International Visitors Spent Nearly $20.1 Billion Traveling Within the United States in March
National Travel and Tourism Office (NTTO) | May 23rd, 2024
CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE Group, Inc. | May 16th, 2024
Top Cities in the World for Hotel Construction
Lodging Econometrics | April 15, 2016
April 15, 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 room count are: New York with 34,788 Rooms/204 Projects; Seoul with 28,223 Rooms/132 Projects; Dubai with 27,194 Rooms/94 Projects; Shanghai with 23,245 Rooms/115 Projects; and Jakarta with 22,463 Rooms/128 Projects. All of these pipelines showed room count increases in 2015, with the exception of Jakarta which was down slightly. ...
Flexible Models Ease US Leisure Cos. Cuban Market Entry Says Fitch Ratings
Fitch Ratings | April 12, 2016
Fitch Ratings-New York-12 April 2016: Flexible and less capital-intensive business models should facilitate US leisure companies#39;, including cruise operators, hotels and online travel agencies (OTAs), Cuban market entry following renewed US/Cuba diplomatic relations, according to Fitch Ratings. Several companies are laying the groundwork for expansion. However, Cuban infrastructure and legislative hurdles pose some near-term challenges to material business platform development and growth. Companies will also encounter familiar international competitors that have long operated in Cuba with potentially better positions and local mar...
Global Uncertainty Causing Delays in Business Travel Growth
the GBTA Foundation | April 12, 2016
Limited Positive Growth, Short-Term Turbulence is Affecting the Whole Industry Brighter Outlook for 2017 Forecast ALEXANDRIA, Va.- April 12, 2016 -U.S. business travel will continue to grow only moderately in 2016 as global uncertainty looms. This is one of the key findings from the GBTA BTI™ Outlook – United States 2016 Q1, a report by the GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA), sponsored by Visa, Inc. For the second release in a row, our forecast for U.S.-originated business travel has been slightly downgraded. The new report projects that business travel volume gro...
The Global Hotel Construction Pipeline Tops 11,000 Projects
Lodging Econometrics | April 6, 2016
April 6, 2016 – PORTSMOUTH, NH – According to the latest Global Construction Pipeline Trend Report from Lodging Econometrics (LE), the worldwide Pipeline is at 11,130 Projects/1.9 million Rooms, the highest level LE has ever recorded. The Global Pipeline is up 9% Year-Over-Year (YOY) by both projects and rooms, led by significant growth in the United States which has the world's largest pipeline. Globally there are 5,287 Projects/986,913 Rooms Under Construction, up 1% by projects and 3% by rooms. Projects scheduled to Start Construction in the Next 12 Months, at 3,041 Projects and 440,632 Rooms, increased significantly, up ...
Travel Trends Index: Market Tumult Feeds Decline in U.S. Business Travel
U.S. Travel Association | April 5, 2016
WASHINGTON (April 5, 2016)—Growth in the travel sector of the U.S. economy remains positive despite a continuing decline in business travel, thanks to a consistently strong domestic leisure travel market, according to the U.S. Travel Association's Travel Trends Index (TTI). Domestic business travel declined again in February, as businesses struggle to recover confidence amid volatility in international markets. The business Current Travel Index (CTI) for the month was 48.7—a number below 50 indicates decline—falling even below the 6-month average of 49.3. The predictive 6-month Leading Travel Index (LTI) stands sli...
Scottsdale, AZ to See New $100 million Mixed-Use Development to Include The Palmeraie, a 150-key Luxury Hotel
Construct-A-Lead | April 4, 2016
Hotel-Online and Construct-A-Lead reported today that there have been dozens of new and renovated hotel construction leads added to the Construct-A-Lead hotel project database during the past two weeks. Interested parties are invited to visit construct-a-lead.com and enter promo code hotelonline for a reduced rate available only to Hotel Online subscribers following a free trial that provides you up to five reports to view over three days. Businesses will have ample opportunities to provide construction bids and other services relative to these projects. Users are encouraged to view and track projects, examples of which are listed below...
