HFTP® Acquires Leading Hospitality Industry Brands: Hospitality Upgrade, Hotel-Online, The CIO Summit and The Executive Vendor Summit
Hospitality Financial and Technology Professionals | June 25th, 2024
New WTTC Campaign Highlights the Social Benefits of Travel & Tourism
September 28, 2020
‘Travel the world. Make a difference’ and share experiences Campaign launched on World Tourism Day (27 Sept) London, UK: A major social media campaign has today been launched to raise awareness of the wide-ranging social benefits of travel by the World Travel & Tourism Council (WTTC). The new initiative asks travellers to think about the positive social impact that travel makes to people, places and communities dependent upon the Travel & Tourism sector for their livelihoods. It also encourages people around the world to share stories of how tourism has made a difference and changed their lives. The campaign strap...
Colony Capital Enters Agreement With Highgate to Sell Six Hospitality Portfolios for $2.8 Billion
Colony Capital, Inc. | September 25, 2020
LOS ANGELES - Colony Capital, Inc. (NYSE: CLNY) (“Colony Capital” or the “Company”) today announced it has entered into a definitive agreement to sell six of its hospitality portfolios to Highgate, a premier real estate investment and hospitality management company, in a transaction valued at $2.8 billion, including $67.5 million of gross proceeds on a consolidated basis and the assumption of $2.7 billion in consolidated investment-level debt. The six portfolios consist of 22,676 rooms across 197 hotel properties. As part of the transaction with Highgate, Colony will transfer (i) five of the six portfolios held in the Hospitality ...
Second Wave Brings Uncertainty to Business Travel Recovery
The Global Business Travel Association | September 25, 2020
Attention turns to 2021 as two-thirds of companies plan return to in-person events Alexandria, VA (September 24, 2020) – The majority of Global Business Travel Association (GBTA) companies expect their employees to return to in-person events in 2021. Almost half (45%) expect attendance to resume in the first half of the year, according to the latest poll conducted between September 15-19, 2020, by GBTA, with an additional 25% expecting a return to in-person events in the second half of 2021. While most do not expect their company to host in-person meetings, events or conferences in 2020, there is growing optimism for 2021, with 37% ex...
U.S. Hotel Profitability Improvements Slow in August
STR | September 25, 2020
BROOMFIELD, Colorado—Improvements in U.S. hotel profitability metrics slowed in August, according to STR‘s latest monthly P&L data release. In a year-over-year comparison with August 2019, the industry reported the following: GOPPAR: -91.3% to US$6.90 TRevPAR: -74.5% to US$55.72 EBITDA PAR: -112.1% to US$-6.96 LPAR (Labor Costs): -64.4% to US$27.19 “Overall profitability (GOPPAR) remained in positive territory for a second straight month, but the incremental improvements we had seen over the previous two months slowed,” said Raquel Ortiz, STR’s assistant director of financial performance. “Even though Augus...
U.S. Only Region to Not Return to Profitability; China Hits 2019 Levels
HotStats | September 25, 2020
Hoteliers outside the U.S. have cause for muffled celebration: Europe, Asia-Pacific and the Middle East all showed positive gross operating profit per available room (GOPPAR) in August. The U.S. now becomes the only region that has yet to turn a positive month of profit since the COVID-19 pandemic took hold. Meanwhile, China is showing a true V-shaped recovery in profit, having matched December 2019 GOPPAR in August. One thing is sure, the global hospitality industry will be tested in the months to come, as the summer months give way to the fall and winter, where a dip in travel, particularly on the leisure side, is typical. This, compound...
Update COVID-19 Hotel Attributes on 3rd Party Websites
Sonya Taylor | September 24, 2020
Every webinar, training, and travel-related article has heavily leaned on the notion that making travelers feel safe while staying in your hotel or visiting your city is how we will get our occupancy back up. By this point, you surely have a pop up or landing page dedicated to new protocols around COVID-19. If not, start there, then come back and read the rest of this article. Is your hotel utilizing all of the opportunities on local listings, OTAs and brands have done to help us get the word out? We have a feeling you may have missed a few and we are here to help you navigate those opportunities. Google My Business, TripAdvisor and OT...
