Good morning from Skift. It’s Friday, September 8. Here’s what you need to know about the business of travel today.
25.08.2023 - 13:54 / skift.com / Sean Oneill
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.
Malaysia reopened its borders nearly a year ago and finally its hotel industry is getting back to pre-pandemic occupancy levels. The Malaysian Association of Hotels said the country recovered well in 2022 with the occupancy rate going from 36% to 54%. In 2019, the rate was around 60%, according to Tourism Malaysia data. The average room rate jumped 38% last year to reach US$74.
The resort island of Phuket in Thailand has seen a surge of Russian travelers in the high season. That adds to a jump in regional visitation from India, Malaysia and Singapore. C9 Hotelworks’ Phuket Hotel Market Update 2023 said market wide occupancy last year rose to 48%. It was a low of 8% in 2021. 1Q23 has seen the influx of Russian travelers and the expectations are that the third and fourth quarter of 2023 will benefit from the return of Chinese travelers.
Skift Note: The phased return of Chinese outbound travelers is the hotel’s best hope for 2023.
Deutsche Bank issued a report, commenting on what they think the trading action in gaming and lodging stocks are telling them. DB said current lodging C-Corp multiples have held up considerably better than the multiples of gaming-related gaming-related entities so they believe in a recessionary environment, lodging stocks likely have more downside risk.
Jefferies gave their views on the read-across to Lodging from the banking crisis
They believe the primary issue affecting stock prices in the group the past week is the banking crisis, notably the pressure on regional banks and its prospective
prospective impact on financing of new properties. In terms of C-Corps like Hilton, an important aspect of unit growth is from franchise deals, a majority of which are financed by regional banks. There is no immediate evidence of impact to deal deal flow or property opens as of yet given the length of the development cycle. cycle.
Skift Note: Pipeline growth is a critical measure to watch this year.
HVS gave their findings from the Hunter Conference. HVS said early 2023 comparisons continue to look favorable with easy comparisons in 1Q due to last year’s Omicron outbreak. Year-over-year comps will begin to normalize into April and May but ADRs are expected to remain notably above last year’s levels due to inflation and the strength of travel overall. HVS said short-term rental environments are tightening with many cities and municipalities enacting new zoning codes that restrict their proliferation. With the hybrid workweek taking firm hold, HVS sees the lodging industry experiencing a return of
Good morning from Skift. It’s Friday, September 8. Here’s what you need to know about the business of travel today.
Hilton said Thursday that it plans to install at least six electric vehicle chargers per property at 2,000 hotels in North America, and will buy devices from Tesla. Once it fully installs them, Hilton will own more electric vehicle chargers than any other U.S.-based hotel group.
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.
Can hotels exert more influence in policy-making? Where will future development growth come from? Is generative AI relevant to the hotel sector? These and other subjects will be top of mind for us as we interview top bosses at Hilton, Hyatt, Accor, and other hotel leaders on-stage at the Skift Global Forum in New York on September 26-28.
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.
While 2022 was a post-pandemic boom year for hotel demand in much of the world, total global hotel investment volume decelerated slightly to $71.9 billion, a decline of 2 percent relative to 2021. The relative lack of outbound Chinese hotel investment, the Russian war in Ukraine, and recessionary pressures in several markets tamped down the pace of growth.
Here are some excerpts from Daily Lodging Report by Alan Woinski 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 Monday, January 9, and here’s what you need to know about the business of travel today.
Hyatt Hotels Corp., which enjoyed a blockbuster financial performance in 2022, forecasted Thursday continued success this year, especially in the first half. The company expects to benefit from growing consumer interest in its lifestyle, luxury, and resort properties, returning group reservations for its banquet halls, and an expanding room count.
For InterContinental Hotels Group (IHG), soaring hotel rates owing to a post-pandemic surge in pent-up demand for travel have been a boon after the pandemic bludgeoned the travel sector. But IHG Hotels & Resorts said its pricing power would last beyond the present moment thanks partly to its investments in digital technology. The company also anticipated future growth as China, the world’s second-largest economy, reopens.
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.