IHG has acquired the Ruby hotels brand, and with it a growing portfolio of European lifestyle hotels - smart move? Choice and Accor are talking about moving upmarket, but have other structural issues to attend to. And at the OTAs, who will win the battle for the customer's eyeballs, as AI comes into play.

Stronger than expected final quarter numbers brightened the spirits of major hotel CEOs - but the markets were less positive, sending some shares lower on concerns about upcoming weakness. In Europe, the deal landscape looks to be improving, much to the delight of landlords such as Pandox. And Hyatt says enough m&a for now, as it plans how to digest its latest acquisition, Playa Hotels & Resorts. Do we believe them?

Starwood Hotels is back, as the original creator of the brand, Barry Sternlicht, revives the name - what will he do with it? Private equity investors are cashing out after a good run in Spain, both in the real estate asset world, and in hotel tech too. And hotels retain their crown as the most preferred asset class for hotels, according to Andrew’s poll taking at recent industry events.

How will the hotel investment markets fare in 2025? There will be less portfolio deals, but the single asset market is expected to continue in good form. The big beast of white label operations, Aimbridge, restructures after building up an unsustainable level of debt; how did it get there? And India enjoys a purple patch, with strong hotel demand, limited supply - and plenty of hotel companies going to the public markets to raise funds.

Airline easyJet wants to more than double its package holiday business. Will it deal direct with hotels, where will it steal market share from - and will we all be using AI to choose our hotel and flight packages in future? The holiday park market has seen a new entrant in the UK, with GBP500m to spend - as the main players jostle to grow their portfolios. And an Australian operator of pod hotels is heading to London; Andrew shares his Japanese pod hotel experience.

A strong 2024 saw high volumes of hotel investment transactions across the UK and mainland European hotel markets. Will similar levels of activity be enjoyed in 2025? The SPACs, Soho House and Sonder, remain under pressure, with a new take-private offer appearing for the membership business; this time around, it appears major stakeholders may accept the offer. And French investment giant Covivio reaffirms its interest in hotels, as it takes its operational learnings from the hotel sector to change the way it manages its office and residential assets, too.

Experiential is the latest travel fad, or maybe it’s a trend. Marriott has marched in and signed up two new brands, as glamping becomes the latest must-have for the big brand groups. In select service, northern European markets look tough, but private equity investors are lining up to buy into Spain. For those in the UK, such at Travelodge, employment cost rises are a big hit. And there’s a feeling abroad that deal volume is rising, as sellers temper their pricing expectations, while buyers wrestle with continuing high debt costs.

A battle looms in alternative accommodation, as Expedia and Booking build their listings towards the scale of Airbnb, while still spending billions with Google. There's consolidation among the third party hotel managers, as they realise they need scale to drive their business forward. And the extended stay segment pushes forth once more, with the Ascott pushing its Quest brand into China, alongside local partner Jin Jiang.

Accor's firing on all cylinders, but its progress is slightly hobbled by its property owning affiliate AccorInvest, which needs to sell down properties - sometimes losing Accor the operational gig. Hyatt, meanwhile, continues to judiciously deploy cash, as it chooses its own path for growth. And, as it appears finance for hotel deals is getting easier, who are the winners?

The Hilton juggernaut accelerates its growth, leading the pack with NUG. Wyndham looks to ancillary income growth, after reorganising its tech stack. At Pandox, the deals stalemate is over, as it buys in London and Edinburgh, with more to come. While Dalata has set out its plans for European growth.