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. Hotel Construction Pipeline Shows Moderate Increases Up 4 Percent by Projects and Rooms YOY
Lodging Econometrics | November 2, 2017
November 2, 2017 – PORTSMOUTH, NH – According to a recent report by Lodging Econometrics (LE), the U.S. Construction Pipeline stands at 5,011 Projects/608,837 Rooms, up 4% by projects and rooms Year-Over-Year (YOY). There are 1,592 Projects/208,523 Rooms Under Construction, up 8% and 7% YOY, respectively, the highest counts recorded this cycle. Projects Scheduled to Start Construction in the Next 12 Months, at 2,198 Projects/251,259 Rooms are down 1% YOY. Projects in Early Planning are at 1,221 Projects/149,055 Rooms. While these projects are up 10% YOY, the properties are smaller resulting in lower room-counts. The Pipeline...
U.S. Hotel Development Cost Survey 2016/17
Stacey E. Nadolny | November 2, 2017
By Stacey E. Nadolny Hotel development activity correlates directly with the ebbs and flows of hotel-sector performance. As we reached the peak of the current cycle in 2016, developers pursued hotel construction and redevelopment at a pace we haven't seen since 2006 and 2007. HVS has tracked Hotel Development Costs for the last three decades, collecting data from actual hotel cost budgets during our assignments. This year's sample reflects the largest sample HVS has analyzed given the number of hotels in the pipeline, as well as our growing presence in 35 U.S. markets. The data in this survey reflect budgets from 2016. With the availabi...
North American Hoteliers Open the Last Quarter of 2017 with Solid Rate and Booking Growth
TravelClick | October 26, 2017
Group Travel in Particular Shows Uptick in Fourth Quarter, with Reserved Occupancy Increasing over 4% NEW YORK – October 26, 2017 – North American hoteliers are ending the year strong with healthy gains across all travel segments during the fourth quarter of 2017, according to new data from TravelClick's October 2017 North American Hospitality Review (NAHR). Overall, average daily rates (ADR) and occupancy are both up 1.6 percent and 4.3 percent respectively. Group travel data in particular shines in the fourth quarter, with ADR up 2.6 percent and bookings significantly up 7.8 percent. The transient segment is not far behind...
Boston Lodging Market’s Strong Performance Expected to Continue Through Fourth Quarter
Sebastian J. Colella | October 25, 2017
By Sebastian J. Colella Through the third quarter, revenue per available room (RevPAR) in the Boston and Cambridge lodging market has grown 2.8% over the same time last year and the remaining three months will only help boost this performance further. Although the market's RevPAR declined in 2016 for the first time in six years, market dynamics have improved to drive growth in both occupancy and average daily rate (ADR). The market has benefitted from a strong convention calendar with well-placed citywides, limited supply growth, and increases to both corporate and leisure demand. Year-to-date through September 2017, lodging supply has ...
Public Involvement in Convention Center Hotel Financing
Thomas A Hazinski | October 24, 2017
By Thomas A Hazinski, Brian Harris Research generously supported by the Greater Phoenix Convention and Visitors Bureau Public sector involvement in convention center hotel projects is common due to the high cost of development and lack of private capital for such investments. Event planners expect the presence of a hotel adjacent to a convention center. Consequently, proximate hotels are essential for many convention centers to remain competitive in the convention center industry. As most communities desire the economic impact of group events and the spending of the visitors they attract, many are providing public subsidies to projects...
Business Travelers Are Still Going Rogue With Hotel Bookings
Egencia | October 19, 2017
The 4th edition Egencia Business Travel and Technology Survey reveals what leads business travelers astray Bellevue, Wash., October 19 - A recent study* by Egencia®, the business travel arm of the Expedia group, found that despite the wide use of travel policies worldwide, "rogue booking", the practice of business travelers booking outside of their travel program, is still an issue for corporate travel programs, especially when it comes to hotel stays. While 60 percent of companies have a travel policy in place, more than half of the business travelers surveyed are still allowed to book travel using any method they choose, and a ful...
