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
“BridgeStreet Global Hospitality” Redefines Serviced Apartment Sector
Lodging Econometrics (LE) | January 9, 2014
HERNDON, Va. – BridgeStreet Residences, Serviced Apartments and Suites – the leading international hospitality solution offering serviced apartments, today debuts a refreshed brand concept and name, BridgeStreet Global Hospitality, effective immediately. The launch introduces an industry-leading family of brands including six distinct serviced apartment experiences ranging from six- to two-star products. The newly rebranded company directly addresses sector-wide challenges, including fragmentation and a lack of service offering consistency, historically creating a barrier between consumer expectations and the end product, as detailed i...
A Sector Focused on Growth: Strong Performance Predicted by EY for Global Lodging Industry in 2014
EY | January 8, 2014
NEW YORK and LONDON - January 8, 2014 - Look for transaction activity and even development to pick up across the board as investors seek out new opportunities in the global hospitality sector over the next 12 months, according to EY's Global Hospitality Insights 2014. Following years of a slow and stubborn recovery and constrained capital budgets, the global hospitality sector witnessed a strong appetite for growth in 2013, a trend that is set to continue and pick up pace in 2014. Global Hospitality Insights follows 13 key trends expected to have major impacts on the hotel sector in 2014 and anticipates strengthening fundamentals provid...
Rare Redevelopment Site On Wilshire Boulevard In Prestigious Beverly Hills, Calif. Hits The Market
CBRE Group, Inc. | January 3, 2014
Los Angeles - January 3, 2014 - A redevelopment site in one of the world's most recognizable and prestigious neighborhoods is for sale, according to CBRE. The firm just launched its marketing effort this week for the site, which includes 63,691 square feet of land located at the southeast corner of Wilshire Blvd. and Linden Drive in the heart of Beverly Hills' world-renowned, upscale restaurant and shopping district. Due to its high-profile location in what is known as the Beverly Hills Golden Triangle, the property is expected to command exceptional pricing on a square foot basis for Beverly Hills, according to Laurie Lustig-Bower of C...
Competing For Deals – How to Get Your Offer Accepted
William G. Sipple | December 18, 2013
By William G Sipple While the transaction market is heating up, compared to other cycles, there still remains a shortage of hotel properties coming to market. One major factor driving this is that many owners are looking at their improving operating metrics and deciding to delay selling their assets in hopes of realizing greater gains in the future. A second factor is that low interest rates and aggressive competition among lenders has resulted in a market where owners can receive high loan proceeds should they choose to refinance rather than sell. When viewed on an after-tax basis, the refinancing scenario may very well yield higher pr...
Global Hotel Investment Sentiment Survey Shows Positive Trading Expectations for EMEA Hotels
Jones Lang LaSalle | December 18, 2013
Focused on Core German Cities, London & Paris December 18, 2013 - Jones Lang LaSalle Hotels & Hospitality Group (JLL H&H) has released the results of their Global Hotel Investment Sentiment Survey and its good news for hotels in the EMEA region with trading expectations remaining positive both for the short term (six months) and medium term (two years) with investors feeling more confident than they did earlier this year. Of the 31 cities tracked, 21 are expected to show growth in performance over the next six months, rising to 28 when looking to the medium term. Investor sentiment is highest for cities in Germany (Munich, F...
2013 to Finish Strong for Hotels – TravelClick Reports
TravelClick | December 18, 2013
The North American hotel sector can end 2013 on a positive note. Both group and transient segments (individual business and leisure travelers) will finish 2013 showing year-over-year increases in occupancy and average daily rate (ADR), according to data from the November 2013 TravelClick North American Hospitality Review (NAHR). "Group sales were a disappointment through the first three quarters of the year," said Tim Hart, executive vice president, business intelligence, TravelClick. "However, recent group sales pace (new commitments added over the last month), has been quite strong, improving the group segment outlook not only heading...
