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
Europe’s Hotels See Record Performance in 2015 with Madrid Recording Biggest Rise in Values Says HVS Hotel Valuation Index
HVS | March 1, 2016
1 March 2016, London: Europe's hotel market experienced ongoing value growth and recovery in 2015 with hotels in many cities reaching record performance, according to the 2016 European Hotel Valuation Index (HVI) published this week by global hotel consultancy HVS. The year was particularly good for hotels in Eastern Europe, which bounced back from declining values in 2014 to reach a 5% increase that matched the European average for 2015. Hotels in northern and southern Europe saw the biggest growth in value per room. The city that saw the biggest rise in value terms was, for the second year running, Madrid, where hotels saw a 14% i...
What’s Coming? Lizard Hotel, Waterpark & More: Updates for These and Other Hotel Construction & Renovation Projects
Construct-A-Lead | February 29, 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...
International CBRE Hotels Symposium Examined Current State and Future of Hotel Investment and Capital Markets for Hawaii
CBRE Group, Inc. | February 29, 2016
HONOLULU – February 29, 2016 – Nearly 80 investors, owners, operators, asset managers, hotel brands and lenders from Shanghai, Osaka, Madrid and from across the mainland U.S. gathered in Hawaii to attend an invite-only event at the iconic Royal Hawaiian Hotel on January 28, hosted by CBRE Hotels in Hawaii. The symposium, See the World of Ho'okipa, Hospitality in a Whole New Light, provided an unprecedented view of Hawaii's hotel fundamentals relative to the broader global context, the impact of debt and equity capital on Hawaii's lodging sector, and performance forecasts for 2016 and 2017. The conference featured a heavyweig...
Hotel Spa Departments Following Industry Trends
Robert Mandelbaum | February 17, 2016
By Robert Mandelbaum and Andrea Foster Coming out of the great recession, U.S. hotel operators struggled to earn revenue from sources other than the rental of guest rooms. However, in 2014, we began to see guests spend their money in other areas of the hotel. According to the 2015 edition of Trends® in the Hotel Industry, rooms revenue increased by 7.3 percent in 2014. Concurrently, revenue within the food and beverage and other-operated departments grew by 6.2 percent. One example of an other-operated department enjoying growth is the hotel spa. In 2014 hotel spa revenues increased by 5.1 percent, while department profits grew 10....
The Zika Virus – An Evolving Risk to the Lodging Industry
CBRE Hotels | February 16, 2016
By Brett Edgerton, Economist, CBRE Hotels' Americas Research According to the World Health Organization (WHO), the Zika virus is spreading rapidly throughout the Americas. The outbreak is a potential health risk to individuals, especially pregnant women, as birth defects have been associated with women who were infected during pregnancy. The potential for the virus to spread to regions of the Americas thus far uninfected is extremely high. Past disease outbreaks similar to Zika have not caused severe declines in aggregate hotel demand, but local areas, such as Toronto during the SARS outbreak in 2003, saw meaningful declines in rooms...
Seven Steps to Food Cost Control
Kirby D. Payne | February 16, 2016
By Kirby D. Payne, Feb 16, 2016 Former FSU hotel school Professor Dukas' Seven Steps to Food Cost Control from his book, "How to Operate a Restaurant" provides a concise list of things to think about to effectively manage food cost. After I returned from Viet Nam in 1971 I completed my senior year of college at the hotel school of Florida State University. The Chair of the department was Peter Dukas who taught a class on food & beverage management which used a text book he had authored called, "How To Operate A Restaurant". Long ago, I loaned the book out and never got it back so I can't quote him exactly. Pr...
Kimpton Hotels Plans for a $30 million Bellevue, WA Hotel Advancing; Updates for this and Other Hotel Construction Projects
Construct-A-Lead | February 15, 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 week. 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. Ref...
MKG’s Annual European Hotel Ranking 2015: Premier Inn is European Champion of Supply Growth
February 11, 2016
The leaders are French but the growth is British and German. In 2014, Premier Inn posted the fastest supply growth in the EU. It is followed by Ibis and Motel One. The list of the 10 fastest-growing chains in the EU offer meaningful insights about structural trends in the European hotel industry. MKG Hospitality's 2015 ranking of hotel chains and groups in Europe highlights several noteworthy trends. The leader in terms of growth is British : Premier Inn added more than 4,300 rooms to its inventory in 2014. Through its development in the UK, the brand of the Whitbread group surpassed the net number of new rooms in Europe created by...
London to Gain 7,000 Hotel Bedrooms in 2016 While Demand Subdued Says Hotel Bulletin
HVS | February 9, 2016
9 February 2016, London: London will see the opening of a massive 7,000 hotel rooms this year, double that of last year's openings, putting additional pressure on occupancy levels and achieved room rates. Across the UK some 16,000 hotel rooms are expected to open this year, compared with 10,000 last year, according to the latest Hotel Bulletin: Q4 2015, published by HVS, AlixPartners and AM:PM. RevPAR growth across 12 UK cities in Q4 2015 was an average of 2%, significantly lower than the 19% average growth recorded in Q4 2014, with occupancy in the same period falling in eight of the 12 cities. London's occupancy declined for the fourt...
