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Enterprise Whitsundays is the lead economic development agency for the Whitsunday region, which includes Proserpine, Bowen, Cannonvale, Collinsville, Airlie Beach and the Whitsundays Islands.

AAHOA MEMBERS ATTENDED a virtual briefing hosted by the Biden-Harris Administration on Wednesday, addressing issues affecting small businesses and providing an update on the current economic landscape. Senior administration officials discussed federal efforts to support small business owners, including access to SBA loans, supply chain improvements, and transparency around resort and junk fees impacting the industry. Officials included White House Senior Advisor for Public Engagement Kota Mizutani; SBA Deputy Administrator Dilawar Syed; Special Assistant to the President for Economic Policy Karlin Gatton; and Special Assistant for Manufacturing and Industrial Policy Monica Gorman of the National Economic Council. "As highlighted by our speakers, a huge thank you to the members of the Asian American Hotel Owners Association and all the business leaders working to keep our economy running," said Mizutani. "Thank you for all you do."

STR AND TOURISM Economics downgraded their growth rate forecast for the U.S. hotel business with their final revision of 2024. The forecast for next year remains uncertain as the impact of the presidential election becomes clear. For 2024, projected gains in ADR and RevPAR were each downgraded, down 0.5 percentage points to 1.5 percent growth for ADR and with RevPAR's projected growth dropping 0.6 ppts to 1.4 percent, respectively. Occupancy for the year was lowered 0.1 ppts to 62.9 percent, after the previous forecast projected the metric to remain steady from 2023. For 2025, the occupancy growth projection was downgraded 0.4 ppts, and the forecast for ADR and RevPAR increases were lowered to 1.6 percent and 1.8 percent, respectively. "The outlook for 2025 remains somewhat in flux, with positive sentiment potentially offset by the higher cost of living," said Amanda Hite, STR president. "Based on current economic conditions, higher-end hotels will continue to drive industry performance. The change in the presidential administration is anticipated to yield stronger economic conditions at first, which is not yet reflected in the data."

Sheki-Zagatala economic region is one of the 10 economic regions of Azerbaijan. It borders Dagestan, Russia, to the north, Georgia to the west, and Ganja-Gazakh, Aran, Mountainous Shirvan, Guba-Khachmaz economic regions to the south and east. All the information for tourist and travellers who are planning to Visit Shaki-Zagatala Region in Azerbaijan. Get all the information and list of all sightseeing Places to visit in Shaki-Zagatala Region.

WHEN IT COMES to growing hotel revenue, size does not matter. Economy hotels and micro-inventory properties are experiencing one of the biggest booms in recent years, thanks partly to a massive resurgence in small group travel, changing economic trends, and the staying power of global "return to travel". CBRE noted economy and midscale hotels recovered to 2019 performance levels by 2021, and properties with fewer rooms may benefit from lower operating costs when compared to their big-box brethren-though they also tend to have fewer resources with which to hire revenue professionals. Revenue managers are driving the charge for better operating returns. Many are taking the lessons they learned from their success at larger hotels and applying these truths to the industry's smaller properties. These revenue managers leverage new technology and strategies, options that small hotels with smaller, cross-functional staff haven't fully embraced. However, competition among economy hotels and properties tends to be fierce, requiring new action, especially with recent economic pressures and a downward 2023 RevPAR forecast of 0.2 percent in recent data shared by Tourism Economics . Modern revenue management practices and technology can provide these hotels with many benefits and significant competitive advantages. Small hotels need to avoid the erratic rate shifts of the past and capitalize on new trends as they emerge. By embracing strong revenue management systems and discipline in these properties, operators can realize greater control over a typically inconsistent space. Room Enough for Revenue The most common misconception about revenue management's place in hospitality is that it is the domain of large or full-service hotels. This is simply not the case today. No two hotels are the same, in practice, with key differences always existing between the layout of a property, its location, third-party partnerships, and so on. Every hotel has different r

