STR, TE downgrade U.S. hotel forecast
Occupancy for the year is now expected to decline after the previous forecast projected year-over-year growth in the metric. ... “Higher operating expenses have led us to forecast lower GOP margins,” said Hite.
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May 2024 Hotel Industry Outlook: Bright Spots and Challenges
With no coherent theme, the greatest challenge may be developing a forecast for the industry as a whole. ... Our latest forecasts are presented below. Forecast of Lodging Metrics Overall, the outlook is modestly positive, with constrained supply growth as the most influential factor.
By Anne Lloyd-Jones, MAI, CRE, Director of Consulting & Valuation Services, National Practice Leader, at HVS New York, HVS
Accor’s expansion of new-era airport hotels taps into rapidly ascending travel sector
It is forecast that 76 million passengers will pass through Melbourne Airport by 2042, almost doubling 2019 passenger figures. ... Airport precincts are transforming into mini-cities in their own right with their own demand drivers.
From Base Stays to Premium Experiences: How AI is Redefining Ancillary Revenue Generation for Hotels
In-Room Entertainment and Connectivity: Charges for premium Wi-Fi, on-demand movies, and other in-room technology features. ... When analyzing how to price ancillary products or services correctly, predictive analytics can be developed to identify trends and forecast demand for various services.
By Leo Barrit, Vice President of Sales, FLYR for Hospitality, FLYR Hospitality
Spanish Hotel Barometer - Q1 2024
Strong demand is driving both average daily rates and RevPAR (revenue per available room), the latter growing by 17.1%. ... According to Elvira Arjona, Account Manager Spain at STR , “the hotel industry is corroborating forecasts that pointed towards figures for 2024 that could even surpass those of 2023.
The Secret to Getting Executive Buy-in For Hospitality Procure-to-Pay Technology
Since 2020, hoteliers have been under immense pressure to adapt to supply disruptions, evolving guest preferences, shifting sustainability demands, and digital transformation requirements. ... Where possible, forecast performance changes over time.
By Johannes Vocke, Chief Financial Officer, FutureLog AG
Travel & Tourism Set to Contribute a Record $182BN to the Canadian Economy This Year
robust demand and vibrant growth within the sector. ... The outlook for the next decade is exceptionally bright, according to WTTC forecasts.
Summer 2024: Insights and solutions to boost hotel performance
As the summer heat rises, so does the demand for unforgettable getaways. ... As a result, CoStar is forecasting strong RevPar growth of 4.1%.
By Karen Stephens, Chief Marketing Officer, Revinate, Inc.
HVS Webinar: Unlocking the Potential of the Hotel Sector
Tom Emanuel of STR commented on demand growth from most countries of the world with the current exception of China and the USA. ... STR is forecasting 3.5% RevPAR growth for the next year in the UK.
Memorial Day Travel Expected to Break Records
Road Travel AAA forecasts almost 44 million travelers—nearly 90% of whom will travel by car—for the upcoming Memorial Day weekend, up by one million compared to 2019. ... United Airlines is forecasting its busiest Memorial Day weekend on record, with more than 3 million travelers expected to fly between May 23 and 28 — up 5% from the comparable period last year.
BeCause and d2o Team Up to Create First-of-its-Kind CSRD Solution for Travel and Hospitality
BeCause, the Danish start-up transforming how the global hospitality, travel, and tourism industries manage their sustainability data, has partnered with d2o, a leading forecasting and resourcement management ... BeCause , the Danish start-up transforming how the global hospitality, travel, and tourism industries manage their sustainability data, has partnered with d2o , a leading forecasting and resourcement management
PwC’s US Hospitality Directions – May 2024
Growth in leisure demand has moderated for US hotels. ... Individual business travel and group demand have continued to improve but have still not been able to offset the softening of leisure demand.
Paris Market Pulse 2024 – Going for Gold
With Paris hosting the 2024 Olympic Games , visitor numbers are forecast to reach new records. ... The recent improvements in hotel performances are a testament to these strong and varied demand generators.
CBRE Expects U.S. RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE forecasts GDP growth of 2.3% and average inflation of 3.2% in 2024. ... CBRE’s baseline forecasts do not contemplate an international war or a pervasive recession. CBRE also produces forecasts based on upside and downside scenarios.
Whitebridge Latin America & Caribbean Hotels Monitor (May 2024 - Issue 13)
growth expectations in September 2023, with Dom Rep leading the way (+54% in international arrivals and +39% in groups expected in Q4 2023, compared to the same period in 2019) and US and Canadian demand ... After some economic slowdowns across many parts of the region in 2023, the forecasts for 2024 and 2025 are more encouraging, which in turn may have an upward impact on development costs in certain markets
Address F&B profitability before it takes you under
F&B management has traditionally worked to patterns such as time of day or seasonality, using forecasts to predict and manage costs. ... With visibility into hotel occupancy, and meetings and events, F&B managers can place orders based on more accurate forecasts of in-house demand to prevent over-ordering and potential waste.
By Cameron Thomas, Senior Account Executive, Guestline
Marriott International Study Reveals Digital Journey and Experiential Luxury Crucial for Travel Choices in 2024
Bain’s latest China luxury report forecasts robust growth in the luxury market, with Chinese consumers increasingly returning to purchasing luxury within China. ... Digital Influence: The proliferation of digital platforms and social media has shaped consumer perceptions and driven demand for unique, Instagram-worthy experiences.
GBTA APAC Conference 2024 Brings Together Industry Leaders and Trailblazers to Ignite the Future of Business Travel
Singapore -- There’s no slowing down the enthusiasm and demand from the APAC region as it continues its upward trajectory in business travel volume, spending and career satisfaction, according to forecasts ... The business travel forecast for APAC looks strong and poised for success, as demonstrated by our record-breaking attendance at the Conference this year.
Everhome Suites Debuts First Hotel Reflecting Brand Standard Prototype in Nampa, Idaho to Meet Growing Demand in Market
The property is anticipated to meet hotel demand resulting from the booming commercial development and population growth in the Boise area. ... Hotel demand in the market is expected to come from a mixture of healthcare, leisure, and advanced manufacturing.
European Tourism Recovery Continues Into 2024, With Travel Expenditure Expected To Hit Record Numbers
This is coupled with demand from the US, which continues to be Europe’s most important long-haul source market. ... Forecasts indicate that travellers will spend €742.8 billion in Europe this year, a 14.3% increase compared to 2023.