The Middle East and North Africa (MENA) region has emerged as one of the main regions driving growth in affluent travel, recording high spends, while also displaying an appetite for sustainable eco-luxury and meaningful cultural experiences. Mastercard’s latest report, ‘Affluent Travel: A Middle East Perspective’, released during the Arabian Travel Market 2024, unpacks some of the key trends.
Hotelbeds, part of HBX Group, announces the renewal of its strategic agreement with Choice Hotels for the next three years, adding Radisson Americas properties to the TravelTech company’s portfolio.
Demand for travel to destinations across the Americas is on the rise, a new report released today by Amadeus in collaboration with UN Tourism shows.
American Express Global Business Travel (“Amex GBT”), which is operated by Global Business Travel Group, Inc. (NYSE: GBTG) (“Amex GBT” or the “Company”), a leading B2B software and services company for travel and expense, has today announced it entered into a definitive agreement to acquire CWT, a global business travel and meetings solutions provider, in a transaction that values CWT at approximately $570 million on a cash-free, debt-free basis, subject to certain assumptions and purchase price adjustments. The transaction will be funded by a combination of stock and cash and is expected to close in the second half of 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals.
Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, reported the Tampa-St. Petersburg, Fla. market led in meetings and events growth for top 25 markets in February with 20 percent year-over-year growth. Denver and Boston came in second and third, while National Associations and Technology groups led in four of the five top markets. This data is sourced from Knowland’s sales intelligence platform and designed to help hoteliers protect and grow their revenue base.
Hotelbeds, part of HBX Group, consolidates its strategic partnership with H World International, marking an expansion of its preferred portfolio. This distribution agreement offers clients enhanced access to premium lodging options across 21 countries.
Today, Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, announced a significant increase of 50 percent in convention and conference center platform usage in 2023. This speaks to the impact and importance of data-driven insights in staying ahead of the competition and increasing revenue from the full range of space sizes.
Sojern, the leading digital marketing platform built for travel, today shares its latest travel data* ahead of the 2024 Summer Olympics. Slated to be held in Paris, France from 26 July - 11 August 2024, the summer Olympic games will bring together 10,500 athletes from 206 National Olympic Committees (NOCs) that represent nations from all over the world. The games will be the biggest event ever organized in France.
The latest data from Fourth, the leader in workforce and inventory management technology for the hospitality and retail industries, has revealed a much-needed improvement in festive trading across the sector in Q4 2023, with net sales revenue growth of +6.1% compared to the same period in 2022.
Short-term rental supply in key hotel markets is up 24% Across the key hotel markets we've mapped, short-term rental supply is up 24% at the end of 2023 versus 2022. Riyadh, London, Mumbai, Sydney and Delhi have shown the greatest growth, each exceeding 40% increase in short-term rental properties. Regionally, supply has increased most in EMEA markets (31%), followed by Asia Pacific (19%) and Latin America (18%), with North American destinations seeing least growth on average (9%). As short-term rental supply grows, so does its competitive relevance. It's important to have visibility over your complete competitive landscape, and reflect it in your strategy. Short-term rental prices are growing faster than hotels While the average change in rates for Q4 year over year was +16% across all of the markets we looked at, hotels averaged at 11% growth compared with 21% in 1 bedroom short-term rentals. This indicates that the gap in price points between hotel and STR is closing*. On average, hospitality rates in Asia Pacific have grown the most (+32%). However, the growth rates in Europe, the Middle East and Africa (+13%), Latin America (+11%) and North America (+8%) were slightly lower, but nonetheless positive.
Tokyo and Singapore represent the highest increase in pricing, whilst San Diego, Istanbul and Honolulu were the only markets we explored that saw a decline, albeit relatively marginal. *note that you shouldn't directly compare sector rates due to the way that they are collated. ...but occupancy on the books has grown more in hotels Occupancy on the books for Q1 2024 is 17% higher than it was for Q1 2023 in hotels. In short-term rentals meanwhile, it was 6% lower. It shouldn't be overlooked that in line with its longer booking window, the short-term rental sector still shows more occupancy on the books at 28% on average compared with 17% for hotels, and also that short-term rentals saw a large increase in occupancy in 2023. Looking at destinations as a whole, Singapore and New York have grown the most in occupancy on the books for Q1 versus 2023, while Phuket and Sydney are enjoying the greatest absolute occupancy on the books.
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SiteMinder’s Hotel Booking Trends is the most authoritative analysis of the hotel bookings made by the world’s travellers. Findings from the report are based on more than 40,000 hotel customers, which in 2023 used SiteMinder’s platform to secure more than 115 million bookings valued at more than US$45 billion in revenue.
http://www.studentuniverse.co.uk" target="_blank" rel="noopener">StudentUniverse, a https://www.flightcentre.com/" target="_blank" rel="noopener">Flight Centre Travel Group company and the world’s largest student and youth travel marketplace, today released its annual The State of Student & Youth Travel Report delving into the latest travel sentiments amongst those aged 18-25. The report reveals some interesting trends amongst Gen Z travelers including a preference for taking “dry vacations” and a concern for the environment that is driving some to actively choose to abstain from traveling by air.
Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, reported meetings and events in secondary markets outpaced the traditional Top 25 markets in January. Most notably, the highest growth Top 25 market, Nashville, was up 16.1 percent, while top growth secondary market city, Lexington, Ky., had a 76.4 percent uptick in meetings and events for the month. This exposes a trend that indicates meeting planners are sometimes opting for secondary destinations to reduce costs. This data is sourced from Knowland’s sales intelligence platform and designed to help hoteliers protect and grow their revenue base.
HotelREZ Hotels & Resorts, one of the world’s leading hotel representation companies, has outpaced the market with 52% revenue growth with reservations up by over 42% in the past 12-months.
A new report by SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels, shows the global hotel industry has been primed for a new era of travel after rises in international hotel arrivals in 2023 triggered a wave of changes in travel behaviour.
Duetto, the hospitality industry’s #1 Revenue Management Software (RMS), has announced the results of its third annual Trends & Predictions Survey.
Today, Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, and ConferenceDirect, a full-service global meetings solution company, announced the results of their annual report, 2024 State of the Meetings Industry. The collaboration reveals insights to help industry professionals understand what meeting planners and event managers expect and will prioritize in 2024.
The battle for direct bookings has entered a new phase as online travel agents (OTAs) ramp up efforts to establish ownership of hotel guests and their booking journeys, a new report from hospitality technology specialist SHR Group reveals1. While OTAs and hotels have a mutually beneficial relationship, the Hotel Industry Trends Report 2024 exposes for the first time the way a recent influx of marketing spend from OTAs is fast reducing hotels’ share of direct bookings. The share of reservations represented by direct bookings fell from 39% to 38%1 in 2023, having been stable for two years following a post-pandemic return to normal. This is the equivalent of approximately 7.8million global reservations in 2023 when applied to the worldwide hotel market2.
Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, and Amadeus, a global leader in hospitality technology, today present the metrics from the companies’ Hospitality Group and Business Performance Index (the “Index”). The fourth quarter of 2023 demonstrated that group business in 10 of the top markets in the U.S. has recovered 110 percent compared to the same time in 2019. Group bookings are calculated using occupancy and average daily rate (ADR).
Mews, the industry-leading hospitality cloud, today released the Mews Data Dive, a real-time measure of hospitality's performance in 2023.