Corporate/Finance: Page 13

  • The glass exterior of the Anaheim Convention Center features blue signage denoting Wyndham's 2023 Global Conference.
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    Courtesy of Wyndham Hotels & Resorts
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    Wyndham’s plea to shareholders: don’t tender shares

    In its latest bid rejection, Wyndham’s board of directors maintained that a merger with Choice Hotels is not in stakeholders’ best interest.

    By • Dec. 18, 2023
  • Exterior of Choice Hotels International, Rockville Corporate Headquarters
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    Courtesy of Choice Hotels
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    Choice Hotels makes latest ‘unsolicited’ bid to acquire Wyndham

    Choice made an exchange offer to buy its peer Tuesday, a proposal Wyndham said “appears unchanged” to its previous bid.

    By • Dec. 12, 2023
  • Hyatt's EVP-Global President of Operations Charles “Chuck” Floyd will retire in 2024.
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    Retrieved from Hyatt on December 05, 2023
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    Hyatt’s global president of operations exits

    Chuck Floyd will retire in 2024, following 40 years of management and leadership work at the hotel company.

    By • Dec. 5, 2023
  • Hotel Exterior
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    Ethan Miller via Getty Images
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    MGM Resorts CFO expects insurance to cover cyberattack costs

    The Las Vegas-based casino and resort operator has pegged the costs of the September cyberattack that temporarily crippled operations at about $100 million.

    By Suman Bhattacharyya • Dec. 1, 2023
  • The interior of a hotel room with bed, desk, TV and cityscape from the windo
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    onurdongel via Getty Images
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    KSL Capital Partners, Hersha Hospitality Trust make merger official

    Through the $1.4 billion deal, KSL acquires Hersha’s portfolio of luxury lifestyle hotels, expanding its reach in the growing segment.

    By • Nov. 30, 2023
  • Exterior of Choice Hotels International, Rockville Corporate Headquarters
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    Courtesy of Choice Hotels
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    Choice Hotels to nominate directors to Wyndham board: Reuters

    In its latest move to buy out its peer, Choice is attempting to skirt Wyndham’s current leadership, which has repeatedly rejected its acquisition bid, by adding its own presence to the company’s board.

    By • Nov. 28, 2023
  • The glass exterior of the Anaheim Convention Center features blue signage denoting Wyndham's 2023 Global Conference.
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    Courtesy of Wyndham Hotels & Resorts
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    Wyndham calls latest Choice Hotels offer a ‘step backwards’

    Wyndham claims Choice is ignoring its concerns and continuing to undervalue the company, all while exploiting uncertainty around the deal.

    By • Nov. 21, 2023
  • An exterior image of Sheraton New York Times Square.
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    Permission granted by JLL
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    MCR, Island Capital refinance Times Square Sheraton amid NYC rebound

    The $260 million financing signals improvement in New York’s capital markets, and growth in the city’s hotel sector is expected to continue, according to JLL Hotels & Hospitality.

    By • Nov. 16, 2023
  • Stock image of hotel room
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    onurdongel via Getty Images
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    Hospitality industry trends that drove Q3 performance growth

    While Hilton, Marriott and Hyatt posted record pipeline growth in Q3, Choice focused on its public bid to buy Wyndham. And in Las Vegas, resorts highlighted ongoing labor woes.

    By • Nov. 14, 2023
  • A headshot of Aimbridge Hospitality CEO Mike Deitmeyer.
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    Permission granted by Identity PR
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    Aimbridge Hospitality CEO to step down

    Michael Deitemeyer, as well as the hospitality management company's CFO, will step down before year-end, and the search to fill their positions is underway.

    By • Nov. 14, 2023
  • An exterior image of a hotel
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    Ethan Miller via Getty Images
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    Wynn Resorts expects all-time revenue record from F1’s Grand Prix

    Wynn posted significant performance gains in the third quarter, which CEO Craig Billings attributed to "frenetic" activity at Wynn Las Vegas.

    By • Nov. 10, 2023
  • Exterior of MGM Grand Hotel & Casino in Las Vegas
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    Ethan Miller via Getty Images
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    MGM Resorts’ Vegas properties take revenue hit in wake of cybersecurity attack

    A social engineering attack on MGM in September impacted the company’s third-quarter earnings, but its CEO expects upcoming events in Las Vegas to bring growth.

