There’s a rising concern that China’s pools of potential bad debt will drag down global economies for some time to come. While there has been plenty of toxic debt that companies and individuals have kicked around since the financial crisis of 2008, the loans from government-owned banks to government-owned enterprises in China possibly pose a new risk because of their unknown size and unique risk profile. According to The New York Times, analysts currently estimate China’s troubled credit to exceed $5 trillion. In many cases, the Chinese government (at the local or state level) has ownership stakes in both the lending institutions and the borrowing ones, which means the credit risks from a potential toxic debt hangover aren’t diversified enough to create a soft landing. Chinese banks began a lending pull back at the end of last year, which means that the Chinese economy could slow down even more than it already has. The potential result may be continued volatility in the global financial markets. To read more, click here.
Hospitality Ventures Management Group has named Susan Weigel Guimbellot as vice president of revenue management and channel strategy to increase top-line growth for the company’s third-party managed and owned hotels. In her new role, she will oversee revenue management and channel strategy on both the property and corporate levels. Prior to joining HVMG, she most recently served as vice president of revenue management and distribution for Denihan Hospitality Group.
Here’s a look at more notable job moves that took place in hospitality this week:
Turtle Bay Resort has announced two new additions to its management team. Brian Hunnings has been named resort manager, with more than 25 years of hotel experience, most recently serving as executive assistant manager at Sheraton Maui Resort & Spa. Darcie Patlidzanov has been appointed group sales manager with more than 20 years of experience in the hospitality industry.
Sid Anderson is retiring after 38 years as general manager of Colorado’s Hotel Boulderado. Anderson will continue consulting and advising part-time for the company, helping guide renovations planned for 2016 and 2017. Boulder native Lisa Lindgren has been selected to replace Anderson with more than 25 years in the hospitality industry.
Hyatt Regency San Francisco Airport has named Irby Morvant Jr. general manger of the Burlingame hotel. Morvant will be responsible for all operations at the 789-room property, overseeing its various departments, programs and team. He will also lead the hotel through a renovation planned for completion in summer 2016.
Marriot International has appointed Jay Spurr director of sales and marketing for the San Francisco Marriot Marquis. Spurr has more than 20 years of experience with top-tier hotels and resorts.
Nicholas Arnold has been selected as executive chef for the 60th anniversary year of Caneel Bay Resort. Arnold will oversee all dining operations, menu creation, and procurement of ingredients for Turtle Bay Estate House, Caneel Beach Terrace, and Caneel Beach Bar & Grill.
After serving as the hotel’s event sales manager since 2011, HRI Lodging has announced that Vera Faucheux has been promoted to sales manager and will oversee sales efforts for the corporate group market at the Hyatt French Quarter.
Craig Harvey has been appointed director of sales and marketing at the Hyatt Regency Baltimore Inner Harbor. Harvey brings 20 years of hospitality experience to his new role, most recently serving as director of sales and marketing at the Hyatt Lodge at McDonald’s Campus in Illinois.
Worldhotels has announced their current chief executive officer of the global brand, Kristin Intress, is leaving the group, with Dirk Fuehrer joining the management team as her replacement effective Feb. 15.
According to the U.S. Travel Association’s new monthly Travel Trends Index, which tracks and predicts the volume and pace of travel to and within the U.S., travel leveled off at the end of the 2015, but early 2016 should see moderate growth. The Index also showed that domestic leisure travel is strong and getting stronger, likely due to higher wages and lower gas prices. As jet fuel prices have plummeted, the travel industry has experienced a surge in tourists booking trips in advance before airfare rises again. However, due to rising interest rates and unpredictable markets, there has been a reduction in domestic business travel. International travel has leveled off due to the strength of the U.S. dollar, the report notes. To read more, click here.
Franchise employment growth, though not as strong as December, remained at double the pace of the labor market overall for the past 12 months. According to the ADP National Franchise Report, U.S. private sector franchise jobs increased by 20,000 in January. Auto parts and dealers and restaurants—two segments that help signal consumer spending trends—added the most jobs. Private sector small business employment also experienced an increase, adding 79,000 jobs from December to January, the ADP Small Business Report shows. To read more, click here.
As consumers strive to maintain healthier lifestyles while on the road, hotels are expanding their fitness programs and dining options to accommodate guests’ needs. According to a study by the American Hotel & Lodging Association, the number of hotels with fitness facilities jumped from 63 percent in 2004 to 84 percent in 2014. Boutiques and big brands alike are moving beyond basement gyms and basic spa menus to more sophisticated wellness programs that offer anything from rooftop yoga classes to in-room exercise equipment, AP reports. Read more here.
As Airbnb’s presence grows in key U.S. markets, so too does its impact on the hotel industry. According to analysis from CBRE Hotels, travelers spent $2.4 billion on Airbnb lodging in the United States from October 2014 to September 2015. More than 55 percent of that $2.4 billion was captured in five U.S. cities: New York, Los Angeles, San Francisco, Miami, and Boston. Possible implications for the hotel industry could include a decrease in average daily rate growth and a slow down in new hotel construction. To help hoteliers measure potential risk in their market, CBRE has developed an Airbnb Competition Index. To read more, click here.