approximately $133 million. The Company ended the third quarter with 36,811,374 Class A and 66,438,444 Class B shares issued and outstanding. From October 1 through October 25, 2019, the Company repurchased 523,499 shares of Class A common stock for an aggregate purchase price of approximately $37 million. As of October 25, 2019, the Company had approximately $351 million remaining under its share repurchase authorization.

The Company’s board of directors has declared a cash dividend of $0.19 per share for the fourth quarter of 2019. The dividend is payable on December 9, 2019 to Class A and Class B stockholders of record as of November 26, 2019.

CAPITAL STRATEGY UPDATE

In a Form 8-K filed on September 16, 2019, the Company announced the sale of the 1,260-room Hyatt Regency Atlanta for approximately $355 million to an unrelated third party and the entry into a long-term management agreement for the property upon sale.

The Company is in the process of pursuing the sale of one of its wholly-owned hotels and will provide further details as appropriate.

BALANCE SHEET / OTHER ITEMS
As of September 30, 2019, the Company reported the following:

  • Total debt of $1,623 million.
  • Pro rata share of unconsolidated hospitality venture debt of approximately $564 million, substantially all of which is non-recourse to Hyatt and a portion of which Hyatt guarantees pursuant to separate agreements.
  • Cash and cash equivalents, including investments in highly-rated money market funds and similar investments, of $660 million, restricted cash of $140 million, and short-term investments of $63 million.
  • Undrawn borrowing availability of $1.5 billion under Hyatt’s revolving credit facility.2019 OUTLOOK
    The Company is revising the following expectations for the 2019 fiscal year:
  • Comparable system-wide RevPAR is expected to increase approximately 0.5%, as compared to fiscal year 2018.
  • Net income is expected to be approximately $431 million to $470 million. Please refer to the table on page 13 of the schedules for revised ranges impacting net income.
  • Other income (loss), net is expected to be approximately $98 million to $103 million, reflecting increased interest income and unrealized gains on marketable securities. The estimated $40 million negative impact related to performance guarantee expense for the four managed hotels in France is unchanged.
  • Adjusted EBITDA is expected to be approximately $730 million to $745 million, primarily reflecting a one point reduction in expected comparable system-wide RevPAR and the sale ofNote: All RevPAR and ADR percentage changes are in constant dollars. This release includes references to non-GAAP financial measures. Refer to the non-GAAP reconciliations included in the schedules and the definitions of the non-GAAP measures presented beginning on page 12.

Hyatt Regency Atlanta (as previously reported in a Form 8-K filed on September 16, 2019). Refer to the table on page 13 of the schedules for a reconciliation of Net Income to Adjusted EBITDA.

  • Depreciation and amortization expense is expected to be approximately $329 million to $334 million.
  • Interest expense is expected to be approximately $77 million.
  • Adjusted selling, general, and administrative expenses are expected to be approximately $335 million. This is inclusive of approximately $25 million of expenses related to non-recurring integration costs for Two Roads. Adjusted selling, general, and administrative expenses exclude approximately $33 million of stock-based compensation expense and any potential impact related to benefit programs funded through rabbi trusts.The Company is reaffirming the following information for the 2019 fiscal year:
  • The Company expects to grow units, on a net rooms basis, by approximately 7.25% to 7.75%, reflecting approximately 85 new hotel openings.
  • Capital expenditures are expected to be approximately $375 million.
  • As previously reported in an 8-K filed on September 16, 2019, the Company expects to return approximately $500 million to shareholders through a combination of cash dividends on its common stock and share repurchases.
  • The effective tax rate is expected to be approximately 25% to 27%.

No additional disposition or acquisition activity beyond what has been completed as of the date of this release has been included in the outlook. The Company’s outlook is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that Hyatt will achieve these results.

Thomas Cook Collapse Prompts International Response

September 25, 2019 /

(Reuters) – The collapse of British travel operator Thomas Cook left hundreds of thousands of holidaymakers abroad and forced governments and insurers to coordinate a huge operation to get them home.

FILE PHOTO: Passengers are silhouetted in front of a closed service counter of travel agent Thomas Cook and airline Condor at the airport in Frankfurt, Germany, September 24, 2019. REUTERS/Kai Pfaffenbach

The company ran hotels, resorts and airlines ferrying 19 million people a year to 16 different countries. 

