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Industry Happenings
New Survey Reveals What Americans Are Missing the Most: Travel
Hilton | October 12, 2020
According to a new study released Monday by Hilton, 95% of Americans are missing travel right now – are you one of them? It’s not surprising, after six months of restrictions brought on by a global pandemic which led to working and learning from home and little change in scenery … day after day after day. What is surprising though? That within this time, 188 million Americans already feel a ‘travel memory deficit,’ leading to greater stress and the feeling of FOMO on lost or missed out upon special moments with loved ones. Traveling, it seems, is one of the great American pastimes that brings long-lasting joy, with nine in 10 r...
The Strategic Value for Having an Onsite Medical Clinic at Hotels
Adel Eldin | October 12, 2020
by Adel Eldin, MBA, MD Cardiologist, Tampa, Florida, Frederick J. DeMicco, Ph.D., Professor, and Shelly Rehav, MBA student, the Northern Arizona University, W.A. Franke College of Business The benefits of a medical clinic located within a resort or hotel property are well founded. With an aging society and with travel and tourism set to increase post COVID-19, partnering with an onsite medical clinic franchise could strongly benefit a hotel. There are numerous lodging and medical clinic joint models that currently exist and thrive. A medical clinic located on property, or in close proximity of a hotel, allows a domestic or international...
IHG® Hotels & Resorts Reveals New Data About the US Summer Vacation in 2020
IHG | October 12, 2020
‘Staycation’ was undoubtedly the travel buzzword of 2020. With travel restrictions limiting people jetting off to far-flung destinations for some of the summer months this year, Americans looked to explore what was on their very own doorstep more so than ever before. IHG Hotels & Resorts, which includes brands such as Holiday Inn, InterContinental, Crowne Plaza, Staybridge Suites and Kimpton, reveals new data about the 2020 U.S. summer staycation and the impact on hotel bookings. Brian Hicks, SVP Commercial and Revenue Management, IHG Hotels & Resorts commented on the findings: “People are as eager as ever to travel, but th...
IHG® Hotels & Resorts Reveals New Data About the British Summer Staycation in 2020
IHG | October 9, 2020
Staycation’ was undoubtedly the travel buzzword of 2020. With travel restrictions limiting people jetting off to far-flung destinations this year, Brits looked to explore what was on their very own doorstep more so than ever before. IHG Hotels & Resorts, which has more than 360 hotels in the UK & Ireland with brands including Holiday Inn, voco Hotels, Crowne Plaza, InterContinental, Hotel Indigo, Staybridge Suites and Kimpton, reveals new data about how British travellers chose to spend the last few months. Karan Khanna, Managing Director UK & I, IHG Hotels & Resorts commented on the findings: “We’ve seen that peop...
Expedia Survey Reveals Americans Reached Their ‘Tripping Point’ Less Than 30 Days Into Lockdown
Expedia | October 9, 2020
SEATTLE, Oct. 8, 2020 -- Today, Expedia® reveals the latest phenomenon in pandemic travel behavior – the 'tripping point.' The tripping point is defined as the intense need for a break from the routine and the moment at which day-to-day responsibilities become too much and result in the desperate need for a change of scenery. For many adults, it would be an understatement to say the past six months or so have been a balancing act. Juggling new realities of work, school, household chores and errands can become monotonous, especially with little opportunity for a much-needed break. Through a survey of 1,000 adults aged 18-451, Expedia exa...
Florida’s Lodging & Hospitality Association of Volusia County Recognizes Outstanding Employees and Hospitality Students
LODGING & HOSPITALITY ASSOCIATION OF VOLUSIA COUNTY | October 9, 2020
The Lodging and Hospitality Association of Volusia County recognized employees in the hospitality industry and presented six Hospitality Students from both Bethune-Cookman University and Daytona State College with scholarships. Employees of the Year winners were: HOTEL CATEGORY WINNER Hard Rock Hotel Food and Beverage Brady Pivat The Shores Resort & Spa Executive Housekeeper Kim Felton Best Western Seabreeze Front Desk Alia Elmahdy Best Western Castillo Del Sol Front Desk Alicelin Rivera Best Western Castillo Del Sol Engineering Victor Rivera Hampton Inn - Speedway Sales Employee Amanda Dabkowski Best Western Room Attenda...
