Hard hit by a multitude of factors during the pandemic, the Twin Cities hotel market has experienced significant fluctuations in supply, demand, and operating performance. Signs of resilience are evident in the year-to-date trends, as the hotel market adjusts to supply changes and a different demand mix.
Hany Abdelkawi leads global innovations within the travel sector at Google. He recently partnered with Deloitte and industry experts, including the CEO for Europe, the Middle East, and Africa (EMEA) of Barceló Hotel Group, on new research that shows what the travel industry will look like by 2040.
Tune in to Hala Matar Choufany's interview with Maya Hojeij on Bloomberg Alsharq discussing visitation growth and key tourism drivers in the region:
Hala Matar Choufany chats with Hospitality News Middle East and Rita Ghantous about HVS Middle East & Africa's new service lines, market outlook, growing trends and regional sentiment:
2024 has been a turbulent year thus far as we have witnessed dramatic national and global events that may very well alter the course of history. During this past quarter alone:
In 2024, Africa’s hotel development story can be summed up with five key words: ‘Egypt and the Big 5’. This time, the 'Big 5' doesn’t refer to Africa’s famous wildlife, but rather the global hotel chains — Accor, Hilton, IHG, Marriott International, and Radisson Hotel Group. The African Hotel Chain Development Pipeline Report, the most trusted industry source, shows that Egypt holds a 28% market share, with the Big 5 hotel groups responsible for 71% of the pipeline across the continent.
Coming out of a high-inflation, high-interest-rate environment, which negatively impacted hotel transactions in Europe in 2023, transaction activity increased to the highest levels since 2019 in the first half of 2024. Reaching €10.6 billion, the total volume transacted increased by 123% year-on-year, already reaching the total volume for the whole of 2023. There were 20% more transactions this semester, with a decrease of 11% in the number of rooms per hotel, translating into a 30% increase in price per room over H1 2023.
Throughout the latter part of the 20th century, golf was growing significantly in the United States. Not only was participation soaring, but new golf courses were being built at a record pace. In some years, development activity exceeded 400 new courses.
The Market Snapshot: Asia Pacific 2024 highlights an overview of transaction activity in the region and presents 24 markets’ current hospitality landscape; each covering demand and supply dynamics, hotel performances, and key transactions.
Snapshot of the London hotel market in 2024 with an exploration of tourism demand, hotel performance, hotel supply, the investment market and the market outlook.
Lower inflation, continued job creation, and the anticipated benefits of the recent cut in the federal funds rate provide a foundation for optimism about the U.S. economy. In the lodging sector, as different markets and segments continue to post varying results, we anticipate the overall trend of positive, albeit muted, growth to persist in the near term.
For Denver hotels, the first five months of 2024 were somewhat volatile, with March declines being offset by April gains. This trend can be partially attributed to Easter falling in March this year. After two months of RevPAR declines in Denver in June and July, August was a stellar month for the city’s hotels, with the RevPAR increase nearing 10%. However, the declines in June and July resulted in little growth for the city in the summer of 2024, as overall RevPAR growth through August is less than 0.5%.
In many sectors, the digital transformation has sparked concerns about market concentration, favoring larger players over smaller businesses. Yet, the European hotel industry defies this trend, as evidenced by the latest findings from Hotrec, the umbrella association of hotels and hospitality providers.
This report delves into the intense rivalry between Singapore and Hong Kong, two of Asia’s most influential hotel markets, each vying for dominance in the post-pandemic era. Singapore, now leading the region with occupancy rates surpassing 83% in early 2024, is capitalising on its ability to attract major international events.
Parking revenues have increased by 23.1% from 2019 to 2023, based on a sample of U.S. properties in CBRE’s Trends® in the Hotel Industry database, which is more than four times greater than the growth rate for total hotel revenues during that period. Not only is parking a growing source of revenue, but it is relatively profitable as well. In 2023, parking department profit margins for the CBRE sample were 61.3% of total department revenue, while the average profit margin for all other-operated departments was 58.7% at those hotels.
Since the COVID-19 pandemic, San Francisco has been navigating a difficult recovery affected by multiple issues, from safety concerns to a weak convention calendar. However, the long-term outlook remains cautiously optimistic given the growing presence of AI companies and major sporting events planned for 2026.
Transaction volume reached €122M in the first half of 2024, 27% less than in H1 2023. This was primarily due to the lack of hotel assets for sale in the CEE region, geopolitical uncertainty, and the high cost of financing. However, this has changed in recent months. Several properties are in various stages of disposition, and this, combined with continued performance growth, improved access to debt, and rising investor interest, is expected to boost volumes in the next 12 months.
Newark, New Jersey, has been undergoing gradual revitalization efforts during the last roughly 15 years. The city has been gaining recognition given the ease of access to Manhattan and within New Jersey, the newly renovated Newark Liberty International Airport, and waterfront areas along the Passaic River and Newark Bay.
The volatility of markets over the last few days has raised important questions about economic health globally, for the U.S. and for the travel industry. The U.S. Bureau of Labor Statistics released employment figures for July that showed fewer new jobs created than prior months, and an increased unemployment rate of 4.3%.
As the capital of Spain, Madrid holds a prominent position as a cultural, economic and political hub in Europe. Its rich history, vibrant arts scene, world-renowned culinary offerings as well as its many corporate head offices and financial institutions attract a diverse range of visitors, including both leisure travellers and business professionals. Additionally, Madrid's strategic location within Spain and its well-connected transportation infrastructure, including its international airport and high-speed rail services, facilitate easy access for both domestic and international travellers. The city's tourism sector, which was heavily impacted by the COVID-19 pandemic, experienced a gradual recovery from the latter half of 2021, buoyed by successful vaccination campaigns and the easing of travel restrictions both domestically and internationally.