Hyatt's $2B Flip, Six Senses Shake-Up and Europe's Heatwave Havoc
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Hyatt announced a deal to sell the real estate portfolio of Playa Hotels & Resorts for $2 billion, just two weeks after having purchased it, writes Hospitality Reporter Luke Martin.
The deal lets Hyatt continue its push into all-inclusive resorts while maintaining its asset-light strategy.
Hyatt said it plans to sell 15 resorts to Tortuga Resorts, a joint venture between private equity KSL Capital Partners and investment group Rodina. Hyatt's net cost to become the manager of Playa's resorts would be about $555 million.
While Hyatt would retain the management side of Playa Hotels, Martin notes the move supports Hyatt's ongoing strategy to reduce ownership of hotel real estate. The company now derives over 80% of its earnings from asset-light operations, up from 40% when it went public in 2009.
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Next, Neil Jacobs said he's stepping down as CEO of Six Senses after having led the ultra-luxury resort brand for 13 years, write Hospitality Reporter Luke Martin and Senior Hospitality Editor Sean O'Neill.
Jacobs led Six Senses through a major expansion and its acquisition by IHG in 2019. Under his leadership, the Thailand-based Six Senses grew from eight Asian beachfront resorts into a globally recognized brand with 26 open properties in locations such as Fiji and the Seychelles.
Since IHG's acquisition, Jacobs has expanded Six Senses into Europe, the Caribbean, and Africa.
Finally, authorities in several European countries have issued heat-related travel advisories for popular tourist destinations on the continent, writes Climate Reporter Darin Graham.
As a heat wave has swept across the Mediterranean, officials in Sweden and Germany have issued warnings for destinations in several European destinations, including Spain. Sweden's foreign ministry warned that temperatures in some parts of Spain would top 100 degrees Fahrenheit.
Graham notes the extreme heat is the latest example of how Europe, the fastest-warming continent, is increasingly feeling the impact of the climate crisis. Wildfires have prompted evacuations in France while Spanish media recently reported a tourist died from heatstroke in Majorca.
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To the day ahead we have data releases including the UK CPI print for July. From central banks, we'll hear from ECB President Lagarde, and the Fed's Waller and Bostic. We'll also get the minutes from the FOMC's July meeting. Finally, earnings releases include Target, TJX and Lowe's. Here's a snapshot of what's on the agenda: 7am: Trading updates: Standard Chartered, Costain, Ithaca Energy, OSB 7am: UK Retail Price Index, Producer Price Index 10am: Eurozone inflation for July (final) 12pm: US MBA Mortgage Applications 3.30pm: US Crude Oil InventoriesUK inflation rises to 18-month high in July Inflation jumped to its highest level in 18 months, amid higher food prices and transport costs. Figures from the Office for National Statistics (ONS) showed the annual rate as measured by the consumer price index (CPI) climbed to an unexpected 3.8% in July, up from 3.6% in June. It is forecast to reach 4% by the end of the year. 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The Nikkei (^N225) slipped 1.5% on the day in Japan, pulled lower by selling of computer chip makers, while the Hang Seng (^HSI) ended 0.2% higher in Hong Kong. Japan also reported that its exports fell slightly more than expected in July, pressured by higher tariffs on goods shipped to the US. Specifically, export growth posted its biggest year-on-year decline since February 2021, with a 2.6% fall compared to the 2.1% dip expected. Exports to the US were down 10.1% year-on-year, with US tariffs clearly having an impact. The Shanghai Composite ( was 1% up by the end of the session and in South Korea, the Kospi (^KS11) lost 0.7% on the day. Across the pond on Wall Street, falls in Nvidia (NVDA) and other heavyweight artificial intelligence stocks pulled the S&P 500 (^GSPC) down 0.6% to 6,411.37. It fell back for a third consecutive session, and was the worst daily performance since 1 August, back when the underwhelming jobs report meant investors grew more fearful about a US slowdown. The tech-rich Nasdaq (^IXIC) was also dragged down by 1.5%, to finish at 21,314.95. However, the blue-chip Dow Jones Industrial Average (^DJI) ended roughly flat, ending at 44,922.27, after briefly touching an all-time high. In the bond market, the yield on benchmark 10-year US Treasury notes fell to 4.314% from 4.346% late on Monday. Coming up Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead we have data releases including the UK CPI print for July. From central banks, we'll hear from ECB President Lagarde, and the Fed's Waller and Bostic. We'll also get the minutes from the FOMC's July meeting. Finally, earnings releases include Target, TJX and Lowe's. Here's a snapshot of what's on the agenda: 7am: Trading updates: Standard Chartered, Costain, Ithaca Energy, OSB 7am: UK Retail Price Index, Producer Price Index 10am: Eurozone inflation for July (final) 12pm: US MBA Mortgage Applications 3.30pm: US Crude Oil Inventories Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what's moving markets and happening across the global economy. To the day ahead we have data releases including the UK CPI print for July. From central banks, we'll hear from ECB President Lagarde, and the Fed's Waller and Bostic. We'll also get the minutes from the FOMC's July meeting. Finally, earnings releases include Target, TJX and Lowe's. Here's a snapshot of what's on the agenda: 7am: Trading updates: Standard Chartered, Costain, Ithaca Energy, OSB 7am: UK Retail Price Index, Producer Price Index 10am: Eurozone inflation for July (final) 12pm: US MBA Mortgage Applications 3.30pm: US Crude Oil Inventories Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
