There is a lot of good news to pull out from STR's latest full-year 2021 forecast for the hotel industry — leisure demand surpassing pre-pandemic levels and hoteliers holding rate through the downturn — but a hazy outlook for corporate spending is keeping growth projections for the remainder of the year somewhat muted.
There is a lot of good news to pull out from STR's latest full-year 2021 forecast for the hotel industry — leisure demand surpassing pre-pandemic levels and hoteliers holding rate through the downturn — but a hazy outlook for corporate spending is keeping growth projections for the remainder of the year somewhat muted.
China, usually seen as the global leader in the hotel industry’s recovery from the pandemic, took a massive fall last week in its hospitality comeback due to the Delta variant. Prior industry optimism about the country’s ability to quickly rally after a setback doesn’t seem to apply this time around.
Cornell research: United States hotel prices have rebounded above their statistical lower bound in all regions except the Mountain states, signaling a return toward their pre-pandemic level—although we are not quite there yet. Prices of hotels in gateway cities rose 6 percent, while hotels in non-gateway cities climbed almost 7 percent on average this quarter. Transaction volume also increased for both large hotels and small hotels, with large hotels rising 79 percent and small hotels, 57 percent on a quarter-over-quarter basis.
Host Hotels & Resorts has been on an asset acquisition spree since the beginning of the year and doesn't plan on stopping now.
The travel industry is beginning to show promising signs of recovery as parts of the world reopen and vaccinations continue. We see from Google searches that people want to travel, provided they feel safe to do so: Global searches for “where to travel,” “can I travel” and “covid travel restrictions” are near all-time highs. Google is working hard to listen to customer feedback and ensure travel businesses and tourism officials have the information needed to continue recovery.
While some destinations and segments, like city-based hotels that cater to business travellers, may take longer to experience sustained occupancy and revenue growth – it is a misconception to think RevPAR is suppressed in all markets and for all property types. In this guest column, Ian Chinn, regional director of sales for IDeaS Revenue Solutions talks about how travel and leisure segment continues to make up the majority share of occupancy and improving levels of corporate travel.
After more than a year stuck on video calls, company executives are ready to hit the skies and meet customers face to face again, fueling airline industry optimism that business travel is poised to rebound despite the rise of Covid-era workarounds like Zoom.
The UK’s economic recovery accelerated in May as tourism and recreation firms reopened, but the delay in ending Covid-19 restrictions is putting hospitality firms at risk, research shows.
The second wave of the pandemic caused by the variant of the COVID-19 virus, which was first identified in the United Kingdom has been the most severe in India. As a result, travel and tourism have been halted across the country, and the impact on the hotel industry is immense, especially in major cities such as Mumbai.
The travel industry has been stopped short by the coronavirus pandemic but as the nation recovers, Delta Air Lines CEO Ed Bastian said he expects travel to bounce back to normal.
A full recovery of the U.S. hotel sector relies on the return of three sources of room demand: leisure travelers, corporate transient and large industry and private groups.
The retail market faced challenges before COVID-19 hit. The office market was solid before the pandemic sent employees working from home in droves. But the hospitality market? It was thriving in many parts of the country before March of 2020.
While the success of the Covid-19 vaccine rollout in the U.S. has fueled optimism about a strong summer travel rebound, tourism officials in Europe say that slower progress on vaccines there coupled with new surges likely means any widespread return of Americans won't happen until late summer.
The coronavirus pandemic gut punched the travel industry as people stayed home and businesses shut down. But as the number of vaccinations rises and lockdown restrictions lift, consumers are searching for vacation getaways in record numbers, new data suggests.
U.S. hotel gross operating profit per available room (GOPPAR) reached its highest absolute level since February 2020, according to STR's February 2021 monthly P&L data release.
Billionaire investor Barry Sternlicht told CNBC on Wednesday the U.S. travel recovery is well on its way — at least in parts of the country like Florida — after a Covid-induced slowdown.
Fueled by Covid vaccines, flexible cancellation policies and people yearning to break free from home, the summer travel season is already booming for some parts of the travel industry.
Home sharing and Airbnb listings might have fared at least marginally better than the broader hotel industry during the COVID-19 pandemic, but some boutique hoteliers who list on Airbnb said bookings on that and other third-party distribution channels have also taken a significant hit.
Europe's largest hotel chain Accor has said that it plans to pay for all of its employees to be vaccinated by late summer as it tries to recover its business amid ongoing national lockdowns. "We are not going to wait for government. We will be buying our own vaccines if we can get them but we don't want to do it [taking] from existing government programmes," said Sébastien Bazin, the French group's chief executive. "It should be not be taking away from fragile people."