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August 23, 2023

Let's Talk Business: Busting Three Myths About the Hospitality Industry

After the pandemic, only 960 million tourists traveled in 2022, while U.S. domestic leisure travel showed a strong recovery, with increased demand beyond the pre-pandemic numbers. ... arrivals in this decade, and if U.S. business travel shows a similar pattern to U.S. leisure travel today, we will need more employees in the global hospitality tourism industry to meet the increased demand

By AJ Aluri, Founding Director of the HIT Lab - Associate Professor of Hospitality and Tourism, West Virginia University

Press Release Markets & Performance

August 23, 2023

Hotel Market Beat H1 2023 - UK

Occupancy sits 100 bps behind at 76.7%, but this is forecast to be on par with 2019 by year-end 2023. ... However, this drop-off can be expected to be counteracted by recovering international demand, especially cross-continental.

Cushman & Wakefield

United Kingdom

Opinion Article Sales & Marketing

August 23, 2023

Subscription Pricing for the Travel and Hospitality Industry: A Holistic Analysis

Predictable Revenue Streams: Unlike traditional transaction-based approaches, subscription pricing enables travel and hospitality providers to forecast revenue streams more accurately, facilitating better ... Operational Adaptations: Implementing subscription pricing may require operational adjustments, such as optimizing inventory management, service capacity, and resource allocation, to accommodate increased demand

By Priti Dhanda, Pricing & Commercial Growth Executive | CHIEF Member, Priti Dhanda

Supplier News Technology

August 22, 2023

Report Recap: The Transformative Power of AI in the Hospitality Industry

By automating pricing and forecasting processes, AI empowers revenue managers to make informed decisions based on real-time market dynamics, competitor analysis, demand patterns, and other pertinent factors ... Five Benefits of AI in optimizing pricing and forecasting decisions Enhanced Accuracy AI algorithms discern intricate patterns and trends in vast datasets, leading to more precise demand forecasting and

Shiji

Opinion Article Markets & Performance

August 21, 2023

Slow but Steady Recovery for the Silicon Valley Lodging Market

Thus, trends that cause changes in vacancy rates or occupied office space may have a proportional impact on commercial lodging demand and a less direct effect on meeting demand. ... The entrance of new supply and hybrid workforce policies are slowing the rebound in demand.

By John Berean, Senior Project Manager, San Francisco, HVS

California, United States

Supplier News Sales & Marketing

August 21, 2023

5 Challenges cluster revenue managers face and how to overcome them

Atomize offers property data that’s useful for them all such as pick-up figures, forecasts, and thanks to the partnership with OTA Insight, future demand insights .

Atomize AB

Opinion Article Sales & Marketing

August 18, 2023

Building A Sustained Revenue Strategy In 2023 And Beyond

Ensure Revenue Management is supported and understands the bigger demand picture. ... Providing the tools to better forecast future demand, monitoring new trends and effectively communicating these trends will be a necessary skill to driving market share and profitability.

By Timothy Wiersma, Principal | Revenue Generation, Revenue Generation LLC

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Press Release Markets & Performance

August 18, 2023

Expedia's Fall Travel Forecast reveals searches are up for autumn escapes

According to the Fall Travel Forecast released today by Expedia®, Hotels.com® and Vrbo®, the surge in travel demand seen over the summer is projected to continue into the cooler months, with the travel ... released today by Expedia®, Hotels.com® and Vrbo®, the surge in travel demand seen over the summer is projected to continue into the cooler months, with the travel brands showing year-over-year search

Expedia Group, Inc.

Press Release Markets & Performance

August 17, 2023

CBRE Hotels Reduces Near-Team Outlook Due to Softer Summer Demand

CBRE is reducing its forecast for hotel performance this year, as weaker-than-expected summer demand resulted in a shortfall in Q2 2023 revenue per available room (RevPAR). ... The combination of lower-than-expected demand and in-line ADR growth resulted in muted RevPAR growth of 1.1% in Q2 2023, below CBRE’s forecast of 4.4%.

