skift research state of travel 2022

State of Travel 2022 – Skift Research

• Publication date: Oct 17, 2022
• Language: English
• Format: PDF
• No. of pages: 194

In the 1950s, there were just 25 million worldwide journeys; by 2019, there were an astounding 1.4 billion. Before the pandemic, it accounted for almost one in ten jobs worldwide. International trade and cross-cultural interaction were fueled by travel. Then everything came to an end. Since World War II, the tourism sector has not been in such instability as it has been in recent years. Travel abroad came to a nearly complete halt due to COVID-19.

However, the pandemic also offered a chance for introspection and creativity. As travel became more domestic and local, with a greater emphasis on ground transportation and a move away from crowds and bustling hotels, it produced new patterns of behavior. People began working from home, which allowed them to travel more as part of a more flexible lifestyle. Business travel also changed, as organizations were forced to think about how many trips Zoom could replace.

Interested in custom data visualizations?

ChartApp is a data visualization tool specialized in transforming data and information into interactive dashboards that you can export and share with your stakeholders. Get unique and custom functionalities for your project along with priority support from ChartApp.

Recently published

New publications available daily. browse all ».

Hawaii Timeshare Quarterly Report Q3 2022

Bermuda Tourism Authority – Q3 2022 Tourism Statistics

Hotels Forecast 2022 – 2023 – PWC

AHLA’s Hotel Booking Index – 2022 Holiday Travel Survey

World heritage glaciers: sentinels of climate change – UNESCO

2022 Global Travel Trends Report by American Express

European Health Management Association – 2022 Conference Report

Qatar Economic & Commercial Activities Guide 2022

Send a message.

Why are you contacting us? —Please choose an option— General inquiry Press contact Corrections and typos I want to be a member I want to be a partner I have an idea

Your message

Please note:

We use reCAPTCHA to prevent spam. By submitting this form you agree to our Terms and conditions as well as Google's Privacy Policy and Terms of Service .

Report broken link

Skift Global Forum 2022

September 19-21, 2022

New York City

Tuesday, September 20th

Registration opens / breakfast and networking, conference welcome.

Leading the Transition to Net-Zero Travel, hosted by Skift Research and McKinsey & Company

What Comes Next for Travel Booking as the World Reconnects

JetBlue’s Future: Balancing Expansion and Operations

High-Touch Service in an Era of Change

Driving the Future of Tours & Activities

Networking Break

A fireside chat with barry diller.

How Sustained Enthusiasm for Travel Underscores the Importance of Inclusivity

Redefining Our Understanding of Conservation and Travel

Developing the Next Generation of Hospitality Talent

What’s Next for Disney Parks, Experiences and Products

Lunch & Networking

Welcome back, why scale and strategy matter as hotels look to the future.

Capitalizing on a More Seamless Travel Payments Ecosystem

A Conversation with Google’s Head of Travel

Delivering on the Promise of a Personalized Guest and Employee Experience

Dubai as a Lens for the Future of Travel

An Optimistic Outlook for Hospitality’s Future

Navigating Leadership, Community, and the Road Ahead

Digital Transformation: Investing in the Traveler Experience of the Future

The Transformational Power of Travel

What The Great Merging Means for Aviation

Staying Ahead of The Great Merging and its Impact on Hospitality

Reception and Networking

Wednesday, September 21st

Morning networking, skift research presentation: state of the industry.

Democratizing the Travel Ecosystem

Ukraine’s Tourism Future

How Customer Data Is Defining a New Era of Travel Demand

Will Social Commerce Reshape Travel Booking?

Saudi’s Big Bets On Tourism, A CTO’s View

The Market Drivers Across Hospitality

Bold & Boricua: Fueling Growth by Tapping Into Local Culture

Building a Sustainable Lifestyle Brand

The Technology Shifts Driving Asia’s Return

Reimagining Travel’s Future: A Fireside Chat with Brian Chesky

Supported By

Join Skift Live’s VIP list

Get early-bird discounts to our travel industry events.

By entering your email address you agree to receive marketing communications from Skift.

