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
In Focus: HVS’s Lagos Hotel Market Update
Tshepo B Makhudu | April 13, 2017
By Tshepo B Makhudu Nigeria's new administration has been in power for more than a year now. President Muhammadu Buhari took power on an anti-corruption platform, the total defeat of Boko Haram and a return to significant economic growth. With the country in a state of limbo due to the President's protracted absence from office because of illness, what has been the government's performance record thus far? And how has this impacted the hotel industry? Economy Nigeria's GDP growth over the last five years has been a rollercoaster ride. In 2012, the IMF recorded 4.3% rising to 5.4% in 2013 and in 2014 growth came in at 6.3%. From there t...
HVS Market Pulse: Minneapolis – St. Paul, MN
Tanya J. Pierson | April 12, 2017
By Tanya J. Pierson, Justin Westad, Justin Kaminski Some 3.6 million residents, 16 Fortune 500 companies, and attractions like the Guthrie Theater and Mall of America drive the economy in the Minneapolis-St. Paul MSA, which includes the Minneapolis, St. Paul, and Bloomington hotel markets. The following HVS Market Pulse article presents a brief look at hotel supply, performance, and demand dynamics in Minneapolis, St. Paul, and Bloomington. Hotel Market Dynamics in the Minneapolis-St. Paul MSA Hotels are a major economic force in the Twin Cities. More than 57% of the total accommodations tax collected in the state comes from the Minneap...
The Rainmaker Group Brings Simple, Smart Revenue Optimization Tools to the Mid-Market with Debut of Next Generation revcaster® Platform
Rainmaker | April 11, 2017
Leading provider of hotel revenue management and profit optimization solutions introduces enhanced solutions toolbox designed for the limited service market ALPHARETTA, GA – April 11, 2017 – The Rainmaker Group (Rainmaker), the market leader in profit optimization solutions for the gaming and hospitality industry, today announces the official launch of its next generation revcaster® platform at AAHOA 2017. An affordable, easy-to-use and flexible solution developed specifically to meet the needs of limited service and mid-market hotels, the new revcaster® platform brings actionable insights on market, demand, and prop...
Wyndham Hotel Group’s Geoff Ballotti Named U.S. Travel National Chair
U.S. Travel Association | April 10, 2017
WASHINGTON (April 10, 2017)—The U.S. Travel Association on Monday announced Geoff Ballotti, president and CEO of Wyndham Hotel Group, as its new national chair. He was elected in a member-wide vote. Last week, Ballotti presided over his first Board of Directors meeting as national chair. Ballotti succeeds Travel Oregon CEO Todd Davidson. "We are thrilled to welcome Geoff as our new chair," said U.S. Travel Association President and CEO Roger Dow. "Who better to help us emphasize the tremendous power of travel in our lives and the U.S. economy than someone whose professional life is all about hospitality? Geoff's exp...
Reality Check on Hotel Performance, Forecasts
Joel Ross | April 6, 2017
by Joel Ross Hotel values have been in decline, along with occupancy, while cap rates and supply rise; and it's not all Donald Trump's fault. Apparently at the Americas Lodging and Investment Summit and Hunter Hotel Investment Conference, once again, the story was the industry is fine, although slower. Everyone only wants to talk revenue per available room, not net operating income, and any decline in occupancy is now all President Donald Trump's fault. The American Hotel & Lodging Association touts its futile efforts to try to stop Airbnb, yet three of its young founders are on the Forbes billionaire list at $3.8 billion each and B...
Robert Rauch’s Hotel Industry Forecast: 2017
Robert A. Rauch | April 5, 2017
by Robert Rauch The big news in 2016 was Marriott's merger with Starwood and provides the new company with over 1,000,000 hotel rooms in 5,700 hotels, 30 brands and huge bargaining power with online travel agencies. The second was the Republican sweep—President Donald Trump will have an opportunity to change the economic landscape. President Trump has a majority in both the Senate and House of Representatives and if he focuses on tax reform, wages, regulations and the strength of our nation, he could keep this long but slow recovery going and dramatically enhance it. Oil prices are back up around $50, consumer confidence is solid,...
