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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."

Tracy Prigmore is the new member of the board of directors for the Castell Project, a not-for-profit that promotes women in the hospitality industry. She is the founder of real estate and development firm TLTsolutions. In 2019, Prigmore began "She Has A Deal," a competition designed to increase hotel ownership and development by women by providing education, networking and investing opportunities. The competition's pitch challenge creates a network of women hotel owners and developers. Vinay Patel, AAHOA vice chairman and president of Fairbrook Hotels in Chantilly, Virginia, is on the advisory board for "She Has a Deal." Prigmore expanded TLTsolutions in 2014 to invest in residential, multifamily and hospitality projects that allowed individuals, families and entities to obtain passive income through investing. The firm has assets in four states. Previously, Prigmore held executive positions in the healthcare industry.

HILTON HAS LAUNCHED a new extended-stay brand, Project H3, designed to meet the needs of the rapidly expanding $300 billion workforce travel market, looking for apartment-style accommodations for 20 nights or more. Launching in the U.S. as Hilton navigates the final stages of the trademark process, this lower midscale, extended-stay brand is the newest addition to Hilton's portfolio, the company said in a statement. Hilton is engaged in more than 100 active development conversations with many owners expressing interest in multiple locations. According to the statement, the product provides a foundation for the long stay, allowing guests to make the most out of every day, and delivers an exciting investment option for developers looking to diversify their portfolio under the Hilton name. "Project H3 is perfectly positioned to serve the unique needs of the long-stay traveler, thanks to its innovative design, strong value proposition for our owners and of course, the hospitality our team members offer every day," said Chris Nassetta, Hilton president and CEO. "We aim to serve any guest, anywhere in the world, for any travel need they may have, and this new brand represents a greater opportunity for us to grow our portfolio while providing the reliable and friendly service our customers expect from Hilton." Hilton's in-house research shows long-stay travelers, including traveling nurses, military personnel, and those experiencing workforce relocations, place quality time and comfort above all else. In addition, those looking for a long stay will book an average of 20 or more nights and desire a reliable home base that allows them to maintain their routines while delivering simplicity, consistency and convenience.

THE CHARITY WING of American Hotel & Lodging Association, the AHLA Foundation, announced merger with the Castell Project to strengthen and accelerate the industry's commitment to elevate women in hospitality. Castell Project is a nonprofit dedicated to the advancement of women to the highest levels within the hospitality industry. As part of the merger, both the entities will focus on facilitating leadership development for current and prospective women in the industry, according to AHLA. They also will strengthen the college talent pipeline through mentorships and exposure to career paths and engagement with the future workforce. The two merged organizations hope to help more women become speakers and leaders through AHLA's ForWard: Advancing Women in Hospitality and other industry events and expanding a speakers' bureau of hospitality leaders who are women, besides conducting ongoing research related to diversity, equity, and inclusion, including women in hospitality leadership and diversity benchmarking.

U.S. HOTEL LEISURE travel revenue is projected to rise 14 percent this year over pre-pandemic levels and business travel revenue is expected to be within 1 percent of 2019 range, according to a report by the American Hotel & Lodging Association and Kalibri Labs. However, these projections are not adjusted for inflation, and real hotel revenue recovery may take many years, a statement said. Among the top 50 U.S. markets, 80 percent are projected to see hotel leisure travel revenue exceed 2019 levels, but just 40 percent are expected reach that milestone for business travel revenue. Many urban markets are yet to recover due to their dependence on business from events and group meetings, the report said. All markets in the top 10 are likely to report increase in leisure travel revenue except New York, Washington and San Francisco. Whereas, in business travel revenue only Orlando, Las Vegas and San Diego will end up this year in green among the top 10.

