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EDMONTON, AB, CANADA –  Aug. 18, 2021 – Today, Hotel Equities (“HE”) announced their partnership with Utah-based commercial real estate leader PEG Companies (“PEG”) and Petroglyph Development Group to manage the 172-room Courtyard by Marriott hotel currently under construction in downtown Nanaimo, British Columbia.

We are thrilled to welcome this highly anticipated hotel into our Canadian property portfolio”, said Ryan McRae, Sr. Vice President of Business Development, Canada, for HE. “Our team is excited to contribute to the positive impact this hotel will have on the Nanaimo community through the creation of jobs, enhancement of Nanaimo’s downtown spirit, and increased competitiveness among the city’s tourism.”

The new Marriott hotel will offer industry-leading amenities including a charming street-level café, large pool and all-inclusive fitness center. Design features include angular windows with street side views, stone panels, and a façade of exterior colors allowing it to blend well within the environment and existing buildings in the area. Vancouver-based sustainable construction firm Nexii is expected to generate efficiencies in completing the buildout by utilizing its innovative construction methodology, saving both money and time. As part of PEG’s design plan, the Courtyard will pay homage to Nanaimo’s cultural heritage through Snuneymuxw-inspired décor and serve as a symbol of the rich cultural heritage of the Snuneymuxw people.

"Since the beginning when PEG was selected to develop this special site, it was extremely important to us that we worked collaboratively with the Snuneymuxw First Nation," said Cameron Gunter, CEO of PEG. "Our goal with this project was to preserve the rich cultural traditions of the past while spurring economic growth for the future."

The Courtyard Marriott Nanaimo hotel is slated to open Q2 2022 and will provide the long awaited opportunity to celebrate the opening of this 10-plus year project with the Nanaimo community. PEG has been committed to seeing this project through despite challenges during the construction process. They have been deliberate and strategic with their actions, providing creative solutions and unique approaches that add value.

“We are well positioned to positively impact the performance of this hotel,” said Martin Stitt, Sr. Vice President of Operations, Canada, for HE. “Our alignment with PEG’s mission to create opportunities through grit, ingenuity and expertise gives us confidence that this partnership with PEG will result in opening the Courtyard with a new level of guest experience in Nanaimo, adding significant value to the local, downtown community. Hotel Equities’ continued investment into Canada, both on the people and infrastructure side of our business, produces immediate and long-term value for our development partners.”

The nine-story hotel is conveniently situated adjacent the Vancouver Island Conference Centre, and between Casino Nanaimo and the Nanaimo Museum. Nanaimo is well-positioned for further growth with its easy access to Vancouver and growing tourism industry.

City officials have maintained that the hotel is crucial for the downtown revitalization and success of the neighboring conference center. The Marriott is expected to spur economic growth as the first major hotel brand in the area.

 
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Fairmont Hotels & Resorts, the iconic world-leading hotel group known for its historic luxury and unparalleled service, has announced the appointment of Jacco van Teeffelen as General Manager of Fairmont Winnipeg in Winnipeg, MB.

In his new position, van Teeffelen will lead the overall operations, performance, and strategic direction for Fairmont Winnipeg. Joining the Fairmont Winnipeg team following his most recent role as the Hotel Manager of Fairmont San Francisco, van Teeffelen brings over 15 years of progressive executive leadership experience within the hospitality industry to this role.

Between 2005 and 2011, van Teeffelen held several Executive positions at Sandals International in the Caribbean, Jumby Bay, A Rosewood Resort in Antigua, and Soneva Gilli, a Six Senses Resort in the Maldives. In 2011 he relocated to London, England, when he joined Accor as Director of Food & Beverage, at The Savoy. van Teeffelen transferred to Fairmont Grand Del Mar in 2015, where he was promoted to Director of Operation and subsequently to Hotel Manager. Shortly after, in 2018, he relocated to Fairmont San Francisco as Hotel Manager.

van Teeffelen holds a BA in Hotel Management from Hotel Management School Maastricht and several certificates from Cornell University, including Hotel Real Estate Investment & Asset Management and Advance Hospitality Revenue Management.

 
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A desire to reconnect with family and friends after a year of stringent lockdown measures due to COVID-19 is likely greater than a leisure getaway in 2021, and therefore its power should not be underestimated in travel’s recovery, says GlobalData, a leading data and analytics company.

