Independent hotel operators and giant global chains are increasingly linking up in franchise agreements as high-interest rates have slammed the hospitality industry, slowing down new hotel construction.
Commercial real estate information giant CoStar (CSGP.O) has been sued in a proposed consumer class action accusing it and a group of luxury hotel operators, including Hilton (HLT.N), Hyatt (H.N) and Marriott (MAR.O), of conspiring to keep room rental prices artificially high.
The holiday is the busiest yearly travel migration in the world and by the end of the eight-day span on Saturday, 474 million tourist trips were made, up 34% from the same time a year ago.
After the pandemic slammed the brakes on the tourism industry, and the subsequent years were the era of 'revenge travel,' hotel operators Hilton Worldwide (HLT.N), Marriott International (MAR.O), and online travel agency Expedia (EXPE.O), expect demand to grow more slowly this year.
U.S. hotel owners could see greater pressure on their ability to service the loans backing their properties, as a decline in leisure stays coupled with rising costs are expected to pinch their profits.
Conference Board data published on Tuesday revealed that 21.8% of Americans intend on visiting a foreign country in the next six months, up from 17.7% in June.
Thousands of Los Angeles-area hotel workers went on strike on Sunday demanding pay hikes and improved benefits in a region where high housing costs make it difficult for low-wage earners to live close to where they hold jobs, union officials said.
Industry group Airlines for America estimates a record 256.8 million passengers will fly in the June-August quarter, up 1% over the 254.6 million passengers in the same period in 2019.
A group of companies operating prominent hotels on the Las Vegas strip on Monday asked a U.S. court to dismiss a lawsuit filed by tourists accusing them of conspiring to keep room rental rates artificially high through a revenue management platform.
Several major companies that run prominent hotels on the famous commercial strip near Las Vegas were hit with a consumer antitrust lawsuit in federal court on Wednesday accusing them of conspiring to keep hotel room rates artificially high.