Digital Gold: Mining Guest Data for Revenue Generation
Mansi Bhatnagar | April 4, 2016
By Mansi Bhatnagar, Apr 4, 2016 As hoteliers, we have massive amount of information about our guests. If only, we had the foresight to mine this data and use it smartly for revenue generation, we would be the Amazon of the hospitality industry. Let's start with a story. It is about a man who inherits a copious reserve of gold right beside his house. He sometimes finds some gold dust scattered above the ground. So, this man does a strange thing – he collects the gold dust, sells it and earns enough money to buy a few small luxuries, like a new TV, for which he feels extremely lucky! I know you must be thinking that this man is blin...
Fragmented Performance Dampens Spring Hotel Outlook
TravelClick, Inc. | March 30, 2016
Strong Group Booking Growth Provides Promise for North American Hoteliers NEW YORK – March 30, 2016 – While new bookings are up at the start of the spring season, with 17 of the top 25 North American markets showing committed occupancy* growth compared to last month, the pace of those bookings is relatively flat. New commitments that have been added over the last month are down -0.2 percent, according to new data from TravelClick's March 2016 North American Hospitality Review (NAHR). These numbers indicate a disjointed story for hoteliers as new booking pace is slowing going into the normally strong spring travel reservation...
The Sharing Economy Checks In: An Analysis Of Airbnb In The United States by CBRE Hotels
CBRE Hotels | March 29, 2016
Implications On Traditional Hotel Development And Market Performance Going Forward The sharing economy has become a prominent though not well understood economic phenomenon over the past several years. Airbnb is the market leader as it relates to the temporary accommodations industry. CBRE Hotels' Americas Research compiled select information from STR, Inc. and Airdna, a company that provides data on Airbnb, for hundreds of U.S. markets to assess the relevancy of this sharing platform to the traditional hotel industry. Airbnb's presence in key markets throughout the U.S. is growing at a rapid pace, with users spending $2.4 billi...
Revised Starwood Offer Likely Delays Marriott’s Ratings Momentum
Fitch Ratings | March 22, 2016
Fitch Ratings-New York-22 March 2016: Fitch Ratings continues to see positive ratings momentum for Marriott International stemming from its planned merger with Starwood Hotels & Resorts. However, less creditor friendly financial terms associated with Marriott's revised offer for Starwood increases execution risk and will likely delay the conclusion of our Positive Outlook towards the latter part of the one- to two-year Rating Outlook horizon. Fitch estimates that Marriott's leverage will increase to the mid-3.0x range at merger closing and return to within the company's 3.0x to 3.25x policy target by year-end 2016. The c...
China Investors in US Hotels Pursue Core-At-Any-Cost Plan
Fitch Ratings | March 21, 2016
Fitch Ratings-New York-21 March 2016: Decelerating industry fundamentals and weakness in forward-looking equity market prices for hotel-related companies hasn't kept Chinese companies from dominating the hotel investment landscape recently, according to Fitch Ratings. Chinese investors have been aggressively bidding on mostly upper-tier hotel assets in core markets. Historically, this type of activity, rich property valuations paid by less-established (often international) market participants, has corresponded with U.S. CRE cycle peaks. This cycle could be shaping up to follow a similar path. Last Monday, The Wall Street Journal rep...
New York Hotels Turn to nSight to Grow RevPAR Amidst Market Challenges
nSight | March 16, 2016
Twenty NYC hoteliers use predictive consumer data to grow rate and market smarter NASHVILLE, TN (March 16, 2016) nSight, the leader in online consumer shopping intelligence for hotels and destinations, has added twenty new hotel clients in New York City. Both brand and independent hotels are battling rate and margin pressure based on slowed international travel, the growth of alternative accommodations like Airbnb, and increasing supply growth, particularly in boutique and limited mid-service hotels. By using forward-looking shopping data to make smarter revenue strategy and targeting decisions, NYC hotels apply dynamic pricing to grow ...
