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1. CEO confidence at highest point since 2022
Confidence among CEOs is at a three-year high according to a new survey from the Conference Board and The Business Council. Those organizations polled 134 CEOs from the Fortune Global 500, Axios reports, and found confidence jumped 9 points to a score of 60 for the period from Jan. 27 to Feb. 10.
On the flip side, more CEOs — 55% compared to 52% — are worried about geopolitical instability, and fewer business leaders say they expect to increase their workforce — down to 32% from 40% the previous quarter.
2. DiamondRock sells Westin in DC
Hotel real estate investment trust DiamondRock Hospitality has announced the $92 million sale of the Westin Washington, D.C. City Center, HNN's Terence Baker reports. CoStar data identifies the buyer as Columbia Sussex Corp.
According to the release, the sales price represented an 11.2-times multiple on 2024 hotel earnings before interest, taxes, depreciation and amortization, and a 7.5% capitalization rate on 2024 hotel net operating income, or a capitalization rate of 5.6% inclusive of the company’s projected capital expenditures.
DiamondRock bought the hotel in July 2012 for approximately $149 million in a four-hotel deal of approximately $495 million with investment firm Blackstone.
3. Park could sell up to $400 million in noncore hotels this year
In the REIT's full-year 2024 earnings call, Park Hotels & Resorts officials said they plan to sell $300 million to $400 million in noncore hotels in 2025, while simultaneously investing up to $330 million in capital expenditures to improve their existing portfolio.
The biggest project of the year for the REIT is the $100 million renovation and repositioning of the Royal Palm South Beach Miami, a Tribute Portfolio Resort.
"This transformational $100 million investment is designed to significantly elevate the property's quality and overall guest experience, allowing it to better compete with other premium lifestyle resorts in the market and command a substantial [average daily rate] increase," Park Chairman and CEO Thomas Baltimore Jr. said. "The comprehensive renovation will encompass a full refurbishment of all 393 guest rooms, along with the addition of 11 new rooms. We will also reimagine all public spaces, including a new lobby bar, reconcepted food-and-beverage outlets and expanded meeting spaces designed to enhance the overall group experience."
4. USTA warns US isn't ready to host global sporting events
Leaders with the United States Travel Association have warned the country is not ready to host some major upcoming events like the FIFA World Cup and the Olympics without making major improvements to travel infrastructure, ESPN reports.
The news outlet said a report from the USTA asked the government to "establish a White House-led task force, create an expedited visitor visa process and modernize airport security by adopting new technology such as biometrics."
"The president has been outspoken about making this the gold standard of World Cups, the best Olympics that has ever been held," U.S. Travel CEO and president Geoff Freeman said. "To do those things, to achieve those goals, you've got to make some of these investments."
5. Limestone buys Nobu London Shoreditch
Swiss investment group Limestone Capital announced a pair of deals Thursday, including the acquisition of the 164-room Nobu Hotel London Shoreditch, HNN's Terence Baker reports.
No terms were announced for the deal, but the hotel was last sold to Electra Real Estate in 2022 for £69.9 million ($88.2 million).
The company also announced plans for an investment of “over €100 million” ($104.5 million) in pan-European hotel firm Loisium Wine & Spa Hotels.