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Skift
10 hours ago
- Business
- Skift
U.S. Hotel Construction Volume Falls to 20-Quarter Low
CoStar said the volume of US hotel rooms under construction decreased year over year for a sixth consecutive month, down by almost 12%. The DJIA ended Friday down 142 points while Nasdaq was up 10, the S&P 500 fell close to a point, and the 10-year treasury yield was down .03 to 4.43%. Lodging stocks were mixed. We are back after a rare week of rest, and we have a lot of news to go through. Please be patient as we try to catch up in the next couple of days ahead of the start of earnings season. CoStar said the volume of US hotel rooms under construction decreased year over year for a sixth consecutive month, down by almost 12%. This is a 20-quarter low and a real difference from a year ago. CoStar said the impact of hotel demand trending downward, unrelenting economic uncertainty, and rising construction costs are contributing to this plunge. The majority of the rooms under development are in the Southern US states, most in secondary and tertiary markets. JD Power's 2025 Hotel Guest Satisfaction Index was released for North America. The top spot by segments included Ritz-Carlton for Luxury; Omni Hotels & Resorts for Upper-Upscale; Drury Hotels for Upscale; Hyatt House for Upscale Extended Stay for a fourth consecutive year; Hampton by Hilton in Upper Midscale; Home2 Suites by Hilton for a third consecutive year in Upper Midscale/Midscale Extended Stay; Tru by Hilton for a third consecutive year in Midscale; Microtel by Wyndham for a third consecutive year in Economy; and in Economy Extended Stay, WoodSpring Suites was named at the top for the third consecutive year. Portman Holdings revealed that a new Marriott convention center hotel will be built in Cincinnati, just south of the Duke Energy Convention Center, expected to be one of the largest and highest-profile hotel developments in the region. The Marriott will open in 2028 with 700 rooms, more than 62,000 square feet of meeting space and a 17,445 square foot events terrace with group, business, and recreational travelers in focus. The convention district is undergoing a $828 million project, including $264 million to renovate the Duke Energy Convention Center, with the Marriott to be attached by a sky bridge. The REMI, Scottsdale, Autograph Collection will open on July 22nd in the heart of Scottsdale, AZ's Hospitality District. The boutique-style hotel will be operated by Crescent Hotels & Resorts and will include five dining destinations curated by Alliance Hospitality Group. TownePlace Suites by Marriott announced the grand opening of TownePlace Suites Bozeman West, a newly constructed 107-suite extended stay hotel located just outside Bozeman, Montana. The hotel is co-owned by Braxton Development and includes a bar and restaurant. Construction took 18 months. The AC Hotel Wichita Downtown opened in an Art Deco building that was once home to a Russell Stover candy shop. The renovations turned the 11-story building into a 118-room boutique hotel, the first AC Hotel by Marriott in Kansas. The hotel includes a fitness center, event space, lounge and kitchen offering breakfast in the morning and tapas and cocktails at night. Wichita's government insists it needs more hotel rooms. The Wichita City Council recently approved a 110-room downtown hotel development. Downtown Wichita believes it needs another 500 rooms. Excel Group purchased the Hampton Inn & Suites Coconut Creek and the neighboring Residence Inn Fort Lauderdale Coconut Creek. The latest is the $21.17 million purchase of the 105-room Florida Coconut Creek Residence Inn. The seller was Coconut Creek Hotel M-RI, a partnership between Butters Construction & Development and Morlin Group. The same party had sold the Hampton Inn Coconut Creek to Excel as well for $17.28 million. Coury Hospitality said they assumed the management of Plunge Beach Resort in Lauderdale-by-the-Sea, Florida, on July 1, followed by Residence Inn Alexandria Old Town South at Carlyle in Alexandria, VA