CBRE Hotels

Press Release Sales & Marketing

August 17, 2023

GBTA Convention 2023 Showcases Positive Forecast, Trends and Learning for the Future of the Global Business Travel Industry

“As GBTA just revealed in our latest five-year forecast report, global business travel is expected to continue to be a resilient industry that is poised for growth while delivering value to global economies ... Summit engaged, inspired and challenged industry professionals of all levels with the sole mission to positively ignite the careers and lives of women in travel-related industries. • Back by popular demand

GBTA

United States

Supplier News Technology

August 17, 2023

RMS Cloud and Atomize Join Forces to Revolutionise Hotel Revenue Management

Atomize's intelligent revenue management platform analyses market trends, current performance combined with historical data, and other crucial factors to optimize prices and generate accurate demand forecasts ... forecasting tools, empowering them to make data-driven decisions, monitor market trends, and adapt their revenue strategies accordingly.

RMS and Atomize AB

Supplier News Sales & Marketing

August 16, 2023

Virtuoso® Reveals All the Need-To-Know Details on Autumn and Festive Travel and Where the Affluent Will Be Heading Next

Demand is also soaring for Kohala Coast/Kailua-Kona, Wailea, Argyll and the Isles of Scotland, and London. ... It’s All About the Experience Tailor-made travel is in even higher demand.

Virtuoso

Press Release Markets & Performance

August 15, 2023

Global Business Travel Industry Forecast Is for Accelerated Rebound, Spending to Reach $1.8 Trillion by 2027

While a promising rebound is expected, there are several factors that could influence the industry’s longer-term forecast . ... (Currently, there is not enough data to solidly forecast potential impact on business travel spending and volume.)

GBTA

White Paper Technology

August 15, 2023

A Blueprint for Success: Unraveling the Complexities of Budgeting and Forecasting

Consider factors, such as changes in tourist demand, competition, and pricing dynamics, when forecasting revenue and expenses. ... Implement a Rolling Forecast Approach: Instead of relying solely on an annual budget, consider adopting a rolling forecast approach.

M3 and HotStats

Press Release Markets & Performance

August 11, 2023

Global Business Travel and Events Costs Expected to Remain Elevated Through 2024, Reflecting ‘True New Cost of Travel’

Rising fuel prices, labor shortages, and supply chain challenges, coupled with red hot demand, caused travel prices to skyrocket in 2022 – far surpassing some of the increases outlined in last year’s forecast ... While demand has recovered strongly with passenger numbers quickly approaching pre-pandemic levels, driven primarily by pent-up leisure travel demand, airline capacity continues to be constrained by labor

GBTA

Opinion Article Food & Beverage

August 11, 2023

Leveraging 'HI' and 'AI' for Hotel F&B Trends

Michael Nhu, Senior Economist and CBRE's Head of Global Hotels Forecasting seems to agree - Despite the moderating pace of GDP growth, several travel-specific tailwinds coupled with employment growth and ... price point elasticity of demand, and scenario planning for exceeding sales projections or for terminating the F&B marketing campaign.

By Cynthia Mejia and Michael “Doc” Terry

Opinion Article Markets & Performance

August 11, 2023

Current State of the Pima County Hospitality Industry

However, there were significant gains in group and commercial demand throughout the market. ... ADR is forecast to grow below expected inflation levels in the second half of 2023 given a shift in segmentation, the modest normalization of leisure demand, and the recessionary headwinds.

By Zabada Abouelhana, Project Manager in the HVS St. Louis office, HVS

Tuscon, Arizona, United States

Press Release Markets & Performance

August 10, 2023

STR, TE lower growth forecast for U.S. hotels

STR and Tourism Economics lowered their year-over-year growth projections in the revised 2023-24 U.S. hotel forecast just presented at the 15th Annual Hotel Data Conference . ... Aran Ryan, director of industry studies at Tourism Economics Like the previous version of the forecast, profit growth will be limited in 2023 with slight improvement expected for 2024.

CoStar

United States

External Article Markets & Performance

August 10, 2023

Rising prices for travel yet to curb wanderlust

TUI (TUI1n.DE) , one of the world's biggest holiday firms, on Wednesday reported its first post-pandemic net profit on the back of robust bookings and travel demand in the three months to the end of June ... future demand.

reuters.com

Supplier News Sales & Marketing

August 10, 2023

Knowland Wins 2023 Skift IDEA Award

Jeff Bzdawka, CEO, Knowland Knowland launched the Meeting Recovery Forecast, the hospitality industry’s first meetings activity forecast, and has continued the forecast into 2023 as an indicator of industry ... The forecast leverages 15-plus years of meetings and events data in Knowland’s extensive database to analyze key trends and predict changes in demand growth in the industry.

The Knowland Group