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
Urban Commons Appoints Salvatore G. Takoushian as President and Chief Financial Officer
Urban Commons | January 4, 2019
Los Angeles (January 4, 2019) – Urban Commons, a Los Angeles-based real estate investment and development firm, has announced the appointment of Salvatore G. Takoushian, a real estate investment banking veteran specializing in lodging and hospitality, as President and Chief Financial Officer. Mr. Takoushian was hired ahead of the acquisition of Urban Commons' largest hospitality asset by value to-date – The Wagner at the Battery, New York City (formerly known as The Ritz-Carlton New York, Battery Park). Mr. Takoushian will be responsible for overseeing strategy, company operations, financial partnerships and acquisitions. Ur...
U.S. Hotels Experienced Another Strong Year in 2018, but What’s on the Horizon? CBRE’s Lodging Insights
January 3, 2019
CBRE's Mark Woodworth and Jack Corgel wrap up 2018 with their take on the overall health of the economy, what indicators may tell us about the possibility of a recession on the horizon, and what period to period demand change says about overall economic performance. ...
Lodging Forecast 2019: Industry Threats Yet Growth
Robert A. Rauch, CHA | January 3, 2019
By Robert A. Rauch Reading forecast content from the plethora of prognosticators out there can drive one into craziness. Clearly, the current economy has strengths like consumer confidence, employment levels, low oil/gas prices, and purchasing managers sentiments as expressed by the Institute of Supply Management (ISM). Gross Domestic Product (GDP) has been growing at a strong 3 percent +/- rate and most pundits expect a 2-3 percent increase in revenue per available room (RevPAR), largely attributed to average daily rates (ADR). But there are warning signs—trade, interest rates, stock market turbulence, cost increases, new supply ...
China’s Hotel Construction Pipeline Remains Strong Despite A Slowing Economy
Lodging Econometrics | January 3, 2019
In the recent report by Lodging Econometrics (LE), in the third quarter of 2018, China's total construction pipeline stands at 2,642 projects/569,690 rooms and is up 9% by projects and 6% by rooms year-over-year (YOY). Rooms in the construction pipeline are at an all-time high, and the pipeline is a mere 16 projects shy of the cyclical high of 2,658 projects set in the fourth quarter of 2014. Projects presently under construction are at 1,928 projects/402,529 rooms, projects scheduled to start construction in the next 12 months are at 344 projects/73,209 rooms, and projects in the early planning stage are at 370 projects/93,952 rooms. B...
Are Colorado Ski-Resort Hotels Posed for a Rebound?
Brett E. Russell | January 3, 2019
By Brett E. Russell Owning and operating a hotel always has some degree of risk. However, for hotels located in ski-resort regions, this risk continues to be amplified. Risk factors include continued growth of the online home-sharing industry (Airbnb, VRBO, etc.) introducing new supply from non-hotel assets, as well as the seasonal nature of these mountain communities. Another factor that can greatly affect the performance of a ski resort-dependent hotel is weather. The initial snow totals at the beginning of a ski season (November through January) can have a profound impact on the total season's bookings at hotels. The 2017/18 ski seas...
Konstantine Drosos Named General Manager of Hilton Chicago O’Hare Airport
Hilton Hotels & Resorts | January 2, 2019
CHICAGO - Hilton Chicago O'Hare Airport, owned by the City of Chicago and managed by Hilton Management Services, announces the appointment of Konstantine Drosos as general manager. In his new role, Drosos will be responsible for leading renovations and overseeing the day-to-day operations of the only Chicago O'Hare hotel on airport grounds with its 800 rooms and 37,000 square feet of meeting and event space. A 22-year hospitality veteran, Drosos most recently served as general manager of Embassy Suites Chicago Downtown Magnificent Mile where he oversaw a full renovation and was awarded Hilton Hotel of the Year in 2016. "We are thrilled ...
