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1. IHG's Keith Barr Steps Down as CEO
IHG Hotels & Resorts Keith Barr is set to step down as CEO on July 1 after 23 years with the British hotel firm. Elie Maalouf, the current CEO of the Americas, will succeed Barr, Hotel News Now's Terence Baker reports.
"Barr has been at IHG since 2000 in the roles of CEO of the Americas; CEO of Asia, Middle East and Africa; vice president of operations for the midscale segment in North America; vice president of operations for Holiday Inn in North America; chief operating officer in Australia, New Zealand and South Pacific; and, for the four years before he took over as CEO, chief commercial officer," Baker reports.
2. Mandarin Oriental Group Appoints New Group CEO
Effective Sept. 1, Laurent Kleitman will become the new group CEO of Mandarin Oriental International Limited. Kleitman succeeds James Riley, who has been group CEO since 2016 and will be stepping down, according to a news release.
Kleitman's career has centered on building iconic brands, most recently serving as president and chief executive of parfums Christian Dior. He had also held roles at Coty and Unilever.
"With Laurent's leadership, we will continue to grow our global portfolio of luxury hotels, resorts and residences. Building on Mandarin Oriental's renowned legendary service, he will further evolve our brand for our guests — delivering 21st century luxury hospitality and lifestyle experiences steeped in a rich and proud Asian heritage. I am delighted to welcome Laurent to Mandarin Oriental," Ben Keswick, chairman of Mandarin Oriental International Limited, said in a news release.
3. Hyatt, Summit, Host Report Earnings
Hyatt Hotels Corp., Summit Hotel Properties and Host Hotels & Resorts are among the latest publicly traded companies to report first quarter earnings results.
Hyatt recorded its fourth consecutive quarter of significant revenue increases, up 42.9% year over year in revenue per available room globally.
Host's comparable hotel revenue per available room for its portfolio was up 31.1% year over year. Host raised its 2023 outlook and anticipates RevPAR growth between 7.5% and 10.5% for the full year, aided by growth between 4% and 6% in the second quarter.
Summit's portfolio recorded 19.3% year-over-year RevPAR growth in the first quarter, exceeding the company's projected range of 17% to 19%.
4. Debt Default Could Erase 8 Million Jobs
New projections from the White House Council of Economic Advisers show that a protracted debt default would result in the loss of more than 8 million jobs and cut the stock market in half, CNN reports.
“A protracted default would likely lead to severe damage to the economy, with job growth swinging from its current pace of robust gains to losses numbering in the millions,” White House economists said.
If Congress doesn't act, Treasury Secretary Janet Yellen said the U.S. could default on its debt as early as June 1.
5. United Airlines in Hiring Mode
Anticipating a hectic summer travel season, United Airlines has added 7,000 new workers since the start of the year and plans to reach 15,000 new hires by end of the year, in line with number hired in 2022, ABC News reports.
By 2026, the airline anticipates adding 50,000 employees to its workforce.
"Airlines have been in a hiring frenzy since being caught understaffed when air travel bounced back from the depths of the pandemic more quickly than anticipated. Shortages of pilots and flight attendants contributed to a jump in the rates of canceled and delayed flights last year," the news outlet reports.