The magazine of Glion Institute of Higher Education

• The State of Travel 2023: Skift’s industry report paints a positive picture

Skift Research has produced its major annual report into the state of travel, along with commentary on the trends it believes will shape the industry’s future. We’ve sifted through all 278 pages to bring you the travel, tourism and hospitality highlights.

Travel is back. That’s the conclusion the authors of Skift Research’s The State of Travel 2023 come to in the up-front executive summary of their bumper report into the travel, tourism and hospitality industry.

Using a combination of its own proprietary research methods and third-party data sources, Skift Research has analyzed the industry’s current performance and charted travel’s path forward, claiming 2023 was the year travel truly recovered.

Back to the status quo

Skift Research’s Travel Health Index, which tracks 84 travel indicators across 22 countries with data from 22 partners, shows global travel surpassed 2019 levels in April 2023, exactly three years after its lowest point in April 2020.

Out of those 22 countries, 17 are part of the ‘100 Club’, recording an index score of 100 or higher as at June 2023. According to the report’s authors, this indicates a complete recovery to pre-pandemic performance levels, though the figures do not mean everything is back to ‘normal’.

According to the report, international travel still lags behind 2019 levels, with only the Middle East region witnessing a complete recovery of international travel in the first quarter of 2023. Looking at the overall situation, the outlook for the global economy is weaker than last year and, along with inflation, the signs are that the economic situation will have an impact on travel spending.

Regionally, travel volumes in the US now mirror those of 2019, while restored connectivity, convenient travel requirements and the closure of Asia Pacific for travel all helped Europe gain market share and extend its lead as the most popular destination region. In terms of visitor numbers, none of the Asia Pacific nations studied had recovered to pre-2019 levels, with China seeing the biggest decline – down 81% vs pre-Covid times.

Hotels on a high

There is good news for the hotel industry too. Skift’s report estimates hotel revenues will be just 1% below the level they were at in 2019, recovering from the 8% lower they were just last year. RevPAR (Revenue per Available Room) recovery is being led by ADR (Average Daily Rate) but demand is still below pre-Covid levels, meaning there is scope for even more demand growth in 2023.

This recovery has been fueled by pent-up demand and strong pricing in 2022. Further demand is likely in 2023, especially due to the return of international travelers. The luxury end of the market, already performing particularly well, is likely to benefit from this. Demand is strong, while pricing growth in this sector has resulted in margins more than double those in 2019.

Mixed messaging

According to the report, a key recent trend that represents one the greatest opportunities for hotels is the use of them as de facto offices. While better utilization of space in hotels is not a new concept, more and more hotels have started offering services such as coworking spaces for locals and guests during the day.

This hybrid hospitality model offers the flexibility to switch inventory around and reuse the available space at hotels at different times of the day to boost profitability. According to research conducted by Colliers International, hotels that offer co-working spaces have the potential to increase their turnover by up to 20%.

Technology to the rescue

As in previous years, technology is playing a significant role in travel’s recovery. Most hotel companies have deployed it as an enabler of efficient operations and seamless guest experiences, but there is scope for much further use of technology in the sector.

While the main technologies hotel groups invest in are property and revenue management systems, many are now investing in guest-facing technology too. The report’s authors believe this and the further adoption of artificial intelligence (AI) will offer much potential for future growth.

In particular, they say generative AI will have a significant impact on the travel industry. It is already helping programmers write better code quicker, leading to more new technology coming to the market. The authors believe AI will also significantly improve the customer experience through better chatbots and travel planning, while also helping hotel groups manage their online reputation more effectively.

The report estimates such technology will generate an additional $8.5 billion for the industry, but the real impact could be much greater. If adoption of AI helps all employees become 1% more efficient in their roles, it could create an additional $15 billion for the travel industry.

Promising outlook for the future

So what does the longer-term future hold for the travel industry? According to Skift Research, the outlook has never been stronger, pointing out the industry has survived terrorism, disease and economic declines in the past and has always emerged in a better state.

Among the main reasons for the authors’ faith in travel are the unprecedented rise in global mobility – the average passport holder can now travel visa-free to more than 90 countries – and developing countries’ increasing share of international travel.

