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Why Midscale and Economy Hotels Are Leading the Current Recovery
Michael Driedger | August 24, 2020
By Michael Driedger Whatever your occupancy is right now, you know that one day it's sure to go up. The hotel industry is currently experiencing something never seen before, and with this also will come pent up travel demand. When the recovery begins and we are all more confident about traveling internationally again, have you thought about where you want your hotel to be strategically? Early signs of what recovery in travel will look like is coming from countries like China where tourism has started again in earnest. According to a McKinsey study this recovery is being led heavily by midscale and economy hotels. The rise in populari
Lodging Interactive Launches All-Inclusive Subscription Based Digital Marketing Services for Hotels
Lodging Interactive and Commingle:Engage | August 24, 2020
Lodging Interactive, a full-service digital marketing, social media engagement, and reputation management agency exclusively serving the hospitality industry, today announced the launch of its all-inclusive subscription-based digital marketing services for hotels. HotelSiteXPRESS provides fast, affordable website development and digital marketing services enabling any size property to effectively compete within their marketplace. “As the hospitality industry continues to move towards financial recovery, HotelSiteXPRESS has the ability to accelerate the recovery process for hotels by launching new, modern websites, supported by compre
Tracking the Recovery: How COVID-19 Is Reshaping the Hotel Revenue Mix
HotStats | August 24, 2020
Hotels sell rooms. Yes, there are typically other things that hotels offer within their walls—food, drinks, events, ibuprofen in the sundries store—but when a customer opens up their laptop or calls the property directly, chances are they are thinking to themselves: I am booking a hotel room. It makes sense then that the sale of guestrooms is the single biggest piece of revenue for a hotel. And for that reason, revenue per available room (RevPAR), a performance metric that assesses a hotel’s ability to fill available rooms at an average rate, has been the most promulgated metric in the industry. But as the
Hospitality Financial Leadership: What Everyone Needs to Know About Hotel Financial Skills 1-10
David Lund | August 24, 2020
By David Lund On the eve of starting my financial leadership course for the third year with Royal Roads University it occurs to me that most people have it somewhat wrong when it comes to how they think about the financials inside the hotel business. It’s almost like they think that a mechanic is the only person who can drive a car. On that note many great drivers possess great knowledge about how the car works but they’re not mechanics; it’s not a requirement to be a great driver. You would never take your Ferrari to the driver for a repair, but man can they drive it. The exact same goes for financial skills and understanding. You
The Kimpton Sylvan Hotel Set to Open in Early 2021 in Atlanta’s Buckhead Neighborhood
Kimpton Hotels & Restaurants | August 20, 2020
ATLANTA (August 20, 2020) – Set to open in early 2021 in Atlanta’s posh Buckhead neighborhood, Kimpton’s much-anticipated hotel announces its name, Kimpton Sylvan Hotel, and appoints its leader, General Manager Tristan Haas. An adaptive reuse of a 1950s-era residential property, the Kimpton Sylvan Hotel will embrace the mid-century modern design scheme of the original exterior adding a splash of understated sophistication and heartfelt Southern hospitality. The reimagined hotel will include 216 guest rooms and suites, a vibrant living room lobby, a refreshing private pool and over 4,000 square feet of meetings and events space. Guest
STR: U.S. Hotel Results for Week Ending 15 August
STR | August 20, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy hit 50.0% for the first time since mid-March, according to the latest data from STR. 9-15 August 2020 (percentage change from comparable week in 2019): Occupancy: 50.2% (-30.0%) Average daily rate (ADR): US$101.41 (-23.0%) Revenue per available room (RevPAR): US$50.87 (-46.1%) U.S. occupancy has risen week over week for 17 of the last 18 weeks, although growth in demand (room nights sold) has slowed. The week ending 14 March was the last with occupancy of at least 50.0%. Aggregate data for the Top 25 Markets showed lower occupancy (42.2%) and ADR (US$99.29) than a
Middle East Hotel Construction Pipeline Continues to Show Signs of Decline* at Close of Q2 2020
Lodging Econometrics (LE) | August 20, 2020
August 20, 2020 – PORTSMOUTH, NH – According to the latest published Construction Pipeline Trend Report for the Middle East, analysts at Lodging Econometrics (LE) state at the end of the second quarter of 2020, the hotel construction pipeline in the Middle East decelerated once again to 591 projects/169,538 rooms. The Middle East’s pipeline is down 7% by projects and 6% by rooms year-over-year (YOY). This is the fourth consecutive quarter the pipeline has declined since reaching its cyclical peak by projects in Q2 2019. However, projects currently under construction stand at an all-time high of 363 projects/117,458 rooms. Projects
STR: Canada Hotel Results for Week Ending 15 August
STR | August 20, 2020
HENDERSONVILLE, Tennessee—STR data for 9-15 August 2020 shows a continued steady rise in Canada’s hotel performance but the same significant level of year-over-year declines. In comparison with the week of 11-17 August 2019, the industry reported the following: Occupancy: -47.8% to 41.8% Average daily rate (ADR): -29.5% to CAD129.19 Revenue per available room (RevPAR): -63.2% to CAD53.99 Two provinces reached a 50% occupancy level: Prince Edward Island (52.2%) and British Columbia (52.1%). Two additional provinces reached a 40% occupancy level: Manitoba (41.2%) and Ontario (41.7%). Ottawa (40.1%) was the only major