Best and Worst Travel Taxes Across Top 50 U.S. Destinations Reported by Global Business Travel Assoc
The GBTA Foundation | December 11, 2013
GBTA Also Warns Against Potential TSA Tax Increase ALEXANDRIA, Va., Dec. 11, 2013 -- Taxes levied specifically on travel-related services increased the total tax bill for a traveler by 58% in 2013, according to a new report released today by the GBTA Foundation, the education and research arm of the Global Business Travel Association (GBTA). The annual study examines hotel lodging, car rentals and restaurant meal taxes in the top 50 U.S. destination cities, which are regularly used to fund local projects unrelated to tourism and business travel. GBTA executive director and COO Michael W. McCormick said, "Unfortunately, it's not just sta...
Mike Gallagher of CityPASS & Disney’s Randy Garfield Named to U.S. Travel Assoc. Hall of Leaders
The U.S. Travel Association | December 9, 2013
WASHINGTON (December 9, 2013) - Mike Gallagher of CityPASS and Randy Garfield of The Walt Disney Company are the newest members of the U.S. Travel Association Hall of Leaders, a recognition bestowed by the association for "sustained, noteworthy contributions that have positively impacted the travel industry, stimulated greater achievement and raised industry-wide standards." "U.S. Travel's Hall of Leaders, the highest of our industry's honors, gained two truly notable additions with the induction of Mike and Randy," said U.S. Travel President and CEO Roger Dow. "For many years, these two gentlemen have gone above and beyond to help make...
The Multi-branded Hotel: New Efficiencies Through Innovation
Eric Wright | December 6, 2013
by Eric Wright This article discusses multi-branded hotel developments and the potential efficiencies that these developments can create, given the ever-changing demands of both the consumer and the industry. Hotel developers must evolve their development models to reflect the ever-changing demands of both the consumer and the industry, not only to stay competitive and increase yields but sometimes just to get shovels in the ground in the first place. The competitive environment for hotel development has intensified over the last 30 years. Building a hotel is more difficult than ever, particularly for developers looking for long-term su...
Thanksgiving-like Passenger Congestion to be Year-Round Norm without Major Infrastructure Investment
The U.S. Travel Association | November 20, 2013
Major Investment in U.S. Air Travel System Needed to Avoid Serious Delays and Economic Harm WASHINGTON (November 20, 2013) - U.S. air travel infrastructure is in such bad shape that Thanksgiving-like passenger congestion will be a year-round reality at nearly all of the top 50 U.S. airports within the decade, two new studies find. The companion studies, released Wednesday by the U.S. Travel Association and the Eno Center for Transportation, reveal that infrastructure is already struggling to keep up with current air travel demand. Expected growth in passenger volume threatens to overwhelm the system completely, and significant harm to ...
Today’s Modern Guests Want Life Experiences Not Luxuries – Hotels Must Adapt, Urges HVS London Study
HVS | November 19, 2013
19 November 2013 - Hotels are in danger of failing to adapt to a new breed of guest whose needs and demands are entirely different to those of previous generations. This is the conclusion of a new study in the changing nature of hotel guests undertaken by global hotel consultancy HVS London. The report, 'A New Breed of Traveller', says the impact of rising affluence, globalization and technology has led to modern hotel guests valuing experiences and the feeling of 'being connected' over traditional hotel luxuries. "It seems that many hotels have barely changed over the last decades still consisting of the same in-room amenities, the sam...
Lodging Econometrics Reports Q3 2013 US Construction Pipeline Growth Continues at a Modest Pace
Lodging Econometrics | November 6, 2013
Growth in the Pipeline remains sluggish and is likely to continue that way at least thru early 2014 as ongoing political and economic uncertainty continue to affect developer sentiment. As of Q3 2013 the Total Construction Pipeline stands at 2,819 Projects/ 358,691 Rooms, a year-over-year (YOY) increase of just 2% by projects and 5% by rooms. Hotels Under Construction have uptrended for nine quarters and are now at 710 Projects/ 92,065 Rooms, a YOY increase of 27% for Projects and 30% for Rooms. Totals for Hotels Scheduled to Start in the Next 12 Months have increased off the bottom established in Q2 2012 and stand at 1,008 Projects/ 12...
