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
Sustainable Extravagance: Water-Wise Hospitality
Tim P. Smith | December 14, 2017
By Tim P. Smith, Nomfundo B Zonke, Sofie Otto High Season and Low Dams #WaterWatch Currently the biggest socio-economic problem facing the Western Cape region is severe drought and related water shortages. The drought reached crisis levels in early October 2017 when the City of Cape Town estimated it only had 5-months of water left. It has been ongoing since 2015 when water storage in the city's dam levels began to drop, declining from 71.9% in 2014 to 50.1% in 2015. Declared the city's worst drought in a century, some dams and reserves have less than 10% of their usable capacity remaining. The biggest cause of water scarcity is the El ...
Consolidation in Hotel Sector Likely as Operators Face Challenging Trading Year Ahead
HVS | December 14, 2017
14 December 2017, London: The New Year is likely to be a challenging one for the UK's hotel operators with flat occupancy levels and increasing overheads, despite positive global and EU economic growth. UK hotels' average room rates should see modest growth, however. Looking ahead to 2018 leading hotel consultant Russell Kett, chairman of HVS London, warns that the combination of wages going up, staff shortages, increasing food and utility costs, and the impact of higher property taxes and business rates as well as a strong pipeline of new hotels will put pressure on UK hotels' operating margins over the next 12 months. However, despite...
North America, Asia Pacific and EMEA Lead World Regions in Global Hotel Construction Pipeline
Lodging Econometrics | December 12, 2017
December 12, 2017 – PORTSMOUTH, NH – Lodging Econometrics (LE) recently released the Global Construction Pipeline Trend Report, which compiles the construction pipeline for every country and market in the world. Currently, the top world regions by project count are North America with 5,239 Projects/639,712 Rooms, Asia Pacific with 4,233 Projects/903,415 Rooms and EMEA with 2,100 Projects/395,506 Rooms. The top countries by project-count are the United States with 5,011 Projects/608,837 Rooms and China with 2,435 Projects/538,836 Rooms. The U.S. accounts for 40% of the projects in the Global Pipeline while China accounts for ...
HVS Market Pulse: Lubbock, Texas
Hunter Dietz | December 11, 2017
By Hunter Dietz Lubbock (aka "Hub City"), Texas, connects business, educational, and healthcare enterprises spread across the region known as the South Plains. This region encompasses the largest contiguous cotton-growing operations in the U.S., and agriculture, manufacturing, and technology are pillars of the local and regional economies. Economic growth in Lubbock has boomed over the past several years, and through a varied cross-section of industries, the city's Downtown is poised for a major revitalization. Economic Growth Texas Tech Texas Tech University continues to be one of the most prominent economic drivers in Lubbock. The uni...
CEO Pay: Analysts’ Forecasts and Compensation
December 11, 2017
By Giuliano Bianchi CEO pay is a controversial topic as some executives have benefited massively from stock options even when their firms have not been performing well. Over the past three decades or so, firms have increasingly looked to stock options as an incentive for executives to make decisions which will enhance the performance of businesses. While there has been a great deal of adverse publicity and shareholders have expressed concerns about excessive pay, shareholders also want to make sure that the interests of management are aligned with their own. In a recent article in Applied Economics, I analyze the effect of share price t...
Global Hotel Construction Pipeline Up 8% YOY with 12,427 Projects
Lodging Econometrics | December 8, 2017
December 8, 2017 – PORTSMOUTH, NH – Lodging Econometrics' (LE) Global Construction Pipeline Trend Report, which compiles the construction pipeline for every country and market in the world, states that the Total Pipeline stands at 12,427 Projects/2,084,940 Rooms, up 8% by projects Year-Over-Year (YOY). There are 5,885 Projects/1,086,966 Rooms Under Construction, up 9% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months, at 3,723 Projects/538,061 Rooms, are up 6% while projects in Early Planning at 2,819 Projects/459,913 Rooms are up 8% YOY. The leading franchise companies in the Global Constru...
