Today’s news in brief – 7/8/24
The Richmond Park Hotel in Bo’ness, central Scotland, has been sold for an undisclosed sum. Located on Linlithgow Road, the hotel features The Copper Kiln restaurant and bar, two function rooms, and 47 en suite rooms. The new private owners plan to expand and modernise the food and beverage operations. Simon Watson of Christie and Co, who managed the sale, emphasised the off-market process and the successful relationship with the buyer. Watson extended best wishes to both the former and new owners for future success.
Research by SHR, a hotel technology provider, revealed that mobile bookings for UK staycations have surpassed desktop bookings for the first time, with 51.3% of bookings made on smartphones, a 6.1% increase from the previous year. Despite this shift, desktop bookings still generated more revenue, accounting for 50.1% compared to 47.3% from mobile. The research indicates a growing comfort among consumers with mobile booking due to improved platform usability. International travellers, however, still prefer desktop bookings, with 80% of American travellers booking UK hotels via desktop. Steve Collins of SHR highlighted the importance of optimising mobile platforms to capture this growing market.
Hyatt Hotels has adjusted its full-year RevPAR growth guidance to 3-4% on a constant currency basis, despite a 4.7% increase in the second quarter. All-inclusive resorts saw a 3% RevPAR rise. Hyatt reported a net income of $359m (£282m) and an adjusted net income of $158m (£124m) for Q2. Adjusted EBITDA reached $307m (£241m). The company expects full-year adjusted EBITDA to be between $1.13bn and $1.17bn (£890m to £920m) and net income between $1.05bn and $1.11bn (£830m and £880m). President and CEO Mark Hoplamazian attributed the strong performance to their asset-light earnings model, aimed at delivering strong free cash flow and enhancing shareholder value.
Hilton’s system-wide comparable RevPAR increased by 3.5% on a currency-neutral basis in Q2 2024. The company reported an adjusted EBITDA of $917m (£721m) and a net income of $422m (£331.8m). Hilton approved 62,700 new rooms for development, bringing its pipeline to a record 508,300 rooms. The company added 22,400 rooms to its system in Q2, achieving a net unit growth of 6.2%. Hilton also acquired the Graduate Hotels brand, expanding its lifestyle portfolio. Additionally, nearly 400 hotels will join Hilton’s system through a partnership with Small Luxury Hotels of the World, adding 18,000 rooms. Hilton projects a 2-3% increase in full-year system-wide RevPAR and expects full-year net income between $1.53bn (£1.20bn) and $1.55bn (£1.22bn), with adjusted EBITDA between $3.38bn (£2.66bn) and $3.41bn (£2.68bn).