A STABLE ECONOMIC backdrop is expected to fuel a 10.7 percent year-over-year increase in the U.S. short-term rental industry in 2024, surpassing the 6.7 percent rise seen in 2023, according to AirDNA's 2024 outlook report. Moreover, AirDNA foresees balanced growth for the industry in 2024, marked by a projected 10.9 percent increase in supply expansion guided by rising demand for more sustainable market practices. "Approaching 2024, the industry anticipates balanced growth with a projected 10.9 percent increase in supply expansion," said Jamie Lane, senior vice president of Analytics at AirDNA. "Contrary to exaggerated reports of an STR 'collapse,' heightened market competition emphasizes the need for hosts and property managers to meticulously monitor data trends. This strategic approach is crucial for surpassing competitors and sustaining revenue, taking advantage of a strong economy and the growing preference of travelers for STR lodging."

THE U.S. REMAINS the world's top travel and tourism market, contributing a record $2.36 trillion to the economy last year, according to the World Travel & Tourism Council. Despite a slow recovery in international spending, the U.S. holds nearly double the economic contribution of its closest competitor. The council's 2024 Economic Impact Trends Report found that travel and tourism remain vital to many economies, supporting millions of jobs worldwide. "As we look forward to a record-breaking 2024, it's clear that travel and tourism are not only back on track but also set to achieve unprecedented growth," said Julia Simpson, WTTC's president and CEO. "We will continue to prioritize sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations. The sector's resilience and potential for innovation continue to drive us forward."

CBRE HOTELS RECENTLY reduced U.S. hotel forecast as lodging demand dips amid soft leisure travel and slower corporate profit growth. The upcoming election in November and other economic factors led to the revisions. The research group now projects a 1.2 percent RevPAR increase for 2024, down from 2 percent in May. However, it expects a 2 percent RevPAR growth in the second half of 2024, up from 0.5 percent in the first half, driven by international tourism and election events. Lodging industry performance is closely linked to economic strength, with GDP growth generally correlating with RevPAR growth, CBRE said in a statement. The company forecasts 2.3 percent GDP growth and 3.2 percent average inflation for 2024. "We expect low single-digit RevPAR growth over the near-term as election-related events, growth in inbound international travel and an anticipated lower interest rate environment should support hotel demand," said Rachael Rothman, CBRE's head of hotel research and data analytics. "Challenges including weakening consumer spending and increased competition from short-term rentals, cruise lines and other lodging alternatives pose downside risks."

STR AND TOURISM Economics made significant downward adjustments to the 2024-25 U.S. hotel forecast, reflecting lower-than-expected performance and reduced growth projections for the remainder of the year. Projected gains in ADR and RevPAR were downgraded by 1 and 2.1 percentage points, respectively. Occupancy is also expected to decline, contrasting with the previous forecast's projection of year-over-year growth in this metric. While an occupancy growth projection was maintained for 2025, ADR and RevPAR were adjusted downward by 0.8 and 0.9 percentage points, respectively, STR and TE said in a joint statement. "We have seen a bifurcation in hotel performance over the first four months of the year, which we don't believe will abate soon," said Amanda Hite, STR's president. "The increased cost of living is affecting lower-to-middle income households and their ability to travel, thus lessening demand for hotels in the lower price tier. The upscale through luxury tier is seeing healthy demand, but pricing power has waned given changes in mix and travel patterns and to a lesser extent, economic conditions. Travel remains a priority for most Americans, but the volume has lessened as prices on goods and services continue to rise."

The southernmost capital city of Zimbabwe, Harare is the major cosmopolitan city of Zimbabwe. The city is responsible for the economic growth of the country as it is a capital city and most of the major decisions regarding the Political and Economical future of this country are flashed from this city. Harare's weather works around three seasons November to March/April as warm and wet season May to August being the cooler season and September/October being the hot and dry season.