Best Practices in Creating and Completing Construction Knock-out Punch Lists
Cicero's Development Corporation | December 8, 2017
PLAINFIELD,IL, DECEMBER 8, 2017 -- Punch lists are a part of a construction contract that helps to meet and ensure the quality of the project. Throughout each phase of the construction process, a checklist is maintained by the contractor that details any unfinished and/or unacceptable work. Items that are found to not meet quality standards or do not conform to the scope as outlined in the contract documents are to be corrected by the contractor in a timely fashion and typically prior to receiving final payment on the project. A common practice in the construction industry is that contracts are written in such a way that allows ownershi...
HVS Market Pulse: Tampa, FL
Mallory B. Hall | December 7, 2017
By Mallory B. Hall and Jeffrey D. Pennington Tampa's warm weather and relatively inexpensive cost of living are just a couple of the reasons people and companies are relocating to the Tampa Bay area from far and wide. Continued investment by both the public and private sectors is anticipated to set the stage for continued growth. These factors, among others, are driving hotel demand and room-night production, which is leading to an increase in new hotel developments. Area Developments The first phase of a multibillion-dollar development in Downtown Tampa officially broke ground in September 2017 with the Morsani College of Medicine and ...
Shanghai Leads China’s Construction Pipeline Followed by Guangzhou, Chengdu and Beijing
Lodging Econometrics | December 7, 2017
December 7, 2017 – PORTSMOUTH, NH – Analysts at Lodging Econometrics (LE) report that according to the recent China Construction Pipeline that the Total Pipeline has 2,435 Projects/538,836 Rooms, up 5% Year-Over-Year (YOY). There are 1,732 Projects/364,809 Rooms Under Construction, up 4% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 308 Projects/69,972 Rooms, up by one project YOY, while projects in Early Planning at 395 Projects/104,055 Rooms are up by 9%. The top hotel companies in China's Construction Pipeline are: Hilton Worldwide with 292 Projects/72,382 Rooms, Marriott Internati...
CBRE Hotels Arranges Sale of the Hyatt Place San Diego/Vista-Carlsbad Hotel
CBRE Group, Inc. | December 7, 2017
Newport Beach, California – December 7, 2017 – CBRE Hotels has arranged the sale of the 150-room Hyatt Place hotel at 2645 South Melrose Drive in Vista, California for an undisclosed price. CBRE Hotels represented the seller, an affiliate of Irvine-based CoreCapital, who had purchased the hotel in 2014. Brighton Management, the self-represented buyer, will also manage the hotel. The four-story hotel that opened in 2012 offers approximately 1,200 square feet of meeting space, and provides food and beverage service through its 24/7 Guest Kitchen, Gallery Market and Bakery Café. Rod Apodaca and Bob Kaplan of CBRE Hotels ...
Fitch’s 2018 Outlook for U.S. Lodging: Fitch Predicts Uninspiring Growth, with Some Upside Risk from Brighter Corporate Outlook
Fitch Ratings | December 7, 2017
Sector Outlook and Rating Trajectory Fitch's Sector Outlook: Stable Fitch Ratings has a stable U.S. lodging sector outlook for 2018, based on expectations for continued, low-single-digit (0%–2%) RevPAR growth. Higher average daily rates (ADR) will drive industry RevPAR; new supply will exceed demand growth, resulting in modest occupancy losses. The larger brand owners will continue to generate outsized unit growth driven by scale economies. Rating Trajectory: Static Fitch has a Stable Rating Outlook for the lodging sector during 2018, with most issuers managing leverage within their stated target range. Credit protection metrics w...
Asia Pacific Construction Pipeline Excluding China Up 15% by Projects YOY
Lodging Econometrics | December 6, 2017
December 6, 2017 – PORTSMOUTH, NH The most recent Asia Pacific Construction Pipeline Trend Report, excluding China, states that the Total Pipeline has 1,798 Projects/364,579 Rooms, up 15% by projects Year-Over-Year (YOY) according to analysts at Lodging Econometrics (LE). There are 966 Projects/207,100 Rooms Under Construction, up 11% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 380 Projects/76,977 Rooms, up 15%, while projects in Early Planning at 452 Projects/80,502 Rooms, up 25% YOY. The top three countries in the Asia Pacific Construction Pipeline, excluding China, are: ...