IHG Owners Association Board of Directors Holds In-Person Q3 Meeting at InterContinental Buckhead
IHG Owners Association | October 8, 2020
October 7, 2020 (Atlanta, Georgia) – The IHG Owners Association, which represents IHG® (InterContinental Hotels Group) franchise hotel owners worldwide, held its Board of Director’s third-quarter meeting in person, September 22-23 at the InterContinental® Buckhead in Atlanta, Ga.* The meeting is seen as a significant step towards returning to normal business practices and restoring consumer confidence in business travel. In August, the Board voted overwhelmingly to hold this meeting in person with a virtual video-call option for those unable to attend due to government-mandated travel restrictions. Following extensive preparation fro...
Baird/STR Hotel Stock Index Drops 7.1% in September
Baird | October 7, 2020
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index dropped 7.1% in September to a level of 3,329. Year to date through the first nine months of 2020, the stock index was down 36.8%. “Hotel stocks declined in September, which mirrored the broader market’s pullback,” said Michael Bellisario, senior hotel research analyst and director at Baird. “After significant absolute and relative gains in August, the September declines were modest in comparison. Investors have become more focused on a potentially slower economic growth outlook, an expected rise in coronavirus case counts as colder weather approaches, and t...
Service Properties Trust Terminates Agreements With Marriott for 122 Hotels
Service Properties Trust | October 7, 2020
SVC Terminated Marriott Agreements for Failure to Meet 80% Termination Threshold for Cumulative Owner’s Priority Returns to SVC through August SVC Plans to Transfer the Management of 98 of the 122 Hotels to Sonesta SVC has Entered Agreements to Sell 24 of the 122 Hotels for $153 million NEWTON, Mass. - Service Properties Trust (Nasdaq: SVC), or SVC, today announced that it has terminated the management agreements for 122 hotels with Marriott International, Inc. (NYSE: MAR), or MAR. As previously announced, SVC sent a letter requesting MAR advance $11.0 million to cover the cumulative shortfall between the payments SVC had received to da...
COVID-19’s Impact on the Denver Lodging Market
HVS | October 7, 2020
Amid a worldwide pandemic, the lodging industry is facing a downturn that is greater than the past two lodging-market declines combined. During the Great Recession, Metro Denver’s occupancy fell roughly eight points from 65% in 2008 to 57% in 2009; this year, we forecast occupancy to drop from the 2019 benchmark of roughly 74% to 42%, reflecting a 32-point correction. Average rate declined from $106 in 2008 to $93 in 2009, a 12% drop; this year, we forecast ADR to fall 30% ($135 to $96). Denver – 2020-2023 Forecast Source: STR (Historical Years) and HVS (Forecast) Major factors contributing to our forecast are summarized as follo...
AHLA Statement on Stalled Negotiations on New Covid Relief Legislation
AHLA | October 7, 2020
WASHINGTON (October 7, 2020) – The following is a statement from Chip Rogers, president and CEO of the American Hotel & Lodging Association, on the stalled negotiations surrounding additional COVID relief legislation. “This is unacceptable and unconceivable with millions of Americans out of work and thousands of small businesses barely hanging on. It’s time for our leaders in Washington to put politics aside and chart a bipartisan path forward to help businesses and employees in the hardest-hit industries. Millions of jobs and the livelihoods of people who have built their small business for decades are just withering away becau...
U.S. Travel Expresses Extreme Disappointment on Relief Talks Ending
The U.S. Travel Association | October 7, 2020
WASHINGTON (October 7, 2020)—U.S. Travel Association President and CEO Roger Dow issued the following statement on the White House ending coronavirus relief negotiations: “Hardworking Americans whose livelihoods depend on travel and tourism cannot wait until after the election for relief. The reality is that small businesses in every pocket of America are shuttering—they needed relief months ago, which has been made clear week after week. “With millions of Americans suffering, it is woefully shortsighted to end relief negotiations. New data from Tourism Economics shows that, without immediate aid, 50% of all travel-supported job...
