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
Rome’s Luxury Hotel Sector Set for Investment Boost, Says HVS
HVS | February 4, 2015
February 4 2015, London: Rome, one of Europe's most historical and cultural cities, looks set to be one of the next hotspots for hotel investors drawn by improvements to the city's luxury hotel market and recent transaction activity. A new report from global hotel consultancy HVS highlights the fact that demand from the US, Far East and the Middle East for luxury accommodation is expected to grow, coupled with gradual improvements in the Italian economy. This, along with new and refurbished supply in the city's luxury segment, will serve to encourage further investment activity and ultimately boost achieved room rates. Average rates amo...
Ready for Takeoff: Forecasting Lodging Demand in Airport Markets
Jessica White | February 3, 2015
By Jessica White / January 2015 With the expansion of major national airports and airport passenger volume expected to increase over the next 10 years, examining the link to forecasting lodging demand is critical to understanding the airport-hotel relationship. LAX provides an illuminating case study. Airport passenger volume is a key performance indicator for an area's lodging market and tourism economy at large. According to the Federal Aviation Administration (FAA), 31 airports are undergoing renovation or expansion (https://nfdc.faa.gov/xwiki/bin/view/NFDC/Construction+Notices), including major gateway city airports such as Boston-...
Hotel Development Cost Survey 2014/15
Elaine Sahlins | February 3, 2015
by Elaine Sahlins HVS has tracked hotel construction costs throughout the United States since 1976. Each year, HVS researches development costs from our database of actual hotel construction budgets, industry reports, and uniform franchise offering circulars. These sources provide the basis for our range of component costs per room. This 2014/15 survey reports updated per-room hotel development costs through the end of 2014, and considers data for six lodging types: Economy/Budget Hotels, Midscale Hotels without Food and Beverage (w/o F&B), Extended-Stay Hotels, Midscale Hotels with Food and Beverage (w F&B), Full-Service ...
Snowfalls’s Impact on Ski Market Hotels
Brett E. Russell | February 2, 2015
By Brett Russell January, 2015 Snowfall drives travelers to mountain resorts each ski season, but to what degree, at which resorts, and how far in advance isn't as clear. What is the correlation between snowfall and hotel occupancy, and how does the economy factor in? Many tourism and leisure hospitality markets depend in large part on environmental conditions to drive demand, with visitation up or down depending on whether certain conditions do or don't exist. Hotels in tropical resort markets, for example, can depend on demand drawn to the sunshine and beaches--except in the midst of a hurricane or monsoon. Anomalous meteorological fa...
Hawaii’s Visitor Industry Sets New Records in Spending and Arrivals for Third Consecutive Year
Hawaii Tourism Authority | January 30, 2015
2014 Saw Record of $14.75 billion in Spending HONOLULU - Hawaii's tourism economy, one of the state's largest economic drivers, continued its momentum in 2014, surpassing 2013 records in visitor expenditures and arrivals for the third consecutive year, according to preliminary statistics released by the Hawaii Tourism Authority (HTA). Spending reached a record $14.75 billion and arrivals hit a high of 8,282,680, both of which exceeded the HTA's 2014 projections of $14.7 billion and 8,250,937, respectively. "Through the support of our marketing and visitor industry partners, we have been able to drive interest from developing, internatio...
Demand-Driven Hotel Strategy – The Next Big Thing to Increase RevPAR
nSight | January 29, 2015
nSight's Complimentary Webinar Series focusing on Consumer Demand for New York, Chicago, San Francisco and Seattle Markets NASHVILLE, TN - January 29, 2015 - nSight, the leader in online consumer shopping intelligence for the travel industry, is hosting a webinar series, "Demand-Driven Hotel Strategy," on how hotels can apply future demand intelligence to marketing and pricing strategies, making decisions more aligned with consumers. The new approach helps to increase RevPAR and grow market share for hotels in any type of market conditions. Each webinar will address demand strategy best practices and deep dive into the demand metrics fo...
