A lovely property by day an absolute nightmare by dusk!!!! No insulation, the fire didn't work! We slept with vermin that not only ate our food but our clothes too!!! It's a barn so expect holes and gaps in the walls. Probably more warm to camp in the paddock!!
AS THE FIRST half of 2022 ended, U.S. hotels overall were catching up with extended-stay hotels in terms of recovery, according to a report from The Highland
Group. RevPAR recovery, for example, was almost the same for hotels overall and extended-stay.
Also, the report found that new construction fell to an 8-year low over the first two quarters of the year, according to the report.
For the first time in 18 months, the overall hotel industry's second quarter RevPAR recovery index surpassed 100 percent, matching the extended-stay hotel's 109
percent index. Economy and mid-price extended-stay hotels are still ahead of the overall recovery as well as upscale extended-stay hotels. The gap between the
segments is expected to narrow over the near term.
GENDER EQUALITY REMAINS a distant goal, with full parity projected to take approximately 134 years to achieve worldwide, according to JPMorgan
Chase & Co.'s latest report. Despite increased female workforce participation, women hold only 32 percent of senior leadership roles globally.
JPMorgan Chase's Global State of Gender Balance in 2025 report found that the gender pay gap persists, widening to 17 percent in the U.S. while remaining
steady at 13 percent in Europe.
White men continue to hold the highest-paying jobs in the U.S., while women occupy just 10 percent of top corporate roles like CEO, COO, and CFO, the report
said. The share of women directors in S&P 500 companies reached a record 34 percent last year, but progress in U.S. board representation slowed. In S&P 100
companies, C-suite women fell to 11.8 percent in 2023 from 12.2 percent in 2022.
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NISHANT "NEAL" PATEL assumed the chairmanship of AAHOA Friday as the culmination of the association's 2022 Convention & Trade Show in Baltimore, Maryland.
More than 5,000 people attended the show, during which new officers also were elected, certain members were recognized for their service and face-to-face networking
came back into style.
This year's show came with less time after last year's, which was held in August due to delays from the COVID-19 pandemic. That time difference for planning was not
as bad as it may seem, said Vinay Patel, outgoing AAHOA chairman, in a press conference before the show.
"We start planning this convention way in advance. So yeah, our gap may be eight months from convention to convention, but this convention probably started literally
in June, July or January of last year, so that time frame is still there," Vinay said. "There are always things, you pivot all the time. Especially in today's world of the pandemic. But, I think at the end of the day, the team has done a phenomenal job in putting everything together."
CHOICE HOTELS INTERNATIONAL and Wyndham Hotels & Resorts announced the launch of a new brand and a new prototype respectively during the Americas Lodging
Investment Summit in Los Angeles this week. Choice bills its Everhome Suites as a new-construction midscale extended-stay brand while Wyndham's Arbor new-build
prototype for its Wyndham Garden brand focuses on reducing construction costs.
Choice broke ground on the first Everhome Suites in Corona, California, shortly after officially launching the brand. It also has agreements for the development of 13 more of the new brand in Austin, Texas, and Los Angeles, and the company expects the first opening in 2021.
Everhome Suites is meant to fill a gap in the extended-stay market, said Patrick Pacious, Choice's president and CEO.
REVPAR FOR U.S extended-stay economy, mid-scale and upscale segments is recovering back to pre-pandemic levels, according to a report from consulting firm
The Highland Group. Total extended-stay hotel occupancy is very close to the first quarter levels reported in 2016 and 2017 but below its peak years since 2015.
"Overall, first quarter extended-stay hotel ADR was the highest ever reported in 2023 and all three segments have more than fully recovered their 2019 nominal ADR
values," the report said.
In its "2023 First Quarter U.S. Extended-Stay Hotels Report," Highland said the economy and mid-price extended-stay hotels made considerable gains in RevPAR relative
to corresponding classes of all hotels between 2019 and 2023.
Due to high concentration of rooms in urban markets, upscale extended-stay hotels have seen RevPAR decline slightly relative to all upscale class hotels. However, the
gap is expected to narrow as urban markets make a full recovery, the report noted.
"Rising interest rates and construction costs, as well as tightening loan underwriting, means extended-stay supply growth should be relatively low nationally for two
to three years. Assuming the overall hotel industry does not endure a correction, extended-stay hotels should set more new performance records during the near term at
least," says Mark Skinner, partner at The Highland Group.