Differentiating Lifestyle Hotel Brands in an Increasingly Competitive Category
Court Williams | December 6, 2017
By Court Williams The millennial's idea that they have everything they need and nothing they don't (lyrics from Homegrown by the Zac Brown Band) has caught on among travelers of this generation, and they have embraced lifestyle-focused options within established hotel brands like Marriott's Moxy wholeheartedly. Is this a just a passing trend, though, or is it a shift in philosophy that's here to stay? To determine the answer, I believe we need to look at who makes up the bulk of the travel market, and why they travel. Millennials Making Waves Statistics from Mintel show 83% of millennials took a leisure trip during 2016, compared with o...
The Rainmaker Group Closes Sale of Multifamily Housing Assets
Rainmaker | December 6, 2017
Company to focus exclusively on continued growth of its hospitality business ALPHARETTA, GA – December 6, 2017 – The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced the closing of its sale of Rainmaker LRO multifamily housing business and product portfolio to RealPage, Inc., a Texas-based provider of software and data analytics to the real estate industry. The sale allows Rainmaker to strengthen its position as the leading provider of revenue management solutions for the hotel and gaming industry. "We have partnered with the hospitality comm...
Middle East Construction Pipeline Shows Growth with Projects Up 12% YOY
Lodging Econometrics | December 5, 2017
December 5, 2017 – PORTSMOUTH, NH – Analysts at Lodging Econometrics (LE) report that the Construction Pipeline Trend Report for the Middle East states that the Total Pipeline has 572 Projects/156,420 Rooms, up 12% by projects Year-Over-Year (YOY). There are 349 Projects/100,485 Rooms Under Construction, up 17% by projects YOY. Those Scheduled to Start Construction in the Next 12 Months are at 113 Projects/30,841 Rooms, up 5%, while projects in Early Planning at 110 Projects/25,094 Rooms are up 3%. The top hotel companies in the Middle East's Construction Pipeline are: Marriott International 95 Projects/22,767 Rooms, Hilton ...
Fontainebleau Miami Beach Selects Solution Suite from Rainmaker to Optimize Hotel Revenue and Drive Competitive Advantage
Rainmaker | December 5, 2017
Iconic Property Implements Rainmaker's Industry-Leading Revenue Optimization Solutions ALPHARETTA, GA. — Dec. 5, 2017 — The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue and profit optimization software, today announced that Fontainebleau Miami Beach has selected a comprehensive solution suite, including guestrev®, grouprev®, revcaster® and revintel®, to optimize hotel revenue and drive competitive advantage at the 1,504-room property. The agreement expands Rainmaker's footprint in the luxury hotel and resort market. Fontainebleau Miami Beach, South Florida's most iconic r...
Cornell Presents the 2017 Center for Hospitality Research Sustainability Roundtable Summary
the Center for Hospitality Research | December 4, 2017
2017 CHR Sustainability Roundtable Summary Sustainability remains top of mind for many global hospitality industry corporations. This was evidenced by the robust engagements of participants that attended the 2017 Cornell Sustainability Roundtable recently hosted by The Center for Hospitality Research at The School of Hotel Administration in the SC Johnson College of Business at Cornell University. Participants gathered to from around the world to discuss a wide range of emerging topics including actionable strategies for the industry to meet prioritized United Nations Sustainable Development Goals (UNSDGs), sustainable tourism "asset ma...
Europe’s Hotel Construction Pipeline Up 22% Led by AccorHotels
Lodging Econometrics | December 4, 2017
December 4, 2017 – PORTSMOUTH, NH – A recent Hotel Construction Pipeline Trend Report for Europe states that the Total Pipeline has 1,228 Projects/189,490 Rooms, up 22% by projects Year-Over-Year (YOY) according to Lodging Econometrics (LE). There are 586 Projects/95,775 Rooms Under Construction, up 17% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 388 Projects/58,008 Rooms, up 51%, while projects in Early Planning at 254 Projects/35,707 Rooms are up by 2%. The top countries in the Europe Construction Pipeline are: United Kingdom with 228 Projects/34,614 Rooms, Germany with 185 Projec...