Developing countries have grown as a share of total international trips, while over the same time total travel volumes have doubled. This trend is likely to continue as trip shares equalize with population share over the long term. According to the report, the center of gravity in travel will shift eastward and southward in the coming years.

Another cause for optimism has been the increase in flexible working and the resulting opportunities. Thanks to greater work flexibility, more people are blending leisure and business travel – Euromonitor forecasts the global spending by travelers combining business and leisure will more than double by 2027 as compared to 2021.

But it’s not all good news. While remote work gives people more freedom to travel for leisure purposes, business travel needs have declined as a result. According to a Mastercard study, from 2021 through March 2023, countries where more people returned to their offices outperformed commercial flight bookings by a wide margin compared to their more remote-minded counterparts.

• Click here to download the report

Photo credits

Main image: marrishuanna/Getty Hotel image: Dimensions/Getty Suitcase image: Olga Nikiforova/Getty

Master the business of hospitality

As our flagship graduate degree, the Master’s in International Hospitality Business delivers the complete hospitality leadership toolbox, with study options in Switzerland and London.

Discover the Master’s

Hospitality internships

LISTENING TO LEADERS

LIVING WELL

HOSPITALITY UNCOVERED

BUSINESS OF LUXURY

WELCOME TO GLION.

This site uses cookies. Some are used for statistical purposes and others are set up by third party services. By clicking ‘Accept all’, you accept the use of cookies

Privacy Overview

• Skift Research
• Airline Weekly
• Skift Meetings
• Daily Lodging Report

U.S. Travel Trends Q1 2024: Exploring Day Tours and Experiences

Varsha Arora + Skift Team

Report Overview

The ‘U.S. Travel Trends’ series offers a recurring analysis of key trends in the American travel industry, covering both ongoing trends and a special topic each quarter. The Q1 2024 report focuses on ‘Day Tours and Experiences,’ highlighting the increasing popularity of day tours among travelers seeking unique and memorable experiences. The report covers day tours alongside broader travel trends, making it essential for industry stakeholders.

The Day Tours and Experiences section of the report reveals intriguing trends and preferences among travelers in Q1 2024. Nearly half of travelers indulged in day tours, with younger age groups leading in participation. Exploring attractions and seeking diverse, immersive experiences are key motives for taking day tours, indicating a strong interest in engaging options.

The Regular Insights section notes an uptick in travel activity from Q4 2023 to Q1 2024, with more travelers opting for multiple trips. The data suggests a potential revival in business travel, though it has not yet reached pre-pandemic levels. The section also discusses trends in accommodation, transportation, expense and pricing, sustainability, and consumer sentiment, providing a comprehensive overview of the latest trends in the American travel industry.

What You'll Learn From This Report

• Featured Insights on Day Tours and Experiences
• U.S. Travel Highlights
• Booking Trends
• In-Destination Trends
• Travel Expense and Pricing
• Sustainability in Travel
• Consumer Sentiment

Related Reports

Want to read this report, get access to this report when you subscribe.

• 3+ new reports per month
• Access to 200+ reports
• Analyst Q&As through email
• 25% off tickets to Skift Forum events
• Quarterly analyst report review calls
• High resolution PDFs of new reports as they're released

Why Isn't Travel More Kid-Friendly?

D ata shows that families traveling with children under 18 years of age comprise a sizable portion of the overall travel market and wield significant spending power, yet many travel companies have been slow to cater to their needs. From a lack of larger hotel rooms that can sleep more than two people to airplane seating that makes it difficult for families to affordably sit together , many families feel they are overlooked-despite how much they are willing to spend on travel.

According to recent research from Skift , family travel accounted for 47 percent of all leisure trips taken in the United States during the fourth quarter of 2023. Upwards of 50 million American family members could take vacations each coming year.

This past fall, the Family Travel Association (FTA) released its annual survey, based on responses from 3,370 U.S.-based parents and grandparents who travel, and found that respondents dropped an average of $6,750 annually on family vacations in 2022, with 18 percent spending more than $20,000 annually. Skift determined similar annual spends from family travelers.