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Jet Airways is one of the leading airlines in the country. It has recently launched its services known as Jet Airways Connect with an aim of flying every Indian. Jet airways Connect is an economical airline which promises to bring high quality at affordable prices. It is considered as an economical service which will benefit the low-income group middle class section of the society

RISHI SUNAK MADE his first speech as Britain's prime minister on Tuesday (25), acknowledging the mistakes of his predecessor Liz Truss while vowing to fix the economy, lead with integrity and fulfil the promises of the Conservative Party's 2019 manifesto. Below are the highlights from Sunak's speech: ON THE ECONOMY "Our country is facing a profound economic crisis. The aftermath of Covid still lingers. Putin's war in Ukraine has destabilised energy markets and supply chains the world over." "I will place economic stability and confidence at the heart of this government's agenda. This will mean difficult decisions to come." MISTAKES WERE MADE "I want to pay tribute to my predecessor Liz Truss. She was not wrong to want to improve growth in this country. It is a noble aim. And I admired her restlessness to create change. "But some mistakes were made - not born of ill will, or bad intentions. Quite the opposite, in fact. But mistakes, nonetheless. And I have been elected as leader of my party and your prime minister, in part to fix them."

THE HOTEL INDUSTRY is poised for a fairly strong year in 2023 despite remaining concerns about a downturn, according to a pair of reports. Continuing demand is expected to overcome extra labor costs and economic vagaries to propel performance above pre-pandemic levels, according to the reports from the American Hotel & Lodging Association and STR. The state of the industry AHLA's 2023 State of the Hotel Industry Report projects that demand, nominal room revenue and state and local tax revenue all are well on the way to recovery. Operational challenges, such as staffing shortages and economic factors will replace COVID as hoteliers' top concerns, the report predicts. "Three years after the unprecedented hardships our industry faced due to the pandemic, hotels continue to make significant strides toward recovery," said Chip Rogers, AHLA president and CEO. "2022 saw one of the strongest summer travel seasons ever, and this year we expect hotels to reach new heights in terms of room revenue, room-night demand and state and local tax revenue. But when inflation is taken into account, our industry likely won't see full recovery for several more years. Nevertheless, hotel performance is trending in the right direction - great news for our industry and our employees, who are enjoying better pay, more career opportunities, upward mobility and flexibility than ever before."

ECONOMIC HEADWINDS AND geopolitical concerns are expected to affect U.S. hotel performance in 2024, according to PwC. The issues include continuing high interest rates and the Israel-Palestine conflict. Occupancy levels have consistently decreased over the past seven months compared to the same period in 2022. This downward trend is anticipated to persist for the remainder of this year and extend into at least the first quarter of 2024. However, PwC forecasts a 63 percent annual occupancy rate for US hotels this year. Hotels in the U.S. experienced a weakening in leisure demand during the latter part of this year, as global vacation destinations reopened, and leisure travelers regained confidence in traveling abroad, PwC said in its latest report titled U.S. Hospitality Directions: November 2023. Moreover, gains in individual and group business travel haven't completely counteracted this softening.

THE BIDEN ADMINISTRATION'S new National Travel and Tourism Strategy sets a 5-year goal of attracting 90 million international visitors to the U.S. each year. Two major associations in the U.S. hospitality industry applauded the strategy as a step forward in restoring the travel industry. The new tourism strategy aims to support broad-based economic growth in the travel and tourism industry across the U.S. AAHOA thanked the U.S. Department of Commerce Secretary Gina Raimondo and the Tourism Policy Council for their continued leadership and support. "[An expected] 90 million international visitors will drive strong economic growth," said Laura Lee Blake, president and CEO, AAHOA. "The $279 billion in annual estimated spending by these visitors will help not only the hotel and hospitality industry, but also the entire American economy. We commend Secretary Raimondo's new National Travel and Tourism Strategy, and welcome her efforts to aggressively rebuild U.S. travel and tourism."