Hotels Kick off the New Year with Strong Revenue Performance Driven by Average Daily Rate Growth
TravelClick | January 28, 2015
Hoteliers Need to be on Their Toes to Keep RevPAR Momentum NEW YORK - January 28, 2015 - Hotels in major North American markets experienced strong growth in rate across all travel segments according to data from the January 2015 TravelClick North American Hospitality Review (NAHR). With average daily rate (ADR) growth of 4.5 percent for the next 12 months, ADR will drive revenue per available room (RevPAR) performance in 2015, continuing on the momentum from last year. "As we enter the cold winter months of the New Year, hoteliers need to carefully monitor meeting, convention and large group events within their market in order to susta...
How Silicon Valley Thinking Can Shake Up Traditional Hotel Management Practices
Mark C. Lynn | January 22, 2015
Asset managers should encourage management to take risks to innovate. by Mark C. Lynn Constant questioning and challenging of hotel amenities, services, programs and management practices is critical to discover new ways of elevating the guest experience. Creativity and innovation should be driven by the premise that employees be permitted - and in fact encouraged - to challenge conventional thinking and the traditional methods of doing things. Building experimentation into a hotel's business culture will boost customer satisfaction and loyalty, and by extension, increase revenues. The Asset Manager's Role in Encouraging Risk Taking The...
L.E. Hotels Implements Revcaster Rate Parity Verification for 150 Hotels Worldwide
Revcaster | January 21, 2015
Guests Book Faster When Rate Shopping Tools Drive Standard Online Rates; Revcaster Automatically Tracks Multiple OTAs to Enable Cross-Channel Hotel Rate Parity PORTLAND, OR - January 21, 2015 - Revcaster, the trusted leader in flexible, cost effective hotel rate shopping tools, announced L.E. Hotels implemented Revcaster online rate verification. L.E. Hotels is a global hotel representation company comprised of some 150 independently owned and operated properties in 23 countries. Each property conveys L.E. Hotels' signature distinction and one-of-a-kind individuality. Click here for more information on Revcaster's rate shopping tools fo...
Tivoli Lodge Targets Higher Digital Marketing ROI with Consumer Intelligence from nSight
nSight | January 15, 2015
TripAdvisor's #1 Ranked Hotel in Vail Using Shopper Analytics to Grow Share on a Global Scale NASHVILLE, TN - January 15, 2015 - nSight, the leader in online consumer shopping intelligence for the travel industry, today announced that Vail-based Tivoli Lodge is using its consumer intelligence to enhance performance on digital marketing campaigns. nSight captures more than 80 million searches and bookings for hotels daily across third-party websites worldwide, providing in-depth consumer insights based on geography, profile and search behavior. The #1 TripAdvisor ranked hotel in Vail, Tivoli will use nSight consumer shopping data to focu...
The U.S. Hotel Industry Cruises into 2015
Russell S. Rivard | January 13, 2015
By: Russ Rivard, MAI January, 2015 Demand is up, average rates and occupancy are on the rise, and supply appears to be well absorbed. Interest rates remain down and capital can be had for the right hotel projects. For hoteliers, 2015 looks like the healthiest time in almost a decade. While it's always tough to measure how much promise the coming year will hold, certain factors make 2015 look favorable for hoteliers. The chief source of optimism is the economic growth seen for several years in the U.S., which has enabled higher levels of travel and hotel demand. This in turn has brought about higher hotel performance levels and values. T...
Time Right to Develop, Acquire or Invest in European Hotels as Hotel Groups Set to Expand, Says HVS
HVS | January 6, 2015
January 06 2015, London: Consolidation amongst major hotel companies will be one of the key themes of 2015 as large groups seek to grow their business or risk being taken over themselves. Looking to the year ahead, chairman of global consultancy HVS London Russell Kett said that now is a good time to develop, acquire or invest in hotels as economic prospects are encouraging with demand for hotel rooms increasing and many parts of Europe having capacity for further rooms. As conditions in Europe's hotel markets continue to improve, values are mostly on the rise and are expected to continue to do so for the next few years. "Organic growth...
