US Hotel Occupancy Flat at 71.4 Percent for August 2019

In August, U.S. hotel occupancy was flat at 71.4%, and a 0.9% ADR increase to $132.47 drove RevPAR up 0.9% to $94.55.

SpringHill Suites by Marriott to Open in McKinney, Texas

The 125-suite hotel, located at 2660 South Central Expressway, will operate as a Marriott franchise, owned and managed by Atlantic Hotels Group of Dallas, Texas.

Mandarin Oriental Announces Luxury Hotel in Nanjing

Mandarin Oriental Hotel Group has announced that it will manage a luxury hotel in Nanjing, the capital of Jiangsu Province in China, scheduled to open in 2022.

101 Room Hotel Indigo Tuscaloosa Downtown in Ala. Sold

Banyan Investment Group today announced that the company completed the acquisition of the 101-room Hotel Indigo Tuscaloosa Downtown in Ala.

Mohegan Gaming & Entertainment (MGE) to Operate Casino at Virgin Hotels

MGE has entered into a multi-year agreement with JC Hospitality to operate the 60,000-square foot gaming space at the soon to be Virgin Hotels Las Vegas, part of Curio Collection by Hilton, contingent on the successful completion of construction and pending MGE's regulatory approval by the Nevada Gaming Commission.

Park Hotels & Resorts Inc. Completes Acquisition of Chesapeake Lodging Trust for $2.5 Billion

The announcement follows approval of the transaction by Chesapeake’s shareholders at a special meeting of Chesapeake shareholders held on September 10, 2019. Based on Park’s closing stock price as of September 17, 2019, the total transaction value is approximately $2.5 billion, inclusive of transaction costs.

Hotel Industry News

Chesapeake Lodging Trust Completes Sale of Two New York Hotels for $138.0 Million
September, 18 2019
Chesapeake Lodging Trust (NYSE:CHSP announced yesterday that it has closed on the sale of the 122-room Hyatt Herald Square New York and the 185-room Hyatt Place New York Midtown South, both located in New York, New York, for an aggregate sale price of $138.0 million, or approximately $450,000 per key. continue reading →

Managing RevPAR For Profits - By Robert Mandelbaum and Bram Gallagher Ph.D.
September, 18 2019
In recent years, the role of the revenue manager has expanded. Revenue managers are now charged not to just maximize revenue, but profits as well. With the aid of multiple data sources, sophisticated models, and article intelligence, revenue managers have mastered the science of maximizing revenue. However, they are still learning to master the maximization of profits. continue reading →