What's Going On With Hilton, Marriott And Hyatt Hotel Stocks Today?

Author: Shivani Kumaresan | July 24, 2024 10:31am

Shares of Marriott International Inc (NASDAQ:MAR), Hilton Hotels Corporation (NYSE:HLT), and Hyatt Hotels Corporation (NYSE:H) are trading lower Wednesday.

About 13,500 unionized hotel workers in four U.S. cities are preparing for strike authorization votes next month as contract negotiations with the above major hotels remain at an impasse.

UNITE HERE, a union representing hotel, casino, and airport workers across the U.S. and Canada, said that the voting will commence in the first week of August in Boston, San Francisco, Honolulu, and Providence, Rhode Island, reported Reuters.

Employees at 125 hotels in these cities are demanding significant pay raises in new contracts to replace those that have expired or will soon expire.

They also seek improvements in healthcare and pension plans and are pushing for the reversal of pandemic-era cuts such as daily room cleaning.

Also Read: Hyatt Eyes Standard International To Expand Luxury Portfolio: Report

“Frankly, we were insulted with what they came to the table with,” said Carlos Aramayo, President of UNITE HERE Local 26 in Boston. “We are very, very far apart from an agreement.”

A further 26,500 hospitality workers in 16 U.S. cities represented by UNITE HERE are also negotiating new contracts.

A spokesperson from Hyatt expressed disappointment that several UNITE HERE locals have opted to take strike votes, but assured that contingency plans are in place to maintain hotel operations if a strike occurs.

Hilton emphasized its cooperative and productive relationship with the union.

Price Action: HLT shares are trading lower by 2.12% at $216.03 at last check Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Shutterstock

Posted In: H HLT MAR