The market is experiencing a period of economic strength and expansion, primarily led by the tourism and leisure industry and the presence of Disneyland and the Anaheim Convention Center, which continue to attract visitors and bolster lodging demand.
The Detroit metropolitan area has experienced significant economic growth in recent years, fueled by a strengthening auto industry as well as the continued diversification of the local employment landscape. The hotel sector is benefitting from existing employers expanding operations locally and new entrants to the market. The Big Three automakers continue to invest in the region, while companies like e-commerce giant Amazon.com Inc. are building large warehouse facilities. Revenue gains for hotels were accordingly robust during the 2010–2016 period. Revenue per available room (RevPAR) during that stretch grew nearly 71 percent, rising from a low of roughly $38 in 2009 at the depths of the Great Recession to over $64 by year-end 2016. Both the average daily rate (ADR) and occupancy have posted consistent gains since 2010. Moreover, hoteliers sold a record number of room nights in the city of Detroit in 2016, according to STR. Occupancy levels approached 70 percent by the end of 2016, with ADRs of nearly $150 in the central business district (CBD). The data for 2017 show a relatively stable occupancy level with robust gains in ADR. The record performance achieved in this expansionary period has spurred tremendous hotel development in the downtown core and suburbs.
Minister of tourism in Algeria announced his plan to substantially increase the number of tourists. 4.4 million international tourists are expected in Algeria by 2027, in contrast to 2.4 million today.
The Minister of Tourism and Handicrafts, Hacène Mermouri, has been quoted by the Oxford Business Group (OBG), an international consulting firm, saying that 1,812 new hotel infrastructure projects have been approved by the Ministry. This series of projects is expected to increase the capacity to 240,000 beds, in contrast to the current 100,000, and create 99,000 jobs.
Tourism is booming in Greece. According to the World Tourism and Travel Council, the number of international tourist arrivals has grown more than 1.5 times in the past seven years. Euromonitor International has included Athens in the top three tourist destinations in European, and the number of tourists is growing faster than anywhere else. According to analysts, the number of tourist arrivals will grow by another 10% in 2017.
Lubbock (aka "Hub City"), Texas, connects business, educational, and healthcare enterprises spread across the region known as the South Plains. This region encompasses the largest contiguous cotton-growing operations in the U.S., and agriculture, manufacturing, and technology are pillars of the local and regional economies. Economic growth in Lubbock has boomed over the past several years, and through a varied cross-section of industries, the city's Downtown is poised for a major revitalization.
Tampa's warm weather and relatively inexpensive cost of living are just a couple of the reasons people and companies are relocating to the Tampa Bay area from far and wide. Continued investment by both the public and private sectors is anticipated to set the stage for continued growth. These factors, among others, are driving hotel demand and room-night production, which is leading to an increase in new hotel developments.
HOME Weekly Travel News MACAU TOURISM TO WELCOME 40 MILLION VISITORS IN 2025 MACAU TOURISM TO WELCOME 40 MILLION VISITORS IN 2025Richard Moor - Dec 4, 2017 0 Asia & Pacific - Macau - Travel & Tourism Industry News Travel, tourism & hospitality industry coverage news Macau may receive up to 40 million visitors in 2025, which represents an increase of almost 30% compared to last year, as announced by the Macau tourism authorities during the presentation of the Tourism Industry Development Master Plan.
Macau, with its mere 30 square kilometers of area, a population estimated at 648.4 thousand residents and as the only place in all of China where gambling is allowed, received 30.9 million visitors in 2016, most of them coming from mainland China.
A recent study on the tourism sector in Portugal revealed that the industry is likely to grow in the area of luxury hospitality and several niche products like nature, surf, sun, beach, and culture. The regions with positive outlook with respect to tourism include Algarve, Lisbon, Porto and Madeira.
The study was published by Cushman & Wakefield in response to the increasing interest of real estate investors in the Portuguese tourism sector. The report “Hospitality Market in Portugal 2017” talks about a booming hotel sector in the country, marked by an excellent performance of hotels and by the ever increasing tourist indicators registered year after year, since 2010.
The tourism sector in Africa, which according to UNWTO saw an 8% increase in international arrivals in 2016, is progressively becoming prominent largely due to the increased commitment from governments. Possessing massive potential to foster positive change and transformation, it is timely that most heads of states and governments are seeing the urgency to prioritize the sector now directly accounting for 10.2% of the world's GDP (US$2.3 trillion).
The past two years have been a difficult period for Macau since the Chinese President Xi Jingping announced a campaign to crackdown corruption and government official's lavish spending, triggering significant slumps in visitor arrivals and revenue growth in the tourism and gaming sectors in Macau. After two years as of 2017, Macau's resilience has been demonstrated through the growing visitor arrivals, hotel performance, and casino revenue, even after the detrimental Typhoon Hato.
The third quarter of 2017 recorded the highest number of mainland Chinese arrivals since the same period in 2015, which bodes well for Hong Kong tourism. Safety concerns towards other destinations in the region and fewer headline-making news about Hong Kong are the key contributors to the increase in visitor arrivals from mainland China. Thus, the tourism and the retail sectors in Hong Kong enjoyed a steady recovery after a slump in mainland arrivals in 2016.
