Traveling through Hartsfield-Jackson Atlanta International Airport (ATL) just got a major luxury boost.
08.09.2023 - 05:17 / skift.com / Asia Pacific
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Truist analysts gave their forward-looking booking and pricing trends for U.S. hotels, and said they see no signs of a slowdown in demand. In fact, they expect revenue per available room will grow at a faster pace in the fourth quarter.
Truist said the strength will be driven by several factors: group business; a lower seasonal mix of leisure business; a moderate acceleration of business travel growth (especially for smaller and midsized businesses); and international visitors returning to the U.S.
Based primarily on group bookings, Truist said 2024 looks very encouraging. A group recovery might neutralize any potential leveling off of leisure demand or pricing power. Some analysts have a negative view, and expect a decline in RevPAR in 2024. Truist’s analysts said they actually see the opposite happening.
Marriott has its investor day at the end of this month and Truist analysts said they wouldn’t be surprised if RevPAR growth for the third quarter in the U.S. and Canada comes in at the high end of guidance of 2-4%, if not slightly above. Of the lodging stocks, Truist continues to have Hyatt as their favorite name among the hotel groups.
In July, San Francisco/San Mateo hotels had occupancy down 31.7% compared with 2019 levels, according to hotel benchmarking service STR. Its hotels were, on average, only 57.5% full. Headwinds affecting the city’s slow recovery from the pandemic include the remote work habits of many local employers (making inbound business travel less practical) and reduced tourism from China, which was a major source of visitors pre-pandemic.
Truist reported on its visit to San Francisco for the Visit Impact Summit. The good news is that the fall 2023 events in San Francisco are modestly improving. The bad news is that the 2024 convention pace in the city so far remains soft; 2025-2029, for now, remains far below the more than 800,000 annual room nights Truist views as needed for hotel sellouts and pricing power and profits.
Truist is still cautious about the San Francisco tourism recovery through at least 2024 but believes market performance may improve faster than consensus expectations. Asia Pacific international airlift may also help with non-group business.
Thailand seeks to lure back Chinese tourists with visa exemptions to go into effect in October. The move comes as a response to a noticeable drop in Chinese tourist arrivals in the year’s first seven months. The estimate was for 5 to 7 million Chinese tourists in the first seven months. Instead, there were only 2 million. It had 11 million Chinese visitors
Traveling through Hartsfield-Jackson Atlanta International Airport (ATL) just got a major luxury boost.
Playa Hotels & Resorts just recently celebrated its 10th anniversary with a big event in Cancun.
New York City’s short-term rental regulations could slash up to 70% of Airbnb’s 23,000 active listings in the city after September 5. Experts are divided on how the move might affect hotels, and their forecasts are foggy. Yet the analyses reveal interesting details about this critical lodging market regardless.
IHG Hotels & Resorts (IHG) have launched a new program – known as IHG LIFT – which has been designed to create more hotel development support for historically under-represented groups within the hospitality industry.
More than $30 million committed to help unlock paths to hotel ownership.
Hotel Indigo Guadalajara Expo draws on its rich cultural background to create an authentic neighborhood stay experience for guests.
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.
American Express Global Business Travel continues to benefit from the ongoing rebound of business trips. In particular the reopening of countries in Asia Pacific, barring China of course, bodes well for the world’s biggest travel agency.
A U.S. hotel tech company with equity backing has acquired a booking engine based in Ireland.
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.
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.