Latest news with #HyattPlace
CBS News
6 days ago
- Business
- CBS News
Owner of Suburban Collection Showplace plans commercial, residential development in Novi
A hotel, grocery store, restaurant and housing units are part of a development planned in Novi, Michigan. Blair Bowman, the owner of Suburban Collection Showplace, the conference and convention center off Interstate 96, made the announcement Wednesday on the city's public relations website. Bowman said the $270 million project, dubbed Novi City West, would revitalize the Grand River Avenue corridor just west of the convention center. But the overall effort hinges on public funding, specifically incentives from the Transformational Brownfield Program. He plans to pitch the project to lawmakers this week during the Mackinac Policy Conference. Bowman has been acquiring land on both sides of Grand River near the convention center since the late 1990s. The Novi City West development will feature commercial and residential projects in an area near Suburban Collection Showplace in Novi, Michigan. Suburban Collection Showplace in Novi The vision was described as a "walkable, integrated urban district." An artist depiction includes a pedestrian bridge over Grand River Avenue and sites for specialty stores. The planned hotel would have 225 rooms. There is a 126-room Hyatt Place hotel in the area, but Bowman said more hotel space is needed to support large events. More than 400 apartment and townhome units would finish up the initial stage of the development.
Hamilton Spectator
27-05-2025
- Business
- Hamilton Spectator
Dual hotel to break ground in McMaster Innovation Park
The construction phase of a long-awaited hotel in Hamilton's McMaster Innovation Park will begin this summer. Sigma Group and Kothari Group will develop the 'dual-branded' property — Hyatt Place and Hyatt House. Both brands fall under the Hyatt Hotels Corporation. The two hotels will be housed in one building but serve different purposes. Hyatt Place will feature 78 traditional rooms for work and leisure, while Hyatt House will have 84 suite-style rooms equipped with kitchens for longer stays. The hotels are meant to serve Hamilton and its businesses, researchers and the community at nearby McMaster. The property will be about two kilometres east of McMaster University and sit along the west side of Longwood Road South. Opening is set for fall 2026. Amenities will include a gym, indoor saltwater pool, a business centre, laundry, free Wi-Fi, parking and a lobby lounge with all-day dining options. The hotel will also have a casual dining lounge, bar and restaurant. Meeting spaces will range from 300 square feet to 2,800 square feet. Sigma Group and Kothari Group also jointly own the 125-room TownePlace Suites by Marriott on Upper James Street. In September 2017 , No. 16 Hospitality Ltd., a group of Toronto-based developers, announced plans to build and open a Hyatt hotel in the innovation park by summer 2019. According to Canada's federal corporation registry, the company has since been dissolved for noncompliance — a status that typically results when a corporation fails to meet legal obligations such as filing required documents or paying annual fees. Cheyenne Bholla is a reporter at The Hamilton Spectator. cbholla@ .
Yahoo
03-05-2025
- Business
- Yahoo
Hyatt CEO: 'Softer Booking Trends' and 'Choppy Environment'
Hyatt trimmed its full-year outlook Thursday as the company navigated what executives described as "greater macro uncertainty" and a noticeable cooling in U.S. short-term booking trends. Lowered Forecast: The Chicago-based hotel operator now expects RevPAR (revenue per available room) growth of 1% to 3% for this year, implying essentially flat to modest 2% growth for the remainder of the year after a strong first quarter that saw RevPAR jump 5.7%. "As we sit here right now, the near term is definitely disrupted," said Mark Hoplamazian, president and CEO, during the company's earnings call. He mentioned "softer booking trends" and a "choppy environment." Declines in Upscale Brands: Domestic leisure and business transient bookings declined by "high single-digit percentages" versus last year in recent weeks. The impact was most pronounced in the company's upscale category, which include its select-service brands like Hyatt Place. Yet Hoplamazian remained optimistic. "It doesn't necessarily feel like we're on the precipice of some massive contraction, but I'm not an economist because if I were, I'd have like five opinions about that same topic," he joked. Executives noted that Hyatt's booking window remains very short, which adds uncertainty but could also present upside should conditions improve. Luxury Shows Resilience: Hyatt's demand picture reveals significant divergence across customer segments and geographical markets. Luxury travelers continue to show resilience, with the company's luxury brands outperforming with RevPAR