International Visitors Spent Nearly $20.1 Billion Traveling Within the United States in March
National Travel and Tourism Office (NTTO) | May 23, 2024
CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE Group, Inc. | May 16, 2024
Market Reports
Container Hotel and Prefab Bungalow: Modular Building Construction in China
Wayne Wei | July 15, 2016
By Wayne Wei and Daniel J Voellm With a fast changing economic environment and society coming to terms with the 'new normal' in China, hotel developers are seeking for more carefully planned and executed projects, based on a sound economic footing to ensure sustainable operations. Under such circumstances the modular building system might become one possible remedy to bring momentum to hotel development in China, particularly in remote areas. This publication provides a brief introduction of China's modular building construction for the hotel industry. Why modular building? Modular building is a process in which a building is construc...
2017 Global Travel Price Outlook Identifies Key Risks for Global Market
CWT | July 14, 2016
Alexandria, VA and Amsterdam (July 14, 2016) – New research out today highlights six key risks heading into 2017 that could impact both travel industry prices and the global economy as a whole. They are emerging market performance, financial market turbulence, geopolitical risks, uncertainty surrounding Brexit, potentially fluctuating U.S. interest rates and oil prices. "While business travel repeatedly demonstrates its resilience, the high level of global uncertainty we face heading into 2017 means travel buyers have to be more nimble and flexible than ever in crafting travel programs," said Jeanne Liu, GBTA Foundation vice presi...
Trend Alert: UK Travel Demand to the US Down as a Result of Brexit
nSight | July 13, 2016
Initial Impact of Leave Decision Shows UK Travel Demand to the US Down 17.9% in June NASHVILLE, TN (July 13, 2016) The world took a collective gasp on June 23 when the United Kingdom voted to leave the European Union. And with a new Prime Minister being named this week, changes in the UK are being watched carefully. Initial impacts of the UK's Brexit decision are already been felt in the travel industry with demand for summer travel from the UK to the US down 17.9%. Initial data was compiled by nSight for European travelers actively shopping online during June for July, August, or September stays in the US. Brexit is proving to influenc...
Renewed Hope for Israel’s Hotels as Investor Interest Shows Growth, says HVS Report
HVS | July 13, 2016
13 July 2016, London: Israel's hotel pipeline remains strong and, buoyed by new laws facilitating hotel developments, investor interest is expected to grow further in the country, according to a new report from global hotel consultancy HVS. While the impact of continuing terrorist activity has resulted in fewer visitors travelling to Israel, those cities with strong corporate-driven business, such as Tel Aviv, have proven to be more resilient than mainly leisure-driven markets such as Jerusalem and the Dead Sea area, the report highlights. "Over the past year, the country saw a 25% drop in the number of Russian visitors, while Italian v...
Global Business Travel Spend Topped Record-Breaking $1.2 Trillion USD in 2015, Will Reach $1.6 Trillion by 2020
The GBTA Foundation | July 12, 2016
Alexandria, VA (July 12, 2016) – Global business travel spend topped $1.2 trillion USD in 2015, growing 5 percent over 2014, and is forecast to reach 1.3 trillion in 2016 according to the GBTA BTI™ Outlook – Annual Global Report & Forecast, a new report released today by the GBTA Foundation, the education and research arm of GBTA, and sponsored by Visa, Inc. Despite continued global uncertainty, cautious optimism rules the forecast, which predicts global business travel spend to advance 5.8 percent on average over the next five years reaching $1.6 trillion in 2020. "Global business travel remains a critical driver ...
U.S. Hotel Development Cost Survey 2015/16
Stacey E. Nadolny | July 12, 2016
By Stacey E. Nadolny This 2015/16 survey reports per-room hotel development costs based on data compiled by HVS from hotel projects proposed or under construction during the 2015 calendar year. Construction cost data for new projects was collected in 2015 in order to form the basis of the mean and median of the construction cost components. Data derived from published sources and industry indexes, as well as information obtained from architects, contractors, developers, lenders, and other professionals involved with hotel development projects, have been considered in this survey. The HVS Hotel Development Cost Survey sets forth ranges o...