THE REVPAR OF U.S. hotels is expected to surpass 2019 levels this year, according to the upgraded forecast by STR and Tourism Economics. Still, full recovery may be a couple of years away. ADR and RevPAR for U.S. hotels are forecasted at $14 and $6 higher in 2022 respectively, when compared to 2019, the report presented at the 44th annual NYU International Hospitality Industry Investment Conference stated. However, occupancy in this year is projected to come in under the pre-pandemic comparable. Earlier, the forecast projected nominal RevPAR recovery in 2023. According to the forecast, the major factor in the revised timeline was a plus $11 adjustment in 2022 ADR. But, when adjusted for inflation, full recovery of ADR and RevPAR are not projected until 2024. The report added that central business districts and the top 25 markets are not expected to reach full RevPAR recovery until after 2024.

Nakul Anand, former executive director of ITC Hotels, has been named chairman of the advisory board for Tricone Luxury Hotels, a subsidiary of U.S.-based Tricone Engineers. Anand brings four decades of hospitality experience. He will oversee the company's continued growth in India, Tricone said in a statement. "We are thrilled to welcome Nakul Anand to our team," Alok Aggarwal, Tricon Luxury Hotels' CEO, said in an article on ANI. "His unparalleled expertise in the hospitality industry will be instrumental in shaping our company's vision and integrating sophisticated hospitality services and sustainability initiatives into our hotels and real estate projects." Tricone Luxury Hotels recently executed memorandums of understanding with Indian hotel brands and acquired land for a real estate project in Alibaug near Mumbai, which will be marketed soon. The company is set to launch luxury hotels and hospitality-oriented real estate projects in Alibaug.

Kurumoch International Airport Development Project is a two-phased airport development and refurbishment project.

DD PARTNERS, PEACHTREE Group, and Woodbine Development are collaborating on Embassy Suites Gulf Shores, a resort with a Gulf of Mexico view located in tourism spot in Alabama. DD Partners and Woodbine lead the development and asset management of the 8-story joint venture project, with Peachtree overseeing resort operations. The project is currently in progress and is expected to be completed in the summer of 2025, the companies said in a joint statement. The 8-story property will feature 257 all-suite beachfront guestrooms, along with 13,620 square feet of enclosed meeting and pre-function space, including a 7,800-square-foot ballroom, the statement said. The resort will also feature a 3-story parking garage and 7,618 square feet of leasable retail space.

STR AND TOURISM ECONOMICS have increased year-over-year growth projections for ADR and RevPAR in the final revision of the U.S. hotel forecast for 2023. While some factors, such as higher interest rates and more restrictive lending, may impact the economy, their effect on the travel industry is not expected to be strong. In 2023, RevPAR saw a 0.3 percentage point increase, propelled by a 0.6ppt rise in ADR growth, according to STR and TE. Meanwhile, recent RevPAR trends affirm rate as the predominant performance driver. Occupancy was downgraded by 0.2ppts, STR and TE said in a statement. Growth projections for key performance metrics in 2024 remained flat from the previous forecast, reflecting the stabilization of long-term average trends.

BLACK PEOPLE MADE little progress in the hospitality industry over the past year, according to a report from diversity advocacy group the Castell Project. The COVID-19 pandemic was particularly hard on Black hotel workers and executives. The Castell Project released the "Black Representation in Hospitality Leadership 2022" on Tuesday, which was International Women's Day. Much like last year's report, it showed little progress for racial diversity in the industry. For example, only 11 percent of the 671 hotel company websites reviewed for this study showed Black executives, director through CEO, prominently on their websites in 2021, down from 2019. Those Black executives represented just 2 percent of all hospitality industry executives on the websites reviewed.