Will More Hotels Get Into the Home-Sharing Business?
Linchi Kwok | September 23, 2020
There is no doubt that COVID-19 has had an unprecedented impact on the travel and tourism industry. With massive layoffs and closures, many hospitality professionals have noted that they had never seen such a detrimental event to the industry in their careers. Nobody knows when the recovery will take place. Yet, there is at least one exception. The home-sharing sector has already rebounded. Airbnb booking is up and ready for an IPO When the pandemic hit, Airbnb reported a 90% drop in booking, or a $400 million adjusted loss in the second quarter. Then, Airbnb laid off 7,500 employees, or 25% of its workforce, and cut its marketi...
How to Launch a Hospitality Business in an Economic Downturn
EHL Hospitality Insights | September 23, 2020
Financial turmoil: A perfect opportunity for start-ups If you’ve been toying with the idea of starting a hospitality business, but have been put off by the economic downturn as a result of the ongoing COVID-19 pandemic, fret not. There’s hope. In fact, despite the global uncertainty and the unstable financial and political climate, now might actually be one of the best times to launch your business. Here’s why: Volatile markets create chaos and give rise to new problems. This means consumers are looking for new and innovative solutions, which presents the ideal opportunity for start-ups aiming to make a name for themselves. Co...
Small Businesses in Grave Peril Unless Washington Acts
The U.S. Travel Association | September 23, 2020
WASHINGTON (September 23, 2020)—More than half (55%) of all small travel businesses in the U.S. are at risk of either taking longer than six months to recover or never recovering at all, according to data released Wednesday by the U.S. Travel Association. The numbers, prepared for U.S. Travel by the data analytics firm Tourism Economics, indicate an extreme threat to travel-supported jobs, which employed one in 10 Americans pre-pandemic. A massive 95% of all accommodation and food service employment is found within small and medium-size businesses, as defined by the U.S. Small Business Administration, with only 5% of those sectors’ emp...
Fitch: Expectations for U.S. Speculative Grade Corporates Coverage Ratios Weakened by Pandemic
Fitch Ratings | September 22, 2020
As the economy and the capital markets navigate toward a new normal, Fitch Ratings tracks how the pandemic affects its forecast fiscal 2020 performance, focusing on key liquidity benchmarks and how they evolve over time across industries and market segments. Coverage Ratios Weaken The overall forecast for median operating EBITDA/interest in Fitch’s portfolio weakened to 2.8x in mid-August from 3.2x at the end of March. Between the end of March and mid-August, expectations for median operating EBITDA/interest ratios for 2020 weakened the most for Gaming, Lodging & Leisure (GLL); Transportation; Media & Entertainment ...
Border Uncertainty Could Cripple Queensland’s Economic Rebound Warns Accor
Accor | September 22, 2020
With estimates that border closures are costing Queensland $17 million* a day, Accor Pacific, Australia’s largest hotel group, is calling for urgent action to save the ailing state. Simon McGrath, Chief Operating Officer for Accor Pacific, said: “The current border restrictions mean that Queensland will miss out on the summer dollar, a crucial period for local businesses, the economy and jobs. Now is when people are booking visits for the next 3 to 6 months and if they don’t have certainty that Queensland will be open, then Queensland will miss the surge in travel and fall behind other states. Queensland could go from leadershi...
European Hotel Investment Market: H1 2020
EHL Hospitality Insights | September 22, 2020
When Warren Buffett’s Berkshire Hathaway sold all of its airline stocks in April, it appeared as an affirmation to some investors that the future of travel was on the rocks – while for others, it reignited discussions on whether the widely respected Orcale of Omaha had ‘lost his touch’. The travel and tourism sector has undoubtedly been facing tumultuous times in the wake of COVID-19, with the International Air Transport Association (IATA) itself announcing that air travel will not recover until 2024. However, it would be hasty to presume that the prospects of hospitality are all doom and gloom. Newly released data from Cushman &am...