Burst of Creativity as Serviced Apartment Operators Look to Broaden Their Appeal, Says HVS Report
HVS | July 12, 2016
12 July 2016, London: The combination of serviced apartments and serviced offices in one building is one way serviced apartment operators are expanding their business and broadening the target audience, according to a new report from global hotel consultancy HVS. With operators such as Zoku in Amsterdam teaming up with shared office space concept WeWork, and Vision in Switzerland launching its first shared offices in Zurich, the concept of mixed-use development appears to be gathering pace as the borders between work and leisure become more blurred. "Mixed-use developments are by no means a new phenomena in the world of real estate but ...
HVS Key Takeaways: Boutique Hotel Investment Conference 2016
Susan Furbay | July 11, 2016
By Susan Furbay The conference keyed in on ways for independent hotels to gain ground in today's market, from financing avenues to booking channels. Changes in consumer behavior, with tastes favoring the hotel "experience" more than price or brand, were a highlight. The following are some key takeaways from this year's Boutique Hotel Investment Conference. Evolution of Consumer Tastes in Travel Over the past several years, hoteliers have become aware of the rise of the Millennial generation of travelers and the shifts in consumer behavior its preferences have brought about in the field of hospitality. Price still matters. So does conven...
Hilton has Largest Presence in Global Hotel Construction Pipeline with 1,536 Projects/246,358 Rooms
Lodging Econometrics | July 7, 2016
July 7, 2016 – PORTSMOUTH, NH – With 1,536 Projects/246,358 Rooms, Hilton Worldwide has the largest brand presence by both project and room count in the Global Hotel Construction Pipeline, Lodging Econometrics (LE) reports. Hilton has added 255 projects to its pipeline since last year, up 20%. Following closely is Marriott International with 1,431 projects/231,517 rooms and InterContinental Hotel Group with 1,281 projects/203,430 rooms. ...
Two-In-One Hotels Set to Grow in Europe, Says HVS Report
HVS | July 5, 2016
5 July 2016, London: Customers booking a stay with a particular hotel group are increasingly likely to be offered a choice of two brands on one site as the number of two-in-one or 'dual-brand' hotels looks set to rise, according to a new report from global hotel consultancy HVS. Two-in-one hotels, where two brands run by the same operator are located either next door to each other or within the same building, retain their identity by having dedicated entrances, front desks and elevators. Often they share back-of-house operations, guest amenities and even staff. Pioneered by AccorHotels 30 years ago, the concept is now growing steadily a...
What Apps Business Travelers Use and Why
the GBTA Foundation | July 1, 2016
ALEXANDRIA, Va. - July 1, 2016 - Mobile technology continues to make it easier for travelers to manage their own travel while in-transit and the majority of global business travelers are embracing this trend, according to a new study released today from the GBTA Foundation in partnership with Sabre Corporation. More than 7 in 10 business travelers in the United States (78 percent), Italy (77 percent), Canada (74 percent) and Spain (73 percent) prefer using self-service technology to manage their travel, while the rate is slightly lower for the Nordic countries (60 percent) and Germany (56 percent). In North America and Europe, the vast ...
Travel Community Declares Victory for Open Skies Agreements
U.S. Travel Association | June 28, 2016
WASHINGTON (June 28, 2016)—U.S. Travel Association President and CEO Roger Dow issued the following statement on reports that the U.S. government has rejected calls from the Big 3 domestic airlines and their union allies to tamper with Open Skies aviation agreements: "The decision confirmed by the State Department is an unequivocal victory for the U.S. economy, U.S. workers and travelers all over the world. The Big 3 airlines and their union allies asked for two things that would have dramatically harmed fliers and the economy—one, enter formal consultations to renegotiate specific Open Skies agreements; and two, freeze...