Starwood Merger Termination Would Temper Marriott’s Ratings Momentum
Fitch Ratings | March 15, 2016
Fitch Ratings-New York-15 March 2016: Fitch Ratings would likely revise its Rating Outlook for Marriott International to Stable from Positive if Starwood Hotels & Resorts, Inc. terminates its merger agreement with the company to pursue a competing, higher bid from an investor consortium. Fitch could also revise Marriott's Outlook to Stable from Positive if the company deviates from its previously disclosed all-stock transaction funding strategy and uses debt to increase its offer for Starwood. Fitch is unaware of any plans by Marriott to modify its offer and/or funding strategy. However, Marriott has put forth a credible argumen...
New $150 million Mixed Use Development in Tampa, FL Includes Plans for Encore Hotel, a 20-story Hotel along with a 28-story Residential Tower
Construct-A-Lead | March 14, 2016
Hotel-Online and Construct-A-Lead reported today that there have been dozens of new and renovated hotel construction leads added to the Construct-A-Lead hotel project database during the past two weeks. Interested parties are invited to visit construct-a-lead.com and enter promo code hotelonline for a reduced rate available only to Hotel Online subscribers following a free trial that provides you up to five reports to view over three days. Businesses will have ample opportunities to provide construction bids and other services relative to these projects. Users are encouraged to view and track projects, examples of which are listed below...
Reducing Utility Costs in Your Food & Beverage Department
Kevin A. Goldstein | March 14, 2016
By Kevin A. Goldstein and Sonia Vasquez, Mar 14, 2016 HVS conducts numerous walkthroughs of hotel F&B operations each year. In almost every full service property, we find opportunities to significantly decrease utility costs through a combination of operating enhancements and capital projects. This article summarizes some of the more common F&B utility efficiency opportunities that we routinely identify and address at our clients' properties. Where to Start? We think it is important to begin by understanding the relationship between ownership and management. For example, is the restaurant or banquet department operated by the ho...
Klobuchar Calls on Departments of Treasury and Commerce to Allow American Hotels to Operate in Cuba
March 8, 2016
Since launching in Cuba in 2015, Airbnb has accumulated more than 2,000 listings for travelers to rent but U.S. hotel chains cannot operate in Cuba due to Treasury and Commerce Department regulations; additionally, hotel operators from Spain and the U.K. are already negotiating deals to build hotels in Cuba In a letter to Secretaries Lew and Pritzker, Klobuchar, the Chair of the Senate Travel and Tourism Caucus, urged the Treasury and Commerce Department to amend regulations to authorize U.S. investment in the Cuban hotel industry WASHINGTON, DC – U.S. Senator Amy Klobuchar called on the Departments of Treasury and Commerce today ...
National Occupancy Reaches New High While Local Levels Begin To Decline
CBRE Group, Inc. | March 8, 2016
Projected Demand and ADR Growth Continues Atlanta – March 8, 2016 – The U.S. lodging industry is forecast to achieve another all-time record occupancy level in 2016, but an increasing number of local markets are starting to show the effects of growing competition. According to the March to May 2016 edition of Hotel Horizons®, CBRE Hotels' Americas Research is projecting a year-end 2016 occupancy level of 65.7 percent, 20 basis points greater than the record level of occupancy achieved in 2015. "We always caution our clients to pay closest attention to local market conditions, as opposed to broad national trends," said R....
European Cities Continued to Attract Growing Numbers of Tourists Despite a Troubled Year in Europe: Bednights up 4.2% in 2015
European Cities Marketing | March 7, 2016
European Cities Marketing announces 4.2% growth in city tourism in 2015. London, Paris and Rome take top slots: China grows by 32%, Italy and Russia struggle to recover. VIENNA, March 7, 2016 -- European Cities Marketing has demonstrated the dominant and most dynamic aspect of European tourism: city tourism, which for years has continued to grow twice as fast as national tourism. Based on the preliminary results of the upcoming European Cities Marketing Benchmarking Report, European cities maintained their strong growth trend, with total bednights up 4.2% in 2015. Bednights by international tourists grew at an even faster rate (+4.4%) t...
