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
Hotel Rooms in Seychelles Have the Highest Value Reveals HVS African Hotel Valuation Index
HVS | August 12, 2014
12 August 2014, London: Hotels in the Seychelles have the highest value per room across Africa, according to the first annual African Hotel Valuation Index (HVI) compiled by hotel valuation specialist HVS London. The survey of internationally branded properties covers 14 African markets including Nigeria, Ghana, Egypt, South Africa, Morocco, Angola and Zambia. The HVI ranks each market relative to an African average and monitors annual percentage changes in the values of four- and five-star hotels, reporting the average value per room in each region in US dollars. Hotels in the Seychelles demonstrated the highest value per room (US$522,...
Destination Resorts Hawaii Announces Lindsey Dollahon Assistant Director of Sales
Destination Resorts Hawaii | August 8, 2014
Destination Resorts Hawaii by Destination Hotels & Resorts, one of the largest luxury vacation rental companies on Maui, hires Lindsey Dollahon as its assistant director of sales. Ms. Dollahon will be based in San Diego and is responsible for growing the leisure market focusing on high-end travel agents, wholesale and consortia partners. "Lindsey's industry knowledge and relationships will be a great asset to the team," said Donna Wheeler, director of sales and marketing at Destination Resorts Hawaii. "Our decision to have her work from the mainland is part of our overall strategy to enhance our brand awareness and be readily availa...
The Economic Life of Economy Hotels
HVS | August 5, 2014
By Hans Detlefsen and Todd Isenstadt Methodology Economic life is an important component in determining development feasibility of hotels. Economic life is defined in the Appraisal Institute's Dictionary of Real Estate Appraisal as "the period over which improvements to real property contribute to property value." A deteriorating property can lead to a depreciation of the value of the asset, and owners of an aging property may determine that the expenses associated with improving the property cannot be justified. When improvements cease to contribute to value, the property's economic life comes to an end. The authors have collected data...
LE Reports U.S. Selling Price Per Room Soars in 1H 2014; Competition Intense For High-End Assets
Lodging Econometrics | July 25, 2014
Average Selling Price Per Room Year-Over-Year (YOY) catapulted 28% to $150,223 per room in 1H 2014, compared to $117,300 in 1H 13. Prices in 1H 14 are also up 17% over the year-end 2013 total of $128,352. Buyer competition is keen, as REITs and Private Equity Groups with similar investment objectives compete for the larger, high-end hotels in CBD locations of major cities, most of which have now totally recovered. The competition is similar for hotels in the top resort destinations which have been a bit slower to recover. As a result these assets still have considerable earnings and appreciation potential ahead. Internal transaction met...
Sam Gilliland and Rossi Ralenkotter Selected as 2014 Inductees into the U.S. Travel Hall of Leaders
U.S. Travel Association | July 24, 2014
WASHINGTON (July 24, 2014) - Travel industry advocates Sam Gilliland of Sabre Corporation and Rossi Ralenkotter of the Las Vegas Convention and Visitors Authority have been selected as the 2014 inductees into the U.S. Travel Hall of Leaders. Gilliland and Ralenkotter will be honored during a dinner among more than 100 travel industry leaders during the U.S. Travel winter board meeting on November 19 at the U.S. Chamber of Commerce building in Washington, D.C. Distinguished individuals are named to the Hall of Leaders maintained by the U.S. Travel Association for "sustained, noteworthy contributions that have positively impacted the trav...
New Orleans to Host IPW 2016
U.S. Travel Association | July 24, 2014
WASHINGTON (July 24, 2014) - The U.S. Travel Association announced Wednesday that New Orleans will be the venue for IPW 2016-the first time the blockbuster travel industry event has returned to the Crescent City since 2002. New Orleans also previously hosted the annual five-day event, formerly known as International Pow Wow, in 1993 and 1979. IPW is the largest travel trade show in North America-a one-stop opportunity for U.S. destinations, attractions and businesses to showcase themselves to thousands of influential travel professionals from international markets. The business transacted at IPW has been calculated by the independent fi...
