Group items matching

in title, tags, annotations or url

A NEW ENVIRONMENTAL, social and governance report released by Choice Hotels International highlights steps that would allow the company to reduce utility costs, save time for franchisees, and increase Choice's ESG commitments. Those steps include new energy- and water-saving technology, diversity goals for hotel ownership and more. The report entitled "Building a Better Tomorrow, Today" lays out the company's plan to being a good corporate citizen, according to a release. "Choice Hotels shares a uniting belief that tomorrow will be even better than today, and we are committed to building that better tomorrow," said Patrick Pacious, Choice's CEO, in the report. "As one of the largest lodging franchisors in the world, we are building on more than 80 years of success in developing a portfolio of diversified brands and creating a lasting, sustainable legacy for the future - one hotel, one family, one community at a time." Key findings The report further details measures being undertaken by Choice to integrate ESG standards and principles into its long-term decision-making and operations, including: Reporting Scope 1 and Scope 2 greenhouse gas emissions for the first time and aligning ESG disclosures with the Sustainability Accounting Standards Board standards and the United Nations Sustainable Development Goals. Appointing an executive with knowledge of the business as vice president, sustainability and creating two new ESG governance forums to strengthen Choice's ESG strategy and execution. Joining the Sustainable Hospitality Alliance, a global network that champions responsible hospitality, and becoming one of its largest members. Relaunching HERtels by Choice, driving a 53 percent year-over-year increase in the company's hotel franchise deals with woman owners. Committing $25 million in incentives for contracts with underrepresented minority and woman owners by 2025. Setting a goal to increase the representation of women in senior leadership roles to 50

GOPPAR FOR U.S. hotels in February exceeded the levels of the pre-pandemic comparable time period and was the highest since October 2022, according to STR's February 2023 Profit & Loss data. EBITDA was the only key bottom-line metric on a per-available-room basis to come in lower than February 2019, STR said in a statement. GOPPAR reached $77.37 for the month, up 1.6 percent over the same month in 2019, TRevPAR stood at $217.20, up 3.7 percent, and EBITDA PAR was $51.63, down 0.6 percent against February 2019. Labor costs were $73.70, a 2.9 percent increase. "The profit-and-loss metrics followed typical industry trends, improving from the prior month," said Raquel Ortiz, STR's director of financial performance. "Both GOPPAR and GOP margins were the highest since last fall, while profit margins came in just one percentage point below 2019. Profit margins for limited-service hotels are further behind in recovery than full service, likely due to increasing labor costs that bear heavier weight on the bottom line." "An increase in top-line group demand is beginning to show in the bottom line, as catering and banquet revenues are inching closer to 2019 levels and meeting space rentals and services charges surpassed that threshold. On a per-operating-room basis, nearly all F&B revenues outpaced the pre-pandemic comparables," Ortiz added. Of the major markets, 10 realized both GOPPAR and TRevPAR levels higher than the 2019 comparables, the statement said. "February was a slower month for markets that are more dependent on groups and conventions, such as Atlanta, San Francisco and Minneapolis," Ortiz further said. "Warmer markets have remained at the top, with Phoenix showing the highest TRevPAR recovery and second highest GOPPAR recovery for the month, helped by peak season and Super Bowl LVII."

U.S. HOTEL PERFORMANCE declined in the third week of December as anticipated ahead of the holidays, according to CoStar. Three key metrics-occupancy, ADR, and RevPAR-all dipped compared to the previous week. Occupancy fell to 43.9 percent for the week ending Dec. 23, down from the previous week's 54.7 percent, but demonstrated a year-over-year increase of 0.5 percent. ADR decreased to $131.97, compared to the prior week's $142.62, marking a 0.9 percent decline from the previous year. RevPAR also declined to $57.9, compared to the prior week's $77.99, indicating a 0.4 percent decrease from the corresponding period in 2022. Among the top 25 markets, Boston experienced the most significant year-over-year increases, with occupancy rising by 21.5 percent to 46.2 percent and RevPAR up by 23.1 percent to $65.68. Anaheim recorded the highest ADR increase, rising by 14.7 percent to $190.86.

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.

BY THE FOURTH quarter of last year, group business in 10 of the top markets in the U.S. had recovered 110 percent compared to the same time in 2019, according to the Hospitality Group and Business Performance Index from Knowland and Amadeus. The top 20 markets have achieved 100 percent of 2019 levels of occupancy and ADR, with 10 surpassing 110 percent or more. Group business reached the 110 percent health index in the fourth quarter because it used 95.5 percent of the group rooms sold in 2019, coupled with a 14.8 percent increase in ADR, according to the index. Overall growth for the year 2023 stood at 103 percent, with 92.5 percent of group rooms sold in 2019 and an accompanying average rate increase of 11.7 percent. Meetings and event business rebounded to 91.9 percent in the fourth quarter compared to 2019, with an end-of-year recovery rate of 91.2 percent. The volume of smaller groups led to stability in the market, according to Knowland. Currently, 70 percent of events have 200 attendees or less and smaller meetings, those with less than 25 attendees, saw the most growth, experiencing a 19 percent increase since 2019.

