Skift Take
Today’s edition of Skift’s everyday podcast looks at the near yet irregular recovery of the worldwide accommodation market, Blackstone’s investment in hotels, and the labor opportunity with apprenticeships.
Rashaad Jorden
Excellent morning from Skift. It’s Tuesday, August 23 in New York City City. Here’s what you require to understand about the business of travel today.
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Episode Notes
Private-equity company Blackstone Group recently purchased a minority stake in Sunstone Hotel Investors, the owner of 15 U.S. hotels. The relocation may be an indication Blackstone views hotels a more resilient classification than other real-estate properties, reports Senior Hospitality Editor Sean O’Neill.
According to monetary files submitted last week, Blackstone acquired more than 8.5 million shares in Sunstone, making the firm among Sunstone’s 5 largest shareholders. Blackstone has actually completed nearly $700 million of deals this year, including its purchases of the Hilton San Diego Bayfront and Confidante Miami Beach.
O’Neill writes that Blackstone may become an early contender to purchase Sunstone, adding that the company’s support might allow Sunstone to speed up getting hotels. One expert believes Sunstone is in an excellent position to most likely be a net buyer– purchasing more properties than it offers– in the future.
Next, the accommodation sector is continuing to make progress in its recovery. Skift Research’s newly launched Global Accommodation Sector Market Estimates reveals its revenue is expected to hit 95 percent of pre-Covid metrics this year, reports Senior citizen Research Analyst Varsha Arora.
The report also discovered the Americas is the greatest contributor of lodging sector earnings. It’s predicted to contribute around 49 percent of the sector’s worth, followed by Europe at 25 percent. Arora keeps in mind that the Americas is the most significant market for high-end hotels in addition to being house to a population with tremendous costs power. The report likewise indicates a complete worldwide recovery in hotels would take place by next year.
Finally, apprenticeships are seeing a renaissance as employers around the world rush to fill vacancies. They likewise might be the solution to the occasion industry’s staffing lacks, reports Contributor Paul Cook.
As the variety of people aged 16 to 24 in the U.S. serving apprenticeships has more than doubled in the last 10 years, Cook writes there’s little doubt they can be beneficial. Apprenticeships, that include structured training concentrating on particular abilities needed by the employer, normally lead to full-time work, keeps in mind specialist MaryAnne P. Bobrow.
And as the areas of apprenticeship programs are being broadened, Prepare includes that event executives see those programs as avenues to find qualified candidates.