Benchmarking 101: The Bottom Line on Utility Costs
HotStats | September 22, 2020
In the age of COVID, numerous operating costs have decreased, as hoteliers have done all they can to reduce expenses to help offset the extreme reduction in revenue. Still, there’s never zero cost. Even a closed hotel has expenses. So, too, do hotels operating at reduced capacity. One of the areas that hoteliers should always be mindful of is utilities, which in the 11th edition of the Uniform System of Accounts for the Lodging Industry (USALI) are recorded in the Property & Maintenance schedule. Utilities include electricity, gas, propane, oil and water/sewer. Utilities can have a massive impact on a hotel’s profit. And even...
Hall Arts Hotel Joins Curio Collection by Hilton
HALL Group | September 22, 2020
DALLAS (September 21, 2020) – Announced today, HALL Arts Hotel is now a member of Curio Collection by Hilton, a group of hand-selected, four and five star independent properties offering travelers local discovery and authentic experiences. Guests of HALL Arts Hotel that are also Hilton Honors members can take advantage of all the services and experiences that come with the Hilton name and its renowned Hilton Honors program. Opened in December 2019 and developed by Craig and Kathryn Hall, proprietors of California’s award-winning HALL, WALT and BACA Wines and founders of Dallas-based real estate company HALL Group, HALL Arts Hotel is th...
Introducing HospitalityVIEW, The Innovation Working Group of Global Hotel Industry Executives
HospitalityVIEW | September 22, 2020
Powered by IDeaS, HospitalityVIEW convenes premiere hotel industry thought leaders to chart a path to recovery through innovation MINNEAPOLIS—Sept. 22, 2020—HospitalityVIEW™, a new working group of global hotel industry executives, was formed to deliver high-level insights into the future of hospitality innovation. Powered by IDeaS, the world’s leading provider of revenue management software and services, HospitalityVIEW (Visionary Industry Executive Working group) launched with its first virtual meeting on September 17. Alex Dichter, senior partner at McKinsey and Company, delivered opening trend remarks. Klaus Kohlmayr, chief ...
STR: U.S. Hotel Performance for August 2020
STR | September 21, 2020
HENDERSONVILLE, Tennessee—The U.S. hotel industry showed slightly higher performance from the month prior, but at overall low levels during August 2020, according to data from STR. In a year-over-year comparison with August 2019, the industry recorded the following: Occupancy: -31.7% to 48.6% Average daily rate (ADR): -22.8% to US$102.46 Revenue per available room (RevPAR): -47.3% to US$49.83 The absolute occupancy level was the lowest for any August on record in the U.S., but all three key performance metrics were up from July levels. Recent September weekly data shows occupancy just below 50% due to a slight decrease in d...
Survey: 74% of Hotels Will Lay Off More Employees Without Further Aid
AHLA | September 21, 2020
WASHINGTON (September 21, 2020) – As devastated industries wait for Congress to pass another round of COVID-19 recovery legislation, a new survey of American Hotel & Lodging Association (AHLA) members shows that the hotel industry remains on the brink of collapse because of the pandemic. Results show 68 percent of hotels have less than half of their typical, pre-crisis staff working full time, and without further governmental assistance, 74 percent of respondents said they would be forced to lay off additional employees. AHLA conducted the survey of hotel industry owners, operators, and employees from September 14-16, 2020, with mor...
In Jittery Times, This Asset Class Is Steady
HotStats | September 21, 2020
It’s U.S. Open week. The top golfers in the world convene just outside New York City at Winged Foot Golf Club (no fans allowed) where they will compete for a major title and all the prestige and money that comes with it. Unlike some other golf tournaments, the U.S. Open is historically the most difficult. The rough is thicker. The greens are slicker. The stakes are higher. And the winning score—frequently above par—reflects that. The U.S. Open is a grind. The flashier, familiar, famous player is not assured victory. Case in point, last year’s victor, Gary Woodland, was ranked 25th in the world when he won and, unlike one Tiger W...
