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.