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
U.S. Travel’s 2014 IPW Hosts Largest Number of Travel Buyers in More Than a Decade
The U.S. Travel Association | April 10, 2014
CHICAGO (April 10, 2014) - Nearly 1,400 international and domestic travel buyers, the highest since 2001, attended the U.S. Travel Association's 46th annual IPW, the travel industry's premier international marketplace. This week more than 6,200 travel suppliers and buyers from over 70 countries, including 500 international and domestic media, convened in Chicago at McCormick Place for the show, the largest single generator of travel to the U.S. The delegation from China, a critical emerging travel market, set a record with 109 attendees. Over the course of three days at IPW, more than 95,000 business meetings take place for intensive de...
U.S. Business Travel Lifted by Positive Economic Reports; GBTA Revises Growth Forecast Upward
April 9, 2014
GBTA Revises Business Travel Growth Forecast Upward for 2014 Crimea Crisis Has Little Direct Impact on U.S. Business Travel to Date Alexandria, VA (April 8, 2014) – Despite a record-breaking winter where the effects of the polar vortex and back-to-back snowstorms halted travel across much of the U.S., business travel is expected to continue its surge in 2014. The Global Business Travel Association today significantly increased its forecast for the year, driven in large part by healthy corporate profits, rising management confidence and increased job development – a continued positive sign for the U.S. economy. U.S. business travel s...
Lodging Econometrics Reports Construction Pipeline Declines Further in Europe and the Middle East
Lodging Econometrics | April 8, 2014
In Europe, the total Construction Pipeline at year-end 2013 stood at 734 projects/126,249 rooms, down 5% and 1% respectively from year-end 2012. Pipeline growth has been sluggish as widespread austerity measures have slowed the region's overall economic recovery. Many countries reported, however, that 4th Quarter economic activity was the highest in three years. The economic recovery still remains fragile. Europe will need to make even further adjustments to mitigate new financial headwinds caused by the US Federal Reserve's tempering of its quantitative easing program and the economic uneasiness caused by Russia's expansionary forays ...
The Indian Human Resources Storyboard – Then and Now
the Authors | March 31, 2014
By Natwar Nagar and Anupama Jaiswal This article provides an outline of the key HR trends which have been drivers of the hospitality sector in the last few years and will continue to play a dominant role going forward. The last decade witnessed some far-reaching and significant changes in the way business is conducted in the Indian Hospitality spectrum. Regardless of the recent year's contentious and challenging economic climate, the hospitality landscape continued to evolve, and new international hotel brands entered the Indian subcontinent. Needless to say, in its effort to stay one step ahead, the growing sector had to work twice as ...
IHG & Amadeus Form Strategic Relationship On Development of Consumer Technology
IHG (InterContinental Hotels Group | March 31, 2014
Rapidly evolving consumer technology shaping how guests plan and experience travel March 31, 2014 - IHG (InterContinental Hotels Group) is building on its long track record of industry-leading insight and innovation with the announcement of a strategic relationship with Amadeus, the leading provider of advanced technology solutions for the global travel industry. Consumer technology has become an increasingly important part of being able to anticipate and meet changing consumer needs and IHG is committed to maintaining its industry-leading position in this area. The combination of IHG's industry insight and expertise with Amadeus' techn...
Hyatt Hotels to Soon Open New Hyatt Place and Hyatt House Hotels in China
Hyatt Place | March 28, 2014
CHICAGO (March 28, 2014) – As the first Hyatt Place hotel in China prepares to open in May, Hyatt Hotels Corporation (NYSE: H) announced several new Hyatt Place and Hyatt House projects that will introduce these two Hyatt brands to China. The Hyatt Place and Hyatt House brands are rooted in extensive consumer research, which indicates that guests blend their personal and professional lives while traveling and want a hotel that accommodates this lifestyle. To embody this, the two brands offer casual hospitality in a smartly designed, high-tech and contemporary environment. Hyatt Place, an upscale select service brand, offers a stylish,...
