Click through the links below for Hotel News Now's complete coverage of the third quarter 2021 earnings season for the hotel industry.
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Analysts covering the hotel industry believe the key performance metrics for hotel brands and real estate investment trusts won't be as meaningful as forward-looking commentary and the possibility of soon-to-be-announced deals.
IHG Hotels & Resorts executives are encouraged as group and corporate business begins to return to its U.S. properties. Across the globe, however, performance remains varied amid continued restrictions.
As Hilton continues to notch performance and development levels approaching and surpassing 2019 levels, the global hotel franchise company is focusing a lot of attention in China.
With RevPAR numbers closing in on pre-pandemic levels, Accor executives are confident the recovery is moving full steam ahead as the French hotel franchise company continues to open hotels, signs a World Cup 2022 deal with Qatar and lowers EBITDA sensitivity.
Wyndham Hotels & Resorts reported that third quarter revenue per available room at its U.S. properties exceeded 2019 levels by 7%, and while that metric was down 25% outside of the U.S., that was an improvement from a decline of 44% in the second quarter.
Executives at Whitbread PLC, the owner of the Premier Inn hotel chain, predict the recovery of rate and revenue per available room happening sooner than previous guidance suggested.
Pebblebrook Hotel Trust executives said leisure and business demand recovered after the latest wave of COVID-19 cases subsided, and the company benefited from a more diversified hotel portfolio.
The REIT's revenue per available room, which is a key metric in the lodging industry, was down 25.6% compared with the third quarter of 2019.
Marriott International CEO Tony Capuano said he's seen firsthand the desire people have to travel and that group and business demand will continue to recover as more people return to the office.
During MGM Resorts International's third quarter earnings call, the CEO said the company plans to sell off operations at The Mirage in Las Vegas and that leisure and group demand has strengthened on the Strip.
Choice Hotels International CEO Patrick Pacious spoke of the company's strong third quarter performance as its portfolio exceeded 2019 revenue. Outperformance, indications of strong demand and open borders bode well for the holiday season and the start of 2022.
Business transient demand made up about 20% of the guest mix at Park Hotels & Resorts' properties in the third quarter, and group business was up significantly over the second quarter.
Real estate investment trust Host Hotels & Resorts achieved positive cash flow during the third quarter of 2021 as well as a rise in transient room nights sold, resulting in executives feeling optimistic about the remainder of the year and 2022 despite concerns over the delta variant of COVID-19.
Real estate investment trust Summit Hotel Properties, through its joint venture with GIC, entered a definitive agreement to purchase a 27-hotel portfolio from NewcrestImage that includes two parking structures and various financial investments.
Hyatt Hotels Corp. President and CEO Mark Hoplamazian said Apple Leisure Group owners are excited about the credibility his company's purchase of ALG lends the all-inclusive sector. Hyatt also announced it sold the Alila Ventana Big Sur just months after buying it.
Executives from DiamondRock Hospitality Company said the real estate investment firm is looking to add more properties in leisure destinations and possibly reduce exposure in group-focused properties. But there's plenty of competition for hotels available for sale.
During the company's third quarter earnings call, Sunstone Hotel Investors interim CEO Douglas Pasquale said his company decided to move on from former CEO John Arabia to find a new leader with "different leadership attributes."
During the hotel real estate investment trust's third quarter earnings call, RLJ Lodging Trust President and CEO Leslie Hale said her company is encouraged by the recovery of all segments of demand and has been using proceeds from hotel sales to strategically grow its portfolio.
Apple Hospitality REIT executives said during an earnings call with analysts the company continues to hold a strong presence in the deals market due to its track record for building portfolios and ability to quickly underwrite.
Selling hotels unencumbered with brands traditionally results in a higher price, but Service Properties Trust executives said there are compelling reasons to keep 68 select-service and extended-stay hotels encumbered with the Sonesta brands, which the real estate investment trust holds an ownership stake in.
Tracking Earnings Results
Hotel News Now's Earnings Tracker offers an overview of results in key performance metrics for select hotel companies and real estate investment trusts. The chart for this latest earnings season will be updated as companies report, and can be downloaded here.