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The coronavirus outbreak has affected every sector across the globe, but the hotel industry is among the hardest hit. Although hotels implemented increased safety and sanitation measures and cautiously reopened for the summer travel season, recovery to pre-COVID-19 levels could take years.

According to data presented by StockApps.com, the combined market capitalization of Wyndham Hotels and Resorts, Choice Hotels International, Marriott International, Intercontinental Hotels Group, and Hilton Worldwide Holdings, as the five largest hotel chains in the world, hit $79.2bn in September, a $25.2bn plunge since the beginning of 2020.

Marriot International Witnessed the Biggest Market Cap Drop in 2020

To curb the spread of the virus, countries across the world have imposed lockdown rules, leading to thousands of canceled vacations, and closed hotels between March and May. Although many of them lifted off travel restrictions in the last three months, the first two quarters of the year produced colossal revenue and market cap drops to the largest hotel chains globally.

The market cap of Wyndham Worldwide, the biggest hotel chain in the world by the number of hotels, stood at $5.89bn in December, revealed the Yahoo Finance data. By the end of March, this figure dropped to $2.93bn. Although the second and third quarter of 2020 brought a recovery, the combined value of stocks of the U.S. corporation, which owns 8,092 hotels, stood at over $5bn in September, an $870 million plunge since the beginning of the year.

The second-largest hotel chain globally, Choice Hotels International, lost $440 million in market capitalization amid the coronavirus crisis. In December 2019, the total value of stocks of the company that owns 7,118 properties amounted to $5.76bn. During the last nine months, this figure dropped to $5.32bn.

However, statistics indicate that Marriot International, the third-largest hotel chain with 5,974 hotels in more than 110 countries, witnessed the most significant drop in market capitalization since the beginning of the year. In December, the combined value of stocks of the Washington-based corporation stood at $49.51bn. By the end of the second quarter, it halved to $24.25bn. Although the company's market cap recovered to $33.86bn in September, this figure still represents a 31% plunge since the beginning of 2020.

Intercontinental and Hilton Lost $8.3bn in Total Stock Value

Intercontinental Hotels Group ranked as the fourth largest hotel chain globally, with 5,070 hotels across nearly 100 countries. Statistics indicate the market capitalization of the British multinational hospitality company amounted to $12.3bn in December 2019. After falling to $6.2bn in March, it rose to $9.7bn in September, a 21% plunge amid the coronavirus crisis.

The total value of Hilton Worldwide Holdings stocks, the fifth-largest chain of hotels globally, dropped by $5.66bn since the beginning of 2020. In December, the market cap of the hotel group that generated around $9.45bn in revenue last year stood at $30.94bn. After a sharp drop caused by the Black Monday crash, it recovered to $25.28bn in September. Nevertheless, the figure represents an 18% fall since the beginning of the year. Statistics show two hotel groups lost $8.3bn in combined market capitalization amid the coronavirus crisis.

The full story can be read here: https://stockapps.com/worlds-five-largest-hotel-chains-lost-25-2bn-in-market-cap-amid-coronavirus-crisis/

 
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BANFF AB, September 8, 2020 – Gregor Resch has been appointed Regional Vice President & General Manager, Fairmont Banff Springs, effective September 4, 2020. As Regional Vice President, he will oversee Fairmont’s Canada’s Western Mountain Region including the Fairmont Chateau Lake Louise, Fairmont Jasper Park Lodge, and Fairmont Chateau Whistler in addition to Fairmont Banff Springs.
 
Mr. Resch brings almost thirty years of hospitality experience to this position having worked in Europe, the United States and Canada. He joined Fairmont Hotels & Resorts in 1994 as Assistant Front Office Manager, Fairmont Hotel Vancouver and proceeded to hold successive positions within the Rooms divisions of Hotel Vancouver. In 1999, Gregor joined the pre-opening team at Fairmont Vancouver Airport as Director of Rooms at the award-winning hotel before being promoted to Director, Operations at the Fairmont Waterfront. He then held the same position at the Fairmont Olympic Hotel, Seattle where he was key to the transition of that hotel from Four Seasons. In 2005, Gregor returned to Canada as Hotel Manager, Fairmont Banff Springs and in 2008 he was appointed to his most recent position as General Manager, Fairmont Chateau Lake Louise. Under his leadership, Fairmont Chateau Lake Louise was voted Company Hotel of the Year in 2018.
 
