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U.S. HOSPITALITY SECTOR has consistently maintained the highest quit rates by workers among all industries, consistently exceeding 4.5 percent since July 2021, according to the U.S. Chamber of Commerce. However, the leisure and hospitality sector maintained the highest hiring rate among all industries, fluctuating between 6 percent and nearly 19 percent. These industries saw a loss of 837 thousand workers in September, yet 1.1 million individuals were hired into the industry during the same month. This hiring rate exceeds the national average, which was 3.7 percent in September 2023, the U.S. Chamber of Commerce said in its latest report titled Understanding America's Labor Shortage: The Most Impacted Industries. The latest jobs report from the Bureau of Labor Statistics reveals a positive influx of individuals into the workforce.

REAL ESTATE INVESTMENT management firm Noble Investment Group partnered with Host Hotels & Resorts to tap and expand travel, leisure and hospitality opportunities, a statement said. As part of the initiative, Host will invest $150 million as a limited partner in an existing Noble investment vehicle and provide Noble with first-look at select-service and extended-stay hotel opportunities sourced through Host's channels. Host also will become a minority investment partner in Noble's fee-based asset management business, according to Noble's press release. "As we continue to expand our institutional investment management platform, this strategic partnership further augments Noble's ability to develop, source, and execute innovative growth strategies in travel, leisure, and hospitality," said Mit Shah, Noble's CEO. According to the statement, the partnership will combine Noble's operational expertise and development acumen with Host's scale, market insights, data analytics, and breadth of resources. They aim to source differentiated investment strategies including property technology solutions, development, and alternative lodging.

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U.S. EXTENDED-STAY hotels experienced their first quarterly decline in RevPAR since the first quarter of 2021, according to The Highland Group. In the first quarter, the segment saw a 1.6 percent drop in RevPAR, despite a 1.5 percent increase in revenues. Demand increased by 1.7 percent, contrasting with a 2.8 percent fall in total hotel demand when excluding upper upscale and luxury segments. STR/CoStar estimated that overall hotel RevPAR, excluding upper upscale and luxury segments, which have minimal extended-stay room supply, increased by 1.3 percent in the first quarter of 2024 compared to the same period in 2023. The Highland Group's 2024 First Quarter U.S. Extended-Stay Hotels report indicated that overall hotel RevPAR and room revenues declined by 1.1 percent and 0.9 percent year-to-date, respectively, excluding upper upscale and luxury segments.

Eight new Hihotels by Hospitality International properties recently opened in five states: three in Texas, two in Pennsylvania, and one each in New York, Vancouver, and Ohio. The company provides franchising options across its five brands including Scottish Inns, Red Carpet Inn, Master Hosts Inns, Downtowner Inns, and Passport Inn. In Texas, the three properties include Scottish Inns - Eastex Freeway North in Houston, owned by 59 Little York, Inc. under Sandip Sindha's leadership; Scottish Inns in Decatur owned by Sunlight Partnership LLC led by Leena Patel; and Scottish Inns & Suites in Shenandoah/Woodland owned by Anjali Hospitality LLC under Mahesh Patel's guidance, Hihotels said. In Pennsylvania, two hotels have opened: Scottish Inns in Middletown, owned by Sky Hotels LLC led by Rajan Vesuwala; and Red Carpet Inn & Suites in Philadelphia, owned by Vrisha Lodging LLC led by Kiran Patel.

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ROB SMITH WILL become president and CEO of Stonebridge Cos. in July. He succeeds Navin Dimond, who founded the Denver-based hotel management company in 1991 and will now serve as chairman. In his new role, Smith will lead the development and execution of the organization's long-term strategies and report to the board of directors, Stonebridge said in a statement. "I am proud of the success our team has achieved as we've built the distinct Stonebridge brand over more than 30 years-and am confident that the best is yet to come," said Dimond. "Rob epitomizes our culture of leveraging innovation and an entrepreneurial spirit to enhance value for our owners, investors and other stakeholders. His extensive, successful track record makes him the ideal person to advance our growth strategy. I look forward to working closely with Rob to take Stonebridge to the next level of growth."

U.S. HOTELS ADDED 700 jobs in May, highlighting persistent workforce shortages, with 191,500 vacancies since early 2020, according to the American Hotel & Lodging Association. However, a survey by AHLA of hoteliers in May found 76 percent of respondents are experiencing a staffing shortage and 13 percent reported they are severely understaffed, meaning the shortage is affecting their hotel's ability to operate. By comparison, in a January survey, 67 percent said they were experiencing a staffing shortage, and 72 percent said they were unable to fill open positions. Total hotel employment is now approximately 1.92 million, according to the Bureau of Labor Statistics. This is still 191,500 short of pre-pandemic levels in February 2020, highlighting the ongoing struggle to find workers.

U.S. HOTEL INVESTOR sentiment remains robust, with investors indicating an increase in hotel acquisitions in 2024, according to a recent survey by CBRE Hotels Research. About 35 percent of survey respondents expect acquisition activity to remain the same as in 2023, while less than 16 percent anticipate a decrease. Despite high interest rates, more than 70 percent are targeting value-added and opportunistic hotel investments. CBRE's Global Hotel Investor Intentions Survey, which included more than 130 respondents responsible for U.S. investments, found that value-added acquisitions offer opportunities to reposition assets by adding rooms, redesigning interiors, or adding amenities to increase returns and long-term value.

U.S. EXTENDED-STAY HOTELS room supply increased by 3.2 percent in May, slightly above the average monthly rise over the past two years, according to The Highland Group. May marked the 32nd consecutive month with supply growth at 4 percent or less, and the annual supply increase has been under 2 percent for two years. However, both metrics remain well below the long-term average. The 12.8 percent increase in economy extended-stay supply, along with smaller gains in mid-price and upscale segments, is primarily due to conversions, the report said. New construction in the economy segment accounts for only about 3 percent of rooms opened compared to a year ago.

THE U.S. LEADS the global full-service hotel pipeline in the first quarter of 2024 with 2,272 projects and 341,854 rooms, accounting for 41 percent of all planned or under-construction hotels worldwide, according to Lodging Econometrics. Dallas and Los Angeles are among the top five cities globally in the pipeline. The global pipeline totals 15,366 projects and 2,382,195 rooms, marking a year-over-year increase of 6 percent in projects and 3 percent in rooms. LE's Q1 2024 Global Hotel Construction Pipeline Trend Report showed a record high in global room counts and a significant rise in full-service projects by the end of the first quarter. In the first quarter, there are 6,195 projects and 1,101,602 rooms under construction worldwide, the report said. Projects set to start within the next 12 months total 3,840 projects and 528,251 rooms, an 8 percent increase in projects and a 5 percent increase in rooms year-over-year. Early planning stage projects and rooms have reached all-time highs at 5,331 projects and 752,342 rooms, rising 12 percent and 9 percent year-over-year, respectively.