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STEERED BY SEVERAL factors, including the strong performance by several hotel brands, the Baird/STR Hotel Stock Index increased 1.4 percent in April to a level of 5,430, STR said in a statement. Growth is slowing, STR said, but will continue for the next quarter or more. "Hotel stocks increased in April, and the gains were driven by outperformance from the global hotel brands," said Michael Bellisario, senior hotel research analyst and director at Baird. "RevPAR trends have remained solid in the face of growing macroeconomic uncertainties and continued banking turmoil, and first-quarter earnings generally have surprised to the upside with positive full-year estimate revisions occurring. The Hotel REITs declined more than 2 percent in April and underperformed the RMZ, while the global hotel brands gained just over 2.5 percent and outperformed the S&P 500's return by 100 bps." According to STR, the Baird/STR Hotel Stock Index fell slightly behind the S&P 500, which was up 1.5 percent in April but came in above the MSCI US REIT Index, up 0.7 percent. The hotel brand sub-index jumped 2.5 percent from March to 10,178, while the hotel REIT sub-index dropped 2.6 percent to 1,045, it added. "The industry continues to revert to normal patterns and calendar shifts with growth slowing as forecasted," said Amanda Hite, STR president. "Monthly demand fell year over year for the first time since the recovery began in April 2021, but that decrease can be attributed to an extra Sunday on the calendar this year versus last. Without the extra Sunday, which is historically a low-performance night, demand would have been slightly up from last year. ADR, on the other hand, grew 3.4 percent, while RevPAR was up 1.8 percent - the lowest increase of the recovery thus far. Despite slowing growth, we expect the industry to see further gains throughout the summer and fall."

U.S. HOTEL PERFORMANCE dipped in the first week of July when compared to the week before mainly due to decline in demand on account of the Independence Day holiday, according to STR. STR predicted that occupancy and demand are likely to fall again for a week before strengthening in the remaining weeks of July. Occupancy in the week before the holiday fell by more than four percentage points with most of the losses beginning on Wednesday and continuing into the weekend. Since 2000, the fourth of July holiday has fallen on a Monday seven times, including in 2021 and in 2016. Occupancy was 67.3 percent for the week ending July 2, down from 72.3 percent the week before and dropped 2.9 percent from 2019. ADR was $153.32 for the week, declined from $157.05 the week before and increased 19.7 percent from three years ago. RevPAR reached $103.24 during the week down from $113.55 the week before and up 23.1 percent from 2019.

THE BAIRD/STR HOTEL Stock Index dropped in June for the second consecutive month. The index dropped for the first time, after rising continuously for five months, in May. Baird/STR recorded a sharp fall of 19.3 percent in June, according to STR. The index dropped 5.8 percent in May. It went up 0.7 percent during April. It increased 2.2 percent in March after rising 4.1 percent in February. The index decreased 21.6 percent during the first six months of 2022. The Baird/STR Index fell behind both the S&P 500, dropped 8.4 percent from May and the MSCI US REIT Index, down 7.9 percent respectively during June. The hotel brand sub-index fell 19.3 percent from May, while the Hotel REIT sub-index dipped 19.5 percent during the month. "Hotel stocks continued on their downward trajectory in June and were significant relative under-performers as investors began to factor in an increasing likelihood of an impending recession," said Michael Bellisario, senior hotel research analyst and director at Baird. "While the upcoming summer travel months are expected to be strong, investors are looking beyond the near-term fundamental strength to a period when demand and ADR growth are likely to moderate, which is supported by the many macroeconomic indicators that are flashing signs of broader slowing."

WORKFORCE MANAGEMENT SOFTWARE producer Unifocus recently marked its 25th anniversary of doing business. The company recently acquired operations management platform Knowcross and celebrated several other milestones it has met since its founding in 1998. Unifocus was founded in the same year Google started up, the Digital Millennium Copyright Act was released and the first WiFi standards were set. The company's labor management system, the first of its kind according to Unifocus, includes scheduling automation and, with the Knowcross acquisition, real-time data for forecasting, scheduling, task execution and tracking of guest and employee satisfaction. "Twenty-five years of serving the hospitality industry and counting," says Moneesh Arora, Unifocus chief executive. "We're filled with gratitude for our clients who've been part of this journey, as well as our incredibly dedicated team that makes our vision a reality. Our success stems from our commitment to truly understanding the needs of hoteliers, which continually inspires us to enhance and innovate our hotel operations technology."

HAWKEYE HOTELS IS making its premier in downtown Milwaukee with a dual brand Home2 Suites by Hilton and Tru by Hilton along with a neighboring Holiday Inn Express. The hotel campus will employ more than 100 workers and provide a total of 331 rooms. The 115-room Home2 Suites and 100-room Tru will occupy one of the two buildings in the campus with the 116-room Holiday Inn Express next door. Along with being the first properties Hawkeye Hotels has opened in the city's downtown, each hotel is the first of its brand in that part of the city. "We are very excited to be a part of the Downtown Milwaukee community. Although the market has slowed down in recent times due to Covid, we are extremely optimistic that Downtown Milwaukee will continue to grow in the years to come," said Jay Patel, Hawkeye Hotels development manager. "We look forward to hosting a grand opening next year once it is safe to do so."