Can Hotels Cement Their Place in the New Remote Working Culture?
JLL | September 17, 2020
Hotels have long been hives of remote working, from business travellers sending emails after meetings nearby to more recently, coworking spaces in communal areas attracting a new generation of digital nomads. Now, with fewer guests staying overnight, some hotel groups are homing in on remote workers by offering bedrooms as makeshift daytime offices. The work-from-hotel model, driven by major operators such as Accor, targets local workers seeking out a better balance between work and home life – or simply a change of scenery after months of working from home. In the Netherlands, a range of hotel rooms are available through one websi...
Contactless Technologies Gaining Traction in Travel and Tourism Industry, Says GlobalData
GlobalData | September 17, 2020
The COVID-19 pandemic has brought the travel and tourism industry to a near standstill with prolonged lockdowns. Now that government authorities across several countries have relaxed air travel restrictions, airports and hotels are trying to re-build confidence in travelers. Against the backdrop, contactless technologies are proving to be a game changer for the industry, says GlobalData, a leading data and analytics company. Sneha Nigade, Disruptive Tech Analyst at GlobalData, comments: “The COVID-19 pandemic became a wakeup call for the travel and tourism industry to accelerate investments in contactless technologies like biometric chec...
Lessons From Disaster: COVID-19 and Chinese Hotels
PolyU’s School of Hotel and Tourism Management | September 17, 2020
Few industries have suffered more from the COVID-19 than hospitality and tourism, and China’s hotel sector has many lessons to learn. In a thought-provoking exploratory study published recently, Dr Fei Hao, Dr Qu Xiao and Dean Kaye Chon of the School of Hotel and Tourism Management (SHTM) at The Hong Kong Polytechnic University cast light on the fundamental impact of COVID-19 on the sector, and propose strategies for Chinese hotel firms to overcome their current difficulties and emerge ever stronger. First and hardest hit by the devastating impact of COVID-19, Chinese hotels now have the chance to lead the global sector out of crisis and in...
MMGY Global’s Latest Traveler Research Shows a Significant Jump in Confidence in the Safety of Domestic Travel
MMGY Travel Intelligence | September 17, 2020
KANSAS CITY, MO (September 17, 2020) – MMGY Global has announced the latest findings from MMGY Travel Intelligence's Travel Intentions Pulse Survey Wave VIII (TIPS) and MMGY Global’s Travel Safety Barometer, which are designed to track how COVID-19 is impacting travelers’ attitudes, perceptions, and behaviors. As we near the end of a summer where domestic road trips were the preferred way to vacation, despite COVID hot spots also continuing to pop up around the country, perceptions of safety for domestic travel, transportation, lodging and even business travel are at their highest since the start of the pandemic. “We’re seeing this...
5 Key Points on Europe Hotel Performance, 10 September
STR | September 15, 2020
Knowing you might not have time to watch our full webinars, we are pleased to continue our series of COVID-19 webinar summaries. In this latest edition, we talk performance in Europe as well as our latest forecast updates. How does Europe compare to other regions in the recovery cycle? China hit a 69.4% occupancy level on 18 August, the highest level during the time of the pandemic. Since that date, however, China has started to fall back a bit. During the first weekend of September (4-6 September), the market posted 57.6%, 57.5% and 57.9% occupancy levels, respectively. Europe saw its lowest occupancy level during the firs...
World Tourism Day 2020: Global Community Unites to Celebrate “Tourism and Rural Development”
UNWTO | September 11, 2020
The 2020 edition of World Tourism Day will celebrate the unique role that tourism plays in providing opportunities outside of big cities and preserving cultural and natural heritage all around the world. Celebrated on 27 September with the theme of “Tourism and Rural Development”, this year’s international day of observation comes at a critical moment, as countries around the world look to tourism to drive recovery, including in rural communities where the sector is a leading employer and economic pillar. The 2020 edition also comes as governments look to the sector to drive recovery from the effects of the pandemic and with the ...
