Wyndham’s Global Growth, Spirit Air’s Departing CFO and Accor’s India Move
Skift Take
Key Points
- Wyndham is increasing its focus on upscale properties, adding new locations globally.
- Spirit Airlines' CFO Scott Haralson is leaving, with the company struggling financially post-pandemic.
- Accor plans to expand in India, targeting its growing middle class, with nine new hotels expected this year.
Summary
Wyndham is shifting focus from economy to upscale properties, adding new locations in Montreux, Switzerland, and Detroit. Spirit Airlines' CFO Scott Haralson is leaving to join Hertz, and the airline faces profitability challenges post-pandemic. Accor aims to capitalize on India's growing middle class, planning to open nine new hotels this year despite representing only 2% of its global operations.
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Episode Notes
Wyndham wants to shed its reputation for focusing on economy hotels in the U.S. The hotel group is looking to increase the number of upscale properties in its portfolio, reports Senior Hospitality Editor Sean O’Neill.
Wyndham CEO Geoffrey Ballotti said at a conference in New York on Monday that while the company loves the economy sector, it’s increasingly moving upscale. Ballotti added that Wyndham has added properties in Montreux, Switzerland and Detroit to its new lifestyle hotel brand HQ. Wyndham has also acquired several upscale brands across the world, including in Austria and India.
Next, Spirit Airlines Chief Financial Officer Scott Haralson is leaving the company to assume the same role at Hertz, writes Airlines Reporter Meghna Maharishi.
Spirit announced on Monday that Haralson will step down on June 14. Brian McMenamy, a vice president at Spirit, will be the carrier’s interim CFO. Haralson’s departure comes as Spirit has struggled to turn a profit since the pandemic, with its collapsed merger with JetBlue Airways and issues with Pratt & Whitney engines weighing on Spirit’s outlook.
Finally, Accor wants to take advantage of India’s booming middle class, writes Asia Editor Peden Doma Bhutia.
CEO Sebastien Bazin noted during its recent earnings call that India’sdemographic profile, especially its growing middle class, is its greatest asset. He added that at least 200 million Indians will enter the middle class within the next 10 years.
Accor currently operates 62 hotels in India across four segments: luxury, premium, mid-range, and economy. The company expects to open nine more properties this year.
Despite Accor’s optimism about India, the company’s India business currently represents only 2% of its global operations. Bazin acknowledged that Accor would have to revamp its strategy in India and hopes to reveal more this year.
Producer/Presenter: Jose Marmolejos
Photo Credit: Rendering of a planned Project HQ in Montreux, Switzerland. Wyndham
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