U.S. HOTEL OCCUPANCY was down in first week of March week-over-week, according to STR. All metrics were higher than comparable time periods in the last two years. Occupancy stood at 62.8 percent for the week ending March 4, down from 64.2 percent the week before, 3 percent more than the comparable week in 2022 and 5.6 percent below the comparable week in 2019. ADR stood at $151.35 for, up from $156.51 the previous week and also up 8.9 percent and 14.1 percent over the same month in 2022 and 2019, respectively. RevPAR was reported at $95.06, down from $100.43 the previous week, and up 12.1 percent and 7.7 percent increase over the same month in 2022 and 2019. Among the Top 25 Markets, Detroit saw the highest occupancy increase over 2019, up 5 percent to 63.2 percent, while Washington, D.C., was up the most from last year, an increase of 23.6 percent to 64.1 percent. D.C. also reported the most substantial year-over-year RevPAR growth, up 52.2 percent to $113.56. Las Vegas reported the highest ADR increase at $196.65 when measuring against 2019, up 56.8 percent and an increase of 33.7 percent in 2022. Las Vegas also saw the largest jump in RevPAR over 2019, up 54.3 percent to $153.55.

THE BAIRD/STR Hotel Stock Index rose 2.7 percent in November according to STR. However, hotel stocks were relative underperformers during the month for the first time since June. The index jumped 15.8 percent in October. The index was down 5.5 percent year-to-date through the first 11 months of 2022. In November, the Baird/STR Hotel Stock Index fell behind both the S&P 500, up 5.4 percent and the MSCI US REIT Index, increased 5.6 percent. The hotel brand sub-index increased 3.7 percent from October to 9,804, while the Hotel REIT sub-index fell 0.2 percent.

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THE FIRST TWO months of 2022 saw up and down performance by Baird/STR Hotel Stock Index, according to STR. In January, the index sank, then in February it rose again, regaining lost ground. In January, the index dropped 3.8 percent after rising 12.7 percent in December. The index still outperformed both the S&P 500, which dropped 5.3 percent that month, and the MSCI US REIT Index, which dropped 7 percent. The hotel brand sub-index fell 4.3 percent from December and the hotel REIT sub-index declined 2.2 percent. "Despite the significant stock market volatility to start the year, both the hotel brands and hotel REITs outperformed their respective benchmarks in January, which continued the momentum from the end of 2021," Michael Bellisario, senior hotel research analyst and director at Baird, said at that time. "Positively, Omicron-related concerns are slowly subsiding, and investors are looking forward again. At the same time, leisure demand remains robust, optimism regarding a more normalized travel environment is building, and the broader growth-to-value rotation has benefitted hotel stocks as inflation pressures remain front and center."

GOPPAR FOR U.S. hotels improved in September compared to the month before and it exceeded the pre-pandemic levels, according to STR. Meanwhile, the cost of labor per available room came in higher than the pre-pandemic comparable for the first time. GOPPAR was $84.03 for the month, up from $64.26 reported in August. It was $78.30 for July and $91.23 in June. The performance index was $88.63 in May and stood at $90.96 in April. EBITDA PAR was $60.71 for September, TRevPAR was $222.97 and labor costs per room were $71.52. "Labor costs moved ahead the 2019 comparable due to continued high levels of hospitality unemployment and more spending on contract labor," said Raquel Ortiz, STR's director of financial performance. "Total labor costs were up 5 percent year to date, with all departments reporting higher expenses, except F&B, due to less group demand earlier this year. GOPPAR was the strongest since June 2022, and profit margins came in higher than September 2019. Profit margins have been strong for some time caused by lower employment levels and reduced services."

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AT THE 2024 AAHOA Convention & Trade Show held last week in Orlando, Florida, history was being made at the same time it was being recalled. Miraj Patel assumed his role as the youngest chairman the association has had, while his predecessor Bharat Patel and AAHOA President and CEO Laura Lee Blake spoke on the legacy that led to the association's current success. AAHOACON24, the 35th national conference for the association, saw more than 7,000 registered attendees and 524 exhibitors at the Orange County Convention Center, blocks away from Disneyworld and Universal Studios. It included more than 44 education sessions and had two times the number of sponsors than in 2023 with 26. Event revenue was 6 percent higher than 2023 and 31 percent higher than in 2022. The tradeshow sprawled over more than 84,500 square feet of exhibit space. In a speech during the first general session, Bharat presented his theory on what led to AAHOA's current status: compound success.

THE HISTORY OF Indian immigrants in the U.S. could fill several books, but Mahendra Doshi has captured a core aspect of it with his book "Surat to San Francisco: How the Patels from Gujarat Established the Hotel Business in California 1942-1960." The book is, as the title says, the story of the individuals who first left their home for a roundabout journey to the American Dream. Doshi is journalist in San Jose, California, not a businessman himself, but he is originally from Vadia in the Indian state of Gujarat. His family moved to Calcutta in West Bengal where Doshi earned degrees from Presidency College and the University of Calcutta before moving to the U.S. in 1967 and eventual graduated with a master's degree from the University of Nevada, Reno. "I have never even thought of business. I had a degree in journalism and I did marketing work for General Motors. That's where I made my living for 30 years," Doshi said. "At the same time, I pursued my journalistic impulses. I wrote for mostly all those ethnic papers, Indian ethnic papers like India Times of Chicago and India West and India Post." Doshi also published two "Who's Who among Indians" lists in 1976 and 1981. That whet his appetite for exploring his people's history.

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