PINAL PATEL WAS elected secretary of AAHOA in the culmination of 2024 AAHOA Convention & Trade Show held this week in Orlando. New members of the association's board of directors also were elected and new industry partners were announced. Pinal, of Goodlettsville, Tennessee, defeated H.K. "Hare Krishna" Patel for the secretary position. He was born in Bardoli, India, and his family moved to the U.S. in 1984 when he was 2, according to AAHOA. They lived in Nashville, Tennessee, Pinal said his parents did not speak any English when they brought him and his 1-year-old brother to America. Pinal's parents bought their first independent hotel in 1991, and he is a second-generation hotelier even after graduating flight school at Embry Riddle in Daytona Beach, Florida, before buying his first franchise property. Previously, he has served as an AAHOA ambassador and as AAHOA's director at large Eastern Division. "Hard work definitely pays off," Patel said. "I'm going to make sure we do what's right for the association and for the members. I promise to all my supporters, my family, and my fellow members that I will not let you down. I will do what's best for the association's interests."

In an era where sustainability and convenience are paramount considerations for travelers, hotels are embracing innovative solutions to stay ahead in the competitive hospitality industry. One such forward-thinking amenity that is transforming the guest experience and boosting revenue is the integration of electric vehicle charging stations. Beyond environmental consciousness, these charging stations offer a plethora of benefits that can significantly impact a hotel's bottom line. 1. ATTRACTING A GROWING MARKET SEGMENT The shift towards electric vehicles is undeniable, with more consumers opting for eco-friendly transportation. In the years to come more EVs will be hitting the roads. By installing EV charging stations, hotels tap into a burgeoning market segment, attracting EV travelers that plan their trips around EV chargers. This strategic move puts the hotel at the top of the list and positions the hotel as a progressive and forward-looking establishment. 2. ENHANCING THE GUEST EXPERIENCE Providing EV charging stations enhances the overall guest experience. Travelers with electric vehicles often face the challenge of finding suitable charging points during their journeys. By offering on-site charging, hotels alleviate this concern, fostering a sense of convenience and loyalty among guests. The seamless integration of charging stations into the guest experience contributes to positive reviews and encourages repeat bookings.

WYNDHAM HOTELS & RESORTS and WaterWalk recently launched a new upscale brand, "WaterWalk Extended Stay by Wyndham." This deal will introduce up to 11 hotels with more than 1,500 rooms, initially in markets such as Tucson, Jacksonville, and Wichita. Pictured is the lobby of the WaterWalk by Wyndham - Phoenix. The new brand is Wyndham's 25th addition to its portfolio and will join the company's existing economy and mid-scale extended-stay brands, Wyndham said in a statement. "In the last year, guest demand for the extended stay segment reached record highs, which has been underscored by demand from owners and developers looking for new opportunities to partner with Wyndham," said Chip Ohlsson, Wyndham's chief development officer. "Our vision is to offer the industry's most robust portfolio of extended stay brands and the addition of WaterWalk marks an important step in that direction-helping ensure we have an offering in every segment, for every owner and for every guest." WaterWalk, founded by the late Jack DeBoer, currently runs 11 hotels in the U.S., the statement added. Newer hotels adopt the brand's Gen 2.0 prototype, focusing on efficient design and lower operating costs to increase profitability.

EXTENDED-STAY ROOM SUPPLY increased by 1.8 percent in February due to it being a leap year, consistent with the average monthly increase observed over the last two years, according to The Highland Group. February marked 29 consecutive months of 4 percent or less supply growth. Additionally, the change in supply has remained below 2 percent for more than two years, with both metrics significantly falling below the long-term average. The 18.8 percent surge in economy extended-stay supply, along with a modest increase in mid-price segment rooms, is largely attributed to conversions, The Highland Group said. Meanwhile, new construction in the economy segment is estimated at around 3 percent of open rooms compared to a year ago. 2024 first half supply trends Supply change comparisons have been affected by rebranding, segment realignment in The Highland Group's database, and the de-flagging of hotels failing to meet brand standards, along with sales to multi-family apartment companies and municipalities, the report said. This trend is expected to persist into the first half of 2024, particularly with older extended-stay hotels still available on the market.

PEACHTREE GROUP, A commercial real estate investment firm with a $6.4 billion portfolio, has secured approximately $660 million in credit investments since Dec. 1, with an additional $350 million expected to close within the next 30 to 45 days. These investments focus on hotels, multifamily, industrial, and student housing, Peachtree said in a statement. "We are witnessing heightened activity in response to the anticipation of sustained elevated interest rates and continued reductions in bank exposure," said Greg Friedman, Peachtree Group's managing principal/CEO. "The pressing need to refinance maturing debt, estimated at $2.8 trillion in U.S. commercial real estate debt by the end of 2028, is a growing concern. Commercial real estate stakeholders are grappling with the challenges of increased capital costs and constrained liquidity, particularly in securing capital for acquisitions, recapitalizations and development initiatives." Peachtree recently closed one of its largest individual credit transactions to date, securing a $102.9 million, three-year loan to recapitalize a 350-room Marriott dual-brand AC Hotel Sunnyvale Moffett Park and TETRA Hotel, Autograph Collection in Sunnyvale, California, the statement added.