COMMERCIAL REAL ESTATE direct lender and Peachtree Group affiliate, Stonehill, completed $1.2 billion in investments in 2022. Most were through loan originations and commercial property assessed clean energy financing primarily in the hospitality and retail sectors, a statement said. The investment includes $813 million in loans and $163 million as CPACE financing and the remaining $269 million was distributed across the industrial, land, mixed-use, multifamily, office and senior living real estate sectors, the company said. Stonehill said that its 2023 target is $1.5 billion and expects to invest $300 million in the first quarter. "Economic volatility coupled with uncertainty surrounding interest rates has severely decreased overall financing availability with capital providers. However, Stonehill not requiring capital markets execution has allowed it to remain active and to fill the gap in lending supply," said Mat Crosswy, Stonehill president and principal. In May 2022, Stonehill formed Stonehill CRE with Daniel Siegel as president to expand its commercial lending business. It focuses on heavy transitional assets and sectors of the credit market that are traditionally undersupplied. "We have spent years working on our capital formation, specifically so that we can be active and grab market share during periods of economic uncertainty. Also, by building our CPACE division in 2019, which completed $235 million in CPACE financing for the year, and now with Stonehill CRE, we are better positioned to provide lending solutions to a multitude of the market's current inefficiencies," said Crosswy.

ADR is projected to rise by 0.1 percentage points in 2024, with occupancy and RevPAR remaining unchanged from the previous forecast, according to STR and Tourism Economics' initial U.S. hotel forecast for 2024 at the Americas Lodging Investment Summit. Yet, 2025 projections for key performance metrics were revised downward due to stabilized long-term average trends: occupancy down 0.1 percentage points, ADR down 0.3 points and RevPAR down 0.5 ppts. "U.S. ADR and RevPAR reached record highs in 2023 with solid travel fundamentals and a big year for group business underpinning performance," said Amanda Hite, STR president. "We expect to see continued growth as fundamentals remain more favorable for the travel economy. The indicator that is especially important is the low unemployment rate among college-educated individuals, those most likely to travel for business and leisure." The STR and Tourism Economics forecast a rise in GOPPAR growth due to increased TRevPAR levels and stable labor costs. Among chain scales, luxury and upper upscale hotels are expected to see substantial cost increases, driven by growing group demand.

GLOBAL BUSINESS TRAVEL spending is forecast to reach $1.48 trillion by the end of 2024, surpassing the previous record of $1.43 trillion in 2019, according to a recent study by the Global Business Travel Association. Spending is projected to exceed $2 trillion by 2028, indicating strong growth for the business travel sector. The 2024 GBTA Business Travel Index Outlook, supported by Visa, found that economic stability and lingering pent-up demand are driving growth, reassuring CEOs and CFOs to send their teams back on the road for business meetings. "We are witnessing the expected rebound in the sector, reflecting the resilience and adaptability of businesses and the value of business travel worldwide," said Suzanne Neufang, GBTA's CEO. "With projected spending expected to continue to increase through 2028, the future of business travel looks promising. However, we must remain vigilant and adaptive to potential headwinds in this period of stabilization, as factors such as changing economic conditions, technological advancements and sustainability developments will also shape the sector ahead."

PEACHTREE GROUP RECENTLY obtained I-956F approval from U.S. Citizenship and Immigration Services for its TownePlace Suites project, currently under construction in Palmdale, California, under the EB-5 Immigrant Investor Program. This approval advances Peachtree's efforts to create investment opportunities through the EB-5 program, which supports economic growth and job creation in the U.S. This is Peachtree's second hotel development to receive I-956F approval, following the Home2 Suites project in Boone, North Carolina, Peachtree said in a statement. "We are excited to receive USCIS approval for our Palmdale project," said Adam Greene, Peachtree's executive vice president of EB-5. "This achievement highlights our commitment to delivering developments that drive economic growth and offer opportunities for investors and local communities." Peachtree is led by Greg Friedman, managing principal and CEO; Jatin Desai, managing principal and CFO; and Mitul Patel, principal.