growth of over 8% in the first quarter. The company saw surprising resilience in its all-inclusive resorts in the Americas, where net package RevPAR increased 4% year-over-year in the first quarter. The booking pace for the second quarter is up 7%. Mixed Picture for Business Travel: Business transient demand, which grew 12% in the first quarter, is now showing a mixed picture. Hoplamazian noted that the company's largest corporate customers "are still on the road traveling for business," particularly in luxury and upper upscale segments, while the overall business transient outlook for select-service brands has weakened. Group business remains a bright spot, with pace for full-service managed properties in the U.S. up approximately 3% for the remainder of 2025 compared to 2024. More encouraging for Hyatt is that group bookings so far for 2026 and beyond increased notably year-over-year. "What's most encouraging is with about 50% of the business on the books for 2026, we're seeing an over 10% pace increase, including really healthy rate increases," Hoplamazian said. Hyatt expects its international markets to surpass the U.S. for the remainder of the year. Asia Pacific (excluding Greater China) had "another great quarter" according to CFO Joan Bottarini, with RevPAR up 11.2%. Japan, India, Australia, and South Korea collectively saw RevPAR growth of 14%, driven by strong international inbound travel. Europe also showed strength with RevPAR growth of 8.5% compared to the same period last year, with leisure travel in the region growing 8% from increases in both rate and demand. Executives emphasized the strength of Hyatt's asset-light business model in the face of macroeconomic challenges. The company now generates over 80% of its earnings from asset-light operations compared to approximately 40% at the time of its IPO in 2009. "During the 2008 financial crisis, a 1% drop in RevPAR led to a nearly 2.5% drop in adjusted EBITDA due to our higher mix of owned and leased earnings," Hoplamazian said. "Today, as we benefit from a greater asset-light earnings mix, we anticipate a 1% change in RevPAR would be to an approximate 1.4% change in adjusted EBITDA." What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares. The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance. Read the full methodology behind the Skift Travel 200. Get breaking travel news and exclusive hotel, airline, and tourism research and insights at Sign in to access your portfolio
Yahoo
22-02-2025
- Yahoo
Illegal NYC migrant accused of running prostitution ring on Long Island charged with sex trafficking
An illegal migrant living in Queens was booked on sex trafficking charges on Long Island Thursday after he allegedly coerced a woman into years of prostitution by threatening to show her family a video of her with a john, officials said. Mexican national Jorge Ramos, 55, allegedly operated a prostitution ring since 2019, using numerous Nassau County hotels – including the Marriott in Uniondale and Hyatt Place in Garden City — to arrange the illegal hook-ups, according to court documents. 'They are horrific and unfortunately, often hidden in plain sight,' Nassau District Attorney Anne Donnelly said of the alleged crimes during a Friday press conference. 'These women are victims, victims of this man's sex trafficking, and we need to stand up and help the victims of these crimes.' At the moment, there are three confirmed victims tied to Ramos, she added. The ages of the victims are 31, 44, and 53, and all three are in the country legally, an official told The Post. Ramos, who lives in Astoria, warned one victim in November 2023 that if she didn't keep working for him, he would show her family or even police a video he secretly recorded of her naked in bed with sex buyer, the felony complaint states. Fearful she'd face ridicule from relatives or criminal charges from authorities, the victim continued to work for Ramos until this past July, according to the complaint. Nassau County Executive Bruce Blakeman said during the Friday press briefing Ramos was in the country illegally after traveling to the US from Mexico. Working papers Ramos might have had were expired, he noted. 'Mr. Ramos is accused of human sex trafficking as well as other charges,' Blakeman said. 'This is an important case because it illustrates the necessity to make sure that people who are here illegally and commit serious crimes are arrested and brought to justice.' An investigation was opened last July after authorities received a tip on possible human trafficking, according to Nassau police chief of detectives Chris Ferro. Ramos is facing charges of sex trafficking, second-degree promoting prostitution and third-degree promoting prostitution, prosecutors said. He was held on $250,000 cash or $500,000 bond during his court arraignment Friday. A message to his lawyer was not immediately returned Friday afternoon.
