Analysis-Companies Boost Social and Climate Reporting Amid ESG Backlash
November 4th, 2024
European Stocks Climb on Energy Boost; Headed for Weekly Losses
November 1, 2024
By Pranav Kashyap (Reuters) -European shares climbed on Friday, buoyed by a rally in energy stocks, but remained on track for their worst week in nearly two months as a tightly contested U.S. presidential election kept investors on edge. The pan-European STOXX 600 index rose 0.5% to 508.05, after falling more than 1% in the previous session. The benchmark was poised to record a drop of about 2% this week, marking its second consecutive weekly decline. As the Nov. 5 U.S. presidential election approaches, the race remains too close to predict, with opinion polls showing a virtual dead heat. Investors are placing their bets on the...
Hong Kong September Retail Sales Fall 6.9%
November 1, 2024
HONG KONG (Reuters) - Hong Kong's September retail sales fell 6.9% from a year earlier, reflecting the continued impact of a change in consumption patterns, government data showed on Friday. Sales fell to HK$29.6 billion ($3.81 billion) in a seventh consecutive month of decline after a revised 10.0% decline in August, a 11.7% fall in July, a 9.7% fall in June, a 11.5% drop in May, a 14.7% drop in April and a 7% decline in March. "The near-term performance of the retail sector would continue to be affected by the change in consumption patterns of residents and visitors," a government spokesman said, adding China's stimulus measures, amon...
Is the Connected Trip the Next Big Thing?
Max Starkov | November 1, 2024
By Max Starkov, Hospitality & Online Travel Tech Consultant Booking has been working for five years to add air, experiences, car rental and other travel components, which in their view provides a better experience for travelers and better returns for the company. How promising is the connected trip concept? First of all, this concept is not new. For 175 years traditional tour operators have offered “connected trips” in the form of tour packages, and in the last 60 years - beach and ski vacations with charter flights. Booking.com’s main rival - Expedia - has been pushing the so called “connected trip” (a trip that includ...
HFTP Announces 2025 HITEC North America Advisory Council
HFTP | November 1, 2024
Hospitality Financial and Technology Professionals (HFTP®) producers of the Hospitality Industry Technology Exposition and Conference (HITEC®), has announced the 2025 HITEC Advisory Council. An expert group of distinguished industry professionals selected to develop and coordinate the education program for HITEC’s North American event. With over five decades of history, HITEC has become a must-attend event, drawing thousands of professionals to explore the latest trends, innovations in technology, best practices and solutions in the hospitality industry. HITEC 2025 will take place from June 16–19 at the Indiana Convention Center in I...
Learn-by-Going: Study Abroad in Thailand
Cecilyah New | November 1, 2024
When I signed up for the 2024 Thailand Collins College Study Abroad Program, I did not anticipate a life-changing experience. I had no expectations beyond learning how to cook Thai food in Thailand for course credits, and I had not researched much about studying abroad before the trip. However, during my time at Rajamangala University of Technology Thanyaburi (RMUTT), I immersed myself in Thai culture, gained new insights into the hospitality industry, and broadened my global perspective in a new environment. Participating in this study abroad program has significantly contributed to my academic journey, professional development, and personal...
Event Tourism: How Music, Sport, and Film Shape Destinations
EHL Insights | November 1, 2024
From Taylor Swift’s record-breaking concert tours to Mega-Sports events and the surge of screen tourism inspired by hit shows like HBO’s The White Lotus, these phenomena are transforming travel patterns worldwide. The allure of mega-events and on-screen destinations can generate substantial short-term economic boosts, yet they also bring challenges. Dr. Isabella Blengini, Associate Professor of Economics at EHL Hospitality Business School, delves into the complex and multi-dimensional impacts of event tourism and pop culture tourism. As the tourism industry rebounds from recent downturns, event- and pop culture-driven travel is playing...
