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HFTP Presents “Best of HFTP” With Co-Located Events in October 2020, Including HITEC San Antonio, HFTP Annual Convention, Club Forum and Entrepren...
HFTP | April 2, 2020
The hospitality association has rescheduled its 2020 events for Fall to accommodate for current social distancing measures. The events will run the week of October 26-29 at the Henry B. Gonzalez Convention Center in San Antonio, Texas USA. 2 April 2020 In response to the guidance for slowing the spread of Covid-19, Hospitality Financial and Technology Professionals (HFTP®) restructured its 2020 event calendar, moving early 2020 events to the second half of the year, and co-locating them for one eventful week. First it rescheduled the North American Hospitality Industry Technology Exposition and Conference (HITEC®) to October 26-29, 2020
STR: Preliminary Caribbean Hotel Results for Week Ending 28 March
STR | April 2, 2020
Note: To inform the industry during the COVID-19 pandemic, STR will temporarily publish weekly communication for the Caribbean based on preliminary data. This preliminary data represents a percentage of STR’s total sample for the region. Once monthly processing is complete, data points will likely appear different. The Caribbean hotel industry experienced its steepest year-over-year declines yet in the three key performance metrics during the week of 22-28 March 2020, according to preliminary data from STR. In comparison with the week of 24-30 March 2019, the Caribbean reported the following: Occupancy: -85.9% to 10.6% Average
STR: Preliminary Mexico Hotel Results for Week Ending 28 March
STR | April 2, 2020
Note: To inform the industry during the COVID-19 pandemic, STR will temporarily publish weekly communication for Mexico based on preliminary data. This preliminary data represents a percentage of STR’s total sample for the region. Once monthly processing is complete, data points will likely appear different. Mexico’s hotel industry showed its sharpest reaction yet in the face of the COVID-19 pandemic with deep year-over-year declines in the three key performance metrics during the week of 22-28 March 2020, according to preliminary data from STR. In comparison with the week of 24-30 March 2019, Mexico hotels reported the following:
STR: Mainland China Hotel Industry Shows Early Signs of Performance Recovery
STR | April 2, 2020
BEIJING—Mainland China’s daily hotel occupancy reached an absolute level of 31.8% on 28 March, up from a low of 7.4% during the first week of February, according to preliminary data from STR. Additionally, opening rates have been significant in key markets across the region. “We’re seeing green shoots in hotel occupancy figures, but we must stress that these are only early signs of a recovery that is likely to develop slowly,” said Christine Liu, STR’s regional manager for North Asia. “Some of the demand stems from corporate travel, primarily within the same province, as well as small-scale meetings. Additionally, hotels are
LEGOLAND® New York Resort Will Open In 2021 In Response To Coronavirus
Merlin Entertainments | April 1, 2020
GOSHEN, N.Y., April 1, 2020 - In adherence to the guidance of the Centers for Disease Control and Prevention and evolving restrictions from state and local governments in response to the coronavirus pandemic, LEGOLAND® New York Resort and parent company Merlin Entertainments regret to announce the postponement of the Resort opening until 2021. The measure is consistent with the closure of venues and postponement of events worldwide. "Nothing is more important to us than the health, safety and security of our team, the partners we work with, and the communities we serve," said LEGOLAND New York Resort Divisional Director Stephanie Johns
Xenia Hotels & Resorts Provides Update on Transactions and Operations
Xenia Hotels & Resorts, Inc. | April 1, 2020
ORLANDO, Fla., April 1, 2020 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today provided an update on pending transactions, as well as an update on the impact of COVID-19 on its operations. On February 24, 2020, Xenia announced that it had entered into an agreement to sell the 492-room Renaissance Austin Hotel for $100.5 million, with an anticipated closing date during the first quarter of 2020. Subsequent to the announcement, the parties entered into an amendment to the agreement that extended the closing until April 16, 2020 and authorized the release of the $2 million deposit held in escrow to the Compan
Think Staycations and Cleanliness Theater for COVID Travel
Larry Mogelonsky | April 1, 2020
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) There are two terms to mull over for how the travel will change in the near future and both relate to the heightened sense of agoraphobia and fear of unhygienic spaces. And those hotels that are able to figure out these two terms apply in a post-COVID world will indeed see their occupancies return. First to understand is the fear instilled in people’s minds from all this panic that will linger for long after the all clear is given. Call it ‘post coronavirus stress disorder’ (PCSD). What this means is that your newly adopted hygiene standards put in place to address COVID-19 wi
U.S. Hotels: Changes in RevPAR and Profits During Historical Recessions
Robert Mandelbaum | April 1, 2020
By Robert Mandelbaum The U.S. lodging industry was prepared for a slowdown in performance entering 2020. CBRE Hotels Research was projecting a 1.1 percent increase in RevPAR for the year. Even with this low level of revenue growth, there were certain factors that could have sustained - or at least cushioned the blow of minimal declines - the nine-year trend of profit growth for U.S. hotels since 2010. We are in a low inflation period, which keeps the cost of goods and services low. Recent changes to food and beverage operations and marketing practices have helped to lower fixed costs. There is no energy crisis, so utility co