Travel Trends Index: International Travel Unexpectedly Strong to Start 2017
U.S. Travel Association | April 4, 2017
WASHINGTON (April 4, 2017)—International travel again defied growth expectations in February 2017, according to the U.S. Travel Association's Travel Trends Index (TTI)—but U.S. Travel economists still warn of a drop-off in international travel going forward. International travel data from February shows that international travel to the U.S. actually grew faster than domestic travel that month. The February data is notable because it captures the first full month after President Trump's initial executive order on visas and immigration, issued January 27. However, U.S. Travel economists stress that because internationa...
CBRE’s April 2017 Lodging Insights Video
CBRE | April 4, 2017
Mark Woodworth and Jack Corgel discuss our latest lodging industry forecasts. ...
Hunter Conference: HVS’ Key Takeaways
McKenna Luke | April 3, 2017
Investors, buyers, bankers, appraisers, and owners gathered at the Hunter Hotel Conference in Atlanta, Georgia, March 22–24, 2017. McKenna Luke represented HVS at the Hotel Values in a Changing Market panel, where discussions included the cautiously optimistic outlook, areas of investment opportunity, impacts of interest rates and new supply on values, and growing trends in Millennial-style travel. Investment opportunities in primary markets are reported to be highly competitive, especially with foreign investors and high-net worth individuals remaining active. In 2016, these buyers made up 36% to 43% of transaction volume; the ou...
Hotel Development Trends and Opportunities South America
Cristiano Vasques | March 31, 2017
By Cristiano Vasques , Pedro Cypriano , Fernanda L'Hopital Introduction It is our great pleasure to present the third edition of the Trends and Opportunities South America, an annual publication by HVS/Hotel Invest (in partnership with STR) that illustrates and analyzes the sector's performance in some of the major markets in the region. Every year we provide recent and reliable information in addition to telling you about the challenges and opportunities in South America's main hotel markets. We are convinced that an informed and transparent market is more solid and professional. Having said this, we believe that this publication w...
Pacifica Capital to Convert Osaka Office Bldg. to International Hotel
March 29, 2017
TOKYO--Tokyo-based commercial real estate developer Pacifica Capital K.K. has been appointed as asset manager for the conversion of an office building in Osaka to an internationally-branded hotel. The former headquarters of IDEC, a publicly traded manufacturer, is located near Shin Osaka Station, the bullet train terminal. The hotel is scheduled to open in summer 2018 with 185 rooms ranging 17-30 m2 and will target short- and long-term domestic and international business and leisure travelers. The rooms will have a modern and sophisticated design, and most of the rooms will have built-in kitchens and connecting doors to make it easier f...
Weakening March Reservation Pace Creates New Challenges for Hoteliers
TravelClick | March 29, 2017
Still, Group Travel Holds Strong in First Quarter of 2017 NEW YORK – March 29, 2017 – As North American hoteliers head into the spring season, new commitments that have been added over the last month (pace) are down -1.6 percent, and committed occupancy* for the first quarter of 2017 through the fourth quarter is down -1.2 percent compared to last year, according to new data from TravelClick's March 2017 North American Hospitality Review (NAHR). Group travel, however, is still showing signs of growth in the first quarter, with average daily rates (ADR) up 3.5 percent and occupancy up 1.5 percent. Overall ADR is up 2.0 percen...
