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Good morning from Skift. It’s Friday, February 21 and here’s what you need to know today about the business of travel.
Choice Hotels built its empire on roadside chains, but the company is increasingly turning to upscale and extended-stay properties as a part of a major strategy shift, writes Senior Hospitality Editor Sean O’Neill.
O’Neill notes budget properties have been falling out of favor at Choice Hotels while extended-stay and upscale offerings have flourished at the company. A Skift analysis of Choice Hotels’ financial filings for 2024 revealed that extended-stay brand MainStay Suites has nearly doubled its footprint since 2019.
Chief Development Officer David Pepper told Skift that Choice Hotels was placing a greater emphasis on going upscale, adding the vast majority of rooms in its pipeline are in “more revenue-intense brands.”
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Next, Spirit Airlines is set to exit Chapter 11 bankruptcy as a private company after a U.S. bankruptcy judge approved the carrier’s restructuring plan, writes Airlines Reporter Meghna Maharishi.
Maharishi reports Spirit will exit bankruptcy through a take-private deal backed by lenders, with the carrier’s top bondholders receiving control of the company. Spirit said it expects to emerge from Chapter 11 bankruptcy in the near future.
U.S. bankruptcy judge Sean Lane approved Spirit’s restructuring plan after the carrier turned down several bids from Frontier Airlines to merge.
Finally, Booking Holdings CEO Glenn Fogel downplayed concerns about artificial intelligence platforms disrupting the company, writes Executive Editor Dennis Schaal. During the company’s fourth quarter earnings call, Fogel emphasized the importance of negotiations with AI platforms regarding data sharing and economic arrangements, and highlighted partnerships with Silicon Valley players. Booking is in negotiations with AI platform providers to balance data sharing and economic interests, aiming to leverage its strong brand and existing AI agents.
Booking.com saw a 19% increase in alternative accommodations room nights – outpacing Airbnb’s growth – with Booking Holdings’ revenue growing 14% in the fourth quarter.
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