Preparing Your Hospitality Executives & Staff For Effective Corporate Communication
the Authors | March 21, 2014
Preparedness Versus Damage Control by Erin Bagley & Leora Lanz Effective Corporate Communication This article aims to investigate how corporate communication in the hospitality industry should be utilized effectively. Section I focuses on how to ensure effective communication from your CEOs and corporate executives by reviewing case studies and recommendations on how to speak to both internal and external groups. Section II reviews company-wide communications in the digital age, and recommends protocol for adopting and enforcing social media standards for all employees, not just executives. Section III concludes by considering uniqu...
The Evolution of Digital Marketing and the Significance of Earned Content – Part II
The Authors | March 11, 2014
by Erin Bagley & Leora Lanz This article is Part II of a two-part series analyzing the landscape of digital marketing for hotels and motels in 2014. Part I reviewed the fundamentals of digital marketing and why it is vital hotels understand current trends. Part II investigates the future of "earned content," or user-generated content, marketing. Part I of this series identified digital marketing as a major component of hotel's marketing strategies and an important mechanism for future growth within the industry. As potential guests and loyal customers identified the internet as trustworthy, efficient, and safe, the opportunity for m...
Laura Benner Joins HVS Asset Management – Newport as Senior Vice President
March 10, 2014
Newport, RI – March 11, 2014 - Kirby Payne, CHA, President of HVS's asset management division in Newport, Rhode Island, has announced the appointment of Laura Benner as Senior Vice President of HVS Asset Management – Newport. Laura Benner, who is based in Manhattan, is a hotel real estate executive with more than 20 years of experience in hotel asset management, value creation, contract negotiations, strategic and branding analysis, acquisitions, dispositions and highest and best use assessments. Ms. Benner has worked within the hospitality divisions of such well-established and highly regarded firms as Host Hotels & Resorts, St...
Flight Cancellations from Latest Storm Cost Economy $95 Million
U.S. Travel Association | March 5, 2014
New Research Tracks Economic Impact of Cancellations, Delays WASHINGTON (March 5, 2014) - Economists at the U.S. Travel Association have concluded research finding that the cancellation of one U.S. domestic flight for weather-related reasons costs $31,600 in passengers' lost economic activity. With major media outlets citing data from FlightAware.com that approximately 3,000 flights had been cancelled due to the latest winter weather, that translates to a total economic loss of $94.8 million. And that number only accounts for passengers on those flights and the spending they would otherwise inject into the economy; because of discrepanc...
European Hotel Transactions Reach New Peak in 2013, Up 39% Over 2012, Says HVS Report
HVS | March 3, 2014
3 March 2014 - European hotel transaction volume in 2013 reached a new peak since the onset of the global financial crisis, signalling a comeback of the hotel real estate market. The 2013 European Hotel Transactions article, published by HVS London to coincide with the International Hotel Investment Forum [Berlin, 3-5 March], reports that total transaction volume across Europe reached €7.7 billion in 2013, a 39% increase on the €5.6 billion recorded in 2012. The first quarter of 2013 accounted for more than half of the year's total transaction volume, totalling €4.2 billion. "The European hotel industry has signalled positive tren...
Investor Interest in Europe’s Hotels Improves as Economic Recovery Boosts Demand, Says HVS London
HVS | February 27, 2014
27 February 2014 - Hotel values for the majority of the key European cities have grown during 2013, according to the 2014 European Hotel Valuation Index (HVI) published this week by global hotel consultancy HVS London. Hotel values are expected to continue to increase as the lending environment becomes more favourable and the economic recovery improves demand. The European Hotel Valuation Index monitors annual percentage changes in the values of typically four- and five-star hotels in 33 European cities. An index is calculated ranking each market relative to a European average, as well as an average value per room for each market. Most ...