Global Construction Pipeline Shows Steady Increase with Projects Up by 6 Percent YOY for 2016
Lodging Econometrics | March 28, 2017
March 28, 2017 – PORTSMOUTH, NH – The Lodging Econometrics (LE) Global Construction Pipeline Trend Report stated that the Total Pipeline ended 2016 with 11,776 Projects/1,962,676 Rooms, up 6% by projects Year-Over-Year (YOY). There were 5,504 Projects/1,012,987 Rooms Under Construction, up 4% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months, at 3,675 Projects/516,709 Rooms, were up a strong 21% while projects in Early Planning at 2,597 Projects/432,980 Rooms were down 7% by projects. The leading franchise companies in the Global Construction Pipeline by project-count are: Marriott International...
Hotels Among Biggest Beneficiaries of Trump Economic Growth Policies Says New Fitch Report
Fitch Ratings | March 28, 2017
Shorter lease tenor property types, such as hotels, self-storage and apartments would see strongest and most immediate benefit if the Trump administration succeeds in accelerating U.S. economic growth with infrastructure spending and tax and regulatory reforms, according to a new report released by Fitch Ratings. However, more restrictive trade and immigration policies could undermine the President's growth oriented policy agenda if they contribute to meaningful appreciation in the U.S. dollar and higher wage inflation. Long-tenor triple net retail and healthcare properties are less able to offset higher interest rates with pro-cyclical...
Asia Pacific Pipeline Continues Moderate Decline with Projects Down 2 Percent YOY
Lodging Econometrics | March 27, 2017
March 27, 2017 – PORTSMOUTH, NH – According to analysts at Lodging Econometrics (LE), the most recent Asia Pacific Construction Pipeline Trend Report, excluding China, states that the Total Pipeline has 1,554 Projects/312,766 Rooms, down 2% by projects Year-Over-Year (YOY). There are 844 Projects/174,302 Rooms Under Construction, up 3% by projects YOY. Projects Scheduled to Start Construction in the Next 12 Months are at 325 Projects/68,923 Rooms, up a strong 27%, while projects in Early Planning at 385 Projects/69,541 Rooms are down by 18%. The top hotel companies in the Asia Pacific Construction Pipeline, excluding China, ...
U.S. Hotel Revenue Growth Driven by Overlooked Sources in Lower Chain Scales and Secondary Markets
CBRE Group, Inc. | March 22, 2017
CBRE Hotels' Americas Research Forecasts 2.2 Percent RevPAR Compound Annual Growth Rate Through 2021 Atlanta – February 28, 2017 – U.S. hotels enjoyed another year of life at the performance peak in 2016 and are forecast to continue to live the high life in 2017. According to the recently released March 2017 Hotel Horizons® forecast report from CBRE Hotels' Americas Research, rooms revenue (RevPAR) grew for a seventh consecutive year in 2016, and the prospects for RevPAR growth are projected to be solid for the foreseeable future. What is surprising, however, is the impetus for sustained revenue expansion comes from some...
New Millennial Perception Survey Reveals Both Optimism and Frustration Among Global Youth
IYF | March 15, 2017
BALTIMORE, March 15, 2017 -- The International Youth Foundation (IYF) and the Center for Strategic and International Studies (CSIS), with support from Hilton (NYSE: HLT), released The Global Millennial Viewpoint Survey, which examines the perceptions of 7,600 youth in 30 countries. The survey provides insight into how young people see the world today in areas ranging from education and economic opportunity to health and civic participation, and the findings reveal a story of optimism, insecurity, and disillusionment that reflect the complexity of this important and rapidly growing demographic. Key findings from the survey include: You...
Hotel Rooms Departments Struggle to Control Expenses
the Authors | March 13, 2017
By Robert Mandelbaum and Gary McDade Changes in rooms revenue per available room (RevPAR), and RevPAR penetration receive a lot of attention from hotel managers. This is because the monies hotels receive from renting guest rooms is the major source of revenue across all property types in the U.S. According to the 2016 edition of Trends® in the Hotel Industry, rooms revenue averaged 68.1 percent of total operating revenue in 2015. This metric exceeds 97 percent at limited-service and extended-stay hotels. Alternatively, rooms revenue comprises only 51.8 percent of total revenue at resorts. Even more impressive than the contribution o...
