Skift Take
Today’s edition of Skift’s daily podcast takes a look at hotel CEO pay, the Spirit-Frontier-JetBlue takeover drama, and surging short-term rental costs in the U.S.
Rashaad Jorden
Good early morning from Skift. It’s Monday, July 18 in New York City. Here’s what you need to understand about business of travel today.
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Episode Notes
Skift has released the list of the highest-paid hotel CEOs, and Las Vegas Sands Corporation chief Rob Goldstein came out on top for 2021, making $31 million, writes Senior Hospitality Editor Sean O’Neill.
Goldstein was granted $7 million more than his closest peer, Hyatt chief Mark Hoplamazian. The majority of both executives’ 2021 profits came from stock and alternative awards. A huge consider Goldstein emerging as 2021’s highest-paid hotel CEO was his settlement of arguably the year’s greatest property offer. Las Vegas Sands offered its Las Vegas homes to Apollo Global Management and Vici Properties for more than $6 billion.
Although O’Neill composes navigating the pandemic and its healing has actually been a huge challenge for hotel CEOs, he calls out the growing disparity in pay between CEOs and workers. Skift discovered the median ratio of CEO to typical worker pay was 442-to-1.
Next, investor group Institutional Investor Services is advising Spirit Airlines investors to vote versus the provider’s proposed merger with Frontier Airlines, composes Edward Russell, editor of Airline company Weekly, a Skift brand.
ISS said in a report on Friday that JetBlue’s $3.8 deal for Spirit is a better alternative than a Spirit merger with Frontier. The group’s suggestion is a reversal of its earlier assistance for the merger with Frontier, which was valued with $2.4 billion in money and stock at the end of June.
Spirit executives have consistently supported a merger with Frontier, mentioning the low probability of a JetBlue bid being approved by U.S. regulators. Spirit shareholders are set up to vote on the Frontier proposal on July 27.
Lastly, in spite of worries of recession and rising fuel rates, the typical everyday rates for short-term leasings in the U.S. this summertime are continuing to surge, composes Executive Editor Dennis Schaal.
Short-term rental information analytics firm AirDNA exposed, in its mid-year 2022 outlook, a 7 percent year-over-year boost in the typical everyday rates for short-term leasings in the U.S.– in addition to almost 30 percent dive from pre-Covid metrics. The report included more short-term rental nights have actually been booked this summer than any other in history, beating in 2015’s record.
Nevertheless, AirDNA discovered short-term rental demand in big cities this summer season is still 28 percent lower than during the very same duration three years earlier.