EMEA Hotel Transaction Volumes Up 50% in First 9 Months of 2013 According to Jones Lang LaSalle
Jones Lang LaSalle | November 5, 2013
EMEA, 05 Nov 2013 – Hotel investment volumes across Europe, Middle East and Africa (EMEA) reached €8.2 billion September YTD 2013, a 53% growth compared to the same time last year says Jones Lang LaSalle's Hotels & Hospitality Group. Single asset deals secured a 54% share of transaction volumes overall, up 13% compared to last year. The rest came from a number of notable portfolio deals driving transaction volumes up by more than 160%. The most notable single asset transactions during Q3 included the sale of the Grand Plaza Serviced Apartments in London which was sold to the Federal Land Development Authority of Malaysia for a r...
CBRE Hotels Engaged to Sell Prominent Caribbean Development Site
CBRE Group, Inc. | November 5, 2013
Premier 385-acre property in The Bahamas slated for casino, resort, residential enclaves and signature Greg Norman-designed golf course Miami, FL - CBRE Hotels has been exclusively engaged to market The South Ocean Resort property, a 385-acre development site situated on the southwestern coast of New Providence, The Bahamas. Generally considered to be the most important remaining tract of land in The Bahamas, the development of the South Ocean property calls for a $1 billion mixed-use project that will include hotels, a casino, residential enclaves, a world-class marina and retail components. CBRE Hotels is actively fielding inquiries f...
Europe Sees Highest Level of Hotel Transactions Since 2007, Says HVS London
HVS | November 1, 2013
With three quarters of the year now completed, 2013 continues on track to record the highest level of European hotel sales since 2007, although with momentum trailing off from the very strong levels of activity seen in Q4 2012 and particularly Q1 2013 (with reduced recent activity being due to a relative shortage of properties currently on the market). Total sales for 2013 are expected to surpass the €.7 billion recorded in 2011, although still being far below the €.15 billion to €.20 billion recorded in each of the boom years of 2005, 2006 and 2007, when the easy availability of substantial debt finance led to an unprecedented le...
U.S. Travel Co-Sponsors Fly-In to Call for Immediate Action on Immigration Reform
The U.S. Travel Association | October 29, 2013
Measures in Reform Package Would Modernize Critical Travel Services, Create "Massive" Economic Opportunity, Says Marriott International President and CEO Arne Sorenson at Event Kick-off WASHINGTON (October 29, 2013) - The U.S. Travel Association is among the backers of Tuesday's "Americans for Reform: Immigration Reform for Our Economy, Faith, and Security" fly-in on Capitol Hill, which brings 600 public- and private-sector leaders from across the United States to meet with Members of Congress on the importance of immigration reform. "Today's event demonstrates the incredible groundswell of support for immigration reform across all sect...
Strong 2014 Business Travel at Risk From Shutdown and Threat of Default
October 15, 2013
Final GBTA BTI™ Outlook of the Year Shows Rising Momentum, But GBTA Sees Serious Concerns from Business Travel Professionals ALEXANDRIA, Va. - Oct. 15, 2013 -- Business travel spending is expected to see a robust year in 2014 fueled by steady corporate profits, increases in business investment and an improving U.S. economy. However, the ongoing government shutdown and potential default could derail progress and is already impacting business travel sentiment. The final GBTA BTI™ Outlook – United States of the year, sponsored by Visa, Inc., forecasts that total U.S. business travel spending should grow by 7.2% in 2014, reaching $288...
Government Shutdown Costs U.S. Travel Economy $152 Million Per Day
U.S. Travel Association | October 14, 2013
As Many as 450,000 American Workers Supported by Travel May be Affected WASHINGTON (October 14, 2013) - In a letter delivered today to the President and Congress, the U.S. Travel Association released a new analysis that estimates the partial government shutdown costs the U.S. $152 million a day in economic output due to lost travel-related activity, affecting as many as 450,000 American workers directly or indirectly supported by the travel industry. "The government shutdown is throttling America's travel sector, which, until now, has been one of the principal drivers of U.S. economic recovery," said U.S. Travel President and CEO Roger ...
