Here’s How COVID-19 Has Altered USALI Financial Reporting
HotStats | June 22nd, 2020
The Middle East’s Ghastly Hotel Numbers in April Could Be the Bottom
HotStats | June 3rd, 2020
Latest Research From WTTC Shows a 50% Increase in Jobs at Risk in Travel & Tourism
March 26, 2020
London, UK: Up to 75 million jobs are at immediate risk in global Travel & Tourism due to the coronavirus pandemic, according to the World Travel & Tourism Council (WTTC). The alarming figure, based on research from WTTC, shows a punishing Travel & Tourism GDP loss to the world economy of up to US$2.1 trillion in 2020. The latest projection of a 50% increase in jobs at risk, in less than two weeks , represents a significant and worrying trend, with an astounding one million jobs being lost every day in the Travel & Tourism sector, due to the sweeping effect of the coronavirus pandemic. The analysis by WTTC, which repr...
STR: U.S. Hotel Results for Week Ending 21 March
STR | March 26, 2020
HENDERSONVILLE, Tennessee—Showing further effects of the COVID-19 pandemic, the U.S. hotel industry reported significant year-over-year declines in the three key performance metrics during the week of 15-21 March 2020, according to data from STR. In comparison with the week of 17-23 March 2019, the industry recorded the following: Occupancy: -56.4% to 30.3% Average daily rate (ADR): -30.2% to US$93.41 Revenue per available room (RevPAR): -69.5% to US$28.32 “RevPAR decreases are at unprecedented levels—worse than those seen during 9/11 and the financial crisis,” said Jan Freitag, STR’s senior VP of lodging insights. ...
Coronavirus Impact On Hotels & A Plan For Recovery
GCommerce Solutions | March 23, 2020
What is the current digital marketing landscape for the hospitality industry? First, let’s summarize the larger impact of COVID-19 on the industry. Current Impact of COVID-19 on the Hotel Industry According to American Hotel and Lodging Association (AHLA), the hospitality industry has lost 1.5 billion in room revenue and is on pace to lose $1.4 billion per week due to COVID-19. In the last few days, we have received word that many hotels have either already closed their doors or are planning to in the immediate future, all due to the impact of COVID-19. While these numbers are staggering, let’s take a look at what our hotel digit...
Top Hotel CEOs Meet With President Trump, Vice President Pence on Urgent Assistance to Keep Hotels From Shuttering; Protect Millions of Employees From
AHLA | March 18, 2020
WASHINGTON, D.C. (March 18, 2020) – Leading hotel CEOs met today with the White House to discuss urgent economic recovery solutions needed to protect millions of U.S. hotel employees and 33,000 small businesses as travel grinds to a virtual halt across the country. From Main Street to major cities across the country, hotels everywhere are on the verge of shutting their doors in the coming days – many by the end of this week. With 1 in 25 jobs supported by the hotel industry, the rapid pace of booking cancellations is having an immediate, negative ripple effect that risks seeing mom and pop hotel owners shutter, furlough their employees...
STR: London Hotel Performance Drops Amid Growing COVID-19 Concerns
STR | March 16, 2020
16 March 2020 - LONDON— STR’s preliminary data for hotels in London shows slightly negative performance in February 2020 that worsened into double-digit declines during the first week of March. February preliminary data (compared with February 2019): Occupancy: -2.3% to 76.3% Average daily rate (ADR): +0.3% to GBP133.57 Revenue per available room (RevPAR): -2.1% to GBP101.91 1-8 March preliminary data (compared with corresponding week in 2019): Occupancy: -21.0% to 65.5% ADR: -8.5% to GPB128.39 RevPAR: -27.7% to GPB84.14 As concerns have grown around the COVID-19 outbreak, STR analysts note that London daily...
STR: Italy Hotel Occupancy Drops Amid COVID-19 Outbreak
STR | March 10, 2020
LONDON — 10 March 2020 —Key hotel markets in Italy have reported significant occupancy declines amid the outbreak of coronavirus (COVID-19), according to preliminary February data from STR. “Italy has become a focal point of the COVID-19 outbreak, so to no surprise, the hotel occupancy impact has been significant in certain markets,” said Robin Rossmann, STR’s international managing director. “It is important to note, however, that performance declines are more pronounced in Italy in comparison with other countries due to the significant measures being taken by the government to combat the virus spread. The hope is that these m...
New GBTA Research Shows Coronavirus Continues to Impact the Business Travel Industry
Global Business Travel Association | March 10, 2020
Alexandria, VA -- March 10, 2020 -- The coronavirus (COVID-19) continues to impact the global business travel industry, with companies canceling meetings and instituting blanket business travel cancellations, according to the latest research conducted by the Global Business Travel Association (GBTA). GBTA members routinely send their employees to meetings and events throughout the world, with the primary destinations being North America, Europe, China, and the Asian Pacific region. To understand the coronavirus’s effects on business travel, GBTA conducted its third lightning poll of membership on March 4-6, 2020. GBTA received response...
Travel Trends Index: Int’l Inbound Travel to Plummet 6% Over Next Three Months
U.S. Travel Association | March 4, 2020
March 04, 2020 - WASHINGTON -- The Leading Travel Index (LTI), the predictive component of the U.S. Travel Association's Travel Trends Index (TTI), projects international inbound travel to the U.S. will fall 6.0% over the next three months as the coronavirus outbreak continues to roil the global economy. The latest TTI captures data from January, when awareness of coronavirus began to ramp up and China—one of the biggest travel markets to the U.S.—implemented aggressive measures to curb travel out of certain cities. The predicted 6.0% three-month drop compared to the same period in 2019 is the sharpest in the five-year history of th...
Marriott Development Projects Lead the U.S. Hotel Construction Pipeline at the Close of 2019
Lodging Econometrics (LE) | January 30, 2020
January 30, 2020 – PORTSMOUTH, NH - In the Lodging Econometrics (LE) year-end report for 2019, analysts detailed the leading franchise companies and their brands in the construction pipeline. Marriott International tops the list, at an all-time high, with 1,579 projects/207,906 rooms, followed by Hilton Worldwide with 1,370 projects/152,832 rooms, and InterContinental Hotels Group (IHG) with 943 projects/96,725 rooms. Sixty-eight percent of the projects in the total pipeline derive from these three franchise companies. The leading brands by project count for these three companies continue to be Hilton’s Home2 Suites by Hilton with 408...
HVS 2020 Hotel Transaction Outlook
Benjamin A. Levin | January 27, 2020
With the strength of the U.S. economy, hotel transaction activity should remain strong in the near term; however, as we look further out, things become a little less optimistic. Before we discuss the future, let’s take a quick dive into what happened in the past As expected, hotel transaction volume fell to a historic low during the peak of the Great Recession in late 2009, a drop that began roughly 24 months earlier at the end of 2007. Similar to the rebound in performance, transaction activity among economy hotels recovered rapidly, but soon declined as investors shifted their focus to midscale and upscale hotels, which recovered more ...
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