Editor's Note: Some linked articles may be behind subscription paywalls.
1. Oyo Reports Smaller Quarterly Loss
Oyo Hotels and Homes, the India-based hotel company, reported a smaller loss from July to September compared to the previous quarter, Reuters reports from the company’s updated initial public offering prospectus. The company first filed to go public in October 2021 but has since delayed its share sale in response to market conditions.
Oyo, backed by Japanese multinational conglomerate SoftBank, reported a net loss of 3.33 billion Indian rupees ($40.77 million), down from a loss of 4.14 billion rupees. It also reported adjusted earnings before interest, taxes, depreciation and amortization of 560 million rupees, up from 70 million the quarter before.
2. Slowing Economy Hits Business Travel Recovery
Though business travel’s recovery strengthened in recent months, companies are now pulling back on corporate travel in light of a slowing U.S. economy, the New York Times reports. Some have banned nonessential travel and increased the number of executives who need to sign off on work trips.
In looking at international business travel, travel industry analyst Henry Harteveldt at Atmosphere Research said employers’ restrictions on more expensive business-class airfare for long-haul flights is causing employees to push back.
“Travelers are telling managers they won’t fly long-haul in economy if they have to go directly to a meeting when they arrive,” he said.
3. Omni CNN Center General Manager Focuses on Hiring, Training
Through his first year as general manager of the Omni Atlanta Hotel at CNN Center, Ramon Reyes said he has focused on his employees and worked to help them succeed in their careers, reports HNN’s Dana Miller.
“This hotel has such rich history and happens to be the very first Omni,” he said. “It is also the largest property in our brand. Where I have tried to add value is in the area of culture and service. I believe that our biggest assets are our associates. Hiring the right people, training them well, ensuring they have all they need to be successful and treating them like family will ensure success.”
4. More Than 6,000 Flights Delayed Over Holiday
During one of the busiest travel periods of the year in the U.S., more than 6,000 flights were delayed and another 171 canceled as of Sunday night, CNN Business reports from data collected by FlightAware. AAA estimated 4.5 million people would fly for the Thanksgiving holiday.
A severe weather system across multiple states brought rain and strong winds, creating challenging conditions for flights in the Midwest, Northeast and Southeast, CNN Business reports.
5. Employers Rethink Degree Requirements
Major corporations are reconsidering their requirements over college degrees for certain positions in response to the tight labor market, the Wall Street Journal reports. Instead, companies such as Google, Delta Air Lines and International Business Machines Corp. are turning their focus to skills and experience.
An analysis by think tank Burning Glass Institute found 41% of U.S. job postings required at least a bachelor’s degree in November, down from 46% at the beginning of 2019. Government figures from September reported 10.7 million job openings with 5.8 million unemployed.
Return to the Hotel News Now homepage.