Caribbean Hotel Profits Suffer In 2016
CBRE Group, Inc. | October 18, 2017
Zika, Exchange Rates and New Supply Impact Performance October 18, 2017, Atlanta, Ga. – CBRE Hotels Americas Research announced that the average Caribbean hotel in its survey sample suffered a 4.7 percent decrease in gross operating profit (GOP) during 2016, according to its newly released twelfth edition of Caribbean Trends® in the Hotel Industry. This decline in profitability follows four consecutive years of double-digit increases in GOP. The decline in the bottom-line starts with the falloff in top line revenue. During 2016, occupancy for the Trends® sample declined by 2.8 percent, along with a 0.2 percent decrease in ...
Unexpectedly Slow – Hoteliers Overestimated 2016 Performance
Robert Mandelbaum | October 16, 2017
By Robert Mandelbaum From 2010 through 2015, U.S. hotels enjoyed above long-run average revenue and profit growth. Over the six-year period, total operating revenue increased at a compound annual growth rate (CAGR) of 5.8 percent, while gross operating profits grew at a CAGR of 8.9 percent. Therefore, when U.S. hoteliers sat down in the fall of 2015 to prepare their budgets for 2016, it is no surprise that they believed the strong upward momentum in revenue and profit growth would continue. Unfortunately, 2016 was a disappointment. Revenue and profits increased, but not at the levels that were budgeted. Occupancy and average daily rate ...
Global MICE Trends to Look For in 2018
Pacific World | October 12, 2017
Destination and Event Management Company Highlights Top Destinations and Engagement Trends SINGAPORE (October 12, 2017) – Pacific World – one of the world's leading global destination and event management companies – is highlighting the MICE trends to watch for in 2018. The leading creative experts at the forefront of global event planning, Pacific World looks beyond technology, and believes it is time to look for unique destinations and development of distinctive, engaging incentive programs and events that drive connection on a personal level. "Over the past several months, we've systematically collected data, insigh...
CBRE Hotels Arranges Two Hotel Sales in San Diego
CBRE Group, Inc. | October 12, 2017
Comfort Suites San Diego-Miramar and Holiday Inn Express San Diego-Mira Mesa Sold Newport Beach, California – October 12, 2017 – CBRE Hotels has arranged the sale of the 132-room Comfort Suites San Diego-Miramar and the 75-room Holiday Inn Express San Diego-Mira Mesa for an undisclosed amount to Two Pack Hotel LP, an affiliate of Excel Hotel Group. Bob Kaplan, Rod Apodaca, and John Karver of CBRE Hotels acted as exclusive agents for the sellers, LLJ Ventures. The Comfort Suites and Holiday Inn Express are adjacent hotels on 3.72 acres in the Mira Mesa/Scripps Ranch area in the northeastern part of San Diego; conveniently loc...
Global Business Travelers Identify Top Challenges They Face on the Road
Sabre | October 10, 2017
ALEXANDRIA, Va.--October 10, 2017--Time spent in transit is the most challenging aspect of business travel, according to a new report released today by the GBTA Foundation – the education and research arm of the Global Business Travel Association. Layovers, changing a flight or train reservation mid-trip, the work environment while traveling and preparing expense reports also topped the list of most challenging aspects for North American business travelers. The study, Creating a Frictionless Travel Experience – North America, conducted in partnership with Sabre Corporation (NASDAQ:SABR), identifies the main challenges busine...
Fracture, Rupture, Humanity – The Image of Hospitality
Georges Panayotis | October 10, 2017
By Georges Panayotis How can the image of hospitality be improved when a good share of hotels has been weakened by the trivialization and aging of the product and by the turnover and demotivation of personnel who are often poorly paid and poorly regarded? Not to mention the value for price that is often considered excessive. Lately there has been talk of rupture regarding new hybrid products, hotels, and also inns that respond to the needs of millennials, post adolescents or carefree adults who wish live and share a community experience. If we look at the overall picture we can finally see innovations on certain segments, but is this a ...