HVS Market Pulse: Dallas, TX
Kathleen D. Donahue | January 2, 2019
By Kathleen D. Donahue Key Economic Indicators and Lodging Market Overview Dallas/Fort Worth International Airport (DFW), Love Field Airport, Kay Bailey Hutchison Convention Center, and local employers and headquarters, particularly within the telecommunications, technology, insurance, financial services, and healthcare fields, represent the primary sources of lodging demand in the greater Dallas market. In addition to DFW's status as one of the nation's largest airports, the end of federal flight restrictions at Dallas Love Field in October 2014 has significantly boosted operations out of the airport. The following charts illus...
Four Seasons Riyadh Appoints Alvaro Acebal as New F&B Director
January 2, 2019
Jan. 02--Four Seasons Hotel Riyadh has announced the appointment of Alvaro Acebal as the new food and beverage director. "Alvaro will lead the dynamic food and beverage division at the hotel, with fresh ideas and inspiration, and plans to offer exciting new concepts while making sure that guests continue to receive the finest food and beverage experience while dining at the hotel," the management said. Acebal brings a great deal of professional and life experience from all corners of the globe. He has worked with global luxury brands such as Ritz Carlton, Beau Rivage, Cavalli Club, The Datai, InterContinental and Fairmont befo...
Franchise Companies and Brands Dominating the U.S. Construction Pipeline
Lodging Econometrics (LE) | November 9, 2018
November 9, 2018 – PORTSMOUTH, NH – According to the third quarter report by analysts at Lodging Econometrics (LE), the franchise companies dominating the U.S. construction pipeline with the largest pipelines are Marriott International with 1,380 projects/181,907 rooms, Hilton Worldwide with 1,350 projects/150,698 rooms, and InterContinental Hotels Group (IHG) with 939 projects/95,312 rooms. The construction pipelines for these three franchise companies comprise an impressive 68% of the total construction pipeline projects with Marriott and Hilton again setting all-time highs for their companies. The leading brands by project count in ...
U.S. Construction Pipeline Continues on a Modest Growth Trajectory
Lodging Econometrics (LE) | November 8, 2018
November 8, 2018 – PORTSMOUTH, NH – Analysts at Lodging Econometrics (LE) report that in the third quarter of 2018 the total U.S. construction pipeline stands at 5,376 projects/650,576 rooms, up 7% from 2017's 5,011 projects/608,837 rooms. The total pipeline has been growing modestly over the past two years and is expected to continue its ascent at least into the first quarter of 2019. However, pipeline totals are still distant from the all-time high of 5,883 projects/785,547 rooms reached in the second quarter of 2008 and are not expected to reach those records again this cycle. Projects in the early planning stage with 1,5...
HVS Interviews with Leaders – Mr. Ludwig Bouldoukian, Regional VP of Development, Middle East and North Africa, Hyatt Hotels
HVS | November 8, 2018
1. What is Hyatt Hotels Corporation's brand portfolio, market presence, and pipeline across the Middle East? Hyatt currently operates 17 full service and three select service properties across the Middle East and North Africa. The portfolio consists of 14 premier brands worldwide; in this region specifically, the luxury segment consists of Park Hyatt, while Grand Hyatt & Hyatt Regency fall in the premium category. Andaz, the luxury lifestyle brand is set to make its brand entry in November in the UAE's capital city Abu Dhabi. Hyatt's select-service brands include Hyatt Place and Hyatt House. Hyatt House is set to launch in the KSA i...
Market Snapshot: Asia Pacific 2018
Jeremy Teo | November 8, 2018
By Jeremy Teo , Ho Mei Leng , Hok Yean CHEE Transactions in Asia Pacific Transaction activity has been observed to be on a downward trend from 2013 until 2017, owing to the transactions of Dalian Wanda China portfolio to R&F Properties. Since then, the frequency of transactions have been high, with 228 recorded transactions from 4Q2017 to 3Q2018, slightly lower than the 251 recorded the previous four quarters. Geographically, the pick up in transaction activity can be attributed to the North Asia and South-East Asia markets, while Australia markets witnessed a slowdown. Reasons for the increase in transaction activity could plau...