Visitation Growth & Key Tourism Drivers in the MEA Region
Hala Matar Choufany | November 1, 2024
Tune in to Hala Matar Choufany's interview with Maya Hojeij on Bloomberg Alsharq discussing visitation growth and key tourism drivers in the region: International visitation has been staggering growth in 2024 and is expected to continue across the mid to long term; Investments in tourism infrastructure, notably airports and airlines, continue to play a key role in enhancing visitation growth and tourism appeal; Morocco, Egypt and Saudi offer good investment opportunities supported by government plans and major upcoming international events; Project delays and cancellations are not uncommon in emerging destinations and qua...
Hilton Expands Presence in Italy With Two New Hotel Signings
Hilton | November 1, 2024
ROME and McLEAN, Va. – Hilton (NYSE: HLT) today announced plans to expand its presence in Italy, with the signing of DoubleTree by Hilton Naples Oriente and Hampton by Hilton Rome St Peter´s, set to open next year. Alan Mantin, vice president, development Southern Europe, Hilton, said, “We continue to experience significant growth across Italy - with more than 2,000 rooms in our pipeline - and are pleased to announce two additional signings across our full and focused service brands. With nearly 60 million visitors to Italy in 2023, we are excited to offer travellers further accommodation options in the vibrant cities of Rome and Na...
Kolpin Hotels Launches New Hotel Brand, Roberta’s Society
Kolpin Hotels | November 1, 2024
November 1, 2024... Kolpin Hotels and Karim Nielsen, CEO of Kolpin Hotels are happy and excited to announce their partnership in the development of a new brand called Roberta's Society. It is a high-end, low-key budget hybrid concept and a meeting point for various target groups, where art, culture and activities will occur and create a place that you don't just want to come to live. Roberta's Society is created for travelers who want to stay in a lively, cozy and cool hotel with a strongly developed community. This new brand is aimed at guests between 18 and 50 years of age, and we want to accommodate both business and holid...
The Sea Ranch Lodge Appoints New Culinary Leadership Team
The Sea Ranch Lodge | November 1, 2024
SEA RANCH, Calif. (November 1, 2024) – The Sea Ranch Lodge is excited to announce the formation of its new culinary leadership team, bringing together exceptional talent to elevate the dining experience at the renowned coastal destination. The Lodge welcomes Darren McRonald as Executive Chef, Jay Wyant-King as Director of Food and Beverage, Chloe Tula as Wine Director, and Katrina Coffman as Farm Manager. “We are excited to welcome this talented culinary team to The Sea Ranch Lodge family, each bringing their unique expertise and vision,” says Kristina Jetton, General Manager, The Sea Ranch Lodge. “Together, they will not only e...
Newly Built Holiday Inn Express Opens in Hamilton, Ontario
Holiday Inn Express | November 1, 2024
Hamilton, Ontario November 1, 2024 Vrancor Hospitality Corporation, a leading Canadian hotel management company, announces the opening of the new Holiday Inn Express® hotel in Hamilton Ontario. Holiday Inn Express Hamilton - Upper James is owned and operated by 1276 Upper James Limited and managed by Vrancor Hospitality Corporation. This new hotel represents the latest addition to InterContinental Hotels Group’s (IHG) more than 6,000 hotels across the globe. Ideally located on Upper James Street, on the Hamilton mountain. The 105 room, 6 storey hotel is ideally situated right off the Lincoln Alexander Parkway, steps away from a variety of...
Reef Capital Partners Celebrates Grand Opening of The Boardwalk Hotel on Lake Anna by Kasa
Reef Capital Partners | November 1, 2024
November 1, 2024, Lake Anna, VA — Reef Capital Partners, is pleased to announce the grand opening of The Boardwalk Hotel on Lake Anna by Kasa. Situated on scenic Lake Anna, this boutique lakefront destination is now officially open, welcoming guests to enjoy a new standard of hospitality at the modern, coastal concept in a location known for its desirable natural beauty. A ribbon-cutting ceremony, held on October 25, was attended by local dignitaries and community leaders. The 34-room hotel, including two multiple-bedroom suites, provides an array of room options to suit a variety of travelers, from king and queen rooms to double queen c...
