economic impact
Measuring Economic Impact Is a Win-Win for Developers and Municipalities
David J. Sangree | June 28, 2024
June 2024, by David J. Sangree, MAI, CPA, ISHC Introduction: At a time when financing for hospitality development projects is challenging for developers, it can often mean that some projects won’t ever come to fruition. At the same time, municipalities would like to increase their hotel or resort offerings to attract travelers to their destinations while remaining fiscally responsible. When developers seek government assistance for development projects, state and local authorities must balance the needs of developers in the community with the financial realities of the project. Commissioning an economic impact study will provide important ...
Quieting the Noise in Economic Impact Estimates
Thomas A. Hazinski | July 14, 2022
By Thomas A. Hazinski An assessment of the accuracy of traditional approaches to valuing the economic contribution of convention, sports, and entertainment venues reveals significant limitations of economic impact models that tend to produce noisy and sometimes biased estimates. Improved methodologies and the effective use of available data sources that address some of these limitations can provide more reliable estimates. Venue owners and destination market organizations need improved methodologies to estimate the return on public sector investment in capital improvements, marketing and sales, and venue operations. State and local gove...
New AAHOA/Oxford Economics Study Details Extent of AAHOA Members’ Economic Impact and Industry Influence
AAHOA | August 5, 2021
AAHOA announced the results of a new study conducted in partnership with Oxford Economics, a global leader in forecasting and quantitative analysis, on the economic impact and industry influence of the association’s nearly 20,000 Members. The study analyzed the share of U.S. hotels and rooms owned by AAHOA Members, hotel operations, hotel guest ancillary spending, capital investment, and indirect and induced impacts supported by AAHOA hotels in other parts of the U.S. economy. Among the study’s impressive conclusions, the 34,260 AAHOA Member-owned hotels account for 60 percent of all hotels in the U.S., 3.1 million guestrooms, and 2.2 mil...
2020 HVS Lodging Tax Report – USA
Thomas Hazinski | October 21, 2020
By Thomas Hazinski, Joseph Hansel While prior HVS annual lodging tax studies have looked back on tax rates and revenues across the United States, this ninth annual Lodging Tax Study also looks forward and assesses the impact of the COVID-19 pandemic. This analysis of 25 major US markets illustrates the depth of the impact on the hospitality industry and projects a pattern of recovery over the next few years. HVS also provides historical data on tax rates and the collection and distribution of revenue from lodging taxes levied in all 50 States and the 150 largest US cities. Introduction The COVID-19 pandemic has dealt a bigger blow to the...
United States Looks Set to Lose $155 Billion From Missing International Tourists and Visitors, Says WTTC
September 2, 2020
02/09/2020 $425 million a day being lost to the U.S. economy London, UK: A devastating $155 billion looks set to be lost from the U.S. economy due to the collapse of international travel during 2020, according to latest research conducted by the World Travel & Tourism Council (WTTC). WTTC, which represents the global Travel & Tourism private sector, says the massive decline in the number of international travellers and tourists visiting the U.S due to the COVID-19 pandemic, could result in international visitor spending dropping by a staggering 79%. This catastrophic loss to the American economy equates to a shortfal...
Staycations Can Help the Hospitality Industry Weather the Storm
Dr. Alan Fyall | August 28, 2020
By Dr. Alan Fyall Months into the pandemic, it has now become cliché to talk about how COVID-19 has battered the travel and hospitality industry. Still, no matter how cliché, the severity of the situation continues to be a reality. Unfortunately, in all likelihood we are going to have to continue enduring these challenges for the foreseeable future, at least until a vaccine is found. Having said that, I do believe there are things the industry can do to alleviate some of its current hardship. The first thing to remember is that as brutal as the effects of the pandemic have been, there’s no reason to believe the industry won’t re...
WTTC Says UK Looks Set to Lose £22 Billion From Missing Tourists and Visitors Due to Pandemic
August 26, 2020
London, UK: A staggering £22 billion looks set to be lost from the UK economy due to the collapse of international travel during 2020, according to the World Travel & Tourism Council (WTTC). Travellers and tourists are staying away from the UK in droves because of continuing uncertainty around travel restrictions designed to curb the spread of COVID-19. As a result, this year international visitor spending could plunge by 78% compared to 2019 levels, equating to a loss of £60 million a day, or £420 million a week, to the UK economy. The severe impact on UK Travel & Tourism is laid bare by WTTC as the economic fallout from ...
Coronavirus Impact On Hotels & A Plan For Recovery
GCommerce Solutions | March 23, 2020
What is the current digital marketing landscape for the hospitality industry? First, let’s summarize the larger impact of COVID-19 on the industry. Current Impact of COVID-19 on the Hotel Industry According to American Hotel and Lodging Association (AHLA), the hospitality industry has lost 1.5 billion in room revenue and is on pace to lose $1.4 billion per week due to COVID-19. In the last few days, we have received word that many hotels have either already closed their doors or are planning to in the immediate future, all due to the impact of COVID-19. While these numbers are staggering, let’s take a look at what our hotel digit...