The Digital Direction: Hotel Marketing Budgets and a Digital 101 for Hotels – Part 1
The Authors | February 24, 2014
by Leora Lanz, Lindsey Pete, & Erin S. Bagley This article is Part I of a two-part series analyzing the landscape of digital marketing for hotels and motels in 2014. Part I reviews the fundamentals of digital marketing and why it is vital hotels understand current trends. Part II will investigate the future of "earned content" marketing. Time is precious; more and more people are booking travel on the go and they want fast response times and 24-hour access.[1] These needs have caused a fundamental shift in the channels consumers are using to book hotel rooms. The Q3 2013 Travelclick update shows that 60.3% of individual business and...
Hotel Brand Revitalization by Aaron Laurie of HVS
Aaron Laurie | February 17, 2014
Feb 17, 2014 This article discusses the concept of hotel brand revitalization – a hotel company's initiatives aimed at re-positioning its brand. Brands that have recently undergone or are currently undergoing this brand process are reviewed. Hotel Brand Revitalization Like any commercial product, a hotel brand follows a life cycle. At its maturity, the brand becomes tired in the face of changing consumer preferences, new brand competition floods the market, and brand development stagnates while brand-wide revenue flat lines. Although lodging companies continuously try to promote their brands, at this point in the brand life cycle only...
At Year-End 2013 Total Investment in the Lodging Industry Reached an Estimated 21.8B
Lodging Econometrics | February 10, 2014
The lodging industry reached an estimated total investment of 21.8 billion in 2013. This is the highest level since 2009 and is expected to accelerate higher in 2014 and into late decade. For 2013, 1,171 Hotels were sold or transferred, a decrease of 19% Year-Over-Year (YOY). Previously, Total Transactions and Property Transfers had peaked at 3,218 Hotels/ 441,613 Rooms in 2007, then precipitously fell to a bottom of 528 Hotels/ 60,804 Rooms in 2009, a decrease of 84% by Hotels. After rebounding a bit in 2010 to 1,358 hotels, Transaction volume has since been locked in a bottoming formation with little M&A activity. Of the 1,171 Pr...
USA Winter 2014 US Lodging Real Estate Trends Show Construction Pipeline Spurts to the Upside
Lodging Econometrics | February 10, 2014
Marriott Delivers Big Gains After being locked in a bottoming formation for nine quarters, the Construction Pipeline increased in 2013 to 3,020 Projects/382,958 rooms, a Year-Over-Year (YOY) increase of 10% by projects and 12% by rooms. It's the first YOY double-digit increase since before the recession. The volume bounce from the 2Q11 bottom is significant because it starts the second leg of the new real estate cycle where Pipeline growth is expected to steadily increase as single asset and portfolio selling prices are now at record highs, signaling the point where it will be cheaper to build new hotels than to buy existing ones. The ...
Travel Industry Accounts for 25% of Overall U.S. Export Growth in 2013
U.S. Travel Association | February 7, 2014
Travel Export Increase for December 2013, the Largest Increase in 20 Years WASHINGTON (February 7, 2014) - David Huether, senior vice president of research and economics at the U.S. Travel Association, provides analysis on today's Commerce Department announcement of the December U.S. trade balance: "Travel continues to be a trade dynamo. Travel exports increased by $0.7 billion to $15.9 billion in December 2013 - an 11.8 percent increase from December 2012. The monthly increase was the largest since February 2012, and the largest December increase in the past 20 years. "The travel industry's trade surplus - the third-largest of any indu...
EMEA Hotel Investment Volume to Grow by 20+% to $16 Billion in 2014 Forecasts Jones Lang LaSalle
Jones Lang LaSalle | January 30, 2014
January 30, 2014 - 2013 was a resurgent year for the hotel investment market in Europe, Middle East and Africa (EMEA), with transaction volumes up 17% to $13.2 billion and 2014 set to grow by more than 20% according to the latest figures released by Jones Lang LaSalle's Hotel & Hospitality Group (JLL H&H) in their Hotel Investment Outlook report. "With increasing confidence for EMEA-wide recovery and growth, we forecast hotel investment volume in the region to grow by more than 20% to approximately $16 billion in 2014. Although some markets are at different stages of the recovery curve, underlying sentiment is much more positive...
