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
Hostel Sector Set to Grow Across Europe as Sharing Economy Takes Hold, Says HVS
HVS | November 23, 2015
23 November 2015, London: The global growth of the budget and hostel sectors, including the fast-emerging commercialised private rental market such as Airbnb, is set to continue as the consumer increasingly values experience over formality and is highly influenced by social media in the choices they make. According to a new report on the limited service and hybrid hotel sector by HVS, the biggest users of budget accommodation are accustomed to booking through their smart phones, either direct or through online travel agents. This sector is starting to shape part of a 'sharing economy' whereby consumers value 'access to' rather than 'own...
U.S. Hotel M&A Answers Private Equity Capital Conundrum
Fitch Ratings | November 23, 2015
Fitch Ratings-New York-23 November 2015: Corporates, or strategic buyers, may participate in more merger and acquisition (M&A) transactions in the U.S. lodging industry if the capital conundrum for private equity (PE) firms persists, Fitch Ratings says. Lower investor demand for high yield bonds and loans caused by recent capital markets volatility, if continued, would increase the cost of debt capital for PE firms, making it more challenging for them to deploy their significant uncalled investment capital, or dry powder. Total PE dry powder was $1.34 trillion as of October 2015, up 12.9% from year-end 2014, according to Preqin. Unc...
South Florida’s Hospitality Real Estate Continues to Climb: Hotel Values Are Stronger Than Ever
John P. Lancet | November 23, 2015
By John P. Lancet Strong revenue metrics achieved in the Miami-Dade hotel market over the past few years have contributed to a strong ramp-up in transaction prices and values. HVS Miami's John Lancet, MAI, shares values and trends for the South Florida region. During the South Florida Hotel Market Connections event held a few weeks ago, HVS executives shared observations and data on hotel value trends in Miami-Dade, Broward and Palm Beach counties. Strong revenue metrics achieved in the Miami-Dade hotel market over the past few years have contributed to a strong ramp-up in transaction prices and values. For example: The Miami-Dade h...
Hotel Transactions Trending Toward an 8-Year High
Lodging Econometrics | November 23, 2015
Nov. 23, 2015 - PORTSMOUTH, NH - Lodging Econometrics noted that through the third quarter of 2015 there were a reported 1,175 individual hotel and portfolio transactions (excluding merger & acquisition activity) in the U.S. compared to 1,018 in 2014. It means that the number of transactions in 2015 are likely to close at an eight-year high, but the final count will still be approximately 25% lower than the peak established in 2007. ...
Labor Costs, Inflation and Hotel Profit Crosscurrents
PKF Consulting | CBRE Hotels | November 23, 2015
By Jack Corgel, Ph. D. and Ryan Speed How the future profitability of U. S. hotels may be influenced by simultaneous improvement of labor market conditions and increasing inflation is the subject of this edition of Hotel Currents™. A narrowing of the gap between the demand and supply of labor, as evidenced by the declining unemployment rate usually results in upward pressure on wages as should the ongoing political actions to elevate minimum wages. Wage growth has been sluggish during the recovery from the Great Recession. However, Moody's Analytics chief economist Mark Zandi recently stated in a company report that "a pickup in w...
Travel Community Decries Attacks on Security Value of Visa Waiver Program
U.S. Travel Association | November 19, 2015
"Keep calm. And then legislate." WASHINGTON (November 19, 2015)—U.S. Travel Association Executive Vice President for Public Affairs Jonathan Grella issued the following statement in response to congressional moves that would undermine the U.S. Visa Waiver Program (VWP) in the wake of terror activity in Europe: "It would be a grave error by Congress to scapegoat a successful program—without as much as a hearing—that had zero to do with a recent tragedy. On crucial matters of security above all others, Congress is obligated to be as clear-eyed and deliberative as possible, and not fall prey to the time-hon...
Global Hotel Investment Volumes in Q3 2015 Hit US $60 billion, a 37% Growth Over Q3 2014 Reports JLL
JLL | November 18, 2015
Global hotel investment volumes 2015 hit US$60 billion in Q3 2015 - 37% growth over the same period 2014. There's strong confidence, that JLL's full year forecast of US$68 billion will be exceeded. ...
Fitch Publishes Dashboard for U.S. Online Travel Agency Market
Fitch | November 18, 2015
Fitch Ratings-New York-18 November 2015: Fitch Ratings has published a Dashboard covering the U.S. online travel agency (OTA) market. Fitch expects industry-wide gross bookings trends to increase at a low-to-mid teens rate during 2016 due to penetration of mobile and online bookings, supplemented by additional strategic acquisitions in underserved markets. Ongoing pricing pressure in the OTA market combined with increasing competition with direct sales channels will weigh on future profitability. Operators are currently benefitting from the secular shift toward use of OTAs. However, there is also increasing competition from non-traditio...