CBRE Hotels Acquires PKF Consulting
CBRE Group, Inc. | July 16, 2014
July 16, 2014 - "The acquisition of PKF Consulting USA, LLC, a leading advisory, consulting and research firm specializing in the lodging industry, significantly strengthens CBRE's objective of becoming the top global intermediary in hospitality services. Headquartered in San Francisco, PKF Consulting USA (PKFC) serves a broad range of clients, including hotel owners and operators, financial institutions, real estate developers, investors, product and service providers to the industry, and governmental agencies. Its key services include real estate appraisals, litigation support and expert testimony, market and financial feasibility stu...
Hotel F&B – To Lease or Not to Lease?
Kirby D. Payne | July 15, 2014
by Kirby D. Payne Hotel F&B should be leased, is a mantra I hear. People claim hotels should include F&B because it can be profitable. I feel the profit motive should be secondary. The primary role of F&B is to enhance the potential Room Revenues of a hotel. You hear it all the time, particularly from new hotel owners and operators: Food and beverage operations do not make a profit. "Hotel F&B should be leased out" is the mantra I keep hearing. This philosophy, of course, begs a number of questions, the most obvious of which are these three: While some people claim that hotels should include F&B facilities because th...
Survey Reveals Technology as a Compelling Factor Behind Chinese Outbound Travel Surge
Hotels.com | July 15, 2014
More Travel, Higher Spending and Greater Independence Fueled by Online and Mobile Applications DALLAS, July 15, 2014 - The latest Hotels.com® Chinese International Travel Monitor (CITM), published today, reveals just how much technology has become a powerful element in the decision-making mix of this critical sector, following another record year for travel and spending[1]. For the first time, more than half of the Chinese travelers surveyed say they now book their hotel accommodation either via the web or mobile apps, up from 45 percent in 2013. Just under half use online accommodation websites and online reviews sites to research the...
Cornell Study Compares Newly Created Hotel Real Estate Indices to Actual Portfolios
the Center for Real Estate and Finance | July 14, 2014
Ithaca, NY, July 14, 2014 - With the development of hotel real estate indices comes the possibility of using those indices to benchmark hotel price appreciation, but that idea may be premature, according to a new study from the Cornell Center for Real Estate and Finance (CREF) at the School of Hotel Administration. In the report, "A Comparison of Hotel Indices with Hotel Properties and Portfolios," Cornell Professor Walter Boudry compares the price changes of a hypothetical hotel portfolio to the hotel indices developed by CoStar and Real Capital Analytics (RCA). The report, which is co-sponsored by the Cornell Center for Hospitality Re...
Hotel Portfolio Values by Yoshihiro Kanno
Yoshihiro Kanno | July 8, 2014
Executive Summary Properties sold together as a portfolio may represent a greater, equal, or lesser value than the sum of each property¡¦s individual values, depending on market conditions and characteristics of active buyers. The author collected hotel sales data for the 2012-2014 period and compared the sale prices of portfolio hotel transactions with individual hotel transactions of similar quality, as measured by RevPAR. During this period, the author concludes that portfolio transactions exhibit a premium sale price when compared to individual hotel transactions. Hypothesis Why might portfolios of hotels be worth more than the su...
London Sees Property Boom with Hotel Sector Set to Grow Further, Says HVS
HVS | June 24, 2014
24 June 2014 - London is in the midst of a property boom and looks set to become one of the world's leading hotel markets, as strong growth in leisure demand turns the capital city into an increasingly popular tourist destination. This was the conclusion of an HVS London Update breakfast seminar held last week at the Charlotte Street Hotel, attended by over 70 hotel operators, analysts and investors. The event was part of a series of market briefings organised globally by HVS. Charles Human managing director of property specialist HVS Hodges Ward Elliott presented a positive outlook for the capital, prompted by a population increase tha...
Airbnb’s Inroads Into the Hotel Industry – What Does This Mean for Hoteliers?
