The clear-cut measurability of KPIs is alluring. Occupancy percentages, profit indicators, return on investment. These are the type of traditional performance measures on which many hoteliers rely when it comes to evaluating hotel performance. Unfortunately, taken in isolation, they are now thought to provide misleading signals, failing to adequately support the needs of today's organizations.
HVS senior management across the globe hosted a webinar on September 8, 2020, to offer expert perspectives on key hospitality topics including how the COVID-19 pandemic has affected their respective regions and the kind of recovery hoteliers can anticipate, as well as the long-term changes the sector is likely to experience. Opened by CEO Stephen Rushmore and moderated by HVS London Chairman Russell Kett, the webinar also included a straw poll, in which 51% of the over 1,800 global participants said they expected RevPAR (rooms revenue per available room) to return to pre-COVID-19 levels during 2023, with a further 23% anticipating a return in 2024.
"Most of my financial skills I've learned on the job. That's why I would advise others interested in my career path not to be afraid and trust that you will do the same."
In a buoyant message to a webinar audience of some 300 hotel operators, investors and owners, held 1 September 2020, Israel's Minister of Tourism was confident the country's hotel sector would make a full recovery post-COVID, because historically the country had done so before.
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).
A devastating €36.7 billion looks set to be lost from the Italian economy due to the collapse of international travel during 2020, according to latest research conducted by the World Travel & Tourism Council (WTTC).
A devastating €38 billion looks set to be lost from the German economy due to the collapse of international travel during 2020, according to latest research conducted by the World Travel & Tourism Council (WTTC).
A staggering €48 billion looks set to be lost from the French economy due to the collapse of international travel during 2020, according to the World Travel & Tourism Council (WTTC).
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).
Vantone Acquired Queen's Hotel in Sai Ying Pun for HKD310 Million at 30% Discount, Singapore Announced Additional SGD8 Billion Covid-19 Support Measures and Another SGD320 Million to Boost Tourism Sector, Indonesia to Establish Travel Corridor for Essential Business and Diplomatic Trips with South Korea, India Announces USD500 Million Assistance for Major Connectivity Project in Maldives.
Tayrona Obtains Majority Stake in Harbour City Project in Malacca from Hatten Land as Part of USD323M Deal, Kiên Giang to Build a New Central Square on Phú Quốc, Mixed-Use Project is Due to be Completed by 2020 in Yangon, Myanmar, Tourism Investments in Philippines Reached PHP663 Billion in 2019.
Green Lane Travel between Singapore and Malaysia to Commence on 17 August, Bali’s “Golden Triangle” Port to Open in 2021, Itami Airport in Osaka Completes Four-Year Renovation, Ho Chi Minh City Considering VND400 Trillion Public Transport Plan.
Hospitality Financial and Technology Professionals (HFTP®) has just released a new format for the USALI, 11th revised edition: a digital version that is available through a subscription service. The popular guide is widely used internationally and its primary purpose is to offer operating statements formatted to provide hotel owners, managers and other interested parties with operational information pertinent to the lodging industry. The USALI was first published in 1926 and is currently in its 11th edition. The subscription will make it easy to access on multiple digital devices.
Weave Co-Living Expands into Singapore with SGD500 Million Joint Venture, Singapore and Malaysia Aim to Commence Cross-Border Travel From 10 August, Japan Plans to Ease Travel Restrictions for Ten Asian Countries.
Whilst the COVID-19 crisis is currently hitting operational hotels hard, the situation for hotel projects under development on the African Continent has not been addressed. It should be expected that dossiers for hotel projects will need to be more robust than ever before when being presented to investors and banks.
AMERICAN HOTEL AND LODGING ASSOCIATION PRESIDENT AND CEO CHIP ROGERS: - "With a sharp decline in travel demand, nine times worse than September 11 and with lower room occupancy than during the Great Depression, our small business owners are struggling to survive. The human toll on our industry has been equally as devastating. Right now, many hotels are struggling to service their debt and keep their lights on, especially those with Commercial Mortgage-Backed Securities (CMBS) loans as they have been unable to obtain urgently-needed debt relief. Without action to shore up commercial debt, especially CMBS loans, the hotel industry will experience mass foreclosures and permanent job losses which will snowball into a larger commercial real estate crisis impacting other segments of the economy."
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado," "Eldorado Resorts" or the "Company") announced today that the Federal Trade Commission (the "FTC") has accepted a proposed consent order, which concludes the FTC's Hart-Scott-Rodino review of Eldorado's pending merger (the "Merger") with Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"). The FTC's acceptance of the consent order satisfies all required antitrust clearances for the Merger.
The pace of hotels reopening has continued to accelerate through the second quarter, with only 10% of the global estate currently still closed. In the Americas region, around 5% are closed; these are predominantly managed luxury and upscale hotels, and those outside of the US. Good progress has been made across the EMEAA region as government-mandated hotel closures have eased; around 30% currently remain closed. In Greater China, just 1% are closed.
KKR buys Roompot for approximately $1.1 billion, Henderson Park and Hines acquire Greek Portfolio, Renzo Rosso buys the Hotel Ancora in Cortina, Italy.
2020: Hotel Valuation Index (Asia Pacific - Select Markets), W Hotel in Melbourne’s CBD Acquired by Daisho Development, Daylesford’s Bellinzona Resort Sold to Local Operators, South Korea Plans Makeover for 23 Tourist Attractions, TCEB to Spend One Billion Baht to Boost Domestic MICE in Thailand.
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