We are well into 2023, and the U.S. finally officially announced this week that it will be ending the COVID-19 vaccine requirements for international air travelers on May 11, the same day that the COVID-19 public health emergency ends. This announcement is especially symbolic as the U.S. was the last major market to have such a restriction in place
The Kansas City hotel market has rebounded following the impacts of the COVID-19 pandemic, and high levels of leisure demand and the return of convention activity have driven the recovery. Despite rising construction costs, a number of hotel developments are proposed in Kansas City, signaling an optimistic outlook for the market.
Within the hotel and lodging sector, Dallas’s popularity with visitors and its ability to attract new businesses have contributed to an unhesitating redemption. In the wake of the COVID-19 pandemic, revenue per available room (RevPAR) in the greater Downtown Dallas area for 2022 rebounded to levels similar to 2019; however, the year-to-date period ending February 2023 shows RevPAR exceeding prior peak levels, as illustrated in the Kalibri Labs data below.
This paper presents findings from a survey of business event participants conducted in February and March of 2023. The survey aims to explore changes in the frequency of travel, motivations for travel, and changes in travel behaviors. Results show promising growth in 2023 and that the desire to network with peers and destination appeal are the strongest factors influencing decisions to travel to business events.
Most management contracts include an incentive management fee in addition to the base management fee. The incentive fees are designed to make management more conscious of the bottom line since owners achieve their returns and pay their debts from profits, not revenue. Incentive management fees are earned by the operator once a designated profit threshold is achieved.
The industry’s outsized role in bolstering the U.S. economy is clear. Direct travel spending totaled $1.2 trillion in 2022, which produced an economic footprint of $2.6 trillion—a return to 2019 levels. Travel directly employed 8 million Americans and supported nearly 15 million jobs.
In 2022, Boise's convention industry flourished thanks to expanded Boise Airport routes. Despite lacking a large convention hotel, Boise hotels enjoyed a remarkable rise in RevPAR in 2022, with Downtown hotels surpassing pre-pandemic levels. Furthermore, Micron Technology's expansion and the city's growth in tech and commercial development bode well for Boise's economic future.
The year 2022 painted a mixed picture for the global hospitality sector. It was the year that travel finally made a comeback after a majority of countries lifted their travel restrictions and most people resumed their pre-pandemic way of life. As a result, travel demand increased significantly across the globe with people trying to make up for the lost time. However, inflation, the Russia-Ukraine war, and the “great resignation” negatively impacted the hospitality business in a few countries. The Indian hospitality sector also witnessed similar trends during the year but was more resilient than some of its global counterparts.
Driven by the strong recovery in demand, hotel companies accelerated their growth plans in 2022, resulting in an over 33% rise in brand signings by keys compared to the previous year. During the year, 166 new hotels with 14,885 rooms were signed, while 90 hotels with 5,702 rooms were rebranded.
Situated midway between Boston and Portland, picturesque Portsmouth features a waterfront downtown with a growing hotel market. This article serves as a primer on the market’s history, recent performance, and outlook.
With Gen Y and Gen Z now representing more than half of hotel guests, their lifestyle choices drive their hotel selections and are changing the way that spaces in the hotel are being used.
Coming out of past recessions, the diverse employment base has benefited the Minneapolis-St. Paul market. Major employers within the medical technology, consumer goods, healthcare, higher-education, financial, and consumer goods industries and sectors have historically generated a sufficient level of hotel demand. The natural beauty of the area attracts outdoor enthusiasts, its central U.S. location makes it a convenient destination for conventions, and the Mall of America draws visitors from around the world.
In 2022, waterpark owners and operators breathed a sigh of relief as the industry shifted back to normal in the wake of two years of uncertainty. With the pandemic a rearview concern in 2022, most waterparks continued their recovery to see attendance improve. This robust performance paved the way for new growth in all segments of the industry. Several large-scale projects planned for 2023 and beyond will alter the waterpark landscape at both indoor and outdoor waterparks. These projects will continue to encourage existing properties to innovate and update to keep market share.
While most markets across Europe experienced a robust hotel performance recovery, the transaction activity recorded only a modest growth in 2022 hampered by the raised cost of financing, economic and geopolitical concerns. Nevertheless, nearly 800 hotels were sold in 2022 worth €18 billion, 2% more than in 2021. The UK remained the most active hotel investment market , although its lead over other markets has narrowed with the rise of France and Spain, ranked the second and third respectively.
This article provides a brief update on the state of Nashville’s lodging market as of April 2023.
Los Angeles, the entertainment capital of the world, boasts a thriving tourism industry that draws millions of visitors every year. In this article, we will pinpoint the trends, innovations, upcoming events, and challenges that are shaping the future of the Los Angeles hotel industry.
This year’s conference theme for the Future Hospitality Summit Saudi Arabia (FHS) is ‘Invest in Change’, highlighting the importance of the positive change that can be brought forward through the investment in time, intellect and expertise in the hospitality industry to keep up with changing times and trends to better shape the future of the industry. In the lead up to the event we asked a number of industry partners how they are investing in change.
Move over RevPAR, there are finally new and better hotel performance metrics in town.
With much of a challenging Q1 behind us it feels to be an appropriate time to take stock and look forward to the rest of 2023. Hopefully, there is only a positive trajectory for hotel transaction market for the year ahead with the consensus being that H2 2023 will see more activity across the real estate market. With several factors at play, some new and some old, it will be interesting to see whether these expectations are indeed fulfilled...
Despite the COVID-19 pandemic, readers of Condé Nast Traveler magazine have voted Chicago as the best big city in the U.S. for the last six years. Chicago’s numerous attractions include unique dining experiences, modern hotels, diverse neighborhoods, and an abundance of arts and entertainment venues. The market also benefits from its proximity to other major markets and its popularity as a meeting and group destination.Data for the Downtown Chicago market is outlined below, illustrating a strongly rebounding economy as of year-end 2022.