Trump Hotels CEO Leaving the Dwindling Company
Skift Take
Eric Danziger, the departing CEO at Trump Hotels and one of the few non-family members to hold the top job at the company, is the latest drag on the hotel brand that has shed properties over the last several years.
Daily Lodging Report
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Sunday, Feb. 27The Grand Hyatt Hotel next to San Antonio’s Henry B. Gonzalez Convention Center is going up for sale. Hyatt had been making the necessary payments, but after falling short during the pandemic, the city began taking over payments. Now, the Grand Hyatt may be sold to an out-of-state nonprofit to settle the debt. The remaining 2005 revenue bonds total about $168.3 million. Under the plan, Hyatt would sell the hotel to Community Finance Corp. The city would issue another bond of up to $450 million to pay off the existing city-backed bond debt. It will also set up some operating reserves and some debt reserves for the hotel going forward. If the plan is approved, CFC would own the hotel and make payments on the bond over the next 40 years. Hyatt would still operate and manage the hotel for at least 30 years. The bond would be paid back using hotel revenue and the city would not be responsible for making up any lack of payment. After the bond is repaid, CFC would then transfer ownership of the hotel to the City of San Antonio. That could occur around the year 2060 or earlier if repaid sooner. The decision is subject to city council approval, which will consider this item on March 3.
Skift Note: Not exactly the kind of sale Hyatt wants to brag about in its ongoing push to shed real estate and become more of an asset-light company like competitors Marriott and Hilton.
Monday, Feb. 28Choice Hotels International, Inc.’s Ascend Hotel Collection and Cambria Hotels achieved domestic system-wide RevPAR index share gains versus its local competitors in 2021 compared to the same period of 2019. At the same time, both brands combined to expand