Four Key Takeaways: 2015 North America Tourism & Hospitality Investment Conference
HVS | November 17, 2015
By Heidi Nielsen, McKenna Luke, and Kirby D. Payne Foreign Direct Investment in U.S. enterprises has doubled over the past 15 years, a sign of investor confidence in American real estate, including hotels. The NATHIC event also spoke to what moves will set hoteliers ahead in the current market. Foreign Direct Investment Money for hotel development and transactions in the U.S., Mexico, and Canada is coming increasingly from overseas. Foreign Direct Investment (FDI), generally defined as an investment entity's controlling interest in an asset in another country, was the focus of this year's North American Tourism & Hospitality Investm...
Fitch Revises Marriott’s Outlook to Positive on Starwood Acquisition
Fitch | November 17, 2015
Fitch Ratings-New York-17 November 2015: Fitch Ratings has affirmed Marriott International's (NYSE: MAR) 'BBB' long-term Issuer Default Rating (IDR) and 'F2' short-term IDR and revised the company's Rating Outlook to Positive from Stable. Today's rating actions follow the company's announced acquisition of Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT). Fitch has also affirmed Starwood Hotels & Resorts Worldwide, Inc's 'BBB' IDR and revised the Rating Outlook to Positive from Stable. A full list of the rating actions taken for both companies follows at the end of this release. K...
Strategies to Grow International Tourism into Las Vegas and Stimulate Economic Activity by GMA
Global Market Advisors, LLC | November 17, 2015
Attracting non-stop, wide body jet service from China, Taiwan, Korea and other Asian countries represents the greatest opportunity to stimulate tourism growth to Las Vegas LAS VEGAS, NEVADA (November 16, 2015) - Global Market Advisors (GMA), a leading hospitality research and consulting firm serving the casino gaming, lodging, and airline industries, today issued a white paper entitled, "Strategies to Grow International Tourism into Las Vegas and Stimulate Economic Activity." The paper focuses on the critical factors necessary to attract more wide body air service into McCarran International Airport with a focus on internation...
Budget Hotels Make up Half of UK’s Development Pipeline as Popularity of Low-Cost Rooms Continues
HVS | November 11, 2015
11 November 2015, London: The march of budget hotels continues in the UK, with over 1,500 budget rooms added to the sector's pipeline in Q3 2015 alone, according to the Hotel Bulletin Q3 2015 published this week by HVS, AlixPartners and AM:PM. For the first time budget bedrooms account for more than half the UK's active hotel development pipeline – with the sector showing no signs of slowing. "The low-cost budget sector continues to be popular with both leisure and corporate guests who appreciate their emphasis on the basic necessities of a decent bed, quality shower, free wifi and a TV. With the development of sub-brands such as ...
Center for Hospitality Research Reports on the New Science of Service Innovation
the Center for Hospitality Research | November 11, 2015
Ithaca, NY, November 11, 2015 – The trade-off between hotel room rates and search engine results; the importance of top-down innovation in European hotels; the parallel learning curves of guests and employees during organizational change; technological innovations in restaurants; and the use of analytics in energy management and in understanding customer comments in social media: these and many other topics are explored in a set of four far-reaching reports issued by the Center for Hospitality Research (CHR). The reports summarize selected presentations from the four tracks of the Cornell Hospitality Research Summit (CHRS). The re...
Fitch Ratings: Softer Transient US Lodging Demand Subdues Confidence
Fitch Ratings | November 10, 2015
Fitch Ratings-New York-10 November 2015: The U.S. lodging upcycle remains solidly intact notwithstanding the litany of concerns that have overtaken investor sentiment this year, according to Fitch Ratings. Falling stock prices (since January), selected guidance cuts (late summer), weak August industry RevPAR data, and now additional guidance cuts and disappointing commentary around October transient demand during 3Q15 earnings season have all contributed to investors' worries, with some factors transpiring alongside weakness in select key macroeconomic indicators during 3Q15. However, several factors point to continued, solid lodgin...
Remarkable Boom In The South Florida Hotel Market
Kathy Conroy | November 9, 2015
By Kathy Conroy, Nov 9, 2015 Just when we thought South Florida couldn't get any hotter, it is. Miami-Dade, Broward and Palm Beach hotels are all celebrating record-breaking years in ADR, occupancy and RevPar, according to HVS Miami's Kathy Conroy, MAI. During the September 2015 HVS South Florida Hotel Market Connections (SFHMC) event, one message stood out loud and clear: just when we thought South Florida couldn't get any hotter, it is. Miami-Dade, Broward and Palm Beach hotels are all celebrating record-breaking years in ADR, occupancy and RevPar. Foreign hotel investors, as well as brokers who attended the SFHMC were intrigued by th...
Spain’s Hotels Market See Values Boosted as Performance Improves
HVS | November 9, 2015
9 November 2015, Madrid: Improving occupancy and rate performance across Spain has helped boost hotel values and drive recovery in the country's hotel and tourism sector, according to a new report from global hotel consultancy HVS. Spain has experienced some challenging years on the back of the global downturn, particularly the crash of its real estate market. However, with a strong cultural identity, sound infrastructure and good accessibility, the country is once again appealing to both leisure and business travellers in both its urban and resort locations. Released to coincide with the Mediterranean Resort & Hotel Real Estate...