Renie Cavallari Wins Silver Lifetime Achievement Stevie® Award for Women in Business
Aspire | October 6, 2020
Renie Cavallari, Founder and CEO of Aspire, honored internationally for a Stevie 15 consecutive years "Outrageous! A Dynamo! A Change Innovator!" These are some ways people refer to Aspire and The RCI Institute's Founder & Chief Instigator, Renie Cavallari, who has brought imaginative, innovative, & productive change to the international business community. This is what has led Renie and Aspire, a global sales training, strategic consulting, and leadership development firm, to their 15th consecutive Stevie® Award. This year an extraordinary honor. In celebration of their 25th anniversary, Renie has been recognized for Lifetime ...
Through August, Greater Boston Lodging Market Ranks as the Hardest Hit by Pandemic
Sebastian Colella | October 6, 2020
By Sebastian J. Colella The Greater Boston market has experienced a 71% decline in room revenue through August when compared to the same time last year, the largest decline of all top-25 markets according to STR. Hotels in Boston and Cambridge, as well as those in the Greater Boston area, began to feel the effects of the ongoing pandemic in early March, before many markets around the country. Declines in lodging demand showed improvement over the summer months as there was an uptick in leisure travel, however, this began to slow towards the second half of August. Despite this slight boost, lodging demand was still down 70% and 62% in July ...
DCF Is the Most Appropriate Method of Hotel Valuations, Especially During the COVID Era
Akash Datta | October 5, 2020
By Akash Datta, Dipti Mohan In a market like India, where land most often than not is mis-appropriately valued resulting in exaggerated project costs and hotel transactions are limited in number, the only viable methodology that remains relevant especially in the current uncertain & volatile market scenario is that of Discounted Cash Flows (DCF). Moreover, the current pandemic has had an unprecedented impact on the hospitality sector, with hotels being temporarily closed and the sector witnessing all-time low performance metrics, by the virtue of which, assessing the value of a hotel on current income fails miserably. Hotels are ext...
FAU Expert Insists Deep Price Discounts Now Will Set Bad Precedent for Hotels After Coronavirus Crisis Ends
Florida Atlantic University | October 5, 2020
BOCA RATON, Fla. (Oct. 5, 2020) – Hoteliers are bracing for a tenuous tourist season as the fallout from the COVID-19 recession lingers, but deep discounting should not be part of the recovery playbook, said Peter Ricci, Ed.D, director of the Hospitality and Tourism Management program in Florida Atlantic University’s College of Business. Ricci contends that hotels should keep rates what they were prior to the pandemic and instead institute a bare-bones operation that includes reduced staffing and expenses with only a small percentage of rooms available to reserve. “This will maintain brand integrity and the quality expectations wi...
Twin River Worldwide Holdings to Acquire Jumer’s Casino & Hotel for $120M
Twin River | October 1, 2020
PROVIDENCE, R.I., Oct. 1, 2020 - Twin River Worldwide Holdings, Inc. (NYSE: TRWH) ("Twin River" or the "Company") today announced that it has entered into an agreement with Delaware North Companies Gaming & Entertainment, Inc. to acquire Jumer's Casino & Hotel ("Jumer's") in Rock Island, Illinois for a purchase price of $120 million in cash. The total consideration for the transaction represents an implied proforma purchase multiple of approximately 7.4x trailing twelve months earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") (for the period ended December 31, 2019). The multiple excludes the impac...
Sacramento Most Expensive U.S. City for Hotels, Survey Shows
Cheaphotels.org | October 1, 2020
According to the latest survey by Cheaphotels.org, Sacramento is currently the most expensive city in the United States for hotel accommodations, This year's results, however, were heavily skewed by the COVID-19 pandemic. The survey compared hotel rates across 50 urban destinations in the U.S. Average rates for the least expensive double room during October 2020 for each destination were determined and only centrally located hotels with a 3-star rating or higher were considered. Sacramento topped the rankings with an average price of $131 for the most affordable double room. Cincinnati and Phoenix complete the podium, with average rates...
