Price
fixing suit dismissed. Hilton, Hyatt Hotels and Wyndham Hotels & Resorts have convinced a
federal judge to dismiss claims they conspired to fix hotel room prices through
a shared pricing algorithm, according to a story in Bloomberg Law. The ruling
adds to an evolving but mixed body of case law regarding whether price-setting
software among competing hotels constitutes the same offense as price fixing.
Judge Jeffrey White of the U.S. District Court for the Northern District of
California said in a July 18 ruling that the plaintiffs, hotel guests, lacked
sufficient facts to allege an unlawful agreement among hotel chains.
Ready
Capital acquires in Portland. New York City-based Ready Capital Corp. has secured
ownership of Block 216 Tower, a mixed-use project in Portland, Oregon. Ready
acquired the construction loan on the project through its 2022 merger with
Mosaic Real Estate Investors. The prior owner agreed to a consensual
deed-in-lieu arrangement in which Ready Capital assumed ownership and control.
The completed project includes a 251-key Ritz-Carlton hotel, a 132-key
Ritz-Carlton Residences, 159,000 sq. ft. of Class-A office space, and 11,000
sq. ft. of retail space, including a food hall. Marriott International will
continue to manage the hotel and residences under The Ritz-Carlton brand
without disruption.
Thomas
refi in California. Atlanta-based Thomas Financial Group, a wholly owned subsidiary of Community
Bankshares Inc., has closed a $19.975 million USDA Business & Industry
(B&I) loan for the refinance and renovation of two historic hospitality
assets in Mendocino, California: The Mendocino Hotel & Garden Suites and
Hill House Inn. The new owners, New York City-based Castle Peak Holdings, will
undertake a comprehensive restoration of both hotels, which have fallen into
disrepair. The loan will fund renovations at both properties, including the
restoration of a three-meal restaurant and a lobby bar at the Mendocino Hotel,
as well as the reopening of the North Coast’s largest indoor wedding venue. The
loan has an 80% USDA guarantee, a 30-year term, and no balloon payments. The
Mendocino Hotel & Garden Suites will be the only full-service hotel in the
downtown district and the Hill House Inn is famous as the setting for the TV
series “Murder She Wrote.”
Stonebridge
adds 2. Denver-based
Stonebridge has added two new hotels to its portfolio: the Hyatt Place Peña
Station Denver Airport and the Hyatt House Denver Airport, according to a post
on its LinkedIn page. Stonebridge now operates nine hotels and over 1,400 rooms
at Denver International Airport.
Interest
in travel to US improving. Intent to visit the U.S., which began to decline earlier this year, is
starting to improve, according to Brand USA’s consumer sentiment study,
conducted monthly in 10 key international markets. In 2023 and 2024, the survey
found that among those likely to travel internationally in the next 12 months,
29% expressed a desire to visit the U.S. This year, that intent decreased from
28% in January to 23% in April. But more recently, “we’re seeing early signs of
stabilization,” said Chelsea Benitez, Brand USA’s director of consumer
research. The survey is fielded in Australia, Brazil, Canada, France, Germany,
India, Japan, Mexico, South Korea and the U.K. Speaking during the marketing
organization’s mid-July board meeting, Benitez said intent “ticked up slightly
in May and again in June, reaching 25%, a modest but meaningful improvement.
Biz
travel to hit $1.57T. Global spending on business travel is expected to reach a record $1.57 trillion
in 2025 and $1.69 trillion in 2026, according to the Global Business Travel
Association’s newly published Business Travel Index Outlook, but the
organization has downgraded its growth expectations amid ongoing geopolitical
uncertainty. In the latest edition of its annual report, GBTA projects
“moderate” year-on-year growth in business travel spend of 6.6% in 2025, due to
trade tensions, policy uncertainty and economic pressures, rising due to
anticipated growth of 8.1% in 2026. A year ago, the organization had predicted
10.4% growth this year and 9.2% in 2026.
Hilton
adds in KSA. Hilton
is partnering with Al Musbah Group to sign the 221-key Diyar Ajwa, Tapestry
Collection by Hilton, marking the debut of the lifestyle Tapestry Collection
brand in Saudi Arabia. The hotel is scheduled to open later in 2025. Hilton
partnered with Al Musbah Group in May to sign Spark by Hilton Makkah Aziziyah
in KSA. Hilton currently operates 20 hotels across Saudi Arabia, with 77 more
in the pipeline.
IHG adds
another Garner in India. IHG Hotels & Resorts has signed a franchise agreement for the 40-key
Garner Kutch in Gujarat, marking the brand’s third signing in India within
months of its IMEA launch. The hotel is scheduled to open in the first quarter
of 2026. Royal Buildspace LLP will operate Garner Kutch and will be sourced and
managed by Rosastays (Rosaoul Hotelco Pvt. Ltd.). Rosastays will also manage
and operate Garner Etawah and Garner Kathua, scheduled to open in 2026 and
2027, respectively. IHG currently operates 50 hotels across six brands in
India, with a pipeline of 63 hotels set to open over the next three to five
years.
