The 2020 COVID-influenced lodging industry recession resulted in some noticeable changes to the way hotels provide food and beverage (F&B) service.
With the pandemic generally in the rearview for the market, Downtown Memphis hotels have yet to recover to occupancy levels realized in 2019. This is attributed to a slow recovery in both corporate and group demand, coupled with significant growth in new supply. However, rising average rates at new hotels have become the saving grace for market RevPAR levels.
The Market Snapshot: Asia Pacific 2023 highlights an overview of transaction activity in the region and presents 25 markets’ current hospitality landscape; each covering demand and supply dynamics, hotel performances, and key transactions.
Without a doubt, leisure sports picked up in popularity during the COVID-19 pandemic- especially golf. According to the National Golf Foundation, 67% of golfers credited their increased play in the late summer of 2020 to having “fewer alternative ways to spend leisure time”. Not only did existing golfers increase their time on the course, but the National Golf Foundation also reports 25.6 million golfers on the course in 2022, a 1.3 million increase from 2019. Moreover, the National Golf Foundation reports an average of 21.1 rounds of golf played per golfer in 2021. This is the greatest average number of rounds per player in a single year seen since 1999.
The onset of COVID-19 in March 2020 had devastating effects for the tourism industry across the country, and the state of Connecticut experienced the third-largest decline in travel, tourism, and outdoor recreation employment from Q2 2019 to Q2 2020. Connecticut was quick to rebound, however, with 2022 occupancy levels only slightly below those of 2019 and average daily rate (ADR) levels far surpassing those of 2019. The upcoming renovation of the XL Center in Hartford, Connecticut’s “Find Your Vibe” campaign, and the state’s current hotel development pipeline are all indicators of Connecticut’s recovery and success.Connecticut’s strong recovery in 2022 and further growth in 2023 can be linked to the state’s “Find Your Vibe” campaign that commenced in June 2022, which highlights the state’s year-round tourism activities, such as music and arts festivals, outdoor activities, and restaurants. CTvisit.com, the state’s official tourism website, drew a record 7.1 million visits this past year, which ranked it among the top-five state tourism sites in the nation for both traffic and engagement. Furthermore, select towns in Connecticut were recently featured as popular destinations in leading publications. The New York Times listed New Haven as one of the top places to go in 2023, and Mystic ranked fourth in USA Today’s list of “10 best summer vacation destinations in the U.S. for 2023.” Additionally, a study recently released by Tourism Economics illustrates that direct visitor spending in Connecticut generated roughly $17 billion in total business sales in 2022, approximately 3.7% higher than the previous peak in 2019 ($16.4 billion).Moreover, Hartford’s XL Center is slated for a $100-million renovation starting in 2024. Plans for the arena include the expansion of the loading dock, the addition of a sports-betting venue on the west side of the arena, and the creation of more luxury seating. The primary impetus behind the renovation is attracting an NHL team to call the facility home. Connecticut has been without an NHL team since 1997, when the Hartford Whalers moved to North Carolina. However, Connecticut governor Ned Lamont has said there is a group in place to buy the Arizona Coyotes and relocate them to Hartford. This comes in the wake of Arizona voters’ rejection of a $2-billion proposal for a new arena, leaving the Coyotes without a permanent place to play. Although the acquisition is highly speculative, a new sports team, coupled with the XL Center’s facelift, could bolster tourism demand for the state.
At the opening session of the 2023 Global Hospitality Conclave held at The Oberoi in New Delhi, India, Professor Dev spoke with Hari Nair, senior vice president, lodging partners at Expedia Group, about the ten trends that are changing the world of hospitality, travel, and tourism, including changing customer profiles, shifting consumption patterns, intensifying competition, growing segmentation, dwindling differentiation, diminishing brand loyalty, evolving value orientation, escalating concern for the environment, continuing consolidation, and increasing power of digital.