Owned by Lowen 1025 Elm, LP, Homewood Suites by Hilton™ Dallas Downtown Opens
Homewood Suites by Hilton | October 11, 2013
Hotel Transforms Historic Building as Part of Brand's Adaptive Re-Use Program DALLAS and MCLEAN, Va. - October, 2013 - Homewood Suites by Hilton, Hilton Worldwide's international brand of upscale, all-suite, extended-stay hotels, announces today the opening of its newest property in Dallas, Texas. The new downtown Dallas hotel, which was formerly the United Fidelity Life Insurance building, showcases Homewood Suites' innovative adaptive re-use program which converts historic and existing buildings conducive to an extended-stay footprint. The 10-story, 130-suite Homewood Suites by Hilton Dallas Downtown, owned by Lowen 1025 Elm, LP, will...
America’s Travel Community Tells Their Shutdown Stories
The U.S. Travel Association | October 7, 2013
"Tales From the Frontline" Captures First-Hand Accounts of Impact on Travel Businesses, Destinations and Visitor Sites WASHINGTON (October 7, 2013) - The U.S. Travel Association today released excerpts of stories from America's travel community that provide a frontline picture of the damage already being done to America's travel economy by the federal government shutdown. "Policymakers must understand that it's not just federal employees that are affected by the shutdown. Entire local economies are built around our national parks and historic attractions," said U.S. Travel President and CEO Roger Dow. "We're hearing from family-owned b...
New Cleveland, Ohio Development, “The 9”, to Include The Metropolitan at The 9, a 156-key Hotel
October 4, 2013
CLEVELAND, Oct. 4, 2013 -- A distinctive, new complex being constructed at the intersection of E. 9th and Euclid in downtown Cleveland will soon become an urban luxury destination that will redefine the way locals and travelers live, stay, work and play in the city. It's called The 9. And when it opens in late 2014, the former AmeriTrust tower and historic Cleveland Trust Rotunda will be transformed into a modern-meets-historic luxury hotel called The Metropolitan at The 9, high-end urban residences, the Adega restaurant (featuring modern Mediterranean cuisine and downtown's largest outdoor dining area), a theater (The Alex Theater) tha...
CBRE Hotels Arranges the Sale of the Hilton Garden Inn in Rancho Mirage, California
CBRE Group, Inc. | October 1, 2013
Rancho Mirage, CA - October 1, 2013 - CBRE Hotels is pleased to announce that Treasure Mountain Holdings LLC, a consortium of American and Chinese investors, has successfully acquired the 120-room Hilton Garden Inn located on Highway 111 - the market's main commercial route - in the prestigious Coachella Valley community of Rancho Mirage. The sales price was not disclosed. Built in 2002 and situated on over 3.3 acres, the hotel is just a short walking distance to The River in Rancho Mirage, a 245,000 square foot open-air lifestyle center offering upscale retail, dining and entertainment. The property was widely marketed by CBRE Hotels a...
Hotel Transaction Volumes in Asia Up 145% Y-O-Y as 2013 Forecasts Continue to Surge
September 30, 2013
SINGAPORE, 30 September 2013 – Hotel investment volumes in Asia this year reached USD3.9 billion at the end of Q3 2013, up 145 percent on the same period in 2012, according to the latest research from Jones Lang LaSalle's Hotels & Hospitality Group (H&H). The quarter itself recorded a robust USD1.2 billion of transactions, up 41 percent on Q3 2012, as the market continues to experience its strongest year since the Global Financial Crisis. The strength of the region's tourism markets is contributing to an overall sense of optimism in hotel investment across Asia, pushing price benchmarks past their 2007 peak with Japan (33 perc...
The 108-room Hyatt Place Dewey Beach Opens on the Rehoboth Bay in Delaware
Hyatt Place | September 20, 2013
CHICAGO - September 20, 2013 - Hyatt Hotels Corporation (NYSE: H), Meyer Jabara Hotels and Dewey Beach Enterprises (DBE) today announce the opening of Hyatt Place Dewey Beach, the first Hyatt-branded hotel in Delaware. "Hyatt Place is designed for a lifestyle, not a demographic, and as a result, we are confident that everyone from business travelers to families on vacation will appreciate the intuitive design, casual atmosphere and practical amenities, such as free Wi-Fi and 24-hour food and beverage availability," said Christine Strouss, general manager, Hyatt Place Dewey Beach. Located on the Rehoboth Bay and footsteps from the Atlant...