Bébé Voyage , a global online community for parents and caregivers, revealed that more than half of respondents in its 2023 survey of members had three to five trips planned, and 25 percent had more than six trips planned within the coming year. Just over half of the respondents planned to spend between two weeks and a month away from home within the following year; nearly a quarter planned to travel between one and two months in the coming year.

Despite these impressive travel intentions and budgets, traveling families don't always find that their needs are being met.

"Families do not always feel the industry offers good value for money and are annoyed with hidden fees and extras," said Lynn Minnaert, professor and head of subject, tourism and languages at Edinburgh Napier University and a lead researcher for the FTA survey. "Another major annoyance is that airlines make it difficult [and] expensive for families to sit together. Hotels often lack family rooms and connected rooms, which is a particular issue for larger families."

Because it isn't always easy to find hotel rooms that can accommodate families, Katelyn Brown, a travel consultant at Ciao Bambino , a family-focused travel agency, keeps a spreadsheet of rooms at select properties that she knows can sleep more than two people. That way she knows exactly which rooms to request when booking hotels for clients.

According to research by Rachel Meng, founder of Hotel Bambinee -a startup that aims to create more child-centered hotel experiences in urban centers, both through building its own hotels and consulting with existing properties-the top three amenities that parents would like to see in urban hotels are connecting rooms, a café in the hotel serving kids meals, and an indoor play space. What's more, 85 percent of respondents to a Hotel Bambinee survey of 250 U.S.-based parents said they would be willing to pay a premium for these amenities.

Additional data Booking.com provides further evidence that families are a critical segment. Booking.com found that 57 percent of Americans say family time is their top travel motivation for 2024.

Why isn't travel more kid-friendly?

"Despite the projections for significant growth, many travel players have not fully leveraged the potential of the family travel market," notes Oleg Segal, CEO of travel booking platform DealA . Most travel brands are simply not evolving their offerings and marketing to accommodate the modern family.

So why aren't travel brands doing more to court families? For one, the dynamic nature of families does not always make them an easy target market, says Ritesh Raj, COO of CuddlyNest , a global accommodations booking platform."The uniqueness of each family characterized by their distinct preferences, varying budgets, and diverse needs presents a significant challenge for travel providers," says Raj.

To appeal more to families, travel companies need to better understand their evolving needs and wants. Raj adds, "The attempt to offer a one-size-fits-all solution often falls short."

For instance, families have interests that extend far beyond theme parks and what may be considered typical family attractions. While more than half of families plan to take a beach trip in the coming year, theme parks only ranked sixth in FTA's 2023 survey. Visiting family and friends, museum or cultural attractions, city vacations, and events (such as concerts and sporting events) all came out ahead of theme parks in terms of the trips families are actively planning. Right behind theme parks were national or state parks and other types of nature vacations.

These findings track with Maija de Rijk-Uys' experience as managing director of Africa specialist Go2africa . "Families book a variety of trips ranging from safaris and beach holidays to cultural tours and adventure activities," de Rijk-Uys says. "Family travelers have consistently been top safari-goers, primarily in the U.S. market."

Focusing more on families

Some travel companies have started to recognize the immense potential in the family segment. Baby gear rental company BabyQuip has capitalized on making family travel more seamless. The company hit $16 million in gross merchandise value in 2023, highlighting the growing demand for family-focused travel services.

Luxury hotel brands like the Four Seasons have made families a core pillar of their business through customized kid amenities, tailored dining options, kids' club services, and flexible room arrangements. As Monica Domantay, lifestyle creative director at Four Seasons New York Downtown , explains, "We want to ensure we make families and children feel comfortable, at ease, and without worry throughout their stay." At the New York property, children are welcomed with a book, The Amazing Adventures of Aya and Pete in New York , a plush Pete doll, and a custom map of New York City, encouraging younger guests to explore the Big Apple and document their favorite experiences during the trip.

"Family travel is booming, with parents bringing kids on bucket-list trips from a young age," says Jordi Lippe-McGraw, founder of family travel gear brand PakRêve . "This trend demands high-quality travel products designed for sophisticated families who value style and convenience on their global adventures."