Latin America’s Construction Pipeline is Stalling, Down 4% by Projects YOY
Lodging Econometrics | December 4, 2017
December 4, 2017 – PORTSMOUTH, NH – The Total Construction Pipeline in Latin America has 855 Projects/146,307 Rooms, down 4% by projects Year-Over-Year (YOY). There are 413 Projects/72,070 Rooms Under Construction, up 1% by projects YOY. Rooms Scheduled to Start Construction in the Next 12 Months are at 192 Projects/31,896 Rooms, up 5%, while those in Early Planning are at 250 Projects/42,341 Rooms, down 17% YOY. The top hotel companies in Latin America's Construction Pipeline by projects are: AccorHotels with 142 Projects/20,785 Rooms, Marriott International with 92 Projects/15,080 Rooms and Hilton Worldwide with 69 Project...
The HVS Quarterly Macau Update
Christy Tung | December 4, 2017
By Christy Tung and Daniel J Voellm The past two years have been a difficult period for Macau since the Chinese President Xi Jingping announced a campaign to crackdown corruption and government official's lavish spending, triggering significant slumps in visitor arrivals and revenue growth in the tourism and gaming sectors in Macau. After two years as of 2017, Macau's resilience has been demonstrated through the growing visitor arrivals, hotel performance, and casino revenue, even after the detrimental Typhoon Hato. Macau On 23 August 2017, the Category-10 Typhoon Hato struck Macau to become the worst natural disaster the city had encou...
The HVS Quarterly Hong Kong Update
Christy Tung | November 30, 2017
By Christy Tung and Daniel J Voellm The third quarter of 2017 recorded the highest number of mainland Chinese arrivals since the same period in 2015, which bodes well for Hong Kong tourism. Safety concerns towards other destinations in the region and fewer headline-making news about Hong Kong are the key contributors to the increase in visitor arrivals from mainland China. Thus, the tourism and the retail sectors in Hong Kong enjoyed a steady recovery after a slump in mainland arrivals in 2016. Hong Kong Visitor Arrivals The robust 2.2% growth to 42.6 million visitor arrivals in Hong Kong during the first nine months of 2017 is a strong...
Five Reasons Why Developers and Owners Love Hotel Leases
Peter Szabo | November 30, 2017
European Leased Hotel Cap Rates Reach Historic Low As Investor Pool Expands, Says HVS HWE Report By Peter Szabo, Analyst at HVS London Capitalisation rates for fixed income prime hotel investments such as lease contracts have reached sub 5%, according to a report from property experts HVS Hodges Ward Elliott. The number of investors buying into leased hotels has also trebled since 2009 as the asset class has become an increasingly attractive investment target for institutional investors. While the likes of Marriott, Hilton, IHG and Accor have moved away from lease contracts in the past, operators such as Deutsche Hospitality (formerly S...
U.S. Travel Association President and CEO Roger Dow Says Addressing Falling Inbound Travel Needs to Become a National Priority
U.S. Travel Association | November 29, 2017
Latest Gov. Data Showing 3.9 Percent Slide Raises Alarm Over Jobs, Exports WASHINGTON (November 29, 2017)—U.S. Travel Association President and CEO Roger Dow reacted to new government data showing a 3.9 percent overall decline in international inbound travel to the U.S. through June of this year: "The latest government travel data is deeply concerning not just to our industry, but to anyone who cares about the economic well-being of the United States. Travel is our country's No. 2 export and supports more than 15 million American jobs. "These numbers are an undeniable wake-up call, and correcting this troubling ...
HVS Market Pulse: Galveston, Texas
J. Carter Allen | November 29, 2017
By J. Carter Allen A weak energy sector has led to negative lodging fundamentals throughout much of the greater Houston region; however, one destination continues to illustrate its resilience. Galveston Island has realized year-over-year growth in total visitation in each of the past seven years following Hurricane Ike. While the rate of growth has slowed in recent years, no doubt somewhat affected by volatility in the energy sector, positive factors such as the recently completed expansion of the cruise terminal and the low gasoline prices have contributed to the growth in visitation numbers. This article will explore tourism trends on...