Vista Hospitality Opens Doubletree by Hilton New York JFK Airport
DoubleTree by Hilton | November 1, 2024
JAMAICA/QUEENS NEW YORK – November 1, 2024 – The Doubletree by Hilton New York JFK Airport opened today. The 12-story hotel is located just minutes from John F. Kennedy International Airport, and is a venture between the Vista Hospitality Group and Amaya Hospitality. Overseen by Vista Property Management, the Hotel underwent an extensive renovation for the conversion, and now features 385 beautifully-appointed Guest Rooms and Junior Suites. “The Doubletree JFK Airport is an iconic property within the New York JFK sub-market,” said George Drepaul, General Manager. “We are all very excited to represent the Hilton family of brands, an...
Luxury boutique hotel slated for W. Front Street
NEWH, Inc. | November 1, 2024
Nov. 1—TRAVERSE CITY — A new 140-room "luxury boutique hotel" is coming to West Front Street in Traverse City. The four-story structure will occupy a long-vacant lot between the Record-Eagle office building and J&S Hamburg. No name or brand for the new hotel has been announced yet. Great Lakes Capital, a private equity developer based in South Bend, Indiana, expects construction to begin in the third quarter of 2025, with a grand opening to follow in early 2027. The project is expected to cost about $62 million. "Despite the region being a year-round destination ... there is a massive unmet demand for an upscale hotel," GLC o...
Analysis-US Airlines See Stronger Profits as Airfare War Ends
October 31, 2024
By Rajesh Kumar Singh CHICAGO (Reuters) - U.S. airlines appear to have rediscovered their mojo, thanks to a sharp reduction in capacity that plagued the market this summer. Airfares have turned higher, and airline stocks are now outperforming the broader market. That improvement was one reason why American Airlines lifted its full-year profit forecast. It led to a surprise third-quarter profit at Southwest Airlines and has put Delta Air Lines on track to deliver one of the most profitable fourth quarters in its history. The NYSE Arca Airline index has gained 23% in the past three months, outpacing an 8% jump in the S&P 500 index....
Thai Finance Minister Says Wants to Beat Govt Forecast of 3% Growth in 2025
October 31, 2024
By Orathai Sriring and Kitiphong Thaichareon BANGKOK (Reuters) -Thailand's economic growth rate is expected to increase to 3% in 2025, supported by spending, exports, investment and tourism, the government said on Thursday, and the finance minister said he was already working to beat that forecast. Southeast Asia's second-largest economy is seen growing 2.7% this year, the finance ministry said, a solid increase from 2023's subdued 1.9% expansion. "The growth trend is still ongoing. The government is trying everything to drive the economy," Finance Minister Pichai Chunhavajira told reporters at a business event. "Hopefully, next y...
Booking Holdings Beats Quarterly Profit Estimates on Healthy International Travel
October 31, 2024
(Reuters) - Online travel agency Booking Holdings beat analysts' expectations for third-quarter profit and revenue on Wednesday, as resilient demand for international travel offset the weakness in domestic travel in the U.S. and China. Shares of the company rose 4.3% after the bell. International travel demand in Europe and many Asian countries has remained steady, making up for the domestic travel slump in the U.S. and China as consumer spending falls amid macroeconomic difficulties. "We are pleased to report third-quarter room night growth of 8%, which exceeded our prior expectations, driven primarily by stronger performance in Eur...
Spirit Airlines To Furlough Hundreds of Pilots To Cut Costs
October 31, 2024
By Rajesh Kumar Singh CHICAGO (Reuters) - Spirit Airlines will furlough about 330 pilots on Jan. 31, 2025, a company spokesperson told Reuters, as part of its efforts to cut costs and shore up its finances. The ultra-low-cost carrier has been losing money despite strong travel demand. It has failed to report a profit in the last five out of six quarters, raising doubts about its ability to manage looming debt maturities. Spirit furloughed 186 pilots last month. It will also downgrade 120 captains to first officers on Jan. 31, the spokesperson said. The company has been facing an uncertain future after the collapse of its $3.8 bill...