Seven Key Takeaways | The Americas Lodging Investment Summit 2016 (ALIS)
HVS | February 8, 2016
The annual Americas Lodging Investment Summit (ALIS) kicked off the year with insights into hotel transactions, performance, and lending trends. What do experts expect for the industry in 2016? A modest tempering of enthusiasm for development, performance, and the near future of the U.S. hotel industry was prevalent among delegates at the 2016 ALIS conference in Los Angeles, which traditionally sets the tone for the present year of lodging news and forecasts. Forecasts call for a continuing rise in hotel RevPAR and NOI; however, falling oil prices and the decline in REIT stock prices fed into a balance of cautious optimism at the confer...
Hotel Lenders Tightening the Screws
Fitch Ratings | February 8, 2016
Fitch Ratings-New York-08 February 2016: Hotel owners will encounter a more challenging debt financing environment during 2016 as lenders respond to the broad repricing of risk (higher) across most debt capital markets and new regulations, says Fitch Ratings. 'Borrowers can expect higher interest rates and tighter underwriting standards for loans backed by hotel collateral as lenders adapt to more challenging debt capital markets conditions,' said Stephen Boyd, Director of Lodging and REITs at Fitch. Sponsor quality will distinguish hotel debt capital access for the balance of this upcycle. 'Unlike loans made earlier in this...
Airbnb Presence Growing According to CBRE Hotels’ Study Estimating Users Spent $2.4 Billion on U.S. Lodging Over the Past Year
CBRE Group, Inc. | February 2, 2016
Los Angeles– February 2, 2016 – Airbnb's presence in key markets throughout the U.S. is growing at a rapid pace, with users spending $2.4 billion on lodging in the U.S. over the past year, according to analysis from CBRE Hotels' Americas Research. Over the study period of October 2014 – September 2015, more than 55 percent of the $2.4 billion generated was captured in only five U.S. cities (New York, Los Angeles, San Francisco, Miami and Boston), represents a significant portion of the lodging revenues in these markets. CBRE Hotels compiled select information for hundreds of U.S. markets to assess the relevancy of this...
Travel Trends Index: Surging Domestic Leisure Travel Offsets Softening Business, International Markets
U.S. Travel Association | February 2, 2016
U.S. Travel's New Economic Indicator Is Signature Measurement of $2.1 Trillion Industry's Performance in Broader U.S. Economy WASHINGTON (February 2, 2016)—The U.S. Travel Association on Tuesday released its inaugural Travel Trends Index (TTI), a two-prong indicator developed by the organization's economic research team to both track and predict the volume and pace of travel to and within the U.S. The TTI will be released on the first Tuesday of each month. This month's TTI—which measures travel trends as of December 2015—shows that travel growth leveled off at the end of the year and forecasts moderate growth in early...
Geopolitical Events, Fear and the Hotel Market
Bram Gallagher | January 28, 2016
By Bram Gallagher, Economist at PKF Hospitality Research, a CBRE Company Conventional hotel market predictions are based on time series analysis of key variables, and these kinds of predictions have well-understood properties when businesses operate as usual. Exogenous demand shocks—shocks originating beyond the scope of any particular hotel market—have the potential to create unpredictable disturbances, in part by creating emotional or psychological barriers to travel that we call stigma or fear of travel. Previous research by PKF Hospitality Research, a CBRE company, into exogenous demand shocks examined fear of travel bro...
CBRE Group, Inc. Completes Rebranding of PKF Consulting USA, PKF Hospitality Research, PKF Consulting Inc. (Canada)
CBRE Group, Inc. | January 28, 2016
Los Angeles, Calif. – January 28, 2016 – CBRE Group, Inc., the world's leading, full-service real estate and investment organization, today announced the completed rebranding and integration of PKF Consulting USA, PKF Hospitality Research and PKF Consulting Inc. (Canada) into its portfolio of global real estate services. Effective February 1, 2016, PKF Consulting USA, PKF Hospitality Research and PKF Consulting Inc. (Canada) will operate as CBRE Hotels, an existing specialized advisory group within CBRE. The enhanced team will provide hospitality and real estate industry professionals with a global practice and one-stop shop...
JLL’s Hotel Investment Outlook 2016 – Anticipating $70 billion in Global Hotel Transactions
January 28, 2016
Hotel deal volumes rocketed 50% to $85 billion in 2015, boosted by a record proportion of cross-border capital and single asset transactions. In all, 53 hotels sold for over $600,000 per room last year, which reflects the high levels of confidence and capital in the hospitality sector. Activity in 2016 will be more measured, with fewer headline-grabbing 'trophy' properties on the market. Hotel values will continue to rise, with secondary markets providing the most fertile investment landscape. RevPAR is projected to grow by 4-5% globally this year. Consolidation, single assets, and secondary markets are set to be the big stories...