Attract China Shares Top Five Trends in China’s Outbound Travel Market for 2015
Attract China Inc. | December 23, 2014
Boston, Mass - December 23, 2014 - According to proprietary research conducted by Attract China, Inc., The Leading Gateway to the Chinese Traveler, it is predicted that in 2015, 140 million Chinese tourists will go abroad, spending more than $188 billion. The U.S. tourism industry can expect to see as many as 2.85 million Chinese visitors in 2015, where they will spend more than $15 billion dollars. As the growth in Chinese tourism impacts the hospitality and travel industry, it's more important than ever for hotels, restaurants, retailers and destinations to understand the wants and needs of the independent Chinese traveler. Attract Ch...
Revcaster Partners with Duetto to Deliver Hotel Rate Shopping Tools that Drive Revenue
Revcaster | December 19, 2014
Revenue Strategy Innovator Duetto will Integrate Revcaster's Cost-Effective, Real-Time Rate Shopping Data to Help Further Increase Hotel Revenue Potential PORTLAND, OR - December 19, 2014 - Revcaster, the trusted leader in flexible, cost effective hotel rate shopping tools, announced that Duetto, the market leader in hotel revenue strategy solutions, will integrate Revcaster comp-set data to further increase revenue optimization opportunities for hotel operators. Click here for more information on Revcaster's rate shopping tools for hotels. "The agreement between our companies adds Revcaster's easy-to-use hotel rate shopping tools to ou...
nSight Introduces nGenius; Partners with Expedia and ADARA
Expedia Media Solutions for nGenius | December 17, 2014
The First Integrated Big Data and Multi-Channel Digital Marketing Platform for the Travel Industry Partnerships with Expedia and ADARA make it easy for hotels and destinations to take action on real-time consumer trends NASHVILLE, TN - December 17, 2014 - nSight, the leader in online consumer shopping intelligence for the travel industry, today announced its nGenius Community, a partner program focused on data-driven digital marketing. A first of its kind in the travel industry, the nGenius platform allows nSight users to take action on forward-looking travel consumer trends within the industry's most powerful marketing channels to incr...
Dublin Set for Hotel Growth as Ireland’s Recovery Continues Reveals HVS Report
HVS | December 16, 2014
December 16 2014, London: With Dublin's economic recovery well underway the city is now offering exciting opportunities for hotel developers, particularly in the luxury and economy sectors, according to a new report from global hotel consultancy HVS London. Hotel values continue to rise in Dublin as investment gains momentum. This year saw nine hotels with a value of over €7.5 million gaining new owners compared with just two sales at that level in 2012. Furthermore, the average room value of Dublin's hotels rose by 6.6% in 2013 to €179,400 with values expected to rise further to €212,000 by 2018. Ireland's hotel sector experience...
Stein Eriksen Lodge Prepares for Ski Season with nSight Travel Intelligence
Stein Eriksen Lodge | December 10, 2014
World's Best Ski Hotel Retools Demand Forecasting with Consumer Shopping Data NASHVILLE, TN - December 10, 2014 - nSight, the leader in online consumer shopping intelligence for the travel industry, today announced that Stein Eriksen Lodge, Utah's only Forbes Five Star, AAA Five Diamond resort, will use nSight's forward-looking consumer data to target active online travel shoppers and increase future bookings for the resort. Newly named the World's Best Ski Hotel by the World Ski Award's 2014 Ski Oscars, Stein Eriksen Lodge is an award-winning European resort offering Olympic-class skiing in the heart of Park City, Utah's pristine ski ...
Hotel Wellness Programs Can Boost ADR and Valuations Without Breaking the Bank
Andrew R. Cohan | December 8, 2014
With minimal investment, hotels can sharpen their wellness profile and even their valuation By Andrew R. Cohan In March of this year, Westin Hotels announced a $15 million one-year campaign aimed at infusing six "pillars of wellness" throughout their portfolio of hotels. With roundly 200 Westin hotels and resorts, this campaign represents an investment of approximately $75,000 per hotel. The program is one of the most comprehensive annual wellness expenditures to have been focused on a single global brand. Though this approach is an effective one for a company the size of Starwood Hotels and Resorts, many independent hoteliers and small...
