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
Lodging Econometrics US Lodging Real Estate Trends: Pipeline Breaks Out as Development Accelerates
Lodging Econometrics | November 10, 2014
The Hotel Construction Pipeline surged forward to a five-year high in Q3 with 3,516 Projects/443,936 Rooms. The Pipeline has posted double-digit Year-Over-Year (YOY) increases for four consecutive quarters in both Projects and Rooms. In 3Q14, YOY increases are up 25% and 24% respectively, signaling a breakout into the expansion phase of the current real estate cycle which is likely to continue another two-to-three years. Projects Under Construction, 1,062 Projects/134,292 Rooms, are up a booming 50% by Projects and 46% by Rooms YOY. Projects Scheduled to Start in the Next 12 Months are also strong, up 36% and 34%, at 1,375 Projects/165...
VisitEngland Engages nSight Travel Intelligence to Understand Online Travel Consumers
nSight | November 7, 2014
NASHVILLE, TN - November 7, 2014 - nSight, the leader in online consumer shopping intelligence for the travel industry, today announced that VisitEngland, the national tourist board for England, has contracted to use the nSight Business Intelligence (BI) Dashboard and nCompass Reporting solutions to gain insight into how travellers shop and book. England is a unique destination and a real powerhouse in global tourism. It represents 84 percent of the total UK visitor economy worth £106 billion, and supports 2.6 million jobs. "We're excited to be working with VisitEngland," said Richard Maradik, Founder of nSight For Travel. "As the domi...
Grand Beach Hotel Group to Capture Online Market Share with nSight Travel Intelligence
Grand Beach Hotel Group | October 31, 2014
Miami-based Hotels Use Online Consumer Analytics to Take Control of International Growth NASHVILLE, TN - October 31, 2014 - nSight, the leader in online consumer shopping intelligence for the travel industry, today announced that Grand Beach Hotel Group is using the nSight BI Dashboard to increase online market share and grow international guests for its Miami and South Beach properties. 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. Grand Beach Hotel Group plans to take action on nSig...
GBTA Foundation Forecasts China Business Travel Spend to See Double Digit Increases in 2014, 2015
October 30, 2014
China Economic Boost Driven By Exports, Household Consumption and Infrastructure Stimulus Spending SHANGHAI, Oct. 30, 2014 -- The Global Business Travel Association (GBTA) Foundation, the voice of the global business travel industry, today announced the results of its latest GBTA BTI™ Outlook – China report, a semi-annual analysis that relates unfolding economic events at home and abroad to their resulting impacts on China's business travel market. The report, sponsored by Visa Inc., includes the GBTA BTI™; an index of business travel spending that distills market performance over a period of time. Key highlights of the report inc...
HotelREZ Hotels & Resorts Implements Revcaster Comp-Set Pricing Data for 1,000 Member Properties
HotelREZ Hotels & Resorts | October 30, 2014
How does HotelREZ Set Effective Day-by-Day Rate Strategies? With the Industry's Most Affordable, User-Friendly Pricing Solution and Exceptional Customer Service PORTLAND, OR - October 30, 2014 - Revcaster agreed to supply HotelREZ Hotels & Resorts with competitive price data to maximize rates for its properties in markets around the world. HotelREZ provides distribution, revenue, sales and marketing consultancy for more than 1,000 member hotels in 27 countries. Member properties now access Revcaster data to evaluate pricing dynamics in specific markets and set optimized competitive rates. Revcaster offers the hospitality industry's ...
Budgeting Is Getting Easy
Robert Mandelbaum | October 20, 2014
by: Robert Mandelbaum Throw away the Ouija and dart boards. Apparently predicting the performance of U.S. hotels has become very easy for U.S. hotel managers. For the third consecutive year, management's projections of revenues, expenses and profits contained in their budgets have been extremely accurate. Since 2001, PKF Hospitality Research, a CBRE company, (PKF-HR) has assessed the accuracy of hotel budgets. Over the past 13 years, one trend has become very predictable. During times of industry prosperity, hotel budgets are extremely accurate. In 2013, U.S. hoteliers overestimated their total property revenues by just 0.04 percent. Ho...