Here is a summary of the impact of the collapse in different countries and efforts to salvage parts of the group: 

GERMANY

Thomas Cook’s German tour business filed for insolvency on Wednesday in a move aimed at separating its brands and operations from its failed parent, and it said it was in talks with potential new investors. 

The German government said it was considering an application for a bridging loan from Thomas Cook Germany, a day after it said it would guarantee a 380 million euro ($418 million) bridging loan for Condor, the British group’s German airline. 

The company is in contact with the German foreign ministry, insurers and other partners to get customers home. Zurich Insurance, which provided insolvency cover to Thomas Cook Germany, will cover the costs for those on holiday. 

About 97,000 holidaymakers were still stranded on Thursday. 

AUSTRIA

Thomas Cook Austria, which belongs to the German unit, also filed for insolvency on Wednesday, with the aim of continuing in business. 

THE NETHERLANDS

The Dutch unit of Thomas Cook canceled all travel booked through Thomas Cook Netherlands and subsidiary Neckermann. 

A Dutch court on Wednesday granted Thomas Cook Nederland B.V., a Netherlands-based subsidiary, protection from creditors. It employed roughly 200 staff. 

POLAND

Thomas Cook’s Polish unit, Neckermann Polska, said on Wednesday that it has filed for insolvency. Poland regional authorities says around 3,600 customers of Neckermann Polska are still abroad. 

BELGIUM

Thomas Cook’s Belgian unit ceased carrying passengers on Tuesday and liquidated two businesses, seeking protection from creditors and ultimately a buyer for Thomas Cook Retail Belgium. 

It still has some 13,400 customers on holidays abroad.

NORDICS

Several planes operated by Thomas Cook Scandinavian Airlines have not been able to take off because their leasing contracts remained with the British parent, Danish subsidiary Spies said. 

It was not immediately clear how the situation would be resolved. 

Thomas Cook’s Nordic business said on Monday it would continue to operate as it is a separate legal entity from its London-listed parent and added that it was looking for new owners. 

The Nordic business consists of two legal entities, Thomas Cook Northern Europe and Thomas Cook Scandinavian Airlines, and is also known as Ving Group. 

The business operates under several brands: Ving in Norway, Spies in Denmark, Tjäreborg in Finland, as well as Ving and Globetrotter in Sweden. 

BRITAIN

Emergency flights had brought 14,700 people back to the United Kingdom on 64 flights on Monday, and around 135,300 more were expected to be returned over the next 13 days, Britain’s aviation regulator said. 

More than 70 flights were scheduled to operate on Wednesday to bring back 16,500 people. 

MEXICO

The collapse of British travel firm Thomas Cook will not have a “significant impact” on Mexico’s tourist industry as it only represents about 0.4% of the sector’s foreign income, the Mexican tourism ministry said on Tuesday. 

BULGARIA

Thomas Cook’s collapse poses a serious challenge to Bulgarian tourism, with dozens of Black Sea hotels facing losses totaling tens of millions of dollars as negotiations for the next summer season take place, its tourism minister said on Tuesday. 

TUNISIA

Tunisian tourism minister Rene Trabelsi told Reuters that 4,500 Thomas Cook customers are still on holiday in Tunisia. 

The British government repatriated about 1,200 tourists via planes sent to Tunisa’s Enfidha airport, and another 4,000 still in Tunisia will return after their holidays. 

FRANCE

The French arm of the business said on Tuesday it was asking the French commercial court of Nanterre for creditor protection 

Thomas Cook France will hold a meeting of its works council on Thursday about a plan to declare insolvency and to start a recovery procedure. 

French organization Entreprises de Voyage said that about 10,000 French tourists could be affected by the bankruptcy. 

SPAIN

The collapse has affected 53,000 Britons in Spain, Spanish Acting Tourism Minister Reyes Maroto told reporters. 

The ministry has been in touch with German and Swedish authorities to ensure Thomas Cook subsidiaries continue to operate at least for the winter season, she added. 

GREECE

A Greek tourism ministry official told Reuters that about 50,000 tourists were affected. 

CYPRUS

Cyprus says 15,000 Thomas Cook customers were stranded on the island. 