Gear companies are already taking note. Most major stroller brands have a model that folds up small enough to fit in the overhead bin on a plane. And there is a cottage industry of fly beds -which allow a toddler to sleep on a long flight-not to mention ride-on luggage , entertainment kits, and other accessories all geared towards tiny globetrotters .

The parent-run team at Kid & Coe has created an entire vacation-home rental brand around the concept of vetting properties for its catalog based on an internal checklist of family-friendly amenities and whether they themselves would feel comfortable staying there with their kids.

Ultimately, if travel brands can evolve their services to cater to families, they can capture lifelong clients starting at the earliest ages. After all, the youngest travelers will eventually become globetrotting adults.

Marriott Boosts Quarterly Dividend 21%

Alan Woinski and Kim Woinski

May 12th, 2024

In a week filled with earnings news, Marriott’s increased dividend will likely please investors the most.

• LinkedIn icon
• facebook icon

The  DJIA  was up 125 points on Friday while  Nasdaq  was down 5, the  S&P 500 rose 9 points and the 10 year treasury yield was up .06 to 4.50%. Lodging stocks were mixed.  VCSA  traded down to a new low, down -8% but  SOND  was up 11%,  AHT  was up 7% and  BHR  rose 6%.

Vacasa  and  Soho House  reported 1Q results with SHCO clearly having the better report. SHCO came in modestly above expectations while VCSA missed on the top and bottom line. They announced another round of layoffs, this time affecting 13% of their workforce, mostly on the corporate and central operations side.

Marriott International  upped their quarterly dividend by 21% on Friday. MAR shareholders will now receive a quarterly cash dividend of $0.63 a share.

Hotel Sector Stock Index Performance May 6-May 10, 2024

What am I looking at?  The performance of hotels and short-term rental sector stocks within the  ST200 . The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares.

The Skift Travel 200 (ST200)  combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number.  See more hotels and short-term rental financial sector performance.

St. Regis Hotels & Resorts  announced reservations are open for  The St. Regis Longboat Key Resort , slated to open in Summer 2024 in  Longboat Key ,  Florida . Marking the only St. Regis opening in the U.S. in 2024, the resort offers 168 guest rooms and suites, 800 feet of private beach, multiple pools and luxurious cabanas, a private sanctuary, under the sea lagoon wildlife reserve, Reef Rangers Children’s Club, the St. Regis Spa, a fitness center, seven culinary venues, and over 34,000 square feet of flexible meetings and events space.

NewcrestImage  is planning a $100 million renovation project that would convert a three building office complex in downtown  Cincinnati ,  Ohio  to a mixed-use hotel. The company plans to have a dual-branded hotel, to include a  Canopy by Hilton and  Hilton Garden Inn , a grocery store, fitness center, a few floors of office space, and a potential parking garage.

The Regent Santa Monica Beach  has opened bookings for stays beginning September 17, marking the return of the Regent brand to the U.S. The  Santa Monica ,  California  property is slated to feature 143 guestrooms and 24 suites, a restaurant, Guerlain Spa, an oceanfront pool deck and beach butler service. Following a more than $150 million gut renovation to the former Loews hotel, Regent Santa Monica Beach is expected to be Regent’s flagship in the Americas region.

South Carolina ‘s first  Four Seasons -flagged luxury resort has the full green light from  Charleston ‘s Board of Architectural Review to proceed.  Strategic Property Partners  is planning to develop the property calling for 150 hotel rooms, 40 residential condominiums, commercial space, restaurants and amenities in three buildings reaching as high as eight stories. In all,  Pinnacle Mountain Holdings LLC , the landowner, has invested $72 million to date in the area to pull together the real estate Strategic Property needs for the project.

Sonesta International Hotels Corporation  announced the opening of  Red Lion Gillette  and  Sonesta Grand Rapids . Red Lion Gillette is a 159-room, select service value hotel located in  Gillette ,  Wyoming . The upscale, 183-room Sonesta Grand Rapids Airport is located in  Grand Rapids ,  Michigan .

