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HSMAI Announces the Passing of President and CEO Bob Gilbert
HSMAI | September 20, 2024
Gilbert Proudly Led the Organization for More than 30 Years, Through Industry-Changing Events Including the 9/11 Terrorist Attacks, 2008 Recession, and Covid-19 Pandemic FOR IMMEDIATE RELEASE: McLean, VA (September 20, 2024) – It is with profound sadness that the Hospitality Sales and Marketing Association International (HSMAI) Americas, HSMAI Foundation and HSMAI Global, announce that President and CEO, Bob Gilbert passed away on September 19, 2024. In July 2024, the organization announced that Gilbert had accelerated his retirement plan as a result of a serious health issue following 30 years of executive leadership for HSMAI.
U.S. Hotel Performance for August 2024
CoStar Group | September 19, 2024
WASHINGTON – 19 September2024 – The U.S. hotel industry reported lower performance results from the previous month but positive comparisons year over year, according to August 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. August 2024 (percentage change from August 2023): Occupancy: 66.9% (+1.5%) Average daily rate (ADR): US$157.84 (+2.3%) Revenue per available room (RevPAR): US$105.67 (+3.9%) Among the Top 25 Markets, New York City experienced the highest occupancy level (+5.2% to 87.3%). Markets with the lowest occupancy
Post-Olympics Hospitality Insights: Pricing, Trends, and Guest Satisfaction From Paris 2024
Shiji | September 19, 2024
The 2024 Paris Olympics posed unique challenges and opportunities for the hospitality sector. During a recent webinar moderated by André Baljeu from techtalk.travel, Lighthouse Director of Hospitality Research Blake Reiter and Shiji ReviewPro Product Specialist Bruno Saragat dissected the performance of the Parisian hospitality market. The discussion centred around dynamic pricing, the influence of short-term rentals, and guest satisfaction throughout the event. Here is a summary of the key insights from the webinar and some points hoteliers can apply to their future revenue strategies, especially for large-scale events. A case of misjudg
Canada Hotels Record Highest Occupancy Since 2018
CoStar Group | September 19, 2024
WASHINGTON – 19 September 2024 – Canada’s hotel industry recorded its highest occupancy level for any month since August 2018, according to CoStar’s August 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. August 2024 (percentage change from 2023): Occupancy: 79.7% (+3.1%) Average daily rate (ADR): CAD235.85 (+3.6%) Revenue per available room (RevPAR): CAD187.93 (+6.8%) “After occupancy contracted marginally in July, the metric returned to a level normally seen prior to the pandemic,” said Laura Baxter, CoStar Group’s director o
Potential Profit Killer: Making Assumptions About Customers
Shep Hyken | September 19, 2024
By Shep Hyken My friend Norman Beck sends me interesting articles and stories on a regular basis. Recently, he shared the story of a wealthy customer who entered a luxury store and asked to see a $25,000 chess set. The customer wasn’t dressed well, and the salesperson made the assumption that she couldn’t afford to buy it. The customer walked away, but before leaving the store, she visited the owner’s office, who also happened to be a close friend. She bought the chess set – but only after the owner promised not to give the salesperson a commission. Eight years ago, I wrote an article titled Big Mistake … Don’t Judge a
Global Travel and Tourism Sector Deal Activity Fell by 12.6% YoY During January-August 2024
GlobalData | September 19, 2024
A total of 456 deals (mergers and acquisitions (M&A), private equity and venture financing) were announced in travel and tourism sector for the period of January to August 2024, which was a year-on-year (YoY) decline of 12.6% in deal volume, according to GlobalData, a leading data and analytics company. An analysis of GlobalData’s Deals Database revealed that the travel and tourism sector saw the announcement of a total of 522 deals during January-August 2023. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The travel and tourism sector’s deal activity reflects a cautious approach by deal-makers even though the reg
Global Business Travel and Events Costs Moderating in 2024, With Continued Modest Increases in 2025
GBTA | September 19, 2024
Latest research from CWT and GBTA reveals that while costs will continue to rise, the pace of these increases will be notably slower through 2024 and into 2025 Global business travel and events prices appear to be moderating following the dramatic increases seen in recent years. The 2025 Global Business Travel Forecast, published today by CWT, the business travel and meetings specialist, and the Global Business Travel Association (GBTA), the world’s largest business travel trade organization, reveals that while costs will continue to rise, the pace of these increases will be notably slower through 2024 and into 2025. This reflects a
Peachtree Group Acquires AC Hotel by Marriott in Park City, Utah
Peachtree Group | September 19, 2024
ATLANTA--Peachtree Group ("Peachtree") continues to build momentum with its sixth hotel acquisition of the year, with the acquisition of the AC Hotel by Marriott in Park City, Utah, highlighting the growing equity investment opportunities re-emerging in the hospitality sector. "Our team has successfully acquired a number of hotel properties at below-market prices, taking advantage of the current slowdown in transactions,” said Greg Friedman, managing principal and CEO of Peachtree. “While the market is slower than usual due to high interest rates, tighter lending conditions, economic and geopolitical uncertainty, we continue to remain