on July 8th. Plunge Beach is a 163-room oceanfront boutique property, while the Residence Inn Alexandria is a 181-suite extended stay hotel. After many delays, New York's Waldorf Astoria is supposed to finally open in August. The renovation lasted nearly eight years and cost $2 billion. Hilton retains a long-term lease on the hotel. When it closed for renovation, it had 1,400 rooms with 372 private residences. It is now said to be a 375-room hotel and has 372 residences. The rooms and suites are expected to be some of the largest in Manhattan. The hotel's 43,000 square feet of meeting and event spaces will return on September 1. Hilton announced the signing of Spark by Hilton Ponce, marking the debut of the premium economy Spark brand in the Caribbean and Latin America. The 120-room hotel is expected to open in late 2025, owned by Ponce Resorts Inc. It will be managed by HI Development P.R. Corp. Azul Hospitality announced the addition of the Hilton Garden Inn Colorado Springs Downtown to its portfolio. The 168-room hotel is located in the heart of Colorado Springs' downtown with amenities including an indoor pool, fitness center, and almost 5,000 square feet of meeting space, along with a rooftop bar that will open in the fall. HHM Hotels announced its 25th managed hotel in Florida, the 126-key Homewood Suites by Hilton Tampa-Brandon. Dreamscape Hospitality announced it assumed management of three premium-branded hotels in Houston, Texas. The newly added properties include the Hilton Garden Inn Houston/The Woodlands; Homewood Suites by Hilton Houston NW at Beltway 8; and the Hyatt Place Houston/The Woodlands. The hotels are owned by New Horizons Hospitality. Separately, Dreamscape also announced it will assume management of Ambros Daytona, a boutique oceanfront retreat in Daytona Beach, FL. Hyatt Regency Times Square has opened, the first Hyatt Regency hotel in Manhattan. The property is owned by Argent Ventures and is managed by Highgate. The 795-room hotel includes an exclusive Mamma Mia!-themed guestroom. The show returns to Broadway on August 2nd. The newly reimagined Hyatt Regency Times Square noted that they have one of the largest hotel fitness centers in Manhattan. Frontier Development & Hospitality Group LLC, in partnership with Basis Investment Group, announced the opening of the Hyatt House Washington DC Downtown Convention Center. The 184-room hotel is located steps from the Walter E. Washington Convention Center. The hotel is operated and managed by Donohoe Hospitality Services. Later this fall, the hotel will unveil an all-weather rooftop bar and lounge. Aimbridge Hospitality has been selected to manage a new addition to Nashville's skyline. The 600-foot tower was developed by DAC Developments and will feature 53 floors, 400 guest rooms, 100 luxury residences and 30,000 square feet of meeting space. The full-service hotel will open at 319 Peabody in 2026 and will include a rooftop pool, multiple dining and retail outlets and more. Pendry Hotels & Resorts, in partnership with SomeraRoad and Trestle Studio, has officially broken ground on the Pendry Nashville and Pendry Residences Nashville. Slated to open in 2027 in the Paseo South Gulch district, the hotel will feature 180 rooms and suites along with 146 Pendry Residences. Sales for the Residences are expected to launch this fall. Additional partners of Pendry Nashville include JE Dunn Capital Partners and Clark Construction. Extended Stay America announced the opening of the Extended Stay America Select Suites Wildwood - The Villages. The hotel is located in Wildwood, FL, and was developed by Southern Hospitality. The 124-room property is the first to feature the Select Suites' new construction prototype. The Cambria Hotel Templeton-Paso Robles, franchised by Choice Hotels International, announced its grand opening in California's Central Coast. The Filipponi family locally owns the property in partnership with the principals of Pacific Templeton. The 132-room boutique-style hotel, which soft-opened in late June, is now officially open to the public. Pacifica