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
Asia Pacific Pipeline Excluding China Is Booming With Projects Up 13% YOY
Lodging Econometrics | February 27, 2018
February 27, 2018 – PORTSMOUTH, NH – The most recent Asia Pacific Construction Pipeline Trend Report, excluding China, states that the Total Pipeline has 1,760 Projects/362,826 Rooms, up 13% by projects Year-Over-Year (YOY) and establishing a new record peak for this cycle according to analysts at Lodging Econometrics (LE). There are 971 Projects/211,827 Rooms Under Construction, up 15% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 393 Projects/78,881 Rooms, up 21%, while projects in Early Planning at 396 Projects/72,118 Rooms, up 3% YOY. The top three countries in the Asia Pacific Co...
Europe Hotel Construction Pipeline Booming With 22% YOY Growth and Middle East Pipeline Up With 11% YOY Growth
Lodging Econometrics | February 26, 2018
February 26, 2018 – PORTSMOUTH, NH – In line with its surging economic recovery, a recent Hotel Construction Pipeline Trend Report for Europe states that the Total Pipeline is booming with 1,316 Projects/205,650 Rooms, up 22% by projects Year-Over-Year (YOY) according to Lodging Econometrics (LE). There are 636 Projects/103,736 Rooms Under Construction, up 19% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 412 Projects/63,815 Rooms, up 45%, while projects in Early Planning at 268 Projects/38,099 Rooms are up by 2%. The top countries in the Europe Construction Pipeline are: United Kingd...
Supply Growth to Peak in 2018, Impacting Changes in Local Market Occupancy and ADR
CBRE Group, Inc. | February 21, 2018
Atlanta – February 21, 2018 – The supply of new hotel rooms entering the U.S. lodging markets will peak in 2018. Based on the recently released March 2018 edition of Hotel Horizons®, CBRE Hotels' Americas Research is forecasting the net addition of approximately 101,000 rooms to the U.S. lodging inventory during 2018, an increase of 2.0 percent over 2017 average annual daily supply. This is the largest number of new rooms to enter the market since the 130,000 rooms that came on line in 2009. "The national changes in supply are less than what we observed during the latter year cycles of the 1980s, 1990s and 2000s, so the ...
HVS Market Pulse: Palm Springs & Desert Cities
Luigi Major | February 16, 2018
By Luigi Major The Coachella Valley extends for approximately 45 miles in Riverside County and comprises the following nine cities: Palm Springs, Rancho Mirage, Palm Desert, La Quinta, Indio, Indian Wells, Desert Hot Springs, Coachella, and Cathedral City. Typically, the population of these desert cities nearly doubles during the winter months by growing interest in leisure travel, improving convention business, and large-scale events, supplemented by part-time residents from colder climates due to its warmer temperatures. Tourism is the major industry in this area, with a variety of attractions and special events drawing significant nu...
Other Operated Departments Become Even More Minor
Robert Mandelbaum | February 14, 2018
By Robert Mandelbaum In lodging industry parlance, other operated departments are frequently referred to as minor operated departments. Based on recent trends in other operated department revenues and profits, these sources of income have become less consequential to both the top and bottom lines of U.S. hotels. Other operated departments consist of revenue generating services provided by the hotel, and the vast majority of the costs, operational responsibility and financial risk for providing these services are assumed by the hotel. Examples of other operated departments include gift shops, golf courses, spas, and parking lots. The rec...
Latin America’s Construction Pipeline Stalling With Pojects Down 5% YOY
Lodging Econometrics | February 14, 2018
February 14, 2018 – PORTSMOUTH, NH The Total Construction Pipeline in Latin America has 831 Projects/142,084 Rooms, down 5% by projects Year-Over-Year (YOY). There are 374 Projects/67,130 Rooms Under Construction, down 9% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 208 Projects/31,614 Rooms, up 23%, while those in Early Planning are at 249 Projects/43,340 Rooms, down 16% YOY. The top hotel companies in Latin America's Construction Pipeline by projects are: AccorHotels with 136 Projects/19,729 Rooms, Marriott International with 99 Projects/16,054 Rooms and Hilton Worldwide with 70 Projects...