HUNGARY

Thomas Cook’s Hungarian unit Neckermann Magyarorszag said it was continuing its operations and all passengers would be able to return from abroad as planned. 

It said its financial situation was stable and its assets were sufficient guarantee that its passengers would not suffer any financial damage. It said passengers should contact its offices directly about upcoming flights. 

RUSSIA

Thomas Cook’s Russian tour operator subsidiary, Intourist, said the bankruptcy of Thomas Cook will have no impact on clients, Executive Director Sergei Tolchin told Interfax. 

TURKEY

The Turkish Ministry of Tourism said it will provide support for local companies affected by the Thomas Cook collapse. 

The head of the country’s Hotelier Federation said about 45,000 tourists from the UK and elsewhere in Europe are in the country. 

MOROCCO

Morocco’s tourism ministry said it had created a crisis unit to handle the fallout from Thomas Cook’s collapse. Thomas Cook operated two flights to Marrakesh a week. No official numbers were given. 

EGYPT

Thomas Cook operator Blue Sky Group said that 25,000 reservations in Egypt booked up to April 2020 had been cancelled. Blue Sky currently has 1,600 tourists in Egypt’s Hugharda resort. 

INDIA

Thomas Cook India said it had been unaffected as it has been a separate entity since August 2012.

United Airlines Announces MileagePlus Miles Never Expire

August 28, 2019 /

CHICAGO, Aug. 28, 2019 /PRNewswire/ — United Airlines announced that effective immediately, MileagePlus award miles never expire, giving members a lifetime to use miles on flights, experiences, hotels and more.

“We want to demonstrate to our members that we are committing to them for the long-haul and giving customers a lifetime to use miles is an exceptionally meaningful benefit,” said Luc Bondar, vice president of loyalty and president of MileagePlus at United. “Our MileagePlus program provides customers more ways to earn and use miles than any other U.S. airline. More customers used miles to book award trips in 2018 than in any year before, and we expect with today’s announcement that even more will use miles to travel the world in the years to come.”

United continues to enhance its award-winning MileagePlus program, making it more beneficial for customers. Highlights include:

  • Recently announced partnership with CLEAR that includes free or discounted CLEAR membership pricing for U.S.-based MileagePlus members. 
  • Award travel to more destinations than any other U.S. airline with service to more than 1,300 destinations through United and Star Alliance partners, and ability to book award travel on United and all Star Alliance partners through the United mobile app. 
  • Most low-priced economy award availability of any global U.S. airline. 
  • Everyday opportunities to use miles starting as low as 1,000 miles for eGift cards when purchasing through MileagePlusX.

Every customer. Every flight. Every day.

In 2019, United is focusing more than ever on its commitment to its customers, looking at every aspect of its business to ensure that the carrier keeps customers’ best interests at the heart of its service. In addition to today’s announcement, United recently announced that customers on all domestic flights can now choose from three complimentary inflight snack items, announced that luxury skincare line Sunday Riley will make products exclusively for United customers to experience in amenity kits, released a re-imagined version of the most downloaded app in the airline industry, introduced ConnectionSaver, a new tool dedicated to improving the experience for customers connecting from one United flight to the next and made DIRECTV free for every passenger on 211 aircraft, offering more than 100 channels on seat back monitors on more than 30,000 seats.

Hampton Celebrates Rapid Global Expansion to 2,500 Hotels

August 11, 2019 /

Brand remains category leader after 35 years as it enters new markets and achieves largest pipeline in brand history

MCLEAN, Va. – This month, Hampton by Hilton continues to lead the upper-midscale category worldwide as the brand celebrates its 2,500th open hotel with Hampton by Hilton Lima San Isidro in Peru. The milestone opening demonstrates Hampton’s successful global growth strategy over the past 35 years – high-quality and thoughtfully designed accommodations, award-winning customer service culture and value-added amenities – all backed by the industry-leading 100 percent Hampton Guarantee™. Hilton’s largest brand now offers nearly 260,000 rooms worldwide across 27 countries and territories. 

And, with more than 700 properties and more than 93,000 rooms in its pipeline – the largest ever in brand history and within the Hilton enterprise – Hampton is helping propel Hilton’s growth during its dynamic 100th anniversary year. 