Cornell Studies Demonstrate How Eye Tracking Creates a Window to Consumers’ Thoughts
The Center for Hospitality Research | October 17, 2014
Ithaca, NY, October, 2014 - A recent exploratory study sponsored by the Center for Hospitality Research (CHR) at Cornell University sheds new light on how consumers choose hotels by demonstrating how to use eye tracking paired with in-depth interviews to uncover precisely what prospective guests look at-and think about-while they are searching for lodging online. Until now, the reports published about how people choose hotels online have mostly been based on surveys or on capturing clickstream data to map how users navigate from page to page. This new study, which is explained in a pair of reports by researchers Breffni M. Noone and Ste...
Five Key Takeaways: Independent Lodging Congress 2014
Anjali Peterson | October 15, 2014
by Anjali Peterson The second annual Independent Lodging Congress, held September 29 to 30 at the Rittenhouse hotel in Philadelphia, brought together a mix of hotel owners, management companies, developers, lenders, and suppliers to explore the future of independent hotels. Andrew Benioff, Managing Partner at the Llenrock Group and the founder of the congress, set the tone: "Each independent hotel asset offers its stakeholders the opportunity to create a product on their own terms, unencumbered by brand, tailored to its local and the discriminating tastes of the 21st century hotel guest." Representatives from international hotel compani...
Access HVS 2014: Insights into Hotel Performance and Supply Trends for Top 10 Markets in the USA
October 13, 2014
The forward-looking hospitality event series spanned ten U.S. markets and involved more than 560 hotel industry stakeholders. Access HVS 2014, HVS' latest hospitality summit series, concluded following a run through Atlanta, Columbus, Dallas, Denver, Minneapolis, New Orleans, Philadelphia, Portland, St. Louis, and Houston. The conference series brought together over 560 industry stakeholders, business leaders and key decision-makers from the hotel and tourism industry from across 30 states. The event took place throughout September; HVS managing directors delivered insights on historical and projected performance levels, major drivers o...
U.S. Business Travel Industry Spends $72.8 Billion in Q2
the GBTA Foundation | October 7, 2014
GBTA Foundation Report Finds Businesses are Spending More, Indicating Continued Confidence in Overall Economic Recovery ALEXANDRIA, Va., Oct. 7, 2014 -- A leading travel industry forecast found business travelers spent an estimated $72.8 billion on U.S.-originated business travel during the second quarter of 2014, a 7.1 percent year-over-year growth. This rise in spending comes despite a slight year-over-year reduction of -0.1 percent in the total number of trips taken in the second quarter. Likewise, during the 2014 calendar year, group business trips – travel to business meetings or conferences – are expected to dip 3.3 percent, w...
Hay Creek Hotels Has Created a Charged Network with Tesla Motors Charging Stations
Hay Creek Hotels | October 6, 2014
Exeter, N.H. (October 6, 2014) - Hay Creek Hotels are now providing Tesla electric charging stations at all of their properties. As a hotel group focused on providing a green environment, supplying guests with the best amenities and experiences, and incorporating state of the art technology into their properties, Hay Creek Hotels is proud to offer this high-tech, eco friendly solution for guests. "The Tesla stations are a great service to be able to provide to our guests and we are proud to be able to offer this amenity to our travelers," said Norman MacLeod, President & CEO of Hay Creek Hotels. "We continue to seek ways to surprise...
Germany Remains Darling of Hotel Investment Sector; Transaction Levels Heading for €2B, Reveals HVS
HVS | September 30, 2014
30 September 2014, London: Germany's hotel market is going from strength to strength, with year-to-July 2014 data showing hotel investment volumes have risen over 100% to a record level of over €1.5 billion, compared with approximately €800 million over the same period last year. On average German hotels have recorded a RevPAR (rooms revenue per available room) increase of 2.5% in the year-to-July compared with the same period in 2013, driven primarily by occupancy. A report from HVS, Germany - The Investor's Darling? released to coincide with property trade fair Expo Real [Munich 6-8 October 2014] reveals the German hotel market is...