Projects in Canada’s Construction Pipeline Up 17% YOY
Lodging Econometrics | February 13, 2018
February 13, 2018 – PORTSMOUTH, NH According to Lodging Econometrics (LE), the total Construction Pipeline in Canada currently has 244 Projects/32,170 Rooms, up 17% by projects Year-Over-Year (YOY). There are 87 Projects/11,286 Rooms Under Construction, up 19% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 91 Projects/10,536 Rooms, up 15%, while those in Early Planning are at 66 Projects/10,348 Rooms, up 18%. The top hotel companies in Canada's Construction Pipeline by projects are: Marriott with 54 Projects/7,764 Rooms, InterContinental Hotels Group (IHG) with 43 Projects/4,436 Rooms, and H...
Rainmaker’s revcaster® Powers Newly Enhanced Market Intelligence for Omni Hotels & Resorts
Rainmaker | February 13, 2018
revcaster's next-generation platform recently implemented across the Omni brand ALPHARETTA, GA – Feb. 13, 2018 – The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced that it has expanded its partnership with Omni Hotels & Resorts (Omni) by transitioning them to the recently launched, next-generation of revcaster® across the brand's portfolio of properties, covering more than 20,000 rooms across 60 properties in North America. In addition to being a revcaster customer since 2015, Omni is a longstanding customer of Rainmaker's guestrev&...
Mid-Market Brands Led Hotel Sales Volume in 2017
Lodging Econometrics | February 12, 2018
February 12, 2018 – PORTSMOUTH, NH – According to the recent U.S. Transaction Trend Report from Lodging Econometrics (LE), major mid-market brands with a price reported into the public domain led the U.S. in hotel sales volume in 2017. The Hilton brands with most hotel sales by price were Hilton Garden Inn with an Average Selling Price Per Room (ASPR) of $193,732 for 16 hotels, Homewood Suites with an ASPR of $189,342 for 13 hotels and Hampton Inn & Suites with an ASPR of $114,383 for 29 hotels. The Marriott brands with the most hotels sold in 2017 were Residence Inn with an ASPR of $152,672 for 31 assets, Courtyard with...
Orlando Tops 2017 Markets with 21 Hotels Sold and Average Selling Price Per Room of $96,402
Lodging Econometrics | February 12, 2018
February 12, 2018 – PORTSMOUTH, NH – According to analysts at Lodging Econometrics (LE), through the end of 2017 the markets with the largest number of hotels with selling prices reported into the public domain were: Orlando with 21 hotels and an Average Selling Price Per Room (ASPR) of $96,402, followed by two markets with 19 hotels sold, New York with an ASPR of $426,443 and Washington DC with $260,681. The next three markets with 15 hotels sold each were: Seattle with an ASPR of $236,958, Phoenix with $205,265 and Atlanta with $136,321. ...
HVS Market Pulse: San Diego, CA
Patrick Bursey | February 12, 2018
By Patrick S. Bursey and Aaron Solaimani Downtown San Diego is considered the heart of San Diego County, and given its excellent accessibility attributes, there are a variety of options for travel in and around the city. Three of the county's nine major freeways flow through the city, Downtown is located only two miles southeast of the airport, and there are several ridesharing and public transportation options that can easily connect tourists to the area's primary sources of lodging demand. San Diego benefits from a diverse mix of demand generated by local corporations, government entities, meeting and group business, and leisure-rela...
Supply-Induced Hotel Demand in Portland, Maine: An HVS Case Study
Erich Baum | February 8, 2018
By Erich Baum Portland, Maine, is the northernmost outpost of the Atlantic Seaboard, host to a six-month winter and minor league hockey. A small, third-tier city, with steady but slow economic growth, Portland's downtown hotel inventory recently grew from five to ten properties over a six-year period. Why did developers and loan underwriters think there was enough demand potential to support approximately 1,000 new rooms, a 127% increase? Because it could, evidently. Credit goes to induced demand. Downtown Portland Lodging Market Trends The following table details key rooms-revenue metrics for Downtown Portland between 2013 and 2016. Do...