UK Finance Firms Told to Beef Up Buffers Against CrowdStrike-Like Events
October 31, 2024
LONDON (Reuters) - Financial companies in Britain must prepare to ensure they can deliver business services in "severe but plausible" scenarios, such as a global tech outage, to minimise any impact on consumers and markets, the markets regulator said on Thursday. In a statement outlining what lessons could be learned after U.S. cybersecurity firm CrowdStrike's botched software update caused global chaos in July, the Financial Conduct Authority (FCA) said unregulated third-party problems were the leading cause of operational incidents reported between 2022 and 2023. CrowdStrike's popular core technology, the Falcon platform, detects and ...
8 Revenue Manager Phrases That Mean “I Am Winging It and Have No Idea”
Fabian Bartnick | October 31, 2024
By Fabian Bartnick We’ve all been there—stuck in a meeting where someone says something that makes you think, Do they actually know what they’re talking about? Here are 8 classic phrases from revenue managers who are definitely winging it. 1. We’re optimizing our mix across all channels. Translation: I threw some guesses out there and hoped for the best. Please don’t ask for specifics. 2. The data suggests we should hold rates steady. Translation: I looked at the numbers, but there’s no way I can explain why it matters. Holding steady just sounded safe. 3. Our forecast accuracy is a high priority for us. Transl...
U.S. Hotel Results for Week Ending 26 October
CoStar Group | October 31, 2024
WASHINGTON – 31 October 2024 – The U.S. hotel industry reported positive year-over-year comparisons, according to CoStar’s latest data through 26 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 20-26 October 2024 (percentage change from comparable week in 2023): Occupancy: 69.0% (+4.5%) Average daily rate (ADR): US$168.69 (+4.6%) Revenue per available room (RevPAR): US$116.32 (+9.3%) Among the Top 25 Markets, Tampa saw the largest occupancy lift (+28.1% to 84.2%), due to continued displacement demand from Hurricane Milton. New Or...
Low US Weekly Jobless Claims, Solid Consumer Spending Showcase Economy’s Strength
October 31, 2024
By Lucia Mutikani WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits fell to a five-month low last week and consumer spending increased more than expected in September, showcasing the economy's strength heading into the final stretch of 2024 and just days before next Tuesday's presidential election. Though prices pushed higher last month, inflation is firmly on a downward trend, with other data on Thursday showing labor costs posting their smallest gain in more than three years in the third quarter. The data likely keeps the Federal Reserve on track to cut interest rates next week and possibl...
Ensuring Your Deal Closes: Three Areas to Focus On
Eric Guerrero | October 31, 2024
Both buyers and sellers want a seamless hotel transaction closing, but a variety of potential pitfalls can slow a deal’s closing. Below, we review three key areas of a hotel sale that may present obstacles: financing, PIP costs, and property insurance premiums. We also provide recommendations that help you to anticipate and prevent issues. Financing Securing debt at a reasonable market rate with good terms is still one of largest obstacles in closing a deal. In order to obtain a good loan, a buyer must have a strong balance sheet with a credible global cash-flow and solid track record of success in owning and operating other hotels. Bu...
This Halloween, 10 Ways to Scare Your Competition and Steal Their Customers
Shep Hyken | October 31, 2024
Halloween brings up images of spooky costumes and haunted houses. So, here’s a question for you: Are you confident your customer service and CX won’t scare your customers away? That’s a rhetorical question. If you’ve been reading my weekly newsletters or watching my videos, it means you’ve been investing in yourselves and your company by creating an experience that doesn’t scare customers away … but it may scare your competition. I’ve created a list. If you do any of these, your customers will love you – nothing scary about that – but your competition will be scared their customers might find out and switch to ...