Rainmaker Ends Summer with Record-Setting Performance and Growth
Rainmaker | October 5, 2017
Leading provider of revenue and profit optimization software deploys solutions at more than 150 properties in 14 countries ALPHARETTA, GA – Oct. 5, 2017 – The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue management software, today announced that it has ended the summer with record-setting performance and growth, deploying its solutions at more than 150 properties in 14 countries in July and August. The properties include hotels, resorts and casinos throughout North America, Europe, Asia and Australia. Among the company's recent implementations are: FIVE Palm Jumeirah Dubai; Palazzo Versa...
Travel Trends Index: Slight Uptick Across All Travel Segments
U.S. Travel Association | October 3, 2017
WASHINGTON (October 3, 2017)—Both domestic and international travel to the U.S. grew in August 2017, according to the latest Travel Trends Index (TTI). After the contraction of international visitation in the first half of 2017, the international inbound segment's modest growth in August is a welcome respite from a troubling trend—though U.S. Travel economists warn that the international market will still trail domestic travel, as previously predicted. "Based on the fact that all segments increased for the first time since January, August proved a solid month for the travel industry," said U.S. Travel Associati...
U.S. MarketFlash | Houston CRE Market Shows Resilience in Face of Hurricane Harvey
CBRE Hotels | October 2, 2017
Hurricanes, tropical storms and floods are familiar occurrences in Houston and the surrounding Texas Gulf region; more than eight severe floods/hurricanes have impacted the Houston MSA since 1998. But when Hurricane Harvey struck the region near Rockport, TX on August 25, the Category 4 storm was the strongest to hit the region since 1961, dumping more than 50 inches of rain in a matter of days and causing extensive property damage due to flooding. In addition to its devastation on Greater Houston, Harvey's impact was national in scope as well. Port Houston—the largest U.S. port in foreign tonnage and home to the nation's largest ...
CBRE Hotels Arranges Sale of Hampton Inn & Suites in Santa Ana, CA
CBRE Group, Inc. | October 2, 2017
Newport Beach, California – October 2, 2017 – CBRE Hotels has arranged the sale of the 121-room Hampton Inn & Suites Santa Ana/Orange County Airport for an undisclosed amount to a private investor. Rod Apodaca and Bob Kaplan of CBRE Hotels acted as exclusive agents for the sellers, Pacifica Hiorange LP. The four-story hotel, located at 2720 Hotel Terrace in Santa Ana, California, was originally opened in 1992 and was recently renovated in 2016. The property is strategically located near the Orange County Airport in Santa Ana near the junction of Interstate 405 and State Route 55; offering convenient access to many local ...
Rainmaker Executive Ellis Connolly to Moderate Panel at Stay Boutique Leadership Conference
Rainmaker | October 2, 2017
Discussion to Focus on Technologies Critical to Meeting Consumer Expectations ALPHARETTA, GA. — Oct. 2, 2017 — The Rainmaker Group (Rainmaker), a leading provider of cloud-based hospitality revenue management software, today announced that Ellis Connolly, the company's vice president of hospitality, will moderate a panel discussion at the Stay Boutique Leadership Conference, which will be held Oct. 3-5 at the UCLA Luskin Conference Center in Los Angeles. The conference is sponsored by the Boutique & Lifestyle Lodging Association (BLLA). Rainmaker is a member of the organization's Inner Circle Club. Connolly will moderate...
