U.S. hotel performance in the third quarter continued to be driven by rate growth and pricing power, but the dollar volume of hotel transactions is an indication that many buyers and sellers are staying on the sidelines.
Concerns are growing as business travel is still down from the pandemic, and the sector hasn’t nearly enjoyed the same return as leisure travel.
Boutique hotels are performing well in 2022 and all classes show recovery in average rate and revenues, surpassing 2019 peak levels and leading the U.S. hotel industry.
Leaders of major hotel brands speaking at the Annual Hotel Conference said that as the fundamentals of the hotel industry are normalizing, hotel owners and operators are applying lessons learned during the COVID-19 pandemic to strategies to drive demand to their properties and gain market share for the brands.
The recovery of the U.S. hotel industry from the COVID-19 pandemic has progressed to the point that many hoteliers budgeting for 2023 can see some return to normal.
Global flight and hotel searches for Japan, Taiwan and Hong Kong have surged over the recent weekend on the back of renewed travel interest fuelled by announcements of easing entry restrictions. These three East Asian countries are among the last in the region to reopen for travellers.
One of Paris’s most expensive hotel suites just got even pricier. A night in the top suite at the Bristol, one of the city’s famed palace hotels, has risen by €5,000 ($4,990) as American tourists, traveling with their strong dollars, have returned en masse to the French capital.
Hoteliers are naturally optimistic people, and often they don't want to admit that the economy or the overall demand environment might be souring on them until they absolutely have to.
Throughout the summer months, hoteliers held out hope that as the historically strong wave of leisure travel waned and seasons shifted, a long-awaited business travel rebound would be there to fill the gap.
Over the last couple of years, hotel profit-and-loss accounts have undergone quite a change in how they are analyzed.
Booking Holdings, Expedia Group and Airbnb all ramped up their marketing spending in the second quarter of this year as the only travel giants tried to capture attention and bookings from consumers eager to travel during the spring and summer seasons.
NASA's Artemis program is not only an exciting start to the next stage in space exploration, it also opens new opportunities for hotels along Florida’s Space Coast.
The tourist industry rebounded in a big way this summer as people tired of staying close to home throughout the pandemic seized the opportunity to travel.
With revenue of more than $4.3 billion in the second quarter of 2022 - double the corresponding quarter in 2021 - Booking.com is starting to talk recovery. Net profit climbed to $857 million, compared with a loss of $167 million in the corresponding quarter last year, while the number of overnights booked through the global giant in the second quarter jumped by 56% to 246 million overnights, compared with 198 million overnights in the first quarter of the year. "All this is happening without the Asian market reopening to tourism," says Glenn Fogel CEO and president of Booking Holdings, in an interview with Globes.
The collective mindset of the hotel industry is there is now a unique opportunity to change for the better.
Travel is back. Not only did revenues at a host of experience-related companies soar in Q2, but also many of them are optimistic that consumers will continue to spend on travel and hospitality in Q3 and throughout the rest of the year.
Is the industry in the midst of a busier-than-ever normal of travel or a bubble that will pop?
Saud Arabia's Public Investment Fund (PIF) and London-based real estate investment firm Cain International said on Monday they had invested $900 million in luxury hotel group Aman, which Cain said valued Aman at $3 billion.
The U.S. hotel industry continues to roll along in its recovery to and beyond 2019 performance levels.
Group business is beginning to pick up slowly, but capturing wallets and loyalty from this potentially profitable sector comes with a few extra challenges.