Hotel Sales Volume Declines, Average Price Per Room Increases Moderately
Lodging Econometrics | February 8, 2018
February 8, 2018 – PORTSMOUTH, NH – According to analysts at Lodging Econometrics (LE), in 2017 there were 827 hotel transactions where selling prices were reported into the public domain. The Average Selling Price Per Room (ASPR) for the period was a reported $141,479, down from the peak of $154,230 set in 2015, but up 8.6% Year-Over-Year (YOY). There was $15.3B in purchases of hotel assets and property transfers in 2017, excluding M&A activity, down substantially from the peak established in 2015 of $26.1B. REITs were the largest net investors for their portfolios with $4.2B in investments, followed by privately held e...
CBRE Issues U.S. Lodging and 2018-2019 Historic Hotels Forecast at Historic Hotels of America Annual Conference
February 7, 2018
Historic hotels achieve a substantial premium in ADR and REVPAR over comparable contemporary hotels. WASHINGTON, DC – February 7, 2018 The outlook for the U.S. lodging industry, particularly historic hotels, continues to be extremely strong, according to CBRE Hotels' Americas Research (CBRE). For the fourth consecutive year, CBRE Hotels' Americas Research presented a Historic Hotels of America – CBRE two-year forecast at the Historic Hotels of America annual conference. CBRE relies on historical hotel performance data from STR, and economic forecasts from CBRE Economic Advisors, to prepare its lodging forecasts. Key points p...
Hotel Bulletin Reveals Q4 2017 Was Tough for UK Hotels but Long-Term Outlook Looks Strong
HVS | February 7, 2018
07 January 2018, London: Hotels in over half the 12 cities surveyed in the latest Hotel Bulletin, published this week by HVS, AlixPartners, STR and AM:PM, recorded declining occupancy in Q4 2017, with the other half reporting limited growth. The results demonstrate the tough trading conditions hotels faced at the end of 2017, with four cities showing a decline in RevPAR (rooms revenue per available room) and only hotels in Belfast recording double digit growth. "Belfast has been in the top three cities for growth every quarter in 2017, boosted by the weak pound which has improved visitor numbers and the fact the hotel market is relative...
Talking Environmental Psychology and Guest Experience with Aesthetics Expert Elizabeth Weiner
James Houran | February 7, 2018
By James Houran All people and places give off "vibes." Forming impressions of other people depends on much more than what we consciously see or hear. One UCLA study found that up to 93% of communication effectiveness is determined by more subliminal, nonverbal cues. Our impressions of places are created in a similar manner. In hospitality settings, "staff-guest interactions" are critically important determinants of positive guest experiences, but so too are the unspoken aesthetic aspects that define the physical environments that set the stage for hospitality services. At the 2017 Cornell Hospitality Research Summit, AETHOS spoke with ...
Build, Buy, Hold or Sell? Late-Cycle Owner Strategies
Robert Rauch | February 5, 2018
Use this guide to determine which strategy you as an owner should pursue in 2018. by Robert Rauch This year, some analysts talk about how the cycle is "getting long in the tooth" since we have been expanding for over 90 months. Since the tourism industry is resilient and still growing, success is very possible for another several years. Further, 2018 will be very prosperous with tax reform, strong consumer confidence, a durable job market and a robust global economy. If you're considering whether to buy or hold a hotel today, the quality of your team is paramount. One operator cannot optimize revenues and expenses, make sales calls and ...
HVS 2018 European Hotel Lending Survey Reports Positive Outlook for Financing Although Banks Showing Caution on Over-Supply
Peter Szabo | February 5, 2018
by Peter Szabo and Simon Hulten A survey of leading European banks has shown that despite on-going uncertainty surrounding Britain's exit from the EU they are still positive about lending on hotel projects in Britain, ranking the UK as their most preferred hotel lending market along with Germany and the Netherlands. According to the European Hotel Lending Survey 2018, published today by brokerage and investment services specialist HVS Hodges Ward Elliott, debt is widely available for all types of hotel projects across the continent. "Over the past year cautiousness due to increased political risks and economic policy challenges has been...
