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1. Hospitality Jobs on the Rise
A recent AHLA Foundation report predicts demand for hotel industry jobs will be 50% higher than the national average for job growth by 2029.
The hotel industry employs 1.8 million people in the U.S., and that number could rise by 12% over the next five years. A majority of the roles will be entry level or ones that don't require college degrees, the report states.
“It’s an attractive time to enter the hotel industry,” Anna Blue, president of AHLA Foundation, said in a news release. “A key part of our work at AHLA Foundation is supporting the recruitment, retention,and advancement of people in our industry. Understanding the entry points where careers begin, where they lead, and what paths they take is a critical step to helping find their home in hospitality.”
2. Standard General Bids Again for Full Ownership of Bally's
Standard General, the largest shareholder of Bally's, has offered to buy all outstanding shares of the casino and resort operator in a deal that values it at roughly $684 million or $15 per share. There are about $45.6 million shares outstanding, the Wall Street Journal reports.
Standard General's latest bid is less than half of its prior bid for Bally's in January 2022, when the offer valued the casino and resort operator at nearly $2.1 billion.
"Standard General in a letter filed to Bally’s board said it wouldn’t move forward with the transaction unless it’s approved by a special committee, which it expects the board to appoint to consider the offer. The hedge fund added that it’s committed to remaining a long-term shareholder of Bally’s if the committee doesn’t recommend Bally’s shareholders to approve the offer," the news outlet reports.
3. Hotel Owners Up Against Brand Renovations
More hotel owners are being forced to decide whether they can execute renovations mandated by the brands, knowing property-improvement plans are now more costly, Hotel News Now reports.
Paul Novak, executive director of lodging at real estate private equity firm Whitman Peterson, said if an owner doesn't invest in PIPs, they're at risk of "losing the brand."
Micajah Sturdivant, CEO of MMI Hospitality, said PIPs are going to influence the hotel industry more in the next few years than they have in a long time.
"For the brands, the core prototypical brands where it's all about consistency, it's not there today. And I don't know how they're going to get it back," he said.
4. US Inflation Climbs 3.2%
U.S. inflation in February grew 3.2% compared to the same period last year and up from 3.1% this January, which was faster than expected and signals a potentially difficult road to slowing it down, the New York Times reports.
"The fresh data underscore that returning inflation back to a normal pace is likely to be a bumpy process — and back up the Federal Reserve’s decision to proceed carefully as officials consider when and how much to lower interest rates," the news outlet reports.
Jerome Powell, chair of the Federal Reserve, said last week the Fed was confident that inflation had eased enough and it would be appropriate to lower interest rates.
5. Demand Surges for Spain's Hotels
Hotels in Spain are expected to achieve a boost in bookings this spring as the appetite for international travel grows during the Easter holidays thanks to a more stable economic environment, Reuters reports.
Data from PricewaterhouseCoopers and CEHAT shows growth in Spain's hotel sector this spring will be 14% higher than 2023 and 25% above pre-pandemic levels.
"France and Italy stand out in their intention to visit Spain and there's a good recovery of air connectivity with England and Germany, which is already above pre-pandemic levels," Jose Manuel Fernandez of PwC told the news outlet.