Johanna Bonhill-Smith, Travel & Tourism Analyst at GlobalData, comments: GlobalData’s forecasts suggest that visiting friends and relatives (VFR) travel will experience higher growth, with a 17% compound annual growth rate (CAGR) between 2021-25, compared to leisure, growing at a 16.4% increase between the same time period.  While VFR will not surpass the number of international leisure getaways, it will play a vital role in travel’s recovery with 242 million international departures expected to be taken for this purpose by 2025.”

VFR was the second most typically taken holiday in 2019 by global respondents (46%) in GlobalData’s Q3 2019 consumer survey*. It was second only to ‘sun and beach getaways’ (58%). Even though a year of travel restrictions and more time at home may mean the desire for typical sun, sea and sand holiday will be strong, visiting family and friends is likely to be a greater priority for many people right now. In certain source markets it is also the most popular reason for travel, with 53% of travelers in the US prioritising this type of trip, followed by Australia (52%), Canada (49%), India (64%) and Saudi Arabia (60%).  

Bonhill-Smith continues: “A more recent GlobalData survey revealed that 83% of global respondents were ‘extremely’, ‘quite’ or ‘slightly’ concerned about restrictions on socialising with friends and family**. Platforms such as Zoom, Facebook and WhatsApp have given consumers an opportunity to meet virtually, but this still isn’t quite the same as embracing a family member or properly sitting down together.”

During this pandemic, travel and tourism bodies worldwide have called for the sector to ‘reunite’ in its recovery. The aim for both destinations and tourism businesses right now should be to reunite families after over a year of international travel restrictions.

Bonhill-Smith adds: “Destinations can issue special visas or requirements that will make it easier for families to reunite. Airlines can ensure popular VFR routes are some of the first to be restored, hospitality businesses and attraction operators could offer incentives and discounts for families. All industries across the travel sector could be better informed to have a greater understanding of this tourism market.”

 
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Although hotel stocks underperformed the broader economy in June for the fourth straight month, the market cap of the world's largest hotel chains still recovered significantly this year.

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 stood at $107.8bn last week, nearly a $12bn increase YTD.

Hilton and Marriot Hotels the Biggest Gainers, Market Cap Jumped by $8.8B in 2021

The year 2020 was probably the most challenging year for the hotel industry in decades. Although hotels worldwide implemented increased safety and sanitation measures and cautiously reopened for the summer travel season, all of them witnessed colossal revenue and market cap drops.

The first half of 2021 brought a long-expected recovery, with hotel stocks surpassing their pre-pandemic values. However, in June, the COVID-19 Delta variant brought fears of new restrictions and disruptions for the global hotel industry, causing stocks to drop again. Despite that, the market cap of the world's largest hotel chains still recovered significantly.

The YCharts data show the market cap of Wyndham Worldwide, the biggest hotel chain in the world by the number of hotels, stood at $4.4bn in January. By June, the combined value of shares of the US corporation, which owns 8,092 hotels, jumped to nearly $7.2bn. Although this figure slipped to $6.61bn last week, it still represents a $2.2bn increase YTD.

The market cap of the second-largest hotel chain globally, Choice Hotels International, rose by $670 million in this period, rising from $5.9bn in January to $6.57bn last week. Intercontinental Hotels Group follows with a $230 million market cap increase.

Statistics show Hilton Worldwide Holdings and Marriot International were the biggest gainers this year, with their combined market cap rising by $8.8bn in the last seven months. In January, the combined value of shares of Marriot International stood at $42.8bn. After rising to $47.4bn in June, this figure slipped to$46.7bn last week, still almost a $4bn increase YTD. Hilton Worldwide Holdings follows with a $4.9bn market cap increase since the beginning of the year.

Global Hotel Industry Revenues to hit $192.3B in 2021, 47% Below 2019 Levels

Although hotel stocks bounced back in 2021, the entire sector is far from recovery. In fact, Statista data indicate it will take another two years for the global hotel industry to reach pre-pandemic levels.

In 2021, revenues are projected to grow by 33% YoY to $192.3bn, 47% less than in 2019. However, the following year is expected to witness even more significant growth, with hotels worldwide generating over $310bn in revenue, still significantly below pre-COVID-19 levels.

The year 2023 is forecast to witness $370.8bn in sales revenues, slightly above 2019 figures. By the end of 2025, the entire sector is expected to reach a $462.4bn value.

Statistics also show the number of users in the hotel industry plunged by 60% amid the pandemic, falling from 1.1 billion in 2019 to 438.5 million in 2020. Although Statista predicts this figure to rise to 576.5 million in 2021, that is still half the pre-pandemic levels.

 

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