The Knoxville hotel market’s recent performance trends are catching the attention of regional and national investors, and for good reason. With a slew of new developments, the city is fast becoming a sought-after destination for both business and leisure travelers.
Following a slow start, hotel investment activity surged in the second half of 2023, exceeding €1 Bn (+74% vs H2 2022). Total investment volumes for 2023 amounted to €1.5 billion (+1% vs 2022), reaffirming hospitality as a leading sector in the Italian real estate market. Key transactions included the acquisitions of Six Senses Rome, Aermont Pellicano Portfolio, and the sale of Blackstone’s 35% stake in HIP.
High inflation and consequential rises in interest rates had major impacts on investment markets throughout 2023, including slowed hotel transaction activity in Europe. Reaching €10.7 billion overall[1] , total volume was 19% lower than in 2022, which represented the second lowest level of investment in the last decade. There were 6% fewer transactions than in 2022, indicating that the average price per room was also down in 2023.
Spain was the most active hotel investment market in Europe, with €4.2Bn transacted during 2023, a 44% increase relative to 2022. Portfolio dealsrepresented more than half of 2023 volume, among which are the sale of Blackstone’s 35% stakes in HIP to GIC (63 properties out of 77 in Spain) andPortfolio Equity Inmuebles to ADIA (17 hotels). Sovereign funds and other players with less reliance on debt drove the activity.
Across the year, 787 properties were sold comprising 106,000 rooms and totalling €16.9 Bn in value. This remains significantly below 2019 levels but is only 4% short of the 2022 total. In the last quarter, volumes reached €5.4 Bn, a 13% increase relative to Q4 2022 (€4.8 Bn).*
When it comes to hotel development across Africa in 2024, just five words tell the story, “Egypt and the Big 5”. In this context, “the Big 5” does not refer to Africa’s major wildlife attractions, (lion, leopard, rhinoceros, elephant and buffalo) but to the global hotel chains – Accor, Hilton, IHG, Marriott International and Radisson Hotel Group. This year’s African Hotel Chain Development Pipeline report, widely acknowledged as the industry’s most authoritative source, documenting and analysing the number of hotels being planned and built across the continent, reports a market share of 28% for Egypt and 71% for the Big 5 global chains.
Savannah is one of the most desirable tourist destinations in the country, and visitation has skyrocketed since the onset of the pandemic. Some major expansion and development projects underway in the market should help support hotel metrics going forward.
Atlantis, The Palm, located in Dubai, is the ultimate entertainment destination to host an upcoming gathering or event. From spectacular rooms and suites, vibrant entertainment settings, captivating backdrops and extraordinary activities, every occasion is designed to deliver an unforgettable experience.
Seeking unique travel experiences will remain a robust trend in a growing global tourism market in 2024, which has major implications for hotel operators. Predictions paint a rosy picture for travel in 2024. UNWTO expects international arrivals to finally return to pre-pandemic levels, and even exceed 2019 figures by 2%. Airline connectivity may further rise this year from 89.5% of pre-pandemic levels in 2023, IATA said.
It is no secret that The Kingdom of Saudi Arabia is changing. Over just the past five years the change has been staggering, both socially, and politically as well as a dramatic shift in its economic vision.
The greater Columbus region is the top metro area in the Midwest in terms of GDP, population, and job growth. Contributing to this economic growth are legacy industries and sectors such as finance and insurance, along with education, retail, and health care.
In recent years, the landscape of tourism has undergone a flavorful transformation, with culinary tourism emerging as a prominent trend in the hospitality industry. Travelers are now increasingly seeking unique and authentic gastronomic experiences, turning their attention towards exploring the diverse and distinctive regional cuisines around the world. This shift in travel preferences has presented a golden opportunity for hotels and restaurants to tap into the burgeoning market of food-loving travelers.
According to Lodging Econometrics’ Q4 2023 US Construction Pipeline report, Atlanta ranked second nationally in the number of hotel openings in 2023, third in the number of hotels actively under construction, and second in the number of projects in the pipeline. Below, we provide an overview of the market’s hotel demand and its notable new supply, both recently opened and on the horizon.
Tulsa’s tourism industry has experienced a strong recovery from the COVID-19 pandemic. Tourism is Oklahoma's third-largest industry and is second only to oil and gas in bringing out-of-state dollars into Oklahoma. In 2021, along with the recovery from the pandemic and rebound of the hospitality industry, tourist spending was slightly below the 2019 revenue level. Leisure and group demand recovery continued through 2022, resulting in record-breaking tourism revenue for Tulsa.
Man-made swimming lagoons, not to be confused with pools or waterparks, have emerged as a new and innovative way to enjoy recreational water activities. These large (over one acre of water surface) and uniquely designed aquatic venues present new opportunities within the residential, resort, and attractions industries. Over the past several years, H&LA has seen the emergence of swimming lagoons in many facets of leisure development from large-scale resort settings to residential developments.
Given its location and position as the state’s largest city, Wichita serves as the primary economic hub for central Kansas. Wichita, known as the “Air Capital of the World,” is home to several major aircraft-manufacturing facilities and McConnell Air Force Base. The local economy is further supported by major employers in the manufacturing industry and healthcare and education sectors including Koch Industries, Ascension Via Christi St. Francis Hospital, and Wichita State University (WSU). This strong and diverse economy supported stability in the local hotel market’s occupancy and ADR through 2019.
Propelled by the driving force of the University of Alabama and the automotive manufacturing industry, Tuscaloosa’s lodging market quickly rebounded post-pandemic and trended upward through 2023. The outlook for area hotels remains positive, and interest in new hotel development is thriving in the greater market.
Increased cost of financing and ongoing economic and geopolitical headwinds in the CEE region, caused 2023 transaction volumes to drop by 18% compared to 2022. However, the volume invested by international buyers increased by 197% over the same period, illustrating the region’s rising attractiveness for inbound capital. Several significant deals are progressing since the year-end 2023 suggesting transaction volumes will rise in 2024.
As we unveil this special edition of “hopeful” for the HVS ANAROCK HOPE 2024 conference, it’s a time to reflect on the resilience and vibrant future of India’s hospitality sector. This edition is not just a collection of articles; it’s a beacon of optimism, mirroring the spirit of our magazine’s name.
A key driver of Seattle’s leisure demand is its cruise industry. In 2023, the number of Alaska cruises reached 291, a record number compared to 213 in 2019. The Port of Seattle estimates the annual impact of a cruise season on the region at $900 million. This demand particularly benefits local hotels, as passengers typically stay overnight in Seattle before and/or after their trip.