Hotel Values Rise in Eastern Europe While Those in the West Face Tougher Times, Says Hotel Valuation Index
HVS | March 6, 2017
6 March 2017, London: Hotels in Eastern Europe are benefitting from tough times in Western Europe with room values in the region seeing an impressive 11% average growth, according to the 2017 European Hotel Valuation Index (HVI) published this week by global hotel consultancy HVS. In a year that saw little change in values across the rest of Europe hotels in Bratislava topped the list of value rises, up 18.9% year-on-year, while hotel room values in Sofia rose 16%. Bucharest saw hotel room values up 14.6%, while those in both Budapest and Prague were up 9.9%. While many Eastern European markets saw their hotel room values rise from a re...
Leadership – Information and Skills Needed for Hospitality Success in 2017
Robert A. Rauch | March 2, 2017
By Robert A. Rauch Whether you are an owner, industry executive, general manager or aspiring industry leader, 2017 is going to be a very solid year as we have forecasted. We have also covered the Top 10 Trends of the year to help us stay ahead of the game. But one of the additional keys to success is team member satisfaction. Without a satisfied hotel staff, we have no foundation upon which to build. So here is a primer that has as a premise the following statement from Laurence Geller, Founder of Strategic Hotels and Resorts and Chancellor of the University of West London, "a great leader must surround him or herself with people that a...
Flattening Reservation Pace Presents Ongoing Challenge for Hoteliers
TravelClick | March 2, 2017
Still, North American Markets See Uptick in Rates Across Travel Segments NEW YORK – March 2, 2017 – As North American hoteliers progress through the early months of 2017, the pace of new bookings is flat with new February reservation commitments at -0.8 percent. However, average daily rates (ADR) for the first and second quarters of 2017 are showing signs of growth across all travel segments, according to new data from TravelClick's February 2017 North American Hospitality Review (NAHR). "Even though only 44 percent of North American markets are showing committed occupancy* increases compared to a month ago, ADR is growing i...
U.S. Travel Reacts to Trump’s Joint Session Address
U.S. Travel Association | March 1, 2017
WASHINGTON (March 1, 2017)—U.S. Travel Association President and CEO Roger Dow issued the following reaction to President Trump's Tuesday speech to Congress: "The U.S. travel community looks forward to seeing the details of the president's revised plan to ensure proper vetting of visa applicants—a worthy objective to be sure. We trust that it will be precisely worded in order to avoid the confusion sown by his initial order among prospective travelers to the U.S. We also encourage the president to embrace language making it clear once again that legitimate, thoroughly screened visitors are valued and welcomed by...
Germany Becomes Star Performer for European Hotel Transactions as Investors Play It Cool in Year of Change, Says HVS Report
HVS | March 1, 2017
1 March 2017, London: Hotel transaction volume across Europe reached €17.8 billion in 2016, down 25% on the previous year's record volume, according to the annual European Hotel Transactions report, published this week by HVS and its brokerage and investment services division HVS Hodges Ward Elliott. While portfolio activity halved to €7.2 billion-worth of sales, single asset transactions remained strong with volumes of €10.6 billion, up almost 17% year-on-year. "Last year's fall in portfolio hotel transactions came as no surprise, particularly as it followed an extremely active 2015 during which there were €14.6 bil...
In Focus: Florence, Italy
Ezio Poinelli | February 28, 2017
By Ezio Poinelli , Themis Trakas , Filippo Brivio Introduction This market snapshot presents current data and information on the upscale and luxury hotel and tourism industry in Florence, Italy. In writing such articles, we utilise the expertise of HVS in each market to the full extent by combining our in-house data and research together with published information regarding the examined destinations. A separate publication about the region of Tuscany will follow. City Overview Florence is the capital city of the Italian region of Tuscany and of the province of Florence. It is the most populous city in Tuscany with approximately 370,000 ...