WYNDHAM HOTELS & RESORTS' board of directors has officially advised the company's shareholders not to support an exchange offer from Choice Hotels
International to acquire Wyndham. The offer is "insufficient" and prone to regulatory risks, the board said.
Choice announced its latest offer directly to Wyndham stockholders last week. At that time, Wyndham's board said at that time that it would review the offer,
though it also said it appeared to be the same as the original offer it rejected in November. On Monday, the board released its official statement rejecting
the latest offer.
"Choice has, once again, failed to address the major value gap and risks of their offer - which remains virtually unchanged from the terms outlined in their
previous unsolicited proposal," said Stephen Holmes, chairman of the board. "The core issues we have articulated remain the same: a likely prolonged regulatory
review period of up to 24 months with an uncertain outcome; the pure inadequacy of the offer from a valuation standpoint, including the significant equity
component of Choice stock; and the lack of consideration for Wyndham's superior, standalone growth prospects."
DAVID KONG, THE recently retired CEO of Best Western Hotel Group, has launched DEI Advisors, a non-profit organization dedicated to helping women and other
minority groups to achieve their career aspirations. Specifically, it plans to close the diversity gap that still exists on the upper, leadership levels of the
hospitality industry.
Based in Scottsdale, Arizona, DEI Advisors will conduct a series of interviews with industry leaders with the intent of sharing inspiration and guidance to help
individuals navigate their careers. The interviews will teach how to overcome conscious and unconscious bias, seek advancement, face structural barriers successfully,
establish networks, advocates and mentors and better integrate their work life and personal life.
"I formed DEI Advisors as a non-profit organization to collect and share insights and learnings from industry leaders," said Kong, who is DEI Advisors principal
and founder. "While many companies are doing wonderful work in the areas of DEI, individuals must also be responsible, and feel empowered, for their own personal
growth and career aspirations. Essentially, we're aiming to prepare future leaders in the industry for the driver seat of their own journey, where they get to
truly help create and advocate for their own destiny."
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.
THE U.S. HOTEL industry will be well on the way to recovery in 2022, according to consulting firm HVS Americas. However, a full recovery in real terms, after adjusting for inflation, remains a few years away, it added.
With more assets, both distressed and well performing, expected to come to market this year, 2022 will be an exciting year for the industry, said Rod Clough, president of HVS, in an article titled 'ALIS 2022 Takeaways - Our Industry Braces for a Big Year Ahead'. A near full recovery in RevPAR at $85 for U.S. hotels is likely to happen by the end of 2022 when compared to $86 in 2018-19.
"The higher inflationary environment will continue to bode well for hotels, resulting in ADR pricing power leading to a lift in revenue on top of still lean operational models. Group travel is still lagging the recovery, but near-term, smaller-group bookings (at newly raised room rates) should help bridge the gap while the industry waits for larger meetings to return," Clough wrote in the article. "Rising development costs due to supply-chain disruptions, labor shortages, and overall inflation are leading to a general contraction in new hotel openings. Moreover, development challenges are intensifying for major CBDs, attributed to slow office re-openings, a lag in larger convention bookings, higher operating/labor costs, and even higher construction costs than your average project."
U.S. HOTELS ADDED 1,200 jobs in April, recent government statistics showed, yet employment levels in the industry still lag significantly behind pre-pandemic
levels, according to American Hotel & Lodging Association. The Bureau of Labor Statistics also noted that there are currently about 1.92 million people employed
in hotels, representing a decrease of 193,600 compared to February 2020. The association is advocating for policy changes to address hospitality industry's labor
shortages.
AHLA urged the Department of Homeland Security to issue around 65,000 additional H-2B temporary nonagricultural worker visas, as authorized by Congress in the
Further Consolidated Appropriations Act.
"Hotels are doing all they can to attract and retain workers, but the nationwide workforce shortage is preventing our industry from reaching its full
potential," said Kevin Carey, AHLA's Interim president and CEO. "AHLA members need help filling open jobs so they can maintain and expand operations. The
DHS can provide vital assistance by making available nearly 65,000 additional H-2B visas. Meanwhile, we are urging Congress to pass three important bills to
help grow our nation's workforce: the Asylum Seeker Work Authorization Act, the H-2 Improvements to Relieve Employers Act and the Closing the Workforce Gap Act."