New Group Business Continues Positive Trend into 2016
TravelClick, Inc. | March 4, 2016
Individual Bookings Also Strong, But Business Travel Continues to Decline NEW YORK – March 4, 2016 – Heading deeper into 2016, properties in major North American markets are continuing to experience strong increases in bookings, with 20 of the top 25 (80 percent) markets showing committed occupancy* growth compared to last month. However, new business reservation pace is continuing to decelerate, according to new data from TravelClick's February 2016 North American Hospitality Review (NAHR). "While the financial markets remain highly volatile, it's encouraging to see that the North American hotel market continues to grow at ...
Robust Growth in Global Hotel Investment According to JLL’s Global Market Perspective Q1 2016
JLL | March 4, 2016
2015 marked the second-highest year on record for hotel transactions globally, with trades topping US$86 billion and posting 50% growth on 2014. With 2015 surpassing all expectations in terms of the amount of capital flowing into the hotel sector, we expect transaction volumes in 2016 to reach US$70 billion, marking the second-highest level of the cycle. Hotel investment – capital flows Outflows and inflows in 2015 (US$ billions) Source: JLL, February 2016 Global hotel investment up 50% to US$86 billion 2015 marked the second-highest year on record for hotel transactions globally, topping US$85 billion and posting 50% growth on ...
US RevPAR Forecast Trimmed on Weak Transient Trends Says Fitch
Fitch | March 3, 2016
Fitch Ratings-New York-03 March 2016: Fitch Ratings has lowered its 2016 U.S. RevPAR growth forecast to 4%-5% from 4%-6%. RevPAR growth will not likely exceed 5% for the year due to weaker than expected fourth-quarter and year-to-date transient demand growth. Fitch expects group demand -- hotel stays booked in room blocks of 10 or more -- to drive RevPAR growth for the U.S. lodging sector during 2016 and the balance of this upcycle, exceeding our 4%-5% expectation for the year by 100 to 200 basis points. Group demand can support hotel cash flows and credit profiles, but it is another indication that the U.S. lodging cycle is peaking. Th...
Good News for the European Business Travel Market
AccorHotels | March 3, 2016
Are European companies too conservative when it comes to planning their spending on business trips? Each year we tend to see the same phenomenon: the company plans to reduce the amount of travel undertaken by its employees in order to save money. And yet, they end up doing just the opposite. The figures from the American Express Business Travel Barometer prove it: in 2015, European companies' travel expenditure saw an increase of 1.4%, when a year earlier it had been forecast at +0.7: spending increased twice as much as predicted! And in 2016, companies foresee an increase of 1%, however, all the economic indicators point towards a chan...
Record €23.7 Billion Spent on Hotels in Europe in 2015 as Transactions Reach Highest Level Ever According to HVS
HVS | March 3, 2016
3 March 2016, London: European hotel transaction volume totalled €23.7 billion in 2015, a record level and an increase of 66% on the previous year, according to the annual European Hotel Transactions report, published this week by HVS and its brokerage and investment services division HVS Hodges Ward Elliott. The year outperformed pre-downturn levels driven by an extremely active portfolio transactions market. Investors from Europe accounted for €10.9 billion-worth of transactions with activity from the Middle East up 140% to €4.4 billion, and that from North America up 46% to €5.5 billion. "Investors were attracted ...
Travel Trends Index: Strong Leisure Market Keeps Outlook Positive
U.S. Travel Association | March 1, 2016
Offsets Softer Business and Inbound International Segments WASHINGTON (March 1, 2016)—Overall growth in the travel sector of the U.S. economy has leveled off but remains in positive territory, mainly thanks to a leisure travel market buoyed by strong wages and low gas prices, according to the U.S. Travel Association's monthly Travel Trends Index (TTI). Meanwhile, the strong dollar continues its cooling effect on the inbound international travel market, and business travel will struggle to post gains in 2016 due to shaky financial markets. The TTI consists of the Current Travel Index (CTI), which measures the number of person t...