Hotels Start 2016 Strong, Led by Increase in New Group Business
TravelClick, Inc. | January 28, 2016
However, Deceleration of Business Travel Creates Increased Dependency on Leisure Bookings NEW YORK – January 28, 2016 – As hoteliers kick off the New Year, properties in major North American markets are experiencing strong increases in bookings, with 19 of the top 25 (76 percent) markets showing committed occupancy* growth compared to last month. However, as business demand pace has slowed, there is an increased dependency on leisure and wholesale bookings with lower average daily rates (ADR) to drive occupancy, according to new data from TravelClick's January 2016 North American Hospitality Review (NAHR). "While total commi...
U.S. Hotel Construction and Number of Hotel Transactions at Highest Point in 8 Years
Lodging Econometrics (LE) | January 25, 2016
Jan. 25, 2016 – PORTSMOUTH, NH - According to the latest United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the total U.S. Hotel Construction Pipeline ended 2015 with 4,413 Projects/546,135 Rooms. This is the highest year-end total since 2008, but still below the 2007 cyclical high of 5,438 Projects/718,387 Rooms. There are 1,312 projects currently Under Construction, up 226 projects or 21% Year-Over-Year (YOY). Projects scheduled to Start in the Next 12 Months, at 1,926 Projects, have shown significant increases, adding 575 projects and are up 43% YOY. Projects in Early Planning, with 1,175 projects,...
Positive Operating Leverage Results in Another Year of Hotel Value Gains; Cap Rates Start to Rise
Suzanne Mellen | January 25, 2016
By Suzanne Mellen Five years of steady cap rates and rising NOI have resulted in significant U.S. hotel asset appreciation. The current economic landscape is likely to cause hotel cap rates to rise in 2016, moderating future value gains. Click to view document. ...
Fitch: Gaming Issuers’ Liquidity Ample Amid Shaky US HY Markets
Fitch Ratings | January 25, 2016
Fitch Ratings-New York-25 January 2016: Gaming issuers' have generally good liquidity that address most near-term maturity needs, according to Fitch Ratings. We do not anticipate any major liquidity-driven defaults in the near term despite the weakened state of the US high-yield market. Issuers with the biggest development pipelines, notably Wynn Resorts (WYNN) and MGM International (MGM), have pre-funded their needs. Financially weaker issuers with intermediate maturities, notably Mohegan Tribal Gaming Authority (MTGA) and Scientific Games (SGMS), will address maturities per Fitch's base case forecasts. Fitch believes that Wynn...
A Deeper Dive into GBTA’s U.S. Business Travel Forecast
Monica Sanchez | January 25, 2016
By Monica Sanchez Last week, the GBTA Foundation released our latest quarterly U.S. business travel outlook projecting just over 3 percent growth in business travel spending for 2016 and 2017. Here are three key questions we've been hearing about the forecast. Will airfares drop in 2016? In 2015, price growth was the lowest we've witnessed since the Great Recession. A stronger dollar and plummeting oil prices kept the lid on price increases across the travel sector. Our expectation for price growth in 2016, however, show hotel prices, food and beverage and ground transportation all experiencing a significant rebound, while airfares con...
San Diego’s 831-room 5th Avenue Landing Progress Continues and Other Hotel Construction Updates
Construct-A-Lead | January 25, 2016
Hotel-Online and Construct-A-Lead reported today that there have been dozens of new hotel construction leads added to the Construct-A-Lead hotel project database during the past week. 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. Reference the Pro...
Rainmaker Expands Reach in Asia-Pacific with ONYX Hospitality Group Partnership
Rainmaker | January 21, 2016
ATLANTA – Jan. 21, 2016 – With the addition of ONYX Hospitality Group to its customer base, The Rainmaker Group continues to strengthen its position in the Asia-Pacific marketplace. A leading international hospitality provider, ONYX has made the switch to Rainmaker's competitive rate shopping tool, Revcaster, citing the solution's functionality, the support it provides in generating incremental revenue, and the responsiveness of the Rainmaker team among the reasons for its choice. Revcaster's ability to work with an extensive number of regional channels was also a key factor in ONYX's decision. "The most critical element for...
Budapest’s Hotel Sector Becomes One of the Fastest Growing in Eastern Europe, Says HVS Report
HVS | January 18, 2016
18 January 2016, London: A rise in the number of people visiting the Hungarian capital of Budapest has helped the city's hotel sector become one of the fastest growing in Eastern Europe, according to a new report by global hotel consultancy HVS London. Hotels in Budapest recorded strong growth in 2014 with room occupancy up 5% and average rates up 8% in local currency, helped by a 13.5% hike in arrivals over the past three years. Performance figures for 2015 look set to be even stronger, with some hotels reporting a 30% average rate growth, with occupancy up 10-15 percentage points in the year-to-October 2015. "With continual increases ...