Hotels manages the property. Ensemble Investments, LLC announced the completion of the $15 million-plus renovation and repositioning of the former Vintners Resort into Vinarosa Resort & Spa, a new hospitality offering in Sonoma County, CA's Russian River Valley. The 92-acre working vineyard property has been fully reimagined with a new vision, introducing elevated guest accommodations, a redefined arrival and lobby experience, enhanced culinary and wellness offerings, and more. Ensemble acquired the property in May 2023 in partnership with the Jackson family. JLL's Hotels & Hospitality Group announced the $5.6 million sale of the Grand Eastonian Hotel & Suites, a historic 50-room hotel located in downtown Easton, PA, in the Lehigh Valley. JLL represented Nature Nurture Founding, a 501(c)(3) nonprofit, which sold the property to CanalHouse Hospitality Enterprises LLC. JLL also announced its Hotels & Hospitality Group sold the Clarion Hotel Airport, a 149-room hotel in Portland, Maine. JLL represented the seller in the transaction. Jamsan Hotel Management will manage the hotel for the new ownership group. Hunter Hotel Advisors announced the sale of the 133-key SpringHill Suites Baltimore BWI Airport. A local investor acquired the property in a court-appointed receiver sale on June 24, 2025. The hotel was renovated in 2015. Hunter Hotel Advisors also announced the sale of the 139-key Hampton Inn & Suites El Paso-Airport. Nexgen Management purchased the property from an institutional seller on June 25, 2025. Finally, Hunter announced the sale of the 124-key Hyatt Place Miami Airport-West/Doral. Baywood Hotels purchased the property on June 26th for an undisclosed amount. HREC Investment Advisors announced it arranged the sale of the 126-guestroom Homewood Suites Tampa Brandon. An institutional buyer acquired the property. HREC exclusively represented the seller in the transaction. Alchemy Real Estate Advisors announced the sale and closing of the 100-room La Quinta Inn & Suites in Portland, Maine. Alchemy said they represented an institutional seller in the transaction with a private investor buying the hotel, sold through a competitive, traditional marketing process that generated multiple offers. White Lodging announced it expects to top out the 258-room Trinity Hotel, Autograph Collection hotel in Austin, Texas, by the end of the year, with a projected opening before the end of 2026. White Lodging owns or operates 12 other hotels and more than 220,000 square feet of meeting space in the Austin metro area. Personnel News Marriott International announced that Leeny Oberg will retire from the company on March 31, 2026, after 26 years with the company. Oberg is currently Chief Financial Officer and Executive Vice President, Development with MAR. Jen Mason, a 33-year MAR veteran, will assume the role of Executive Vice President and CFO when Oberg steps down. Mason is currently Global Officer, Treasurer, and Risk Management, and previously held the role of CFO of MAR's largest segment, US & Canada. MAR also said Shawn Hill will be Executive Vice President and Chief Development Officer, effective January 1, 2026. Hill has been with MAR for nearly 28 years and is currently the Chief Development Officer for MAR's Asia Pacific Excluding China region. White Lodging announced the hiring of Noah Hoppe as Executive Vice President and Chief Financial Officer and Jared Garner as Executive Vice President and Chief Legal Officer. Bruce Hoffmann, currently EVP and CFO, will transition to an Emeritus role to ensure an orderly transition over the next year. Hoppe joins White Lodging after spending nearly two decades with Hyatt Hotels, most recently SVP of Transactions. Garner joins White Lodging from Concord Hospitality, where he is the immediate-past General Counsel and Chief Compliance Officer. He was previously VP, Legal for Radisson Hotel Group. Remington Hospitality announced the return of Lisa Carlson as Senior Vice President of Operations. Carlson originally joined Remington in 2022 as part of the company's merger with Chesapeake Hospitality.
