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1. Pyramid's European division merges with Axiom Hospitality
Pyramid Global Hospitality's European division, Hamilton Pyramid Europe, will merge with London-based Axiom Hospitality, reports HNN's Sean McCracken. The deal adds more than 30 properties to Pyramid's European portfolio, which will now have more than 48 hotels and more than 8,000 keys in the continent.
“Our merged European platform with Axiom Hospitality will continue to enhance our focus on operational excellence and delivering results to our valued clients,” Pyramid President and CEO Warren Fields said in a news release.
2. Fed prepares for another rate cut
Economists expect Federal Reserve officials will cut interest rates by a quarter percentage point at the next Fed meeting on Thursday, the Wall Street Journal reports. The Fed lowered the federal fund rate by 50 basis points in September.
“We’re entering this new phase: Policy is going to become less restrictive over time, and that’s because the Fed is more confident on where inflation is going — that it’s going back down to 2%,” said Loretta Mester, who retired as Cleveland Fed president in June.
3. Choice Hotels touts international pipeline growth
Choice Hotels International reported pipeline and portfolio-wide unit growth during its third-quarter 2024 earnings call, reports HNN's Trevor Simpson.
Choice has focused on international growth in recent quarters, and the company reported growing its rooms portfolio outside of the U.S. by 3.8% during the quarter. Its international rooms pipeline increased 21% over the same quarter last year.
"We continue to see a significant opportunity to further gain international market share in the coming years," Choice President and CEO Patrick Pacious said on the earnings call.
4. US extended-stay hotels see record performance in third quarter
Though occupancy fell again for extended-stay hotels in the third quarter, the Highland Group reports the hotel segment overall saw record demand, average rates and revenue per available room, according to a news release. The decreases in occupancy have been small, and average occupancy is still more than 11 percentage points above the industry average year to date through the end of the third quarter.
“While RevPAR growth is low compared to the last three years, if forecasts for the overall hotel industry materialize, more new performance records from extended-stay hotels are expected during the near term,” said Mark Skinner, partner at The Highland Group.
5. More consumers interested in Travel Tuesday deals
Online search interest for Travel Tuesday deals has grown in recent years, CNBC reports, citing research from McKinsey & Co. Interest for travel deals offered on the first Tuesday after the U.S. Thanksgiving holiday increased more than 500% from 2021 to 2023.
The research found searches were highest among American and Canadian consumers. Interest is growing in Australia, the United Kingdom, Netherlands and Spain, but with the exception of Singapore, it hasn't caught on yet in Asia
“European travel companies can anticipate the possibility that Travel Tuesday will become a growing phenomenon in their region,” McKinsey reported.