Lodging Real Estate Trends: Lodging Econometrics Reports Asia Pacific Pipeline Dominated By China
Lodging Econometrics | September 26, 2014
At Q2 2014 the Total Construction Pipeline stood at 3,674 Projects/ 757,207 Rooms. A very high seventy-eight percent of the Pipeline, 2,791 Projects/ 567,409 Rooms, is presently Under Construction. There are just 369 Projects/ 81,901 Rooms Scheduled to Start in the Next 12 Months and 514 Projects/ 107,897 Rooms in Early Planning. China has the largest Pipeline in the world by guest room count. With 2,409 Projects/ 521,452 Rooms it also has nearly two thirds of all Construction Projects in Asia. China is trailed at a distance by India with 370 Projects/ 54,815 Rooms and Indonesia with 338 Projects/ 52,495 Rooms. Respectively, they are r...
Investors Rediscover a Passion for Golf Resorts, Says HVS Report
HVS | September 25, 2014
25 September 2014, London: With the Ryder Cup underway this week at Gleneagles in Perthshire hotel investors are rediscovering the appeal of European golf resorts as the sector starts to regain its momentum. This year has seen in excess of €386m (£322m)-worth of major (over €10m) single asset transactions in golf resorts compared with none in 2013 and €128m (£107m)-worth in 2012. A new report from global hotel consultancy HVS London, European Golf Resort Investment, says economic recovery is now encouraging institutional investors and private equity organistions to invest in golf resorts. These properties are now being viewed as...
Israel’s Hotel Economy Shows Good Growth Despite the Country’s Instability, Says HVS
HVS | September 23, 2014
23 September 2014, London: Hotels in Israel have shown encouraging growth in performance over the past year, albeit that the recent tension and conflict the region has been experiencing will have a profound effect on this year's performance. A new report from global hotel consultancy HVS highlights the fact that Israel's hotels held up relatively well last year with average occupancy rising from 69% in 2012 to 70%. HVS's research shows that average daily room rates in hotels across five key locations in Israel reached US$190 in 2013, up from US$178 in 2012, with the highest being in Tel Aviv at US$234 and in Eilat at US$188. Rooms reven...
The Components of Franchise Fees
Robert Mandelbaum and Gray McDade | September 16, 2014
By Robert Mandelbaum and Gary McDade Hotel franchise companies ("the brands/chains") charge their franchisees a series of fees that cover a variety of services provided by the franchisor. In our firm's annual Trends® in the Hotel Industry survey of operating statements, PKF Hospitality Research, (PKF-HR is a CBRE company) captures four of these fees discretely: Royalty Fees Advertising and Marketing Assessments Loyalty Program Fees Reservation Assessments To gain a better understanding of the fees paid by hotel owners to their franchisors, PKF-HR analyzed the operating statements of 1,304 chain-affiliated hotels in our Trends® d...
Cleveland a ‘City of Choice’ for Development
Laurel A. Keller | September 15, 2014
By Laurel A. Keller CLEVELAND-Cleveland is riding high as it enjoys an infusion of more than $17 billion in capital developments, including nearly $3 billion dedicated to tourism and more than 2,000 new hotel rooms between 2013 and 2016. According to Positively Cleveland, the number of business and leisure visitors to the region increased by 4% in 2013 to 16.2 million, generating an economic impact of $7.4 billion. So often portrayed as a has-been Rust Belt city, Cleveland is not-so-quietly reinventing itself, pinning its future on a renewed convention business and innovative, cutting-edge industries with staying power. Judging by these...
Europe’s Construction Pipeline Sluggish as Development in the Middle East Picks Up
Lodging Econometrics | September 4, 2014
At the end of Q2 Europe's Construction Pipeline stood at 807 Projects/ 132,187 Rooms, a scant Year-Over-Year (YOY) increase of 8% by Projects and 1% by Rooms. Overall Pipeline growth has been lackluster since the cyclical bottom established in 2010. Both Projects Under Construction and Annualized Construction Starts experienced a brief peak in Q3 2012 when projects previously stalled in the Pipeline during the Great Recession migrated forward towards construction as lending first became available. However, since that peak, both metrics have trended downward for seven consecutive quarters. Pipeline growth is in the Scheduled to Start in ...