“Hampton by Hilton’s enduring global success as a guest favorite is a testament to the brand’s pioneering nature, high guest service standards and robust expansion efforts,” said Shruti Gandhi Buckley, global head, Hampton by Hilton. “The opening of Hampton’s 2,500th property demonstrates the brand’s winning growth strategy, based on three core pillars: commitment to delivering unparalleled customer service, category leading product and amenity innovation and Hilton’s ongoing investment in the brand.” 

A key to Hampton by Hilton’s global success is the brand’s regionalization of hotel prototypes and room designs to meet the diverse needs of its customers. Though each property is unique based on local market-based variations, each stay comes with consistent friendly and thoughtful service, complimentary hot breakfast, free WiFi and a passionate commitment to guest satisfaction backed by the 100 percent Hampton Guarantee, making the brand a favorite for travelers worldwide.

Hampton by Hilton celebrates its 2,500th open property with the brand’s first hotel in Peru, Hampton by Hilton Lima San Isidro

How Wynn Resorts Could Free Up Billions in Cash

March 25, 2019 /

One of the trends sweeping through the gaming industry over the past decade is selling real estate to real estate investment trusts (REITs). Sometimes companies control their REITs, like MGM Resorts (NYSE: MGM) does with MGM Growth Properties (NYSE: MGP) and Caesars Entertainment (NASDAQ: CZR) does with VIVI Properties(NYSE: VICI), and sometimes real estate is sold to third-party companies. 

REITs free up cash for casino companies, often to the tune of billions of dollars. That money can help reduce debt or fund growth projects, which is attractive because it doesn’t fundamentally change a resort’s operations. But Wynn Resorts (NASDAQ: WYNN) has avoided the temptation to sell most of its real estate over the years. If it did, however, the company could free up billions of dollars in cash. 

Wynn's Encore Boston Harbor.
Wynn’s Encore Boston Harbor.

Image source: Wynn Resorts.

Click the link below for the full story from “The Motley Fool”…

https://finance.yahoo.com/news/wynn-resorts-could-free-billions-163400237.html

Thomas Cook Enlists 3 Banks to Prepare Airline Sale

February 15, 2019 /

LONDON, Feb 15 (Reuters) – Thomas Cook has enlisted Credit Suisse, Morgan Stanley and Bank of America Merrill Lynch to explore the possible sale of its airline business, a source familiar with the discussions said.

The holiday company this month said it was willing to sell its profitable airline business to fund its fightback from losses racked up in 2018.

Credit Suisse, Morgan Stanley and Bank of America Merrill Lynch declined to comment.

Thomas Cook’s airline, which fared much better last year than the tour operator business, consists of Germany’s Condor and British, Scandinavian and Spanish divisions.

A sale of the airline unit, in whole or in part, would enable the company to invest more in its own hotels, improve its digital sales offering and drive further cost savings.

One banker said the enterprise value of the airline would be around 500-600 million pounds, a little more than the current market value of the whole company.

He added that Lufthansa, Ryanair and easyJet were all vying for bits of the airline business, but that no one wanted the whole unit, and that Thomas Cook had an ageing fleet which would need a massive investment programme to replace it.

Ryanair’s marketing chief said on Thursday that the Irish airline was not interested in any large-scale acquisitions but could vie for airport slots should they become available.

(Reporting by Alistair Smout Additional reporting by Pamela Barbaglia and Clara Denina in London and Arno Schuetze and Ilona Wissenbach in Frankfurt; Editing by David Goodman and Kirsten Donovan)

Hyatt Hotel’s Q3 Earnings Surpass, Revenues Miss Estimates

October 31, 2018 /

Hyatt Hotels Corporation (H) posted mixed third-quarter 2018 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues lagged the same. With this, the bottom line exceeded the consensus mark for 11 straight quarters, while the top line lagged the same for the third consecutive quarter.

Adjusted earnings of 33 cents per share outpaced the consensus estimate of 25 cents by 32%. The bottom line also grew 37.5% on a year-over-year basis. Total revenues of $1,074 million inched up 0.5% from the prior-year quarter figure but missed the consensus estimate of $1,092 million.

Click the link below for the full story!

Hyatt Hotel’s 3Q Earnings Report

Image from www.hyatt.com

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