Today’s news in brief – 4/11/24
Hyatt Hotels reported strong third-quarter financial results with a net income of $471m (£363m) and adjusted net income of $96m (£74m), supported by a 3% increase in RevPAR and a 4.3% rise in net room growth. Adjusted EBITDA reached $275m (£212m), and Hyatt’s management pipeline stands at 135,000 rooms. The company projects its 2024 RevPAR will increase by 3-4% over 2023, and full-year net income is expected between $1.4bn (£1.14bn) and $1.45bn (£1.18bn). CEO Mark Hoplamazian highlighted the group’s asset-light model and growth in the World of Hyatt membership program, reaching 51 million members, a 22% year-on-year increase.
Young’s Pubs has launched a green energy pub with rooms called Teller’s Arms in Farnham, Surrey. Formerly a 1930s bank, it now offers nine boutique rooms, all-day dining, and a rooftop terrace. With sustainability at its core, the pub uses 100% green energy, and the menu features locally sourced, seasonal British ingredients. Winter dishes include pheasant with plum chutney and grilled poussin with celeriac puree. Teller’s Arms also offers local beers, signature cocktails, and wines. The pub’s rooms honour the building’s heritage with neoclassical and locally-inspired design elements and will host events like quiz nights and wine tastings.
The Hotel Marketing Association (HMA) is restructuring, focusing on key priorities. Andrew Farrow, marketing director at RBH, becomes executive chair, managing HMA’s relationship with HOSPA. Harry Fielder of Umi Digital is the new community chair, and Stephen Moran of The Doyle Collection is committee chair, coordinating activities and meetings. HMA aims to reinforce its role within HOSPA events to strengthen its impact on the hotel industry, aligning with HOSPA to better serve members.
GP Hotel Forum Propco Limited appointed Ardmore to renovate the Forum Hotel in Kensington. The project includes refurbishing 903 guestrooms and public spaces, and adding a rooftop bar and restaurant. Set for completion in 2027, upgrades include new lifts, a luxury spa, and a garden square. Ardmore will also clean the facade, replace windows, and install new infrastructure. James Byrne, director at Ardmore, emphasised their dedication to transforming this iconic site into a premier hotel in London.