Matt Kurtz | June 23, 2014
by Matt Kurtz Airbnb offers accommodations in nearly every major hospitality destination worldwide. Rates are often lower than comparable hotel rooms, and its popularity is rising—what does this mean for hotels? Travelers looking for lodging in their destination cities have traditionally taken one of two courses: stay at the home of a friend or relative or book a room at a local hotel. Over the past six years, a kind of hybrid option has emerged, allowing for guests to book rooms in the houses, apartments, condominiums, trailers, treehouses, boats, and even castles of other people. The experience can have as much in common with couch ...
2014 Global Hotel Rankings: The Leaders Grow Stronger; IHG Retains Top Spot
MKG Group | June 23, 2014
With some 19.5 million rooms on January 1, 2014, the global hotel supply slowed its growth last year. While it flirted with 3% in recent years, the growth rate did not surpass 1.2% across 2013. Overall, the global hotel supply (branded and independent supply) grew by close to 200,000 rooms. Once again, hotel groups acted as the main growth engine. On the period, the 3.2% growth of the branded hotel supply made up for the contraction of the independent supply on some mature markets. With some 240,000 additional rooms, the chain supply thus reached 7.85 million rooms on January 1, 2014. Growth in the branded supply was supported by the d...
Travel Community Criticizes TSA Fee Hike
U.S. Travel Association | June 23, 2014
WASHINGTON (June 23, 2014) - U.S. Travel Association President and CEO Roger Dow issued the following statement on the implementation of a hike on the traveler fee that funds Transportation Security Administration (TSA) activities: "Clearly there needs to be adequate funding for aviation security, but the last adjustment to the fee that funds TSA activities was very disappointing. "In the budget agreement for the current fiscal year, the fee was raised knowing that a significant portion would be used to fund unrelated projects by Congress, instead of using all of the new revenue to pay for improved security activities. "Not only did the...
Nairobi’s Hotels Remain Resilient with Occupancy Expected to Grow if Stability Improves – HVS Report
HVS | June 16, 2014
June 16, 2014 - Nairobi's hotel sector has demonstrated an impressive resilience and strength in the wake of a turbulent 18 months and is likely to reach its true potential with a period of political and economic stability. This is the conclusion of a new report on the prospects for Nairobi's hotels by global consultancy HVS, which says a period of calm in the Kenyan city will enable its tourism industry to recover and its hotels sector to improve occupancy and confidence. Dubbed the safari capital of Africa, Nairobi was a booming tourist hub - the transit point for some 5 million arrivals a year, many heading for safari or beach holida...
Hotel Franchising Set to Grow Across Europe as Brands Strengthen Their Foothold, Says HVS Report
HVS | June 9, 2014
9 June 2014 - Europe is likely to see a greater proportion of branded hotels coming on stream as the concept of franchising gathers pace amongst hotel operators in the region. Until now, the uptake of franchise agreements in Europe has been relatively slow. However, according to a new report from global hotel consultancy HVS, an increasing recognition of the strength of a hotel brand and brand affiliation has prompted the concept to expand. The fact around two-thirds of European hotel stock remains unbranded presents a huge opportunity for branded operators keen to expand. The HVS report, Hotel Franchising in Europe, outlines the fact t...
Reasons For Hoteliers To Act Now on Transactions, Renovations & Position Improvements in 2014
the Author | May 23, 2014
by Russ Rivard With increasing demand, low supply, and more access to capital creating a tailwind, the U.S. hotel industry has reached its cruising altitude. Hotel owners and investors should look closely at opportunities to act now on transactions, renovations, and other ways to improve their position in 2014. The Year 2014 is Opportune for Hoteliers At the recent 26th Annual Hunter Hotel Conference in Atlanta, I served alongside other hotel buyers, lenders, appraisers, and advisors on a panel discussion of "Hotel Values in a Rising Market." While we shared insights from our various perspectives on the U.S. hotel industry as of early 2...