Despite the threat of inflation and a cost-of-living crisis in many countries worldwide, the results of the Fall 2023 European Accommodation Barometer further bolsters optimism among hoteliers across the continent. As a whole, the summer of 2023 has been a resounding success. Hoteliers have seen yet another 6-month period outdo the last. And for the first time since the Barometer survey began, the majority of respondents now expect their economic situation to develop positively over the next 6 months.
Qatar’s travel and tourism industry has been under the scrutiny of the public eye ever since the FIFA World Cup 2022. As the first Arab state to hold the mega event, the country spent around $220 billion on infrastructure during a 12-year preparation and witnessed an impressive and fast-paced transformation, including the development of an ultra-modern new city, spectacular stadiums, a state-of-the-art metro, countless of leisure attractions and world-class hotels dotting the skyline.
In 2022, the Coachella Valley experienced a resurgence in tourism, with visitor numbers surpassing pre-pandemic levels and spending reaching new heights. The direct visitor spending of $7.1 billion had a total economic ripple effect of $8.7 billion, showcasing the area's growing appeal. A significant chunk of this spending, more than 30%, was dedicated to lodging, including hotels and short-term rentals. Tourism is expected to remain robust throughout 2023, with major events like the Power Trip music festival in October 2023 poised to attract visitors from across the region.
Each quarter, we continue to dig deeper into the traveler experience and identify barriers and points of friction that keep travelers at home or traveling less frequently based on a quarterly consumer survey with Ipsos.
Central Oregon is a drive-to destination market situated east of the Cascade Mountain range. Home to twelve cities, this region of Oregon benefits as a popular leisure destination for travelers from throughout the Pacific Northwest. Surrounded by a diverse natural landscape, Central Oregon welcomes nearly four million overnight visitors per year looking to take advantage of all the area has to offer. In recent years, cities throughout the region have seen significant changes in the travel industry as hotels, businesses, and attractions have weathered the impacts of the COVID-19 pandemic.
As we enter the final quarter of the year, is this recession still happening? And what does this mean for travel?
Albany's hotel industry continues to rebound from the pandemic. This article reviews the performance and recent trends of two distinct Albany submarkets and the market’s extended-stay hotel segment. Through this review, we provide a comprehensive overview of Albany’s performance coming out of the pandemic.
Tech hubs have globally been a catalyst for the hospitality sector’s expansion. Bengaluru and Hyderabad are prime examples of this trend in India, witnessing unprecedented growth in hotel supply in sync with their booming IT sectors. Read on to know more.
The Meadowlands development in northern New Jersey features the Meadowlands Sports Complex, with the MetLife Stadium as a centerpiece, and hosts numerous major companies. This development is anticipated to strengthen its presence going forward with the addition of a convention center.
The latest figures released by the Federal Statistical Office (FSO) have put even more spring in Swiss tourism’s step. Night stays in Switzerland for the months of June and July 2023 were recently published. And the news is good! Night stays (or hotel stays) were 8.6% higher in June 2023 versus June 2023. This confirms an earlier report indicating that in the first half of 2023, night stays increased 13.8% year on year.
You’ve likely heard that Taylor Swift recently completed the U.S.-based first leg of her Eras Tour, but have you heard about the impact that tour had on local communities and economies across the United States? We lay it out below.
Phoenix has exploded in growth over the last decade, developing a diverse and welcoming economy that has allowed the city and surrounding communities to outperform other top-25 markets.
A strong RevPAR rebound in the first quarter of 2023 was stalled by increasing costs of capital, inflationary pressures, outflow of domestic demand with limited international infill, and economic concerns. How can hoteliers expect 2023 to end and the next few years to trend? This article presents our latest forecast and insights.
Hotels across the globe continue to navigate an uneven travel recovery, labor shortages, inflation, and rising mortgage rates - keeping hotel owners and operators on high alert. Budget season has started, and initial budget discussions are conservative, but still showing some overall revenue growth.