In  Key West ,  Florida , the  Southernmost Beach Resort  unveiled its $12.5 million transformation of  The Guesthouses . The retreat, comprising four meticulously restored 19th century styled Victorian homes, La Mer, Dewey, Avalon, and Duval Gardens, is an adult-only sanctuary within 243-room resort. Guests of The Guesthouses enjoy full access to Southernmost Beach Resort’s extensive amenities including three pools, bars, a spa, retail spaces, a private beach and restaurant.

Mountain View Grand Resort & Spa , in  Whitefield ,  New Hampshire , has completed a multi-million dollar renovation of the lobby, guestrooms and restaurants. The elegant refresh also extends beyond physical improvements with a new Tower Spa menu and wellness offerings, and family-friendly programming.

The Ace Hotel , in  New Orleans ,  Louisiana , will become a  Hyatt -branded property amid a broader pullback by the Ace Hotel ownership group across the U.S. The downtown hotel property, which is part-owned by  Domain Cos , will be turned into a  Jdv by Hyatt . A sister hotel across the street,  Maison de la Luz , will become part of the  Unbound by Hyatt  collection. It is unclear when the changes will take place and whether the changes will affect Ace’s flagship restaurant, Josephine Estelle, or its coffee shop, Lovage.

Rio Guadalupe Resort , a premier RV park and campground in  New Braunfels ,  Texas , announced a series of significant improvements and additions. Over the past 12 months, the resort has undergone extensive renovations and introduced new amenities. As part of its exciting upgrade, the resort has added six new premier RV sites which will accommodate monthly-stay guests year round and the pool area has undergone an extensive renovation, featuring fresh furnishings and a large TV with a sitting area. The resort has also made significant improvements to its dog park and the front office and store have been revamped to provide a more welcoming and efficient experience for guests. Additionally, to enhance accessibility for guests staying in the New Braunfels RV resort’s cabins, a new road has been constructed. Last but not least, the resort has welcomed two new office pets who are always ready to greet guests of the New Braunfels’ cabin rentals.

Placemakr  announced a major expansion across  Texas  with four new property launches, bringing the company’s total operations to over 800 units in the state. The expansion includes the acquisition of  Placemakr Downtown Austin , formerly named 3Waller, a 259-unit property in the heart of downtown  Austin . The expansion also includes Placemakr’s first smaller property launch (24 units) as part of a new brand concept, “ Hosted by Placemakr .” Lastly, Placemakr will also manage its first two exclusively residential properties in Texas, located in  San Antonio .

Hyatt Hotels Corporation  announced Hyatt’s expected growth trajectory with 30+ planned openings through 2027. Upcoming openings in  Latin America & the Caribbean  enhance Hyatt’s leadership in luxury, resort and lifestyle, creating unforgettable experiences in destinations that matter most to guests and  World of Hyatt  members. The  Destination by Hyatt  brand is expanding its footprint in Latin America & the Caribbean with the introduction of properties in two new markets:  The Legend Paracas Resort ,  Peru , expected to open in summer 2024 and  Cas En Bas Beach Resort ,  St. Lucia , expected to open in early 2025. Hyatt’s  Inclusive Collection  is expanding its brand footprint with planned openings in key Latin America & Caribbean resort destinations such as:  Dreams Curacao Resort, Spa & Casino  adults-only expansion, expected to debut 2024;  Dreams Bahia Mita Surf & Spa Resort  family-friendly expansion, expected to open in summer 2024;  Dreams Sapphire Resort & Spa  family-friendly expansion, expected to open in 2024;  Secrets Playa Esmeralda Punta Cana , expected to open in 2024;  Dreams Playa Esmeralda Punta Cana , expected to open in 2024;  Secrets Baby Beach Aruba , expected to open in 2025;  Secrets St. Lucia Resort & Spa , expected to open in 2025; and  Breathless Puerto Vallarta Resort & Spa , expected to open in 2025.  Boundless Collection  hotels are each shaped by the distinctive culture of their locale and replete with rich and immersive lifestyle experiences. Upcoming openings in the region include:  Dream Valle de Guadalupe , expected to open in 2025;  Hyatt Centric San Jose Escazu , expected to open in 2024;  Hyatt Centric Santo Domingo , expected to open in 2024; and  Hyatt Centric Queretaro , expected to open in 2025. Hyatt’s  Timeless Collection  properties deliver the comforts of home away from home with a consistently elevated experience. Upcoming openings in the region include:  Grand Hyatt Grand Cayman Hotel & Residences , expected to open in 2025;  Grand Hyatt Mexico City Santa Fe , expected to open in 2025;  Grand Hyatt Cancun Beach Resort , expected to open in 2025; and  Park Hyatt Los Cabos at Cabo del Sol , expected to open in 2025.