Survey Shows Washington Must Address Failing Infrastructure to Avoid Economic Harm
U.S. Travel Association | May 23, 2014
Travel and Tourism Leaders Express Grave Concern about Growing Strain on Transportation Systems WASHINGTON (May 23, 2014) - Global competitiveness and economic and job growth are all severely imperiled by the United States' collapsing transportation infrastructure, overwhelming numbers of business leaders say in a survey conducted by Building America's Future and the U.S. Travel Association. The full findings of the survey were released at a press conference featuring Building America's Future's co-chairs, former Pennsylvania Governor Ed Rendell and Former U.S. Department of Transportation Secretary Ray LaHood, and U.S. Travel Associat...
Wyndham Hotel Group to Launch Ramada Brand in Kenya with Ramada Nairobi to Open Q4 2014
Ramada | May 13, 2014
Owned and Managed by Global Hotels Management Africa NAIROBI (May 13, 2014) - Wyndham Hotel Group, the world's largest hotel company with approximately 7,500 hotels and part of Wyndham Worldwide Corporation (NYSE: WYN), today announced plans to expand into Kenya after signing a franchise agreement for Ramada Nairobi, the first Wyndham Hotel Group property in the country. Ramada Nairobi will be owned and managed by Global Hotels Management Africa Ltd. (GHMA), an affiliate of Global Hotels Management (GHM), which already operates the Ramada Hotel & Suites Ras Al Khaimah in the United Arab Emirates. The agreement adds to Wyndham Hotel ...
U.S. Travel Tells Senate Renewal of Brand USA and JOLT Act Passage would Add $200 B to U.S. Economy
The U.S. Travel Association | May 9, 2014
WASHINGTON (May 9, 2014) - In testimony delivered today before the Senate Commerce Subcommittee on Tourism, Competitiveness and Innovation, U.S. Travel Association President and CEO Roger Dow said: "Today, travel is the nation's number one industry export and is growing fast." "The potential for further growth is enormous...If the United States could regain the 17 percent of global long-haul travel market share by 2020, we would add 49.8 million visitors, $222 billion in spending and 452,000 more jobs over that period." "By promoting the United States as a destination and clearly explaining our security policies, Brand USA [the publ...
Travel Employment Sets Another Record High; Outpaces Other Sectors by 49%
The U.S. Travel Association | May 5, 2014
WASHINGTON (May 5, 2014) - David Huether, senior vice president for research and economics at the U.S. Travel Association, commented on the April jobs data released Friday by the U.S. Department of Labor: "While the jobs news overall is very good, travel continued to outperform the rest of the economy, setting its seventh consecutive employment record. Travel employment added 2,100 jobs for the month, and now stands at close to eight million jobs. "The travel industry is a leading force in getting Americans back to work. Since losing close to half a million jobs in the Great Recession, the travel industry has added 697,000 jobs and has ...
Marijuana’s Effect on Denver Tourism; Hotel Searches Up 25% in 3 Months & 73% During 4/20 Weekend
Hotels.com | April 14, 2014
DALLAS, April 14, 2014 -- Denver and the state of Colorado have seen a spike in travel interest since the sale of recreational marijuana was legalized to anyone 21 or older at the start of the year, according to search data from Hotels.com®. Denver has seen a 25 percent increase in hotel searches in the first three months of the year compared to 2013. Ranked as the 17th most popular domestic destination for Americans in 2013 according to the Hotels.com Hotel Price Index™, Denver is also expected to see an increase in visitors on and around April 20th. Hotel searches for the weekend of April 18-20 – when the city will be host to a n...
Sports Complex & Hotel for Greenwood Indiana is Moving Forward Since Announced in 2007
BuildCentral | April 14, 2014
Hotel-Online and BuildCentral Add/Update 175 Hotel Projects to the New Hotel Construction Projects Database Chicago, IL. April 14, 2014 - Hotel-Online and BuildCentral have added or updated 175 hotel projects in the last two weeks to Hotel Construction, a nationwide database of hotel construction projects, openings, and key decision makers (Owner/Developers, Architects and Contractors). These proposed hotels are still in the planning stages. Now is the perfect time to have your product drawn into plans, or offer construction services: Ybor City Hotel (Tampa, FL) Country Inn and Suites (Charlottesville, VA) Hotel and Conference Cent...