THE STATE OF the U.S. hotel industry is strong going into 2024, according to American Hotel & Lodging Association's 2024 State of the Hotel Industry report. Average hotel occupancy is expected to reach nearly 63.6 percent in 2024, a slight increase from the 62.9 percent in 2023 but below the 65.8 percent rate recorded in 2019. Nominal RevPAR is also anticipated to rise to $101.82 in 2024, up by 4 percent from 2023 and over 17 percent from 2019. AHLA projects hotels will pay employees a record sum of over $123 billion in wages, salaries, and compensation in 2024, surpassing $118 billion in 2023 and $102 billion in 2019. Hotels are expected to add approximately 45,000 employees this year, while the industry's workforce remains nearly 225,000 below the almost 2.37 million employed in 2019, the AHLA report said. The report, projecting persistent challenges for hoteliers in the face of nationwide labor shortages as they approach 2019 occupancy levels, draws on data and analysis from Oxford Economics. It was developed in collaboration with AHLA Premier Partners: STR, Avendra, Ecolab, Encore, JLL, Oracle, and Towne Park.

WYNDHAM REWARDS RECENTLY announced the three finalists for the mural project at Gillespie Golf Course in Greensboro, North Carolina. The selected artists are Vincent Ballentine from Brooklyn, New York; Raman Bhardwaj from Greensboro, North Carolina; and Abel Jackson from Charlotte, North Carolina. A committee of key community figures and organizations chose these finalists from over 50 nationwide applicants, Wyndham said in a statement. The project aims to honor the Greensboro Six, a group of Black men who, in 1955, played golf at the whites-only Gillespie course, the statement said. Their act of defiance against segregation occurred just a week after Rosa Parks' arrest for refusing to give up her seat on a Montgomery bus. The Greensboro Six were arrested, convicted of trespassing, and spent 15 days in jail. Their actions and subsequent court cases eventually led to the desegregation of Gillespie Golf Course. In 1961, the Greater Greensboro Open (now the Wyndham Championship) became the first PGA Tour event in the South to welcome a Black player, Charlie Sifford.

New Augmented Reality Project Revolutionizes Train Travel

Sunrise Yachts, a yacht builder based at Antalya, Turkey, launched a new motor yacht of the Sunrise 45m Series, tentatively named Project 'Sunset', in August. The vessel was ordered by an undisclosed North-American yachtsman in July 2013, after the successful run of her sister vessel M/Y Africa, which was delivered in 2009.

The London Cheese Project restores this May, assuming control over the Geffrye Museum in Hoxton. From conventional Mexican cheeses to hard and blue cheddar.

Find out more information about the daring new construction project that will create more luxury housing in the Principality of Monaco. LCPM shares info.

Read about a new €50 million architectural project that has been approved to build villas in Monaco - funded by Russian billionaire, Vladimir Melnichenko.

Those looking to invest in Monaco properties - whether purchasing a family home or buying an investment property - stand to benefit from the new constructions, as modern buildings are among the most appealing properties in the Principality.

THE U.S. HOTEL industry is on track to full recovery from the COVID-19 pandemic, according to STR's latest industry forecast. Progress may be uneven, however, as some obstacles, such as labor costs, still remain. ADR will near full recovery in 2022, averaging $130 while occupancy for the year is predicted to reach 63.4 percent. RevPAR's average for the year is set to be $82,down 4 percent compared to 2019, but it is expected to be fully recovered in 2023, according to the forecast given at the 43rd Annual NYU International Hospitality Industry Investment Conference. STR and Tourism Economics said changes in the nation's economy warranted the new forecast. "We have essentially moved up the top-line recovery timeline by one year, with the caveat that improved RevPAR projections are largely due to ADR," said Amanda Hite, STR's president. "ADR has risen more rapidly than we expected-in some cases, that rise was due to strong demand confronting capacity constraints, which enabled solid revenue management, while in other cases, the rise was more influenced by inflation. When adjusted for inflation, RevPAR is further off the pace and will likely remain below 2019 levels until at least 2025. Other than the first quarter of 2021, demand has mostly adhered to the forecast with strong leisure travel, slowly improving group business and an expected progressive increase in international arrivals next year. Of course, these are all national projections of top-line performance. Recovery is not playing out the same across the marketplace, and as noted in our latest monthly P&L release, the cost of labor is adding pressure on the bottom line, which is a contributing factor to many hotels driving rate. Recovery is progressing at a solid rate no doubt, but there will still be plenty of ups and downs along the way."