The tourism industry in Bahrain remains an important contributor to the country’s economy and employment, and the government is committed to supporting its growth and development in years to come despite the current shift in segmentation and increasing competition from neighboring countries.
While growth in the life sciences, energy, education, and manufacturing industries is contributing to Charlotte’s rise, it’s the financial services/fintech industry that gives the city its power to the throne. Bank of America, Truist Financial, and Wells Fargo all have either a headquarters office or a regional hub in the Queen City.
Based on our February 2023 Hotel Horizons® report, CBRE is forecasting that total hotel revenue for the average U.S. hotel returned to pre-COVID levels in 2022. This occurred despite the fact that the average occupancy for U.S. hotels is not expected to exceed 2019 levels until 2026.
Short-term rentals offer lucrative opportunities. Renting apartments for short stays continues to gain popularity among travelers, allowing individuals to generate a substantial income. However, professional agencies compete with homeowners offering private apartments for vacation rentals and online travel agencies (OTAs). Property managers must distinguish themselves from the agencies to thrive in this market. One effective strategy is to build a solid online presence by creating a website for vacation rental properties.
Goa is often called the leisure capital of India and is undoubtedly one of the most popular destinations in the country because of its beautiful landscape, stunning beaches, an array of delectable bars and eateries, besides vibrant nightlife. The state’s tourism sector, which contributes about 16% to the state’s GDP and directly or indirectly employs around 40% of its local population, was among the first in the country to recover from the pandemic. Data shows that the state welcomed nearly 8.1 million tourists in 2022, which is comparable to the pre-pandemic levels. However, with changing traveler preferences, increasing affinity towards experiential tourism, and the growing popularity of other leisure destinations, especially offbeat locations, Goa’s tourism sector will need to step up its game to keep attracting tourists and maintain its leadership position going forward. In line with this thought, the state government is working on various initiatives to take Goa’s tourism sector to the next level.
After two consecutive six-month periods of robust growth in occupancy and room rates, almost half of the European hoteliers anticipate 2023 to yield the highest revenue in the history of their establishment. At Booking.com, our success is defined by the success of our partner hotels, resorts, guest houses, B&B, vacation rentals, and all other travel lodgings imaginable. And we are glad to learn from them that travel is finally back!
Check out the June 2023 edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry.
The Magic City, so named because its soil contains the three elements needed to produce iron, was able to steel itself against long-term hospitality demand loss in 2020 better than many hotel markets across the U.S. The city’s proximity to outdoor demand generators, its rapidly growing sports entertainment industry, and the dedicated work of local municipal offices and aid organizations were all important factors that supported the swift recovery of Birmingham hotels.
As UAE recovers from COVID impact and retains its position as a global tourism destination, a performance analysis of the three main emirates for the years 2019 – 2022 is presented by HVS team along with key development trends and opportunities.
London, June 16, 2023 – Europe experienced healthy hotel investment activity with €4.1 billion transacted in Q1 2023, according to global real estate services firm Cushman & Wakefield. This represents an 18% increase on Q1 2022 despite high financing costs and economic and geopolitical concerns.
The Israel hotel market has demonstrated remarkable resilience in the face of challenges and has successfully rebounded to the pre-pandemic levels seen in 2019. This article explores the hotel market performances and values in key Israeli locations in 2022.
The 2023 PGA Championship and the 2024 solar eclipse are just the start of the exciting events and projects in the Rochester area. With the world’s eyes on the city in May 2023 as it hosted golf’s second major championship of the year, this article looks at the PGA Championship’s effects on the Rochester market and what’s to come.
HVS and the Abraham Accords Peace Institute analyse the affects of easier visa procedures on tourism growth and the subsequent increase in a country's GDP.
After several economic and political disruptions across South America, there is now greater clarity in several countries, giving rise to compelling opportunities in some urban markets and across the leisure sector. The outlook appears bright throughout much of the region.
According to CBRE’s February 2023 Investment Performance forecast, total revenues for the average U.S. hotel returned to 2019 levels in 2022, but the recovery of hotel profits will be delayed until later this year. Hotel franchise and management companies have benefited the most from the ongoing revenue recovery because the fees they receive are frequently earned as a percent of revenue. However, for many hotel owners, along with their lenders and investors, the lag in the return of profits has been a hardship. Afterall, it is the profits of hotel operations that enable owners to pay their debt obligations and provide returns to their investors.
While several new brands have emerged within the limited- and select-service segments over the past decade, the expansion of extended-stay brands was limited prior to 2021, and many of the U.S. hotels within this segment were dated. However, during the last two years, economy and midscale extended-stay brands have experienced a significant expansion.
Over the past decade, the GCC region has transformed from a business destination to an experiential one, evidenced by an increase in international arrivals, private investments and government visions, initiatives and developments. Hala Matar Choufany, president for HVS Middle East, Africa and South Asia, and managing partner of HVS Dubai, outlines the market developments and what’s on the horizon.
Newport, Rhode Island, became America’s first resort city in the 1720s, as wealthy passengers traveled by ship from the southern colonies and the Caribbean to escape the summer heat and humidity. Among the significant historical attractions in the city, which boasts more standing buildings constructed before 1830 than any other American community, are the legendary Newport mansions that served as summer homes for the likes of Cornelius Vanderbilt in the early 20th century.
Because it provides a more holistic view of the revenue generated across an entire property, more hospitality leaders are turning to TrevPAR (Total Revenue Per Available Room) as a key measurement in their benchmarking and operational strategies.
Austin has enjoyed a strong and resilient lodging market since the Great Recession. But why? This article explores the lodging demand drivers that make Austin one of the most attractive hotel markets in the U.S.