New York Tops List of Cities in the World for Hotel Construction with 187 Projects
Lodging Econometrics | June 24, 2016
June 24, 2016 – PORTSMOUTH, NH According to the latest Global Construction Pipeline Trend Report from Lodging Econometrics (LE), the top five cities with the largest construction pipelines in the world by project count are: New York with 187 Projects/32,136 Rooms; Jakarta with 130 Projects/22,851 Rooms; Seoul with 128 Projects/27,187 Rooms; Shanghai with 114 Projects/24,285 Rooms; and Dubai with 104 Projects/29,948 Rooms. ...
U.S. Hotel Transactions Market Active in 2016, Significant New Supply Headed to Many Major U.S. Hotel Markets
HVS | June 22, 2016
Denver, CO: June 22, 2016 - Many of the top U.S. hotel markets realized record performance figures in 2015, continuing an upward trend that has brought about an unprecedented amount of proposed hotel supply. HVS's annual Hotel Market Connections conference series, which concluded Thursday, June 16, also revealed insights into supply, demand, performance, and transaction dynamics for the first half of 2016. As of June 2016, U.S. hotel inventory stands at 54,258 hotels (5,066,697 rooms), with 4,154 new hotels (509,607 new rooms) in various stages of the pipeline. "Comparing this year with 2015, occupancy is holding steady nationwide, whil...
21% of U.S. Hotel Pipeline Yet to Select a Brand
Lodging Econometrics | June 22, 2016
June 21, 2016 – PORTSMOUTH, NH According to a recent United States Construction Pipeline Trend Report from Lodging Econometrics (LE), there are 715 pipeline projects with 111,465 rooms, 21% of the Total Pipeline, that have yet to select a brand. Of these 715 projects 139 are for full-service hotels, 555 are select service and 121 are limited service. ...
U.S. Leads Global Construction Pipeline with 40% of World’s Growth
Lodging Econometrics | June 20, 2016
June 20, 2016 – PORTSMOUTH, NH - According to the latest Global Construction Pipeline Trend Report from Lodging Econometrics (LE), the worldwide Pipeline is at 11,196 Projects/1.9 million Rooms, the highest level LE has ever recorded. The Global Pipeline is up 5% Year-Over-Year (YOY) by projects and 6% by rooms. Growth is led by the United States which now has 40% of the world's and 29% of its rooms in the Pipeline. Globally there are 5,277 Projects/990,669 Rooms currently Under Construction, down 1% by projects and up 1% by rooms. Projects scheduled to Start Construction in the Next 12 Months, at 3,214 Projects and 466,129 Rooms,...
What It Takes To Be a Successful Hotel CEO in 2016
Chris Mumford | June 20, 2016
By Chris Mumford and James Houran, Ph.D. What do Belmond, Caesar's Entertainment, Carlson, China Lodging, Jumeirah, Mandarin Oriental, Millennium & Copthorne, Starwood Hotels & Resorts, and Whitbread have in common? The answer is they all announced a change of CEO during the past 12 months. The economy continues to rebound and indications suggest the road ahead is paved for growth, so boards and shareholders are maintaining a close eye on CEO performance as never before. After a quiet 2014 in which there were few changes in CEO, 2015 saw a sharp increase with annual turnover among the world's 50 largest hotel companies hitting 1...
Hotel Investors Say ‘NO’ to UK Brexit at HVS London Event
HVS | June 20, 2016
20 June 2016, London: More than 95% of hotel property and investment professionals favour a remain outcome for next week's UK EU referendum, according to a straw poll conducted amongst leading hotel professionals in London yesterday. At the 2nd annual Market Connections event organised by hotel consultancy HVS, which ran simultaneously with similar gatherings at HVS offices around the globe, an audience of around 80 investors, operators and property developers expressed their views on the outcome. Very few of the attendees had changed their minds over their voting decision during the run-up to next week's referendum vote. The ma...