The Dynamic Dozen: The Growing Hotel Markets with Big Potential
JLL Real Views | September 28, 2017
Emerging cities across Asia and the Middle East are fast becoming the new lands of opportunity for investors and developers within the hotel industry. Their hotel markets are experiencing rapid expansion amid surging numbers of tourists and corporate travelers from around the world and strong economic growth. For now, large-scale investment is still lagging but that could soon all change. "These Emerging Hotspots have some of the largest supply pipelines in the world, and are set to see their total number of rooms increase by 30 percent in the next few years," says Jeremy Kelly, Director of Global Research at JLL. So where are these dyn...
September Outlook Provides Promising Signs for North American Hoteliers
TravelClick | September 28, 2017
Fourth Quarter Data Indicates Major Rebound Across All Travel Segments, Despite Slight Rate and Booking Declines Overall in Third Quarter of 2017 NEW YORK – September 28, 2017 – Heading into the last quarter of 2017, fourth quarter data is showing healthy gains across the board, despite slight declines in average daily rates (ADR) and bookings in the third quarter across all travel segments, down -0.5 percent and -0.2 percent respectively, according to new data from TravelClick's September 2017 North American Hospitality Review (NAHR). While group travel is down -0.3 percent in ADR and -4.6 percent in bookings during the thi...
Florida CRE Proves Resilient in Face of Hurricane Irma Due to Long-Term Preparation
CBRE Hotels | September 27, 2017
Florida's prime office and industrial markets reported minimal impact from Hurricane Irma—mainly temporary power outages, downed trees and minor leakage. Except for the Florida Keys and certain parts of Jacksonville, flood and wind damage to Florida retail properties was also minimal. Certain retail segments, such as building supplies, food and fuel, should see a significant uptick in sales in the coming months. Single-family residential properties bore the brunt of Hurricane Irma's destruction, particularly in the south, central and northeast regions of the state. As a result, demand for multifamily properties is expected...
U.S. Travel Statement on New Travel Restrictions
U.S. Travel Association | September 26, 2017
WASHINGTON (September 26, 2017)—U.S. Travel Association Executive Vice President for Public Affairs Jonathan Grella issued the following statement: "Security adjustments rooted in legitimate concerns will always be a fact of life for travelers. It's essential that changes be clearly communicated and that there be both an incentive and a pathway for affected countries to bring themselves back into compliance, and the Department of Homeland Security and State Department have been doing a good job checking those boxes. "The American travel community continues to feel that both security and economic objectives could bene...
The Americas Is the Top World Region and Market in the Global Construction Pipeline
Lodging Econometrics | September 25, 2017
September 25, 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 The America's with 5,719 Projects/745,510 Rooms, Asia Pacific with 3,862 Projects/836,725 Rooms and EMEA with 1,679 Projects/337,135 Rooms. The top countries by project-count are the United States with 4,973 Projects/598,371 Rooms and China with 2,410 Projects/525,225 Rooms. The U.S. accounts for 41% of the projects in the Global Pipeline while China accounts for...
Global Hotel Construction Pipeline Growing with Projects up 8% YOY
Lodging Econometrics | September 22, 2017
September 22, 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 12,190 Projects/2,029,231 Rooms, up 8% by projects Year-Over-Year (YOY). There are 5,691 Projects/1,048,457 Rooms Under Construction, up 9% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months, at 3,879 Projects/557,958 Rooms, are up a strong 14% while projects in Early Planning at 2,620 Projects/422,816 Rooms are down just 12 projects, less than 1%, YOY. The leadin...
Hotel Market Update on Taiwan
Christy Tung | September 21, 2017
By Christy Tung and Daniel J Voellm With increasing strained relations between Beijing and Taipei, Taiwan has been reducing its dependency on mainland China by improving its tourism relationships with other countries. Though the number of Mainland Chinese visitors fell dramatically, the number of visitor arrivals to Taiwan decreased only modestly in the second quarter of 2017 to 2.6 million. Visa exemptions to Southeast Asian visitors, improved air connectivity, and promotions around the country's tourist spots have expanded the scope and diversity of Taiwan's tourism economy. Overall, arrivals from all the major feeder markets except m...