U.S. Travel Election Reax
U.S. Travel Association | November 7, 2018
WASHINGTON (November 7, 2018)—U.S. Travel Association President and CEO Roger Dow issued the following statement on the election results: "As the election concludes, our work only accelerates: connecting with the roughly one-quarter of Congress that is new, to educate them on the $2.4 trillion economic impact and $77 billion trade surplus travel and tourism generate for this country, and the policy priorities that will make those numbers even greater. "We have long stressed that travel is not a red or blue issue—it's a red, white and blue opportunity. Our approach might change slightly depending upon who's ...
Travel Trends Index: Domestic Market Softens; Storm Clouds Gather for International
U.S. Travel Association | November 6, 2018
WASHINGTON (November 6, 2018)— Travel to and within the U.S. grew 1.6 percent year-over-year in September, according to the U.S. Travel Association's latest Travel Trends Index (TTI)—marking the industry's 105th straight month of overall expansion. But U.S. Travel economists add several strong caveats to the overall positive trend. Growth in domestic travel is leveling off, for example. That segment had been strong in recent months, buoyed by robust consumer spending and consumer confidence reaching heights last seen in 2000. Business travel, which registered a faster rate of growth than leisure travel in August, app...
Who wants to come to Fort Wayne? Lots of folks, if record hotel performance and expansion are any indication
November 3, 2018
Nov. 03--Consumers may not like higher prices, but to Dan O'Connell the fact that the average daily cost of a Fort Wayne hotel room has just surpassed $100 for the first time is a very welcome illustration of the law of supply and demand. As president and CEO of Visit Fort Wayne, it's O'Connell's job to sell the Summit City. And with plenty of conventions in the pipeline, 10 new hotels under construction or planned and a current occupancy rate of about 74 percent -- also an all-time high -- the local lodging industry's bull market shows no sign of slowing down. And that O'Connell says, means Fort Wayne's $619...
UK’s Hotel Sector Stands Firm in Tough Year
HVS | November 1, 2018
The UK's hotel sector has stood firm in what is proving a tough trading year, with overall occupancy in London slightly up and the provinces remaining flat in the year to date. Speaking to an audience of HOSPA members (the Hospitality Professionals Association) in London today [1 November 2018] HVS chairman Russell Kett said that average rates had also shown little change, leading to a minimal impact on RevPAR [rooms revenue per available room, the standard performance measurement], which now sits at £121* for London and £57 in the regions for the year to September. London has fared better than the provinces over the past th...
3 New Technical Strategies to Personalize Your Targeting
Robert A. Rauch, CHA | October 30, 2018
This month's blog post features a guest article written by Meredith Rauch. This article was originally posted on ScreenPilot's website. Earlier this month, we shared four key elements in personalizing ads to increase engagement and bookings. In order to do things like write compelling headlines, choose relevant images, develop enticing offers, and create user-friendly landing pages, you must first be familiar with the data in order to create advertisements that speak to your audience's current interests and needs. For those that are a bit more technical, there are additional elements you can integrate into your campaigns for better perf...
Fairmas boosts global presence through hotel data integration with OTA Insight
Fairmas GmbH | October 30, 2018
Leading hotel technology specialists partner to increase business intelligence benefits BERLIN, LONDON - Fairmas GmbH, the long-established hotel specialist for software solutions in the areas of financial planning, controlling, management reporting and benchmarking headquartered in Berlin, and OTA Insight, creator of the hospitality industry's leading cloud-based business intelligence (BI) solutions specialising in pricing and distribution strategy, announce their partnership to integrate their systems to increase the benefits for their mutual customers. The collaboration on data integration allows joint customers to view their own ho...
