Here are the top stories from the Daily Lodging Report newsletter in the past week. Get news on hotel deals, development, stocks, and career moves. Sign up here now.
25.08.2023 - 14:38 / skift.com / Sean Oneill / Raymond James
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
Hilton Worldwide has hired Proof & Co.’s beverage consultancy arm to revamp the bar experience at all of its Waldorf Astoria properties. Remaking the bars will be done at more than 30 properties worldwide by early 2024.
Ala Moana Hotel by Manta in Honolulu, Hawaii, said its 1,200 rooms recently received new bedding, pillows, and mattresses. A full renovation of the rooms will begin in late 2023, followed by full renovations of the hotel’s public spaces in its two towers.
Skift Note: Many properties that deferred renovations during the pandemic are pursuing them now.
Despite continued strong data in the STR benchmark performance reports each week, Raymond James and PwC have written down demand forecasts for the U.S. fourth quarter. RJ believes lodging, despite short booking windows, is a lagging economic indicator, probably by 3-6 months. Building economic headwinds will soon catch up to weekly lodging data. However, STR and Tourism Economics maintained their full-year 2022 U.S. hotel forecast projections for ADR (average daily rate) and RevPAR (revenue per available room) in their final revision.
Crisil Ratings said the Indian hotel industry will likely witness 23 percent growth in revenue this fiscal year over the pre-pandemic level, driven by a strong recovery in domestic and international business travel. Profitability will hover around 34 percent this fiscal compared to 24 percent in the pre-pandemic period. Revenue is expected to increase 23 percent over the pre-pandemic level. They expect the average rate of return for owners will increase by 8-10 percent.
Baird said they analyzed TSA Thanksgiving checkpoint travel numbers to gauge the health of the leisure traveler during the holiday weekend. TSA checkpoint data suggest flexible travel patterns still exist. The three busiest travel days of the 2019 holiday were Wednesday before and Saturday and Sunday after Thanksgiving. In 2022 those days experienced double-digit declines in demand versus 2019 but the days before and in between were relatively stronger. Baird said reduced airline capacity could be impacting demand and day-of-week travel patterns.
U.S. private equity firm Lone Star has reportedly purchased the company behind the landmark Hotel Metropole in Brussels, from the Bervoets family for an undisclosed sum. Centaurus Hospitality Management has been tapped to run the property.
Skift Note: Is U.S. hotel demand weakening or strengthening? Analysts conflict in their predictions. But the consensus in India is that demand will outpace supply for at
Here are the top stories from the Daily Lodging Report newsletter in the past week. Get news on hotel deals, development, stocks, and career moves. Sign up here now.
From today’s Daily Lodging Report newsletter: Nikkei Asia published an article on Hilton planning to expand its luxury offerings in Asia. Hilton will be bringing its Waldorf Astoria brand to Malaysia, Vietnam, India, and other countries for the first time as part of its plans to open 25 new luxury hotels in the Asia Pacific region over the next few years. That’s up from the 33 luxury hotels it currently runs in the Asia Pacific.
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
A pent-up surge in consumer demand for travel gave many hotel companies pricing power in 2022. But hoteliers charged the highest rates the market could support for more than just one-off circumstantial reasons. A critical ingredient in the formula was that hoteliers developed a newfound pricing discipline during the pandemic recovery — even when business travel was historically weak and international tourism was slow to recover in many markets.
Good morning from Skift. It’s Thursday, February 2. Here’s what you need to know about the business of travel today.
Indian Hotels Company (IHCL) plans to reach a portfolio of 300 hotels by 2025, it said on Tuesday when reporting its earnings.
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
Good morning from Skift. It’s Wednesday, February 22. Here’s what you need to know about the business of travel today.
Good morning from Skift. It’s Tuesday, February 28. Here’s what you need to know about the business of travel today.
I wanted an update on BWH Hotel Group, the parent company of Best Western Hotels & Resorts. So I spoke with Larry Cuculic, president and CEO since late 2021.