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1. Bank of England governor calls for closer European Union ties
At the annual Mansion House Financial & Professional Services Dinner, Bank of England Governor Andrew Bailey told bankers the U.K. should find ways of being closer to the European Union, Daily Express reports.
“The impact on trade appears to be more in goods than in services, which is not particularly surprising. … But this emphasizes why we must be open to, and welcome, opportunities to rebuild relations [with the EU], while respecting the decision of the British people,” Bailey said.
Reuters reports that the U.K. economy declined by 0.1% during the month of September while growing by 0.1% in the third quarter, below Bank of England expectations.
2. Hundreds of Marriott employees to be laid off in January
Marriott International has issued a Work Adjustment and Retraining Notification with the state of Maryland, the legal first step in announcing employee layoffs, WTOP News reports. The WARN listing states 833 positions, including at its Bethesda, Maryland, headquarters, will be cut on Jan. 3, 2025. The listing with the Maryland Department of Labor states Marriott reports the type as “mass layoff — no recall.”
On Nov. 4 during Marriott's third-quarter earnings call, President and CEO Tony Capuano hinted to analysts that a “company-wide evolution is in the works to improve effectiveness and efficiency,” but he did not offer specifics. He said it was time to take a holistic view of the organization, which has doubled in size over the past decade.
"So, it felt like the right time to really look across the enterprise and figure out what adjustments we can make to enhance and improve our efficiency,” he said.
3. UK, Ireland hotels filling up ahead of Oasis' 2025 tour
Hotel demand for Oasis' reunion tour in the U.K. and Ireland in 2025 is already picking up, according to forward-looking data from STR, CoStar’s hotel analytics division. From July through September, Oasis has 19 shows across five markets: Cardiff, Manchester, London, Edinburgh and Dublin.
For example, hotels in Cardiff, England, have 73.6% occupancy on July 4. The next night, hotel occupancy is already at 63.5%. Both dates are significantly pacing ahead of hotel bookings from a year ago.
“Nostalgia is definitely part of what is driving the huge demand for the Oasis show but also because it might well be the last time the band plays. Its two main members, brothers Liam Gallagher and Noel Gallagher, fought over the years and led to the band's breakup,” said Cristina Balekjian, CoStar’s director of U.K. hospitality analytics, on HNN’s EMEA podcast in September.
4. Caribbean hotel metrics stabilizing despite boosted luxury demand
Hotels and resorts throughout the Caribbean saw strong occupancy and pricing throughout 2024, notably in the luxury segment and partially thanks to the region not being affected by devastating hurricanes, reports Hotel News Now’s Stephanie Ricca. Hoteliers and hotel analysts in the region said that growth is stabilizing, following the trend seen in the U.S. over the last year.
“I would expect next year we’ll see that trend continue, and we may not see that same pricing power going forward,” said Hannah Smith, senior analyst at STR, speaking at the Caribbean Hotel Investment Conference & Operations Summit in Barbados.
Kristina D’Amico, managing director and leader of the Caribbean region at business consultancy HVS said: “Ultra-luxury is incredible, but let’s be cautious about that segment and how much we can add to supply.”
5. Trinity, Oaktree and Partners acquire The Standard, London
Trinity Investments, Oaktree Capital Management and Partners Group have acquired The Standard, London, a 266-key hotel in the Kings Cross area of London for an undisclosed price. The hotel opened in 2019, when it was converted in 2015 for £60 million ($76 million), according to CoStar.
Standard is now part of Hyatt Hotels Corp.
According to additional CoStar data, the seller is Crosstree Real Estate Partners LLP, which acquired the property — a 1970s Brutalist structure — in 2014. The building was formerly employed as part of Camden Town Hall, the headquarters of the London Borough of Camden, and its façade is protected under heritage laws.
Trinity recently partnered with Hyatt in its acquisition of the 138-room Park Hyatt Zurich.