Good morning from Skift. It’s Tuesday, April 8. Here’s what you need to know about the business of travel today.

A leading hotel asset manager says the U.S. hotel industry is dealing with significant challenges from President Trump’s tariff war, writes Senior Hospitality Editor Sean O’Neill. 

HotelAVE CEO Michelle Russo reports trade disputes are disrupting supply chains and tourism forecasts. She said she basically told colleagues to expect revenue per available room would be down 5% from last year. Russo added she’s considered advising client hotels to pause online advertising entirely, considering travelers’ intention to book trips may have plummeted.

HotelAVE is also advising its hotel properties to address possible supply chain disruptions by stocking up on critical imports and revising food and beverage menus. 

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Next, Spirit Airlines announced on Monday that CEO Ted Christie would step down, one part of a leadership overhaul at the carrier, writes Airlines Reporter Meghna Maharishi. 

Spirit said its board of directors has established an “Office of the President” to oversee the C-suite in place of Christie. The company’s Chief Commercial Officer Matt Klein is also stepping down. Maharishi writes the leadership changes come during a turbulent period for Spirit, with the carrier having exited Chapter 11 bankruptcy last month. 

Finally, Europe’s upscale and luxury hotel market saw strong investment growth last year, but the sector is now facing a challenging landscape, writes Hospitality Reporter Luke Martin.

Europe saw roughly $12 billion worth of transactions in the upscale and luxury segments in 2024. However, Martin notes the European hotel market is dealing with an environment marked by new tariffs and stock market volatility. Juan Manuel Gea, the corporate business manager of Global Asset Solutions, said that transactions being discussed at the moment will be on hold.