The U.S. hotel industry posted declines in all three key performance measurements during April, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 11.1 percent to end the month at 56.4 percent. Average daily rate dropped 9.4 percent to finish the month at US$98.37. Revenue per available room for the month decreased 19.5 percent to finish at US$55.48.
This article sets out to give the reader a picture of the Madrid hotel market up to the end of 2008 and our view on current tourism and hospitality trends and tendencies. The overall health of Spain's economy is under considerable pressure from the current economic climate. According to the Economist Intelligence Unit (EIU), Spain will face difficulties until at least the end of 2009 in recapturing the same degree of public support that existed before the general election.
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Any hotel sales person and revenue manager can tell you demand patterns are different than they have been in the past. The question then becomes -- will this pass at some point and demand patterns of the past ‘snap’ back into place or have been demand patterns been permanently or semi permanently altered? The question is important as it is the difference between ‘hanging on’ until things resume their previous demand streams or developing new processes and paradigms.
A bank you’ve done business with before is like gold today. Financing has always been a relationship business. That’s even truer in the midst of the current financial turmoil. Lenders are more conservative and less inclined to work with someone with whom they don’t have experience.
Data from STR Global, the leading provider of market information to the global hotel industry, illustrates the difference in performance of Dubai’s hotels in the Jumeirah beach area and those in the rest of the city.
The U.S. hotel industry posted decreases in all three key performance measurements during the week of 19-25 April, according to data from STR.
The tourism, hospitality and leisure industry is facing unprecedented challenges. Our latest report highlights ways in which companies can help reposition their business to face the downturn and be in the best possible shape to take advantage of any potential upturn, and also looks at the longer term outlook for the Middle East, and at the role of Sovereign Wealth Funds. The Middle East – strong foundations in difficult times – tourism is both a driver and a beneficiary of economic growth in the Middle East. What now? | Aviation – hitting stormy weather – how is the airline industry faring in the current climate | | Economic woes threaten hotel performance – a global review of hotel performance in 2008 | Uncertain times call for a sharper focus – few people were able to predict the speed and scale of the economic fallout that has followed the credit crunch. We flag up the best ways to drive down costs while pushing up efficiency | Exploring sovereign territory – Sovereign wealth funds have become a major force over the past three years but will this continue?
Radisson Blu Comes To Bad Reichenhall - In the far south of Germany is the resort of Bad Reichenhall. This 30 June will be an auspicious date in the resort’s calendar: the day on which Rezidor Hotel Group rebrands the Steigenberger Axelmannstein. The 152-room hotel will thereafter be known as the Radisson Blu Axelmannstein Resort. The name Radisson Blu is one already familiar to the hotel’s operator EP Group Germany through the group’s association with the Radisson Blu Hotel Stralsund, which stands in the far north of Germany.
The U.S. hotel industry posted double-digit declines in all three key performance measurements during the week 5-11 April 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 17.9 percent to end the week at 52.6 percent (64.1 percent in the comparable week in 2008). Average daily rate dropped 12.5 percent to finish the week at US$96.60 (US$110.36 in the comparable week in 2008). Revenue per available room for the week decreased 28.1 percent to finish at US$50.85 (US$70.76 in the comparable week in 2008).
STR Global and Fairmas, the two leading providers of market information to the German hotel industry, report on the performance figures for the German hotel market. A year-to-year comparison of data for February 2009 shows all indices down for the country as a whole--average daily rate fell 0.7 percent, occupancy change was -7.4 percent and RevPar change was -8.1 percent. The relatively modest fall in rate was bolstered by a significant rise in year-on-year ADR for Cologne of 16.8 percent and insignificant decreases for Hamburg, -0.6 percent, and Berlin, -1.6 percent.
The U.S. hotel industry posted declines in all three key performance measurements during the week of 29 March-4 April 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 9.9 percent to end the week at 56.2 percent (62.3 percent in the comparable week in 2008). Average daily rate dropped 9.0 percent to finish the week at US$98.79 (US$108.59 in the comparable week in 2008). Revenue per available room for the week decreased 18.0 percent to finish at US$55.49 (US$67.68 in the comparable week in 2008).
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2008 has been a tale of two fortunes for the tourism and hospitality industries in Asia. Although the subprime crisis began in 2007, the effect of the fallout was only felt in Asia in the second half of 2008. According to the United Nations World Tourism Organisation, the Asia Pacific region’s annual tourism performance growth declined the most in 2008 as compared to the other regions of the world like the Americas, the Middle East, Europe and Africa. While arrivals in the Asia Pacific region grew 6% in the first half of 2008, the last six months of the year saw a 3% drop-off in arrivals to book an overall 2% growth in the full year 2008 as compared to approximately 10% in 2007. The year will also be remembered for the meltdown in the global financial markets, and commodities, oil price and exchange rate fluctuations.
Hotel owners and management companies are accelerating efforts to fortify cash positions in a bid to survive the current downturn and to strategically position their businesses for mid-term and long-term growth, according to a survey by Ernst & Young LLP. "Many hotel enterprises have identified and continue to identify ways to more closely manage costs. They are intensifying their focus and practices around risks and controls, with an objective of emerging from the current downturn stronger. Those that are effective will remain competitive in the short-term, and will attract more capital and accelerate their growth in the next up-cycle," says Michael Fishbin, National Director, Ernst & Young LLP Hospitality Services Group.
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London hoteliers are expected to see a 12.7% drop in revenue per available room (revPAR) by the end of 2009 according to Hotel Market Outlook, a quarterly report released by Deloitte. The report uses the outputs of an econometric model produced by an independent economic research group to produce forward looking changes in hotel performance.
The U.S. hotel industry posted declines in three key performance measurements during the week of 22-28 March 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 12.3 percent to end the week at 56.6 percent (64.6 percent in the comparable week in 2008). Average daily rate dropped 8.8 percent to finish the week at US$99.77 (US$109.34 in the comparable week in 2008). Revenue per available room for the week decreased 20.0 percent to finish at US$56.50 (US$70.61 in the comparable week in 2008).
As the saying goes, the bigger they come, the harder they fall. And the New York City hotel market, which had started to achieve new peaks of performance, has tumbled badly since October 2008. Almost to the day that Lehman Brothers collapsed, the NYC hotel market has been weakening. But the weakness in the financial markets only tells part of the story. This article will examine the recent trends in New York hotel market conditions and provide some insight into what the future might hold.
The Canadian hotel industry posted decreases in all three key performance measurements during the week of 22-28 March 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 3.8 percent to end the week at 57.5 percent. Average daily rate dropped 3.0 percent to finish the week at CAD$120.20. Revenue per available room for the week decreased 6.8 percent to finish at CAD$69.06.