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5 things to know: 5 August 2017

  • Author:NJC
  • Release on:2017-08-05

5 things to know: 5 August 2017

As the desk of the Hotel News Now editorial staff released, there are some things we should know:

1.US unemployment at 16-year low
The U.S. economy added a seasonally adjusted 209,000 jobs in July, according to a report from The Wall Street Journal citing the U.S. Department of Labor, and the unemployment rate of 4.3% matches a 16-year low last reached in May.

2.More Chinese investment regulation expected
Reuters reports today the Chinese government is expected to tighten regulatory oversight on foreign spending and borrowing by Chinese companies. Those companies are now being told by regulatory bodies “to justify terms, including target valuations, deal premiums and financing arrangements.”

3.Hyatt defends asset strategy
Analysts continue to question whether Hyatt Hotels Coorporation is looking to shift to an asset-light strategy similar to many other hotel brand companies, but President and CEO Mark Hoplamazian said his company is committed to keeping a pool of owned assets.Executives don’t want to grow that pool at the speed or breadth of Hyatt’s fee-based franchise and management business, he said, but they still need a pool of capital to help grow brands. 

4.RLJ and Ashford report Q2 earnings
RLJ: The company saw decreases in net income (-27.7% to $42.5 million), occupancy (-2.1%), average daily rate (-1.2%) and revenue per available room (-3.4%). The company pointed to the Easter holiday shift and “convention center closures” as headwinds for the quarter. RLJ officials revised their RevPAR guidance for the full-year lowering the range to between -2% and -1% from -1% to 1%.

Ashford: RevPAR was at least positive for Ashford, with all hotels up 0.5%. That number was dragged down by renovations, as RevPAR growth for hotels not under renovation was 1.4% for the quarter.

5.On-demand food delivery pressures roomservice
The Chicago Tribune reports some hotels in Chicago have reinvented their approach to roomservice, and now use partnerships with local restaurants to deliver directly to rooms as opposed to operating their own kitchens.