A weak energy sector has led to negative lodging fundamentals throughout much of the greater Houston region; however, one destination continues to illustrate its resilience. Galveston Island has realized year-over-year growth in total visitation in each of the past seven years following Hurricane Ike. While the rate of growth has slowed in recent years, no doubt somewhat affected by volatility in the energy sector, positive factors such as the recently completed expansion of the cruise terminal and the low gasoline prices have contributed to the growth in visitation numbers. This article will explore tourism trends on Galveston Island. Galveston Island is a 64-square-mile barrier island located 50 miles southeast of Houston. With 32 miles of beaches, a variety of historic neighborhoods, ample leisure attractions, and a multitude of festivals, the tourism industry remains a mainstay of the local economy. The relative affordability of the island, and the proximity to and size of the Houston metropolitan area contribute to the strength of this industry.
The market of organized tourism, where the volume of bookings increased by more than 30% this year, is unlikely to show the same growth in 2018. According to experts’ estimates, the growth rate of the Russian tourism industry will slow down to 8-10%. There will be less noticeable growth in incomes of citizens and an increase in the calculation base. The return of the market to pre-crisis levels is unlikely to be achieved in the coming five years.
The LAX/El Segundo area has experienced robust growth in hotel demand in recent years, buoyed by increased passenger volume at LAX, the addition of new upper-upscale hotels, and sustained corporate demand from El Segundo and the surrounding markets. LAX is the second-busiest airport in the nation, behind Atlanta's Hartsfield International Airport, and the gateway to Southern California. The airport reached a new peak in passenger volume in 2016, which grew 7.0% over the prior year, and this trend continued through the September 2017 year-to-date period. The addition of Delta's direct flights from China on Boeing's Dreamliner and recent renovations at LAX have contributed to this growth.
With U.S. and global attention focused on the Caribbean region following two record-breaking hurricanes that hurled through the region in September, the timing of CHICOS less than two months later opened the door to educated conversations within our industry. Interestingly, the dialog was hardly identifiable with the sensationalist news headlines and misrepresentations in the media that the Caribbean is somehow pulverized, as the 2017 Atlantic hurricane season winds down. Rather, attendees agreed that there is a need to educate the public on the geography of the region, and conversations delved into other directions including lender reactions, new design and code regulations, the effect on investor behaviors and holding periods, operational expenses, and capital improvement opportunities, among others.
As North American hoteliers enter the holiday season and round out the year, all travel segments are seeing a noticeable increase across the board in both average daily rates (ADR) and occupancy, up 1.4 percent and 3.9 percent respectively, during the fourth quarter of 2017, according to new data from TravelClick's November 2017 North American Hospitality Review (NAHR).
Indiana's capital city, Indianapolis, is the state's largest and the third-largest city in the Midwest. The city is a primary industrial, commercial, and transportation center for the Midwest, as the most centrally located of the largest 100 cities in the United States. The city is well served by four interstates, six railroads, an international airport, and a foreign trade zone. Historically known for its concentration of major manufacturing operations and logistics, the city has evolved as a hub for advanced manufacturing, digital technology, and life science/healthcare, as well as amateur and professional sporting events, which have brought Indianapolis broader recognition. The area is most well known for hosting the Grand Prix of Indianapolis and Indianapolis 500 each spring.
Some investors could become increasingly wary of hotel assets as RevPAR growth plateaus amid predictions of labour shortages and increasing costs, according to Hotel Bulletin Q3 2017 published this week by HVS, AlixPartners, STR and AM:PM. The Bulletin reports that in Q3 2017 average growth in RevPAR (rooms revenue per available room) at 5% was the lowest level since Q1 2016, although the long-term outlook for UK hotels remains firmly positive.
This market snapshot provides an overview of the recent performance of the lodging industry in Madrid, Spain, in terms of demand and supply and analyzes past and future tourism trends. In writing these articles we utilise the expertise of HVS for each market combining our in-house data and research together with published information and interviews with opinion leaders regarding each of the examined destinations.
Hotel development activity correlates directly with the ebbs and flows of hotel-sector performance. As we reached the peak of the current cycle in 2016, developers pursued hotel construction and redevelopment at a pace we haven't seen since 2006 and 2007. HVS has tracked Hotel Development Costs for the last three decades, collecting data from actual hotel cost budgets during our assignments. This year's sample reflects the largest sample HVS has analyzed given the number of hotels in the pipeline, as well as our growing presence in 35 U.S. markets. The data in this survey reflect budgets from 2016. With the availability of more data, we elected to add a lifestyle/soft-brand category and a dual-branded category; moreover, we bifurcated the extended-stay hotel category into midscale and upscale segments. These products represent some the fastest-growing sectors. Thus, our data now reflect nine product categories. The brands represented in each of our categories (in our survey data) can be found in the addenda to this study. In the last year since the 2015/16 study was released, the most common question posed to our authors addressed the delineation of geographic data by segment. While we can sort the data for smaller samples in specific markets, we are unable to provide meaningful conclusions because of the limitations in the data set. However, the analysis and inclusion of both the median and the mean help to balance the high- and low-cost markets. Our goal in sharing this publication is to provide a basis for developers and consultants in evaluating their hotel development projects. This report should not be relied upon to determine the cost for actual hotel projects or for valuation purposes, but rather, it is intended to provide support for preliminary estimates or support for actual cost estimates, as well as to show a comparison across the categories. Please continue to reach out to us with your comments and questions, as this feedback helps improve our annual survey.