UK Hotels Turn the Corner to Recovery as RevPAR Reaches Pre-downturn Levels
HVS | September 4, 2014
4 September 2014, London: Hotels in eight out of 12 UK cities in the latest quarterly Hotel Bulletin for Q2 2014 recorded RevPAR (rooms revenue per available room) beyond pre-downturn levels with the remaining four cities almost reaching these levels. The Hotel Bulletin, compiled by HVS, Zolfo Cooper and AM:PM, reports that hotel performance in London and the regions has continued to improve in Q2 2014 with average RevPAR increasing 10% year-on-year. For the third consecutive quarter all the cities reviewed recorded RevPAR growth. London saw a hike of 4% year-on-year with hotels outside the capital seeing an 11% rise. Growth was driven ...
Hotel Management Companies and Equity Contributions: Benefits and Risks
the Authors | August 27, 2014
by Todd Isenstadt and Hans Detlefsen Introduction Hotel financing takes different forms based on the capital requirements of the developer and the availability of alternative financing sources. These factors vary with the economic climate. Typically, hotel developers attempt to finance new hotel construction projects with a combination of debt and equity. Within these two general categories of capital, various sources may be required to fund the project. This article investigates the benefits and risks of seeking equity participation from hotel management companies. Financing Scenarios In today's lending environment, active hotel lender...
Selecting a Hotel Management Company: A Decision Worth Millions
the Authors | August 26, 2014
by Todd Isenstadt and Hans Detlefsen A Simple Approach to Measure Management Skill Do different hotel management companies produce significantly different profit results for their owners? After accounting for differences in branding, location, property age and condition, market size, and property type, do different management companies still produce significantly different results? This article shows that the answer is: YES. A really good hotel management company can deliver more profit per dollar of revenue generated by a hotel than a below-average management company. Hotel valuation depends substantially on the proven and potential ne...
South Dakota Secretary of Tourism Jim Hagen Named State Tourism Director of the Year
U.S. Travel Association | August 26, 2014
LOUISVILLE, KY. (August 26, 2014) - South Dakota Secretary of Tourism Jim Hagen has been named State Tourism Director of the Year. The award is voted upon annually by the U.S. Travel Association's National Council of State Tourism Directors. Hagen was announced as the winner before more than 600 of his peers Monday at the ESTO annual conference of travel professionals, held this year in Louisville, Ky. "South Dakota understands that travel dollars are an essential contributor to the state economy," said U.S. Travel Association President and CEO Roger Dow. "The competitive tourism marketplace demands that states invest in effective, effi...
PKF Report Shows Caribbean Hotels Steadily Improving
PKF Consulting USA | August 20, 2014
August 20, 2014 - ATLANTA - PKF Consulting USA (PKFC), a CBRE company, announced today that the average Caribbean hotel enjoyed an 18.6 percent increase in net operating income (NOI) during 2013, according to its newly released 2014 edition of Caribbean Trends® in the Hotel Industry. This is the third year in a row that Caribbean hotels have experienced a double-digit increase in NOI and the highest annual growth in profits achieved since 2008. "Caribbean hotels have unique operating challenges that result in relatively higher expenses," said Scott Smith, MAI, vice president in the Atlanta office of PKF Consulting, USA. "Fortunately, ...
US Pipeline Posts Double-Digit YOY Gains for 3rd Consecutive Quarter Reports Lodging Econometrics
Lodging Econometrics | August 18, 2014
The Construction Pipeline continued its upward momentum in Q2 14, posting a double-digit gain Year-Over-Year (YOY) for the third consecutive quarter. At Q2 14 the Pipeline stands at 3,311 Projects/ 421,387 Rooms, an increase of 17% by Projects and 20% by Rooms YOY. The Pipeline has been increasing for the past nine quarters off the bottom established in Q1 2012. Projects Under Construction are on a 12-quarter uptrend and are up a strong 50% by projects and 55% by rooms YOY. Increasing for eight quarters, projects Scheduled to Start Construction in the Next 12 Months are showing an increase of 21% by projects and 25% by rooms YOY and st...