Gregor is a graduate of The Catering and Hotel Management School of the Chamber of Trade & Industry for Vienna, Austria. Most recently, Gregor received the Hotel Real Estate Investments and Asset Management Certificate from Cornell University. In his spare time, he enjoys hiking and skiing with his wife and three sons.

Resch replaces longtime hotelier Mr. David Roberts, who retired on September 4, 2020 following a distinguished 40 year hospitality career, including 31 years with Fairmont Hotels & Resorts.

 
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Calgary, AB – September 24, 2020 – WebRezPro cloud property management system (PMS) by World Web Technologies Inc. (WWT) now integrates with Hapi, a cloud data streaming and integration platform designed to solve the hospitality’s industry's rapidly expanding data management challenges.

Aggregating and standardizing data from diverse hotel systems, Hapi acts as a central data hub for faster, easier system integration that empowers hotels to elevate the guest experience and unlock opportunities for innovation.

An open yet secure data ecosystem is key to hotel innovation and progress, but proprietary data integration can be expensive and slow. Using an open model based on proven, scalable technology, the cloud-based Hapi platform unifies data from contributing systems—adding multiple layers of encryption, authentication, and governance—to reduce the cost and time to connect hotel systems, while improving security, scalability and control.

Through integration, data published to Hapi from WebRezPro and other hotel systems is normalized into a universal format that can be understood and utilized by various receiving systems, including CRM solutions, business intelligence platforms, contactless check-in applications and more, for bi-directional, real-time data flows that enable deeper insights and seamless automation. Hapi integration gives both hoteliers and software providers access to APIs and connectors that allow them to deploy integrated solutions more efficiently, breaking down barriers to innovation.

“Frictionless, secure data exchange is the way forward in hospitality and we’re excited to offer a connection to such a progressive data streaming solution as Hapi,” said Frank Verhagen, President at WWT. “Our integration with Hapi makes it easier and more affordable to connect other hotel systems to WebRezPro and unleashes further potential for exciting new opportunities.”

“WebRezPro customers benefit from a very progressive WebRezPro organization focused on their customers’ success.  With Hapi, they can easily  connect to partners like Salesforce, enabling them to drive new revenue at a time that it is sorely needed.  They can also connect to guest chat apps at a time that guests are looking for digital engagement, and they can do that both quickly and easily, ” said Luis Segredo, CEO of Hapi’s Data Travel.

 
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COAST SALISH TERRITORY (Vancouver, BC) – September 22, 2020 – Earlier this summer, the Indigenous Tourism Association of Canada (ITAC) launched the COVID-19 Stimulus Development Fund to help Indigenous entrepreneurs and their businesses stay afloat during the shutdown of the global tourism industry as a result of COVID-19. Later paired with additional federal funding of $16 million, ITAC will be able to support many Indigenous tourism businesses in the form of up to $25,000 non-repayable grants. 

Today, ITAC announces Phase Four funding from Intake One (April 2020) for the Stimulus Development Fund, allocating 235 businesses over $4.9 million in grants. Remaining businesses who applied and have completed required documentation but have not yet been announced are still under review.

“We are thrilled to reach the next phase in our stimulus plan and have approval by Indigenous Services Canada to release funding for another 235 Indigenous tourism businesses,” says Keith Henry, President and CEO of ITAC. “We are proud to support those businesses struggling during the unexpected shutdown of the 2020 summer season and know this funding for Phase Four will support Indigenous entrepreneurs as they prepare for future tourism seasons.” 

The grants are disbursed to Indigenous tourism businesses who are at various stages of their tourism development. The Phase Four recipients are defined as Doors Open Businesses - tourism-related services and experiences that are newly available, in start-up and that currently receive customers who are mostly locals and regionals. The next round of applications from Intake 2 are under review and will be announced in October and all applicants will be contacted before the end of October.

 

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