Yahoo
3 days ago
- Business
- Yahoo
Rocket Companies to Announce Second Quarter 2025 Results on July 31, 2025
DETROIT, July 17, 2025 /PRNewswire/ -- Rocket Companies, Inc. (NYSE: RKT) ("Rocket Companies" or the "Company"), the Detroit-based fintech platform including mortgage, real estate, title and personal finance businesses, today announced that the Company will issue its second quarter 2025 earnings on July 31, 2025. Leadership will host a conference call to discuss results at 4:30 p.m. ET on that date and a press release detailing the Company's results will be issued prior to the call. A live webcast of the event will be available on the "Events & Presentations" section of the Company's Investor Relations website at A replay of the webcast will be available on the Investor Relations website following the conclusion of the event. About Rocket Companies Shop Top Mortgage Rates A quicker path to financial freedom Your Path to Homeownership Personalized rates in minutes Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform including mortgage, real estate and personal finance businesses: Rocket Mortgage, Redfin, Rocket Homes, Rocket Close, Rocket Money and Rocket Loans. With insights from more than 65 million calls with clients each year, 14 petabytes of data and a mission to Help Everyone Home, Rocket Companies is well positioned to be the destination for AI-fueled home ownership. Known for providing exceptional client experiences, J.D. Power has ranked Rocket Mortgage #1 in client satisfaction for primary mortgage origination and mortgage servicing a total of 22 times – the most of any mortgage lender. For more information, please visit the Company's Corporate website or Investor Relations website. View original content to download multimedia: SOURCE Rocket Companies, Inc. Sign in to access your portfolio
Yahoo
3 days ago
- Automotive
- Yahoo
Vehicle Manufacturer Websites that Lack Foundational Elements Experience Decrease in Satisfaction, J.D. Power Finds
Mercedes-Benz and GMC Rank Highest in Respective Segment TROY, Mich., July 17, 2025--(BUSINESS WIRE)--Approximately one-third of digital experiences on vehicle manufacturer websites—32% among mass market brands and 38% among premium brands—fail to meet basic needs for speed and design. When these foundational elements are not met, overall satisfaction falls significantly compared with websites that fully deliver on them, according to the J.D. Power 2025 U.S. Manufacturer Website Evaluation StudySM—Summer, released today. Specifically, if a website meets expectations for foundational elements such as speed, consistent design, organized layout and a modern appearance, overall satisfaction is 752 (on a 1,000-point scale). If a website does not meet foundational expectations, satisfaction drops to 664. "Animations and auto-playing videos can enhance the appearance of automotive websites, but it comes at the cost of slower speed perceptions," said Jon Sundberg, senior director of digital solutions at J.D. Power. "When comparing the presence of foundational elements across other J.D. Power website evaluation studies for wealth management, retirement plan and insurance, these vehicle manufacturer websites fall short. To help drive an increase in user satisfaction, automakers must start with the basic elements before enhancing the experience further." The J.D. Power U.S. Manufacturer Website Evaluation Study is a semiannual study that measures customer satisfaction of automotive manufacturer websites during the process of shopping for a new vehicle by examining five key measures (in order of importance): visual appeal; navigation; speed; vehicle research; and research tools. Study Rankings Mercedes-Benz ranks highest among premium manufacturer websites with a score of 788. Audi (758) and Tesla (758) each rank second in a tie. GMC ranks highest among mass market manufacturer websites with a score of 728. Ram (723) ranks second and Dodge (721) ranks third. See the rank charts for each segment at The U.S. Manufacturer Website Evaluation Study, initially released in 1999, is based on responses from 11,863 new-vehicle shoppers who indicate they will be in the market for a new vehicle within the next 12 months. The study was fielded in May 2025. For more information about the U.S. Manufacturer Website Evaluation Study, visit About J.D. Power J.D. Power is a global leader in automotive data and analytics, and provides industry intelligence, consumer insights and advisory solutions to the automotive industry and selected non-automotive industries. J.D. Power leverages its extensive proprietary datasets and software capabilities combined with advanced analytics and artificial intelligence tools to help its clients optimize business performance. J.D. Power was founded in 1968 and has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit The J.D. Power auto-shopping tool can be found at About J.D. Power and Advertising/Promotional Rules: View source version on Contacts Media Relations Contacts Geno Effler, J.D. Power; West Coast; 714-621-6224; Smith; East Coast; 424-903-3665; ssmith@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
How to break up with your bank (and take your money somewhere better)
