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1. California AG warns landlords, hotels over price gouging
California's attorney general is warning landlords and hoteliers against raising rents and rates due to the wildfires around the Los Angeles area, the Associated Press reports. The wildfires have damaged or destroyed more than 12,000 homes and buildings, leaving thousands relying on hotels and other accommodations for shelter.
“You cannot jack up prices and take advantage of disaster victims, plain and simple,” California Attorney General Rob Bonta said at a news conference.
Late last week, Bonta sent more than 200 letters to landlords and hotels saying they've been accused of price gouging, the LA Times reports.
2. Fire in Turkish ski resort kills 66
A fire that spread through the Grand Kartal hotel, a ski resort 100 miles northwest of Ankara, killed 66 people and injured another 32, CBS News reports. The hotel had at least 230 people staying there as it was a two-week school holiday.
The fire reportedly started at 3:27 a.m. in the hotel's restaurant and spread quickly, according to the article. Witnesses said people tried escaping using ropes, and video shows bedsheets hanging from windows.
The hotel is part of the Bolu Kartalkaya Ski Center.
3. Buyers of European hotels weigh portfolios versus single properties
Hotel investors eyeing European hotels are weighing their options for deploying their capital: single assets or entire portfolios, reports HNN’s Terence Baker from the Atlantic Ocean Hotel Investors’ Summit in Madrid.
Tina Yu, partner at KSL Capital Partners, said pursuing bigger deals can help add scale faster and add more value to their existing portfolios. It helps save time and gives the buyer more leverage and flexibility to exit in the future.
Europe’s hotel market is fragmented, however, so this strategy doesn’t fit for everyone. Cristina Hoyo, director for Southern Europe at French real estate investment trust Covivio Hotels, said her firm is open to buying a hotel, a hotel company's operations or the real estate.
“For real estate, prices have increased. There are no discounts, so it is difficult to buy portfolios. So, we are now looking at single assets,” she said.
4. Minor Hotels names new CEO for Europe, Americas
Bangkok-based Minor Hotels has named Gonzalo Aguilar as its new CEO for its Europe and Americas division, according to a news release. He succeeds CEO Ramón Aragonés, who retired at the end of 2024 and serves as a member of the board of directors and non-executive vice president.
Aguilar joined Minor Hotels in October 2024 after serving as chief operating officer for Europe at Marriott International, according to the news release. In his new role, he will focus on strengthening the international integration of the brand portfolio and speeding up the opening of hotels in key markets.
5. UK job market weakened in late 2024
The rate of unemployment rose in the United Kingdom during the three months ending in November, the Wall Street Journal reports, citing data from the Office for National Statistics. Unemployment was at 4.4% between September and November, up from 4.3% in the three months prior.
This development increases the likelihood that the Bank of England will lower its key interest rate in February, the newspaper reports.
“There is nothing in this data that will derail a February cut from the BOE,” said Luke Bartholomew, an economist at Abrdn, in a note to investors.