Extended-Stay Hotels Account for 27% of All Projects Under Construction
Lodging Econometrics | February 2, 2018
February 2, 2018 – PORTSMOUTH, NH – According to recent reports from Lodging Econometrics (LE), 1,370 Projects/143,344 Rooms in the U.S. Construction Pipeline are extended-stay projects. Of these, 424 Projects/46,551 Rooms are Under Construction, accounting for 27% of all projects Under Construction in the Total Pipeline. Additionally, 605 Projects/64,121Rooms are Scheduled to Start Construction in the Next 12 Months while an additional 341 Projects/32,672 Rooms are in Early Planning. Home2 Suites by Hilton currently has the largest Extended-Stay Pipeline with 355 Projects/37,188 Rooms. The second largest brand is Marriott&#...
Why 2018 Will Be Great: Hotel Industry Forecast
Robert A. Rauch, CHA | February 2, 2018
By Robert A. Rauch The big news in 2017 was the stock market, consumer confidence and the economy in general. Tax reform, wage growth, reduced regulations and the strength of our nation could keep this robust economy going and dramatically enhance it. Supply growth has begun to moderate somewhat, in part due to high construction costs and also due to lender restraint. Oil prices are back up, consumer confidence is solid, interest rates remain low albeit forecast to inch up and the U.S. and global economies seem stronger than last year. Gross domestic product may actually approach 3 percent in 2018, personal income growth is strong and l...
2.5% Growth Rate of New Hotel Openings Expected in 2018 & 2019
Lodging Econometrics | February 1, 2018
February 1, 2018 – PORTSMOUTH, NH – By the end of 2018, the Census of Open & Operating Hotels in the U.S. is expected to grow by 2.5% with 1,145 Projects/130,209 Rooms opening up according to published reports from Lodging Econometrics (LE). Of those expected to open, 514 Projects/50,165 Rooms will be Upper Midscale, the highest count of any chain scale and 45% of all new openings. 556 Projects/59,309 Rooms, almost 50% of new openings, will be suburban locations although the U.S. market with the most anticipated openings is New York with 57 projects/9,534 Rooms. In 2019, the Census is expected to grow another 2.5% by ope...
The Rainmaker Group Ends 2017 with Record-Breaking Growth
Rainmaker | February 1, 2018
Company experiences a 64 percent increase in hospitality property deployments year-over-year ALPHARETTA, GA – Feb. 1, 2018 – The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced that the company ended 2017 with record-breaking performance and growth. Year-over-year, Rainmaker experienced an astounding 64 percent increase in hospitality property deployments. The revintel® business intelligence solution led the way, with an almost 78 percent increase in property deployments. During 2017, a number of new customers joined Rainmaker's global h...
Upper Midscale and Upscale Projects Lead the U.S. Construction Pipeline Comprising 67% of Total Pipeline
Lodging Econometrics | January 31, 2018
January 31, 2018 – PORTSMOUTH, NH – Analysts at Lodging Econometrics (LE) report that the Upper Midscale category stands at 2,129 Projects/211,724 Rooms, and has the largest project count of all chain scales in the Total U.S. Construction Pipeline. The second largest is the Upscale category which has 1,339 Projects/172,723 Rooms. Together, the Upper Midscale and Upscale Pipelines comprise 67% of all projects in the Total Pipeline. The brands with the largest number of projects in Upper Midscale are: IHG's Holiday Inn Express with 444 Projects/41,343 Rooms; Hilton's Home2 Suites 355 Projects/37,188 Rooms and Hampton Inn &...
North American Hoteliers Welcome Uptick in Rates & Bookings Across All Travel Segments as 2018 Begins
TravelClick | January 31, 2018
Transient Leisure Travel Sees Particularly Strong Bookings Boost of 6.8 Percent during Q1 NEW YORK – January 31, 2018 – TravelClick, a leading global provider of data and revenue-generating solutions for hoteliers, today released new data from the Company's January 2018 North American Hospitality Review (NAHR). According to this data, North American hoteliers are starting the New Year with gains across all travel segments in the first quarter of 2018, up 0.7 percent in average daily rates (ADR) and up 2.1 percent in bookings. The transient leisure segment in particular stands out during the first quarter, with bookings up an...