If Tammy Wynette had written a country song about savings, it would probably have been titled, 'Stand By Your Bank.' Most Americans are stubbornly, resolutely loyal to their banks — and in many cases it costs them money, time and a better experience. Only 9 percent of consumers changed banks in the 12-month period ended January 2025, according to the latest J.D. Power Retail Banking Satisfaction Study, which surveyed more than 109,000 bank customers. But the fact that few customers are changing banks isn't exactly reflective of how many customers want to change banks. The J.D. Power survey also found that 13 percent of bank customers said they were likely to change their primary banks in the next 12 months. (Throughout the history of the J.D. Power study, the number of people who say they're going to change banks has been about twice the number of people who actually do it.) Learn more: Bankrate's primer guide on checking accounts Further, the number of customers who are switching has more than doubled since 2019, when just 4 percent of customers changed banks. And younger survey respondents reported higher levels of willingness to switch. Twenty percent of Gen Z and 21 percent of Millennials said they'll 'definitely or probably' switch their primary financial institution in the next six months, according to the latest outlook survey from the Bank Administration Institute, a nonprofit research organization focused on education for the financial services industry. But a full two-thirds of respondents in the J.D. Power survey say they're unlikely to make a move. Even when another bank offers better rates or lower fees, only about one in four are willing to switch. The hassle of switching banks So, why are Americans unwilling to switch? The biggest reasons, according to J.D. Power, are hassle, uncertainty about the benefits and worries about fees or missing payments during a banking transition. That means that millions of us are missing out on higher yields, better digital tools and lower costs—leaving real money and benefits on the table. It's understandable. Breaking up with your bank can feel daunting. There's paperwork, direct deposits, automatic payments—and, let's be honest, a little bit of emotional inertia. But just like ending any relationship that's stopped serving you, it's about taking control and moving on to something better. Bankrate's take Earlier this year, Bankrate released its latest checking account fee survey and found that Americans with a checking account have held onto their account for an average of 19 years, while those with a savings account have had it for 17 years. But the survey, in collaboration with YouGov, revealed much more than bank longevity. Learn more about Bankrate's findings in its 2025 Checking Account Fee Survey. So, here's a step-by-step guide to making the switch—painlessly, confidently and with your finances intact. Step 1: Know why you're leaving Before you start the process, get clear on why you want to switch. Is it high monthly fees? Low interest rates? Frustrating customer service or outdated technology? Pinpointing your reasons will help you choose a new bank that actually solves your problems—rather than just picking the first bank that offers a shiny sign-up bonus. Pro tip Make a list of your must-haves, whether it's no minimum balance, a robust mobile app, ATM fee reimbursement or stellar customer support. Step 2: Shop around for your next bank Don't just jump to the next big brandwagon. Stop and take the time to compare options: Online-only banks often offer higher interest rates and lower fees than traditional and brick-and-mortar banks. Credit unions can mean lower costs and a more personal touch. Community banks may provide better service and local investment. Find a bank that has all the features you want and has hours and policies that fit your schedule and personal finances. Learn more: Bankrate's best list of online-only banks Step 3: Open your new account (but don't move all your money yet) Once you've picked your new bank, go ahead and open your new account. Most online banks let you do this in minutes. Be ready with your government-issued ID, Social Security number and an initial deposit (some banks have a minimum deposit requirement, so be sure to know this amount before you sign up for an account). Learn more: Bankrate's step-by-step guide on how to open a bank account You don't have to close your current account to open a new one. You can have multiple accounts with multiple different banks. But wait, there's more! Don't close your old account just yet. You'll need both accounts open for a few weeks to ensure a smooth transition. This is key to avoiding some of the headache and heartache that can come with making the switch. Step 4: Make a list of all linked payments and deposits This is the step where most people get tripped up. Your checking account is probably the hub for direct deposits, bill payments, subscriptions and transfers. Missing one can mean a late fee or a bounced payment. Download your last two or three months of statements. Make a list of every recurring deposit (like your paycheck) and every recurring withdrawal (like rent, utilities, streaming services, gym memberships, etc.). Bankrate budgeting Understanding how much money you're making, and where you're spending it, comprise the foundation of a strong financial plan. Visit Bankrate's Budgeting Basics page for all you need to know about budgeting, from getting started and envelope budgeting, to understanding the 50/30/20 rule and how to make a zero-based budget. Step 5: Start moving your money Transfer a small amount of money into your new account to make sure everything works. Then, update