Caesars Entertainment and VICI Properties Complete Sale of Harrah’s Reno to CAI Investments for $41.5M
Caesars Entertainment | October 1, 2020
NEW YORK - Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars Entertainment” or “Caesars”) and VICI Properties Inc. (NYSE:VICI) (“VICI Properties” or “VICI”) today announced they have completed the previously disclosed transaction to sell Harrah’s Reno Hotel and Casino (“Harrah’s Reno”) to an affiliate of CAI Investments for $41.5 million. The proceeds of the transaction were split 75% to VICI and 25% to Caesars, while the annual rent payments under the Regional Master Lease between Caesars and VICI remain unchanged. Forward-Looking Statements This press release includes forward-looking statements within the me...
2021 Hotel Forecast
Robert Rauch | October 1, 2020
By Robert Rauch The COVID-19 pandemic has caused unprecedented disruption to the hospitality industry, so when it comes to mapping a post-pandemic recovery, it’s clear that we are in uncharted territory. The Lodging Conference hosted Bernard Bauhmohl, Chief Economist of the Economic Outlook Group. His remarks related to vaccines, treatments, lack of stimulus package and election results led us to believe we are in for a longer ride along the trough of this recession. Our assessment is that we are at the midpoint with Q2 and Q3 behind us, two more quarters of recession will put us at one full year, close to the average length of a rece...
Travel CEOs Unite in Stark Call for Relief Bill
U.S. Travel Association | October 1, 2020
WASHINGTON (October 1, 2020)—The CEOs of 17 of the largest U.S. travel companies joined the U.S. Travel Association in the following statement pleading with leaders in Washington to advance a subsequent round of legislative relief from the economic fallout of the COVID-19 pandemic: “In the strongest possible terms, we urge Congress and the administration to reach agreement before the election on a relief package that will give travel employers—and the millions of livelihoods they support—a fighting chance to survive. “We represent an industry that accounts for nearly 40% of all the U.S. jobs that have been lost to the coronavi...
A Deep Dive Into Japan’s Road to Recovery
September 30, 2020
While many nations have lifted COVID-19-related limits on travelers, entry restrictions for international travelers in Japan remain in place. However, the Japanese government has launched a “Go to Travel” campaign to promote domestic travel and help boost local businesses. But while hotel occupancy has improved thanks to this government campaign, levels remain well below pre-pandemic levels with full recovery not expected for years. COVID-19 “second wave” & Go to Travel campaign impact The Go to Travel campaign provides subsidies of up to 50 percent on transportation, hotels, restaurants, tourist attractions and sh...
Beyond COVID-19: Leadership Skills Fit for the Future
EHL | September 30, 2020
It is no secret that the current public health crisis has sent the economy into turmoil, leaving businesses large and small fighting for survival and a workforce living through exceptionally challenging times. Against the backdrop of uncertain markets and the UN’s forecast global economy contraction of 3.2% in 2020, it is particularly important to be equipped with pertinent leadership skills. As we emerge from this crisis, it may be tempting to cut spending on leadership development in an effort to balance the books. However, it is at this time more than ever that appropriately skilled leaders can play their part in righting the ship. Wi...
Onyx CenterSource Leverages OnyxComp in Partnership With Skift Recovery Index
Onyx CenterSource | September 30, 2020
DALLAS (Sept. 30, 2020) -- Onyx CenterSource, a leading global provider of B2B payments and business intelligence to the hospitality industry, today announced it is a contributing partner to the Skift Recovery Index, a real-time measurement of the travel industry’s recovery. The monthly index – published by Skift, a media company that provides news, research, and marketing services for the travel industry – uses key indicators from data partners to calculate a recovery score that industry leaders can use to guide strategic planning initiatives. Onyx will provide weekly datasets for a number of countries around the globe using its pro...