    By • Nov. 9, 2023
  • Exterior of Choice Hotels International, Rockville Corporate Headquarters
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    Courtesy of Choice Hotels
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    Choice Hotels leadership still ‘confident’ Wyndham deal will go through

    Choice CEO Patrick Pacious said the company’s integration of Radisson Americas, including third-quarter synergies from the deal, indicates a Choice-Wyndham merger could be successful.

    By • Nov. 7, 2023
  • Two beach chairs on Myrtle Beach in front of a glossy high rise.
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    Retrieved from Bluegreen Vacations on November 07, 2023
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    Hilton Grand Vacations acquires Bluegreen Vacations for $1.5B

    The deal adds 14 markets and eight states to Hilton Grand Vacations’ portfolio.

    By • Nov. 7, 2023
  • A rendering of a hotel room at Thompson Houston.
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    Courtesy of Hyatt
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    Hyatt’s development pipeline hits record levels amid luxury push

    Hyatt posted revenue and development growth in the third quarter, driven by “robust demand for travel around the globe,” the company’s CEO said.

    By • Nov. 2, 2023
  • Building Exterior with Marriott sign
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    Justin Sullivan via Getty Images
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    Marriott pushes midscale expansion, raises RevPAR growth guidance

    Robust international travel demand continued to drive revenues and development growth for Marriott in the third quarter, bringing its global pipeline to a record high.

    By • Nov. 2, 2023
  • An exterior image of a hotel
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    Robert Mora via Getty Images
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    Caesars posts record EBITDA, notes strong travel demand in Las Vegas

    Despite challenges in the third quarter of this year, Caesars saw performance growth across all operating segments, with Las Vegas benefiting from increased tourism.

    By • Nov. 1, 2023
  • A group of people shaking hands
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    Caiaimage/Martin Barraud via Getty Images
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    Wyndham’s petition to shareholders: You’re in the right hands

    Wyndham President and CEO Geoff Ballotti reiterated the company’s rejection of Choice’s acquisition bid in its third quarter earnings report, noting Wyndham’s standalone growth prospects offer “superior” returns.

    By • Oct. 26, 2023
  • Construction cranes line the city skyline at dusk in New York City.
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    zxvisual via Getty Images
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    Hot Markets

    Market Spotlight: New York City

    The city’s hotel industry is enjoying a post-pandemic recovery driven by high room rates, but construction and financing challenges continue to dog would-be hotel developers.

    By • Oct. 26, 2023
  • A rendering of the exterior of Hilton's new Project H3 brand.
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    Courtesy of Hilton
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    Hilton’s hotels pipeline is now the largest in its history

    The company raised guidance after a strong third quarter, and expansions in the midscale, premium economy and lifestyle segments are expected to fuel future growth.

    By • Oct. 25, 2023
  • Laura Lee Blake, AAHOA
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    Permission granted by AAHOA
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    Q&A

    Choice-Wyndham merger could have ‘frightening’ consequences: AAHOA president

    Hotel franchisees fear they could lose their competitive edge in the economy segment if the deal is made, according to AAHOA President and CEO Laura Lee Blake.

    By • Oct. 25, 2023
  • A large blue glass flip flop is in the entryway to Margaritaville Times Square.
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    Retrieved from Margaritaville Resorts on October 23, 2023
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    Lender to take control of NYC Margaritaville hotel

    Philadelphia-based Arden Group will acquire an equity stake in Margaritaville Times Square Resort following developer Soho Properties’ financial troubles, which included two bankruptcy filings.

    By • Oct. 23, 2023
  • IHG's Global Headquarters in Windsor, UK on a sunny day.
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    Retrieved from InterContinental Hotels Group on August 08, 2023
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    IHG reports group RevPAR increase in Q3, details luxury lifestyle strategy

    The company also noted strength in conversions, with CEO Elie Maalouf adding that he expects IHG’s newly launched midscale brand Garner to “further accelerate” the trend.

    By • Oct. 23, 2023
  • Exterior of Choice Hotels International, Rockville Corporate Headquarters
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    Courtesy of Choice Hotels
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    Experts weigh in on Choice’s bid to buy Wyndham

    Hospitality industry pros speculate on the “hostility” of Choice’s public proposal, whether Wyndham is undervalued and what the merger would mean for hotels worldwide.

    By • Oct. 18, 2023
  • Exterior of Building with Choice Hotel logo
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    Retrieved from Choice Hotels International on April 06, 2023
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    Choice Hotels offers $7.8B to buy Wyndham

    Choice has made its proposal public in response to Wyndham “disengaging” from negotiations. 

    By • Updated Oct. 17, 2023