GBTA Research Reveals Business Travelers Say Loyalty Matters in Hotel Booking
the Global Business Travel Association | October 29, 2018
Travelers Willing to Share Information for Personalized Experience Alexandria, VA (October 29, 2018) – On average, business travelers consider three hotels before booking and 82 percent say loyalty programs matter when making that decision, according to new research out today from the Global Business Travel Association (GBTA) in partnership with Omni Hotels & Resorts. Additionally, the study reveals nine in 10 business travelers view rewards points and perks as a motivating factor in selecting a hotel and 81 percent believe being a loyalty member results in better service. Business travelers are split when it comes to using lo...
Late Cycle Supply Sources of the Occupancy Gap
Bram Gallagher | October 24, 2018
By Bram Gallagher The present hotel cycle is defying conventional expectations of late-cycle Revenue Per Available Room (RevPAR) behavior. Over the previous two cycles, recovery began primarily with occupancy. As the cycles continued, average daily rate (ADR) began to rise. Eventually, the increases to ADR were the dominant contributor to RevPAR growth, and occupancy leveled off or even slightly declined. These cycles, occurring from August 1992 to November 2002 and November 2002 to May 2010, lasted approximately ten and eight years, respectively. Well into the ninth year of its current cycle, we would expect that the hotel market would...
CHICOS 2018 to Kick Off With Charitable Soccer Showdown Between Caribbean Hotel Consultants and Investors
CHICOS | October 24, 2018
October 24, 2018 – In response to years of prodding from the attendees, speakers and sponsors of the Caribbean Hotel Investment Conference & Operations Summit (CHICOS), the 2018 event will, for the first time, feature a scheduled soccer match between host organization HVS and rival consultancy KPMG. Professionals from other firms will also participate among the two (loosely!) organized teams. "What better way to add adrenaline and bring camaraderie to a group of business professionals than with a heated and perhaps even competitive soccer match?" remarks Parris E. Jordan, Chair of CHICOS. "Conference attendees have reached out...
HVS Market Pulse: Cincinnati, OH
Brian Arevalo | October 23, 2018
By Brian Arevalo Market Overview The Greater Cincinnati metropolitan area encompasses a three-state region, including parts of Indiana and Kentucky. Top firms in Cincinnati represent key industries, such as aerospace, automotive, biotechnology, brand design, creative services, chemistry, financial services, IT services, and consumer goods. Together, these sectors have helped fortify the city's economic position, allowing the city to be somewhat buffered from the major fluctuations that other cities experienced during the recession. The city has been successful at not only retaining area businesses, but also attracting new companies. The...
HVS Market Pulse: Sacramento, CA
John Berean | October 22, 2018
By John Berean, Li Chen The Sacramento metropolitan area includes seven counties in California: Sacramento, Yolo, El Dorado, Placer, Sutter, Yuba, and Nevada. The area is home to a wide variety of higher-education institutions, including two major public universities, many private and community colleges, and vocational schools. Healthcare is also an important component of the economy, with organizations including Kaiser Permanente, Sutter Health, Vision Service Plan, Catholic Healthcare West, and the Sacramento VA Medical Center. In addition, the UC Davis Medical Center, a world-renowned research hospital, is in Sacramento. Sacramento i...
U.S. Lodging Performance Fell Short of Budget in 2017
Robert Mandelbaum | October 22, 2018
by: Robert Mandelbaum In 2017, the actual achieved levels of occupancy, average daily rate (ADR), total revenue and profits for U.S. hotels were less than their respective budgeted amounts. After a five-year period (2011 through 2015) of extremely accurate budget projections, this marks the second consecutive year that owners and operators failed to meet their operating goals. As general managers, controllers, and directors of sales begin the process of preparing their budgets and marketing plans for 2019, we present the results of our most recent look at the budgeting accuracy of U.S. hotel operators. From CBRE Hotel's Americas Researc...