Upscale Chain Developments Represent 31% of U.S. Construction Pipeline with 1,384 Projects
Lodging Econometrics | June 14, 2016
June 14, 2016 – PORTSMOUTH, NH – According to a recent United States Construction Pipeline Trend Report from Lodging Econometrics, hotel development in the Upscale chain scale represents 1,384 projects, 31% of the Total Pipeline. The leading Upscale brands are Residence Inn with 168 Projects, Courtyard with 140 projects and SpringHill Suites with 124 projects. These three largest brands all belong to Marriott International and account for a third of all pipeline projects in the Upscale chain scale. ...
New York and Houston Have Most Robust Hotel Construction Pipelines
Lodging Econometrics | June 9, 2016
June 9, 2016 – PORTSMOUTH, NH - Lodging Econometrics reports that the five U.S. markets with the largest hotel construction pipelines by project count are New York with 187 projects, Houston with 169, Dallas with 128, Los Angeles with 94 and, new to the top five, Nashville with 89 projects. Marriott International has the most pipeline projects of any franchise company in four of these markets with 30 in New York, 29 in Dallas, 18 in Los Angeles and 20 in Nashville. In Houston, however, Intercontinental Hotels Group has 46 projects. ...
Upper Midscale Projects Represent 45% of U.S. Construction Pipeline with 2,026 Projects
Lodging Econometrics | June 8, 2016
June 8, 2016 – PORTSMOUTH, NH - Analysts at Lodging Econometrics report that there are 2,026 Upper Midscale projects in the U.S. Hotel Construction Pipeline, the highest count of any chain scale and representing 45% of Total Pipeline projects. The leading Upper Midscale brands are Holiday Inn Express with 389 projects, Hampton Inn & Suites with 336 projects and Home2Suites with 290 projects. These top three brands represent half of all projects in the Upper Midscale pipeline. ...
Travel Trends Index: Biz Travel Shows Signs of Life After Yearlong Slump
U.S. Travel Association | June 7, 2016
WASHINGTON (June 7, 2016)—Stronger international demand and the first positive month for domestic business travel in over a year propped up travel growth in April 2016, according to the U.S. Travel Association's Travel Trends Index (TTI). The association's monthly economic indicator predicts moderate travel expansion into late 2016, with international inbound growth rivaling that of domestic travel overall. For much of 2016 thus far, the strong U.S. dollar has proven a drag on the demand for international travel to the U.S., and April's report predicts a welcome rebound. The April Current Travel Index (CTI) rose to 52.2, signaling...
U.S. Hoteliers on Alert After First Quarter Occupancy Decline
CBRE Group, Inc. | June 6, 2016
U.S. Lodging Market Forecast To Grow, But At Slower Pace Atlanta – June 6, 2016 – The U.S. hotel market suffered a 0.5 percent decline in occupancy during the first quarter of 2016. This is the first year-over-year decline in occupancy since the fourth quarter of 2009 according to STR. Based upon the recently released June 2016 edition of Hotel Horizons®, the annual occupancy rate for U.S. hotels is forecast to decline in both 2016 and 2017, the result of supply increases outpacing growth in demand. U.S. occupancy levels will persist above the 65 percent mark, thus providing pricing leverage for hotel operators. For 2016...
HVS Key Takeaways: Hotel Opportunities in Latin America (HOLA) 2016
Luigi Major | June 1, 2016
By Luigi Major The 2016 HOLA conference roused both enthusiasm and caution for Latin America's hotel industry. Major markets benefit from their alignment with the U.S. dollar, but hurt from oversupply. Smaller markets, however, may be poised for growth. This year's Hotel Opportunities in Latin America (HOLA) conference opened with mixed signals. On one side of the picture, the drop in commodity prices, historic increases in hotel supply, and weaker exchange rates continue to impact Central and South American economies, now in the fifth year of an economic slowdown and the second year of recession. On the brighter side, an increasing amo...
