While there have been many debt-related concerns in an era of high interest rates and limited availability, a panel of experts said the top issue driving distress in the hotel industry is still inefficient and ineffective operations.
Eighty-five percent of business travelers surveyed expect to be on the road the same amount or more often in 2024 versus 2023.
As seen in the Q1 2024 Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), the total pipeline in the Asia Pacific region, excluding China, (APEC) reached a record-breaking project total of 2,021 projects/402,312 rooms. This new all-time high represents a 7% year-over-year (YOY) increase in projects and a 2% YOY increase in rooms.
Overall meeting volume growth was flat for the industry at a 1.3 percent increase YoY. The average space used for meetings in the Top 25 markets was 3,768 sq. ft., and secondary markets were at 3,684 sq. ft. Average attendees also grew slightly to 133 in the Top 25, while secondary markets averaged 127 attendees.
U.S. hotel performance showed mixed results from the previous week, according to CoStar's latest data through 4 May.
The Middle East and North Africa (MENA) region has emerged as one of the main regions driving growth in affluent travel, recording high spends, while also displaying an appetite for sustainable eco-luxury and meaningful cultural experiences.
NTTO Releases International Travel Statistics for 2023
Ocean City, Maryland, known for its expansive beaches and boardwalk, welcomes millions of visitors annually. This robust tourism industry fuels a thriving hospitality market, and recent strategic investments underscore Ocean City's focus on providing exceptional experiences for all visitors.
The World Travel & Tourism Council's (WTTC) 2024 Economic Impact Research (EIR) has revealed the Qatari Travel & Tourism sector reached new heights last year, with GDP contribution, jobs and domestic traveller spend all surpassing previous peaks.
The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) has revealed Portugal's Travel & Tourism sector is on the brink of a historic year, with its economic contribution expected to exceed €54 billion.
'IFYKYK' is the unspoken acronym for quiet luxury. It has sprawled beyond HBO's 'Succession' fashion and is now very much the center of travel. Where can one go to stay and experience the ultimate hospitality and great R&R without being looked up and down by others prying to see if their Louis Vuitton is this season?
In less than two decades, short-term rentals have thoroughly transformed the hospitality industry, wresting 15% market share from hotels. From a feel-good pioneer of the sharing economy to a $100bn behemoth, Airbed and Breakfast, better known as Airbnb, has revolutionized hospitality from its beginnings in 2007 - creating a whole new market in the process. But what happens to a community when Airbnb comes to town? In this article we take a deep dive into the impact of STRs, in particular Airbnb, and how communities are reacting.
Reaches 604 Projects and 100,990 Rooms at Q1 2024
The 2024 travel forecast is looking sunny with a chance of savings. Despite increasing inflation, according to the latest internal data from KAYAK airfare is down 13% for domestic and 3% for international flights vs. 2023.
Foreign tourist arrivals and nights exceed 2019 levels in the first quarter of 2024 - Sporting events, high travel demand and inflation to drive tourist expenditure to record levels
For the first time in the ten annual cycles of the Cornell Hotel Sustainability Benchmarking cycle, we find a general increase from 2021 to 2022 in energy and water consumption among participating hotels.
U.S. Hotels still 193,600 jobs short of pre-pandemic levels amid economy-wide labor shortage
Online travel agencies based in the United States maintained double-digit year-over-year gains in 2023, passing the $100 billion mark for the first time.
Hotel companies should be particularly interested in the legislation. While many companies collect personal information from customers, hotel companies want to collect large amounts of personal information - knowing more about guests allows brands and operators to provide better services and increase their value. At the same time, the multitude of state laws, as well as foreign privacy laws, create a compliance challenge for the hospitality industry.
As U.S. lodging industry performance decelerated in 2023, so did the amount of fees paid by owners to their management companies. Preliminary results from CBRE's annual Trends in the Hotel Industry survey find that total hotel revenue growth slowed to 6.9% in 2023, while GOP inched up by 3.5%. As a result, total management fee payments rose by just 1.2% during the year, well below the double and triple-digit growth rates seen in the previous two years.
In the final article in this three-part series exploring luxury hotels and a sense of place, Suzanne Godfrey, consultant and lecturer in luxury and luxury hospitality, examines how hoteliers can overcome the challenges in providing local and authentic meaning of sense of place.
Nice, France, Makes Its Debut in the Top 10, but London Remains the Crown Jewel
This report highlights the key trends in the Indian hospitality industry in 2023 along with the sector performance metrics, brand signings, and brand openings during the year. It also provides our outlook for the sector for 2024.
CBRE Releases Global Hotel Investor Intentions Survey 2024
Employment and international visitor spend breaks all records