From the desks of the Hotel News Now editorial staff:
- Real estate investors eager for deals
- Accor CEO preaches patience and unity
- Oil prices surge after cratering
- MGM sets reopening for Mississippi properties
- A hotel room recreates basketball history
Real estate investors eager for deals: Bloomberg reports that real estate investors are “sitting on piles of cash,” ready to do deals but are unable to do so as the bid-ask gap between buyers and sellers remains too wide.
The news outlet reports “sellers are currently willing to concede discounts of around 5%, while bidders are hoping for about 20% off pre-pandemic prices,” according to Charles Hewlett, managing director at Rclco Real Estate Advisors.
“The mantra for anything that hasn’t gotten started is: delay, defer and, in many cases, renegotiate,” Hewlett told Bloomberg. “If I’m going to have vintage May 2020 on my books, I want to be able to demonstrate to my investors that I got an exceptionally good deal.”
Accor CEO preaches patience and unity: Speaking during the online “In Sync” conference, Accor President and CEO Sébastien Bazin said his day-to-day is filled with trying to solve problems for guests and investors alike, but the industry will need to work collaboratively to claw back following the downturn, reports HNN’s Terence Baker.
“I have spent a lot of time with individual owners. It is time to be shoulder to shoulder with them, to share information and help them with employees and furloughs. They need someone to talk to in order to learn from and advise, and we have learned from them,” Bazin said.
Oil prices surge after cratering: After a historic drop in prices that actually dipped into negative territory, oil has seen what The Wall Street Journal describes as “a furious comeback” as drivers return to roads in the U.S. and Europe and producers scale back output.
“The most heavily traded U.S. crude-oil futures contracts have risen to $32.15 a barrel after hitting a low of $11.57 last month,” the newspaper reports. “Prices started the year above $60. Brent crude futures, the global gauge of oil prices, have rebounded to $35.”
MGM sets reopening for Mississippi properties: MGM Resorts International officials announced via a news release that they plan to reopen properties in Mississippi in a limited capacity in the coming weeks. The Gold Strike Casino Resort in Tunica, Mississippi, will reopen on 25 May and Beau Rivage Resort & Casino in Biloxi, Mississippi, will reopen 1 June.
“As we plan to reopen our resorts, the health and safety of our guests and employees guide all of our decision-making,” MGM Resorts' Acting CEO and President Bill Hornbuckle said in the release. “Getting many of our employees back to work and welcoming guests through our doors once again will allow us to do what we do best—entertain.”
A hotel room recreates basketball history: Did you, as a young person, ever fantasize about being Michael Jordan, a la the 2002 film "Like Mike" or the commercial jingle that inspired that film? Then how about living out that fantasy in an incredibly specific way?
Graduate Hotels is allowing some hotels to do just that when they stay at a Chapel Hill, North Carolina, property slated to open in the fall, as ESPN reports it will have “a detailed reconstruction of Jordan's University of North Carolina dorm room, as featured in a 1983 Sports Illustrated photo shoot.”
“The room is an identical replica,” Graduate Hotels CEO Ben Weprin told ESPN. “From the ceiling to the brick wall to the record player and records, the posters, the pennants—every single piece in that room, we have it.”
Compiled by Sean McCracken.