Saudi Arabia is projected to have 320,000 new hotel rooms by 2030 as the Kingdom ramps up efforts to accommodate an annual influx of 150mn tourists, both domestic and international, according to a report by global property consultancy Knight Frank. This massive expansion of the hospitality sector is central to achieving Saudi Arabia’s goal of increasing the travel and tourism industry’s contribution to the economy from nearly 6% to 10% by the end of this decade, the report stated.
Michelin Unveils New Hotel Rating System
09.04.2024 - 04:13 / skift.com / Spirit Airlines / Rashaad Jorden / Gordon Smith
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Michelin is rolling out a new hotel rating system worldwide this year. The company has already awarded 24 French hotels its highest rating, “Three Keys,” writes Travel Experiences Reporter Jesse Chase-Lubitz.
Michelin said it’s looking to evaluate hotels beyond basic amenities, with an emphasis on their restaurants, design and service. One key signifies a “special” hotel, two keys an “exceptional” hotel, while three keys represents “extraordinary” establishments. Michelin has bestowed the new honors on 189 French hotels, and it plans to reveal its picks for top U.S. luxury hotels later this month.
Next, Spirit Airlines has announced two major changes to boost its balance sheet, writes Airlines Editor Gordon Smith.
Spirit has reached a deal with Airbus to delay deliveries of some new jets by five years. The carrier said the decision is expected to improve its liquidity position by roughly $340 million over the next two years. Spirit is also planning to furlough about 260 pilots from September 1, which the company said is a result of the aircraft deferrals and grounding some jets due to engine issues.
Finally, Airbnb and its rivals saw short-term rental stays in Europe increase 14% in 2023 from the previous year, writes Short-Term Rental Reporter Srividya Kalyanaraman.
Airbnb, Expedia, Tripadvisor and Booking sold about 678 million nights in short-term rentals on the continent last year. Those platforms also registered a roughly 23% year-over-year increase in short-term rental nights sold in last year’s fourth quarter. Every country in Europe except Liechtenstein registered growth.
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