SALEM, OREGON, RECENTLY changed its plan to use transient lodging tax funds for library funding gaps. AAHOA and the Oregon Restaurant & Lodging Association
have been closely monitoring the municipality's attempts to divert the protected revenue from its intended purpose, promoting tourism.
Instead, the city will use funds from the American Rescue Plan Act. Hotel taxes diverted from tourism could diminish funding for year-round visitor attraction
efforts, AAHOA said in a statement.
"AAHOA and ORLA were proactive in ensuring appropriate use of the transient lodging tax in the city of Salem," said Taran Patel, AAHOA's Northwest regional
director. "This is a great example of the importance of AAHOA members being active in advocacy at the local levels of government."
DONALD TRUMP WILL return to the U.S. presidency for a second, non-consecutive term in January, making him the first to do so since Grover Cleveland.
Hotel associations such as AAHOA and the American Hotel & Lodging Association were quick to offer congratulations.
In September, both groups were in Washington, D.C., to advocate for legislation important to the industry. Some of the proposed legislation that AHLA is
supporting include:
The Closing the Workforce Gap Act would replace the arbitrary annual cap of 66,000 available H-2B temporary visas with a new, needs-based system.
Extending a pass-through tax deduction, 199A, which is set to expire in 2025 and provides tax relief to franchisees and other hotel small businesses.
Maintaining the like-kind exchange, section 1031, which allows hoteliers to defer capital gains taxes when they sell one property if they roll the proceeds
into the purchase of a larger one. According to AHLA, the exchange helps create new jobs and contributes to economic growth.
The Hotel Fees Transparency Act and the No Hidden FEES Act would establish a single and transparent standard for mandatory lodging fee display and an even
competitive playing field for hotels, short term rentals, online travel agencies, and metasearch sites.
MARRIOTT INTERNATIONAL LAUNCHED HotelHelp, a pilot room donation program for human trafficking survivors, at the AHLA Foundation's third annual No Room
for Trafficking Summit. The program works with care providers who handle bookings, offering survivors short-term stays at Marriott properties, Marriott said in a
statement.
The program is being piloted in five U.S. cities-Atlanta, Detroit, Phoenix, Seattle, and Washington, D.C.-and is expected to expand to 25 cities across North
America by January 2025.
"Survivors of human trafficking often face a shortage of dedicated shelter beds that put them at greater risk of being re-trafficked after exiting their
trafficking situation," said Anthony Capuano, Marriott's president and CEO. "As part of our longstanding anti-trafficking and survivor empowerment efforts,
we are proud to have developed a solution to bridge the gap for safe, short-term accommodations for trafficking survivors and we look forward to working with
other hotel companies to extend the reach of this effort."
Red Roof Inn Stroudsburg in Stroudsburg, Pennsylvania, is now open. The owner, 100 Park Ave LLC, led by Urvish Shah, recently invested $500,000 in renovations
for the 58-room property situated near the Pocono Mountains.
The pet-friendly hotel is in Stroudsburg's entertainment district, close to Shawnee Mountain Ski Area, Camelback Ski Resort, Delaware Water Gap National Recreation
Area, Lafayette College, Pocono International Raceway and Jack Frost Ski Resort. Lehigh Valley International Airport is nearby.
Two other Red Roof properties recently opened: Red Roof Inn Charlotte-Airport in Charlotte, North Carolina, owned by Shree Shradhaa Saburi LLC, led by Kiran Patel,
and Red Roof Inn Doswell-Kings Dominion in Doswell, Virginia, owned by SJ Hotel LLC, led by Nilang Maniarah.
THE U.S, CHINA and India drove 60 percent of the growth in tourism emissions from 2009 to 2019, according to Nature Communications. By 2019, they accounted
for 39 percent of global tourism emissions.
The research, based on data from 175 governments between 2009 and 2020, found that 20 countries drive nearly all global tourism emissions, with efforts to curb
the trend proving ineffective. The emissions are generated by airplanes and vehicles used for travel to tourist destinations along with power consumption by travelers.
Around 20 countries generate 75 percent of global tourism emissions, while 155 countries share the remaining 25 percent, the study found. There is now a
hundredfold gap in per-capita tourism footprints between the most and least traveled nations.