U.S. Travel Community Urges Congress to Reauthorize Terrorism Risk Insurance Act (TRIA) By Year-End
The U.S. Travel Association | December 3, 2014
WASHINGTON (December 3, 2014) - U.S. Travel Association President and CEO Roger Dow issued the following statement urging Congress to reauthorize the Terrorism Risk Insurance Act (TRIA) before its expiration on December 31, 2014: "Failure to reauthorize TRIA in a timely fashion is creating the condition that any economy hates most: uncertainty. A vast and vital portion of the U.S. economy depends on TRIA to be able to operate effectively in the current global security environment, and leaving its future in doubt is hampering growth and job creation, plain and simple. "On 9/11, America's businesses and workers did not have the essential ...
Best Western International Taps Revcaster Hotel Rate Shopping Tool
Revcaster | December 2, 2014
Best Western International Looks to Improve ADR for North American Hotels with Real-Time Hotel Rate Shopping PORTLAND, OR - December 2, 2014 - Revcaster, the trusted leader in flexible, cost effective hotel rate shopping tools, announced Best Western International will integrate its revenue management program, BestREV , with Revcaster. All 2,100 North American properties will have an easier, more affordable way to gather rate data and set prices competitively. Click here for more information on Revcaster's rate shopping tools for hotels. Some Properties Double ADR Improvement "In the past year, our Revcaster hotel shopping tools assist...
Hostel Sector Set to Thrive as Demand Grows for Low Cost Beds Outlines HVS Report
HVS | November 21, 2014
21 November 2014, London: The hostel and limited service hotel sector is becoming one of the most dynamic hospitality investment sectors, with its adaptability and cost effectiveness along with intense competition from both group and independent operators contributing to rapid expansion. A new report published this week by global hotel consultancy HVS, outlines how the cost of hotel accommodation in major visitor locations is keeping the hostel and limited service concept at the forefront of the property market. In addition, flexibility of design and ease with which small businesses can be set up mean that the sector is now providing a ...
Beaver Run Resort and Conference Center Gains Competitive Edge with nSight Travel Intelligence
nSight | November 21, 2014
Award-Winning Hotel in Breckenridge, Colorado, Uses Future Consumer Demand to Manage Uncertainty and Grow Online Bookings NASHVILLE, TN - November 21, 2014 - nSight, the leader in online consumer shopping intelligence for the travel industry, today announced that Colorado-based Beaver Run Resort and Conference Center is using its consumer intelligence to enhance performance in digital marketing for third-party and consumer channels. A top ranked TripAdvisor hotel in Breckenridge, Beaver Run will use nSight consumer data to target active shoppers for the upcoming ski season and grow its share of visitors to the highly competitive Brecken...
Fee-for-Service Arrangements Provide Opportunities for New Entrants into Shared Ownership Industry
Kathy Conroy, MAI | November 18, 2014
By Kathy Conroy and Gary L Johnson Nov 18, 2014 HVS consultants in Florida advise new entrants to consider the timeshare arena, thanks to new capital light and fee-for-service structures which, eliminate barriers to entry. As was recently affirmed at the Shared Ownership Investment Conference (SOIC), held in Miami in October 2014, current industry trends have created a unique opportunity for new entrants into the shared ownership arena. In recent years, a capital-light strategy has emerged within the industry whereby timeshare organizations such as Wyndham Vacation Resorts, Hilton Grand Vacations Club, Bluegreen Vacations, and Hyatt Vac...
Premier Hotel Corporation Maximizes Rates, Profitability with Same-Day Comp-Set Pricing Data
Premier | November 11, 2014
Cost-Effective Revcaster Solution Automatically Updates Hampton Inn's GRO Revenue Management; Delivers Daily and Weekly Market-Specific Reports for Member Hotels November 11, 2014 - Premier Hotel Corporation is a property management consultancy that enhances profitability through increased revenue and efficiency for its hotels. Premier serves both branded properties and independents. A year ago, Premier increased its focus on maximizing revenue for its hotels through a cost-effective, automated comp-set pricing data solution. In mid-2013 the company implemented pricing services from a solutions provider called Revcaster that enabled its...
