Hurricane Matthew’s impact on hotel room night demand and average room rates was similar to Hurricane Sandy’s effect on the U.S. hotel industry in 2012. Orlando and Miami, Fla, and Charleston, S.C., were impacted most, with Orlando losing $14,500,000 in room revenue. To read more, click here.
Just hours after New York Governor Andrew Cuomo signed a bill into law that will fine residents who illegally host short-term rentals, Airbnb has responded by suing in Manhattan federal court. The company claims this new law violates the company’s free-speech rights to promote business and conflicts with laws intended to help Internet-based businesses. Read more here.
The troubled, incomplete Baha Mar resort’s assets have been sold to an affiliate of Export-Import Bank of China, the project’s primary lender. The company is expected to resell the property once it is finally complete. To read more, click here.
Australian casino operator Crown Resorts, which has 18 staff members under detention in China for gambling-related crimes, is moving forward with a listing of some of its domestic hotels to raise funds for development projects. To read more, click here.
Starwood Capital Group announced on Tuesday that it sold a stake in an approximately $2 billion U.S. hotel portfolio to China Life Insurance Co. Ltd., China’s largest insurance company. Following its purchase, China Life Insurance will be the lead investor in a group that includes 280 hotels in 40 states. This purchase follows a trend of Chinese investors pursuing U.S. real estate. Click here to read more.
Controversies that have come to light during the U.S. presidential election are hurting the Trump brand. It was recently reported that room prices have dropped significantly at the Washington, D.C. Trump International Hotel; rooms that regularly go for $750 a night are available for under $500. Click here for more information.