your direct deposit information with your employer or benefits provider. You may need to be patient, as this can take a pay cycle or two to process. Then start switching your automatic payments and linked accounts. Many companies let you do this online, but some may require a phone call or a form. Bankrate insight: How to transfer money from one bank account to another Step 6: Monitor both accounts For the next month, keep an eye on both your old and new accounts. Watch for any stray transactions or missed payments. If you spot any, update the information right away. Pro tip Leave a small buffer in your old account to cover any lingering charges. Step 7: Close your old account (the right way) Once you're sure all deposits and payments have been switched and your old account balance is zero, it's time to make the breakup official. Contact your old bank—ideally in writing—and request to close your account. Get written confirmation that the account is closed and ask for a final statement. Don't forget Destroy old checks and debit cards linked to the closed account. Bottom line Switching banks isn't as hard, or as scary, as it seems. With a clear plan and a little patience, you can break up with your old bank and find a financial partner that actually deserves your loyalty. The hardest part is getting started. But once you do, you'll wonder why you waited so long in the first place. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Service Excellence Propels Commonwealth to Twelfth Consecutive #1 Ranking from J.D. Power for Independent Advisor Satisfaction
Advisor feedback about what helps advance practices is the heart of the Commonwealth service model. WALTHAM, Mass., July 16, 2025--(BUSINESS WIRE)--Commonwealth Financial Network®, a national RIA dedicated to providing financial advisors with holistic, integrated business solutions, ranks "#1 in Independent Advisor Satisfaction Among Financial Investment Firms 12 Times in a Row" by J.D. Power. Commonwealth received an overall satisfaction score of 834 on a 1,000-point scale, outpacing the next-highest-ranked firm in the segment by 93 points, according to the J.D. Power 2025 U.S. Financial Advisor Satisfaction Study℠. In addition to its overall #1 ranking, Commonwealth achieved the highest score in every reported key driver of advisor satisfaction—compensation, leadership and culture, professional development, products and marketing, operational support, and technology. In expressing his gratitude to Commonwealth advisors, Wayne Bloom, CEO of Commonwealth, said, "Thank you to the most productive Advisors in the industry for the decades of essential feedback that have helped build the foundational ethos of continuous improvement, which has driven us to a dozen consecutive #1 rankings. You have consistently shared how to make it easier for you to do business, how to enhance your client relationships, and how to elevate your practices—and it has been this feedback that has fueled each of our #1 rankings! And as gratifying as they are, nothing compares to the satisfaction of helping you grow your business and supporting you as you help your clients achieve their dreams and goals. This is the heart of the Commonwealth model." Commonwealth is embarking on an evolution as it prepares to join LPL Financial later this year. "We have succeeded because we've evolved to meet our Advisors' needs. That's never been truer than now, as we launch this community into our next chapter," said Bloom. "I've seen Advisors' questions about the future turn into excitement because they know they will gain access to LPL's scale, capital opportunities, robust solutions, and expert resources. Advisors will continue to benefit from the award-winning service model they've come to know and love, with all these additions to help them succeed." "We are now building the Commonwealth of the future with our partners at LPL—powered by the best of both firms and designed to innovate in a constantly changing industry," added Bloom. About Commonwealth Financial Network® Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser, provides financial advisors with holistic, integrated solutions that support business evolution, growth acceleration, and operational efficiency. J.D. Power ranks Commonwealth "#1 in Independent Advisor Satisfaction Among Financial Investment Firms, 12 Times in a Row."* Founded in 1979, the firm has headquarters in Waltham, Massachusetts, and San Diego, California, and an operations hub in Blue Ash, Ohio. Learn more about how Commonwealth partners with approximately 2,345 independent financial advisors overseeing more than $344 billion** in assets nationwide by visiting *Commonwealth received the highest score among independent advisors in the J.D. Power 2010, 2012–2014, and 2018‒2025 U.S. Financial Advisor Satisfaction Studies. Presented on July 16, 2025, for December 2024 to April of 2025, it is based on responses from 3,698 advisors employed by or affiliated with the firms included in the study. Not indicative of the firm's future performance. Your experience may vary. Study is independently conducted, and the participating firms do not pay to participate. Use of study results in promotional materials is subject to a license fee. Visit for more details. **As of 12/31/2024 View source version on Contacts For additional information, contact:Sarah Baun781.464.7138sbaun@ Public Relations ManagerCommonwealth Financial Sign in to access your portfolio