Catalonia Hotels & Resorts  signed a binding agreement with  East Bay Management  to buy the 512-room  Holiday Inn Resort Montego Bay  in  Jamaica .

Personnel Moves

Ashford Hospitality Trust, Inc.  has closed on the refinancing of the mortgage loan for the 673-room  Renaissance Hotel  in  Nashville ,  Tennessee , which had a final maturity date in March 2026. The new, non-recourse loan totals $267.2 million, and has a two-year initial term with three one-year extension options. The loan is interest only and provides for a floating interest rate of SOFR + 3.98%. The previous loan totaled $240.0 million and included the 296-room  Westin Hotel  in  Princeton ,  New Jersey . As part of this refinancing, the Westin Princeton is now unencumbered and the Company has listed the property for sale. The Company plans to use the excess proceeds from the refinancing for general corporate purposes including paying down the Company’s strategic financing.

Aimbridge Hospitality  named  Eric B. Jacobs  as its incoming Chief Global Growth Officer, joining the executive leadership team on June 2, 2024. In his role as Chief Global Growth Officer, Jacobs will be in charge of all growth and development activities and will help expand Aimbridge’s hotel portfolio and support its owners and brand partners in achieving their expansion objectives both domestically and globally. Jacobs comes to Aimbridge Hospitality from  Marriott International  where he most recently served as Chief Development Officer for Marriott Midscale Brands in North America and Marriott Brands in  Canada . Jacobs takes over for  Allison Reid , who served as Chief Global Growth Officer from July 2022 to May 2024 and has already stepped down. Also leaving Aimbridge will be Global President  Mark Tamis . He will leave the company on May 17th.

Oliver Hospitality  announced the appointment of  Chett Abramson  to President. Previously serving as COO, Abramson will be responsible for leading the overall strategic direction of Oliver Hospitality, overseeing operations and driving growth initiatives.

Europe Highlight

Siblings  Daniel  and  Jennica Shamoon  have taken over the 80-room  GHM Monachil hotel , located in  Sierra Nevada ,  Spain . The Shamoons plan to carry out a thorough repositioning work.

Companies: Marriott International , Ace Hotel , Aimbridge Hospitality , Ashford Hospitality Trust , Braemar Hotels & Resorts Inc. , Breathless Resorts & Spas , Canopy by Hilton , Destination by Hyatt , Dreams Resorts & Spas , Four Seasons , Grand Hyatt , Hilton Garden Inn , Hyatt Hotels Corporation , JdV by Hyatt , NewcrestImage , Oliver Hospitality , Park Hyatt , Pinnacle Mountain Holdings , Placemakr , Red Lion Inn & Suites , Regent , Renaissance Hotels , Secrets Resorts & Spas , Soho House and Co Inc. , Sonder Holdings Inc. , Sonesta Hotels & Resorts , Sonesta International Hotels Corporation , St. Regis , Vacasa , Westin Hotels & Resorts

Locations: Austin , Cincinatti , Florida , Jamaica , Los Angeles , New Hampshire , New Orleans , Punta Cana , Spain , St. Lucia , Texas , Wyoming

Hard Rock Hotels & Casinos

Las Vegas’ Mirage Hotel and Casino to Close

May 16th, 2024

Ashford Hospitality Trust

Waldorf Astoria Washington D.C. Faces Foreclosure

May 15th, 2024

Wyndham Hotels & Resorts

Wyndham Deal Expands its All-Inclusive Options

May 14th, 2024

Disney Parks

Disney Vacation Club’s New Island Tower

May 13th, 2024

Marriott International Expands Canadian Pipeline

May 9th, 2024