CBRE's latest forecast projects a 2.0% increase in RevPAR growth for 2024, down from the 3.0% estimated in February 2024. RevPAR is now expected to grow by 3% for the remainder of the year, driven by international tourists, holiday travel and limited supply growth.
In collaboration with leading media platform Jing Daily, Marriott International unveils an in-depth report shedding light on the evolving landscape of luxury travel in China. Titled 'Luxury Explored: Chinese Luxury Travelers Evolving Desires,' the report delves deep into the transformative trends and shifting preferences shaping the Chinese luxury travel market.
Small properties (one hundred rooms or less), especially upper-upscale and luxury boutique hotels in destination markets that are principally leisure with higher ADRs, are often attractive buy-out destinations for certain kinds of groups. This can range from weddings and reunions to corporate and association retreats or incentive travel.
Following the interruption of Barbados's tourism industry during the COVID-19 pandemic, Barbados is on pace to surpass the peak achieved in 2019 during 2024. The recent and planned opening of a number of internationally branded resorts in Barbados will make the destination even more attractive.
2024 kicked off with exceptional growth in the hospitality sector, particularly in Q1, where we observed a notable surge in hotel guest satisfaction and responsiveness. This trend, especially pronounced in the 3 and 4-star hotel categories, not only mirrors but also exceeds the upward trajectory seen in the previous year's first quarter. The latest Guest Experience Benchmark Report reveals key trends shaping the sector in early 2024.
Today, Airlines Reporting Corp. (ARC) released data showing April air ticket sales totaled $9.1 billion for U.S. travel agencies - a 4% increase from April 2023. This marks the largest recorded total for April since ARC began reporting this data in 2017.
The U.S. hotel industry reported higher performance from the previous week and positive comparisons year over year, according to CoStar's latest data through 11 May.
The Q1 2024 Hotel Construction Pipeline Trend Report for the Middle East from Lodging Econometrics (LE) reveals, at Q1, the hotel construction pipeline in the region increased to 612 projects/144,222 rooms, up 5% by projects year-over-year (YOY).
Canadian hotel investment activity totaled approximately $750 million in Q1 2024, up more than twofold from the same period last year with the closing of major portfolio and single asset transactions.
The commercial real estate lending market slowed in Q1 2024 due to high interest rates and limited credit availability, but a tightening of credit spreads indicated signs of stabilizing, according to the latest research from CBRE.
Pushed by the Madrid Open and the UEFA Champions League quarterfinals, Madrid's hotel industry posted double-digit performance growth in April, according to preliminary data from CoStar.
Qatar saw its highest daily occupancy levels on Thursday, 11 April (90.9%) and Friday, 12 April (91.7%). The country recorded its highest ADR on the same two nights,.
Looking ahead, forward occupancy on the books is continuing to run ahead of the 2023 pace for May and June with 53% and 31% booked as of 6 May.
As of the first quarter's close, 45% of the hotel projects in Europe's total pipeline are in the under construction stage, standing at 762 projects and 117,815 rooms. Another 411 projects with 60,356 rooms are scheduled to start construction in the next 12 months
The hotel transaction market continues to face significant headwinds. Nonetheless, there are still many good deals to be had, and with some patience and strategy, long-term returns may match or even exceed an investor’s expectations. This article examines and compares current transaction data to historical activity.
Cvent Announces Top Meeting Destinations and Hotels Worldwide for 2024
Hotel Management Network dives into the world of brand proliferation in the hotel industry, exploring the reasons behind the trend and the intricate ownership structures that underpin it.
As of July 1, 2024, California will implement a high-profile law to ban such junk fees unless they are specifically exempted. Here are the details.
There were 107,000 vacancies in hospitality in the quarter to April 2024, according to the Office for National Statistics. This is 15% higher than pre-pandemic levels of 93,000.
iSeatz's 5th Annual benchmark analysis of hospitality rewards shows across-the-board increases in point earn and burn opportunities, driven by sustainability and non-traditional lodging.
Upgraded Points recently analyzed the costs of traveling for a weekend to see a concert in 50 U.S. cities along major tour stops for the summer 2024 concert season.
Japan's growth in hotel revenue per available room (RevPAR) has remained extremely impressive over the past 15 months - a function of a later opening post-pandemic, above-average inflation, and an influx of international demand. That's largely reflected in average-daily-rate (ADR) growth, although through much of 2023, the first and third points helped drive double-digit occupancy increases as well.
Airlines for America Predicts Record-Setting Summer Travel Season for U.S. Airlines
Lodging Econometrics? (LE?s) Q1 2024 Hotel Construction Pipeline Trend Report reveals steady growth in China's construction pipeline, with 3,775 projects encompassing 695,212 rooms. The total pipeline in the country continues to expand, increasing 3% by projects and 2% by rooms year-over-year (YOY).
As industry leaders grapple with the challenges of burnout and the increasing importance of nurturing the holistic well-being of their employees, the emphasis on mental health and well-being remains paramount. We explore this in the excerpt from the HSMAI Foundation Special Report: The State of Hotel Sales, Marketing, and Revenue Optimization Talent 2023-2024.