Bangkok Area Hotels under Pressure; Lowering Rates Not a Solution, Advises HVS
HVS | January 27, 2014
HVS Bangkok Director Christian Pucher recently shared updates and counsel for the hotels in his locale: The protests that began in November 2013 have been taking their toll on hotels' performance amidst what would regularly be the high season. Occupancies are said to be down by 20-40 % on average as travelers cancel or postpone their trips to the City. As the protests are localized to specific areas of the city, some hotels near the protest sites are feeling the impact considerably more than others. "Past conflicts have shown that the market is resilient and that occupancies tend to recuperate to normal levels within three to four month...
Cornell Hospitality Research Summit 2014 Seeks Presentations on the Future of Service Innovation
CHRS 2014 | January 22, 2014
Ithaca, NY, January 22, 2014 - The Cornell Hospitality Research Summit 2014 has opened its search for forward-looking presentations on the future of service innovation. Designed as a forum for direct, research-based dialog between industry and academe, CHRS 2014 will focus on innovations and facilitate innovative networking throughout the entire hospitality and tourism industry. With a theme of "The Future of Service Innovation: The New Science of People, Organizations, Data, and Technology," CHRS 2014 is scheduled for October 2014 at the Cornell School of Hotel Administration. "Innovation is the lifeblood of the hospitality, travel, an...
Filling the Cap Stack Gap
William G. Sipple | January 20, 2014
By William G Sipple Even with great availability of low cost senior debt today, we still see a lot of projects suffering from a gap in their capital stack. Most of these deals are new construction projects, but there are plenty of acquisitions that have the same issue. Many of the owners are seeking some type of "passive" equity to get their projects off the ground. They are hoping to identify groups that will take a non-controlling interest in a project and settle for lighter equity returns. They often prefer to see these investors come in through the riskiest phases of the project and want to exit them from the deal at or prior to sta...
HVS Releases 2013-2014 Hotel Development Cost Survey
Elaine Sahlins of HVS | January 20, 2014
2013 Development Costs Rise; Market-by-Market Development Uneven HVS has released the HVS Hotel Development Cost Survey for 2013-2014, which incorporates a range of data sources including development budgets, material and labor costs indexes, and input from industry professionals, to track hotel construction costs in the United States. According to HVS San Francisco Senior Vice President Elaine Sahlins, author of the Survey, research shows that by the end of 2013, the hotel investment market as a whole had largely recovered from previous recessionary years, but the trend in market-by-market hotel development has been uneven. "The hotel ...
Segmenting Millennial Travelers: Business vs. Leisure by Teresa Lee
Teresa Y. Lee | January 13, 2014
In the past year, a lot has been said and happened in regards to Millennials and the hospitality industry. For example, there was exciting news from Marriott and Commune Hotels with the announcement of new brands geared towards Millennials, Moxy and Tommie, respectively. But due to the intense interest in the next generation of travel, a lot of noise has been added to the conversation as well, with the same repetitive points being made. Millennials are technologically savvy. Obviously. They are social and want a lobby design to reflect that where they can interact with others, but also practice isolated togetherness. Got it. Be on socia...
Travel Job Recovery Strong in 2013; Industry Nears Pre-recession Employment at Only 5,000 Jobs Short
U.S. Travel Association | January 10, 2014
Travel Industry Expanded Employment by 119,000 in 2013 WASHINGTON (January 10, 2014) - David Huether, senior vice president for economics and research at the U.S. Travel Association, reacts to Friday's Labor Department employment report: "Travel industry jobs continued their strong positive trend even as the pace of overall job growth decelerated in December. The industry added 11,000 jobs in December and accounted for an impressive 15 percent of the country's overall employment gains last month. "Looking back at 2013, while the overall economy created fewer new jobs during the past 12 months, the 119,000 jobs created by the travel i...