Travel Priorities Abound in House Highway Bill
the U.S. Travel Association | November 6, 2015
Multiple Measures Emphasize Travel and Tourism in Planning Transportation Projects WASHINGTON (November 6, 2015)—A massive surface transportation package passed the U.S. House of Representatives Thursday with numerous proposals backed by the travel community safely aboard. Among them: a provision encouraging local and state transportation planners to seek input from travel and tourism leaders before advancing projects; and a measure creating a national commission on travel infrastructure to ensure that the country's transportation resources are marshalled effectively to support the economically vital travel and tourism sector....
Cornell Analysis Finds Confusion in Recent Supreme Court Employment Decisions
the Cornell Institute for Hospitality Labor and Employment Relations | November 6, 2015
Ithaca, NY, November 6, 2015 – Two recent holdings by the U.S. Supreme Court have been hailed as "victories" for employees seeking personal accommodations under civil rights law. However, a new analysis from the Cornell Institute for Hospitality Labor and Employment Relations (CIHLER) finds little real change—along with considerable confusion—regarding the Court's actual holding. The analysis, "The United States Supreme Court Rules in Favor of Employees in the Young and Abercrombie Cases: What Do They Really Hold?," is written by David Sherwyn and David B. Ritter. Sherwyn is the John and Melissa...
Independents and Brands Increase Direct Bookings Using Predictive Analytics
nSight | November 5, 2015
nSight's HOT Report gives insight to a hotel's best potential guests as consumers shop online, pinpointing digital targets and reducing channel commission fees NASHVILLE, TN (November 5, 2015) nSight, the leader in online consumer shopping intelligence for hotels and destinations, today announced that hundreds of independent and brand hotels are now embracing nSight's forward-looking data to improve marketing and revenue decisions that increase direct bookings and optimize profitability. Driven to reduce dependence on OTAs, hoteliers are adopting nSight's Hotel Online Traffic Report, or HOT Report, that compares how consumers look and b...
Hotel Performance Following Natural Disasters
PKF-HR | CBRE Hotels | November 4, 2015
By Jamie Lane and Brett Edgerton The human tragedy wrought by natural disasters, such as the recent damage done along the Atlantic coast by Hurricane Joaquin, can be tremendous. The death toll within the United States and the Caribbean related to this event is estimated to be in the double digits, and the remediation costs projected to be in the billions. Hotels, as any business in catastrophes, face threats related to such events. The hotel industry is exposed to the physical risk of its property being damaged as well as the economic risk of tourism suffering as people avoid areas disrupted by the disaster. Furthermore, areas most heav...
Three Key Takeaways | 2015 Independent Lodging Congress
Susan Furbay | November 3, 2015
By Susan Furbay The annual conference, spearheaded by some of the top independent hoteliers in North America, focused on innovation as a means to putting reward ahead of risk. The 2015 Independent Lodging Congress (ILC) took place at the new High Line Hotel in Manhattan, an independent property in Chelsea with original stained glass and pine floors preserved from the 200-year-old General Theological Seminary from which the hotel was converted. Most of the sessions took place in the Refectory, a 3,300-square-foot meeting room showcasing paintings of former seminary leaders and elaborate fireplace mantels. The hotel's environs and d&eacut...
Report from NY Hotel Assoc.: Airbnb’s $2 Billion Negative Impact on Lodging Industry and NYC Economy
the Hotel Association of New York City | November 2, 2015
NEW YORK, November 2, 2015 -- Airbnb's operations had a negative impact of $2.1 billion on the lodging industry and the broader economy of New York City over the course of the last year, according to a report released today by the Hotel Association of New York City, an industry trade group that represents more than 270 of the city's hotels. The report titled "Airbnb and Impacts on the New York City Lodging Market and Economy" presents a wide range of New York City lodging industry impacts that exist due to the existence of the Airbnb lodging alternatives present in the market. It examined the direct impact of lost lodg...
Hoteliers Improve Average Daily Rate Performance Despite Weakening Reservation Pace
TravelClick, Inc. | November 2, 2015
ADR Increases in 88 Percent of the Top 25 North American Markets NEW YORK – November 2, 2015 – As hoteliers prepare for the holiday season and head into the new year, hotels in major North American markets are experiencing a strong, improved ADR (average daily rate) performance, according to new data from TravelClick's October 2015 North American Hospitality Review (NAHR). Committed occupancy* for Q4 2015 – Q3 2016 is up 3.1 percent compared to a year ago. However, new commitments that have been added over the last month are down -3.5 percent. When broken down further, new group business bookings that have been added o...
Millennials Want to Travel More for Business, Embrace Value of Face-to-Face Meetings
the GBTA Foundation | October 29, 2015
Business Traveler Satisfaction with Getting Through Airport Security and Faith in Overall Economy Declines Significantly Since Previous Quarter ALEXANDRIA, Va., Oct. 29, 2015 -- Millennials are nearly twice as likely to want to travel more for business than Baby Boomers (45 percent to 26 percent, respectively), and a strong majority of Millennials (57 percent) believe technology can never replace face-to-face meetings to get business done. Additionally, Millennials are far more likely to rely upon social media to meet up with friends when traveling than Baby Boomers (46 percent to 17 percent) and are far less likely to want to use their...