U.S. HOTEL PERFORMANCE showed improvement in the second week of January compared to the previous week, with mixed year-over-year comparisons, according to CoStar. Key metrics, including occupancy, ADR, and RevPAR, saw moderate increases during the week compared to the New Year's commencement. The performance was influenced by the Consumer Electronics Show. Occupancy came in at 53.3 percent for the week ending Jan. 13, up from the previous week's 46.8 percent and reflecting a 2.8 percent year-over-year decrease. ADR rose to $153.84, compared to the prior week's $152.17, showing a 6.3 percent increase from the previous year. RevPAR increased to $81.96 from the prior week's $71.28, showing a 3.3 percent rise from the corresponding period in 2023. Among the top 25 markets, Las Vegas demonstrated the largest year-over-year increases in each of the three performance metrics. Occupancy increased by 29 percent to reach 79.8 percent, ADR rose by 77.3 percent to $283.74, and RevPAR increased by 128.8 percent to $226.34.

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.

EXTENDED-STAY HOTELS DISPLAYED varied performance in December compared to the overall hotel industry, with supply, demand, and room revenues showing relative gains, according to The Highland Group. Occupancy experienced a milder decline than the broader hotel sector while low ADR growth and an unexpected decline in economy extended-stay RevPAR resulted in a total extended-stay hotel RevPAR decrease versus a slight RevPAR increase in the overall hotel industry. The 2.4 percent net increase in extended-stay room supply in December represents a modest rise compared to the average over the past 18 months and a slight gain over the most recent three months, the report said. Supply shifts overview December marked nine consecutive quarters with 4 percent or less supply growth, significantly below the long-term average, according to The Highland report. The 13 percent surge in economy extended-stay supply and the reduction in mid-price segment rooms are primarily attributed to conversions, with new construction in the economy segment accounting for approximately 3 percent of rooms compared to a year ago.

HYATT HOTELS CORP. reported strong early 2024 performance, with RevPAR and revenue growth, fueled by pipeline expansion driving its core hotel business and global franchise network. Systemwide RevPAR surged by 5.5 percent compared to 2023, while all-inclusive resorts net package RevPAR soared by 11 percent. Meanwhile, U.S. RevPAR increased by approximately 2 percent, excluding the Easter impact, indicating normalized growth. Net rooms grew by about 5.5 percent, with net income at $522 million and adjusted net income at $75 million, Hyatt said in a statement. Adjusted EBITDA stood at $252 million, dropping by 9 percent compared to Q1 2023, mainly due to the Super Bowl in Phoenix, increased real estate taxes, higher wages, and transaction costs from ongoing asset sales.

U.S. HOTEL PERFORMANCE improved in the second week of May compared to the previous week, with positive year-over-year comparisons, according to CoStar. Key metrics such as occupancy, RevPAR, and ADR all increased week-over-week. Occupancy rose to 66.1 percent for the week ending May 11, up from 64.4 percent the previous week, representing a 2.1 percent year-over-year increase. ADR increased to $162.14 from $159.97, a 4.4 percent rise compared to last year. RevPAR reached $107.24, up from $103.09 the prior week, showing a 6.6 percent increase compared to the same period in 2023. Among the top 25 markets, San Francisco reported the highest year-over-year increases in each of the three key performance metrics: occupancy increased by 20.6 percent to 79.3 percent, ADR rose by 54.5 percent to $313.13, and RevPAR increased by 86.3 percent to $248.28. The market's performance was boosted by the RSA Conference.

Red Roof Inn Charlotte-Airport in Charlotte, North Carolina, and Red Roof Inn Doswell-Kings Dominion in Doswell, Virginia, are now open. Shree Shradhaa Saburi LLC, led by Kiran Patel, owns the 108-room Charlotte property. SJ Hotel LLC, led by Nilang Maniarah, owns the 108-room Doswell hotel. Shree Shradhaa invested $700,000 in renovating the Charlotte hotel, while SJ Hotel spent $1.2 million in renovations of the Doswell property, Red Roof said in a statement. Both hotels are pet friendly. The Charlotte hotel is near the U.S. National Whitewater Center, Charlotte Convention Center, NASCAR Hall of Fame, Billy Graham Library, Harvey B. Gantt Center, Atrium Health Carolinas Medical Center, Carolina Raptor Center, Charlotte Douglas International Airport and Gastonia Municipal Airport, the statement said.

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."

COSTAR GROUP, A real estate marketplace and analytics provider, granted STR's hotel data subscribers access to its full product suite, enabling users to leverage multisegmented market analytics and forecasts. The services include a tenant database of 7.8 million spaces, an inventory of 6.7 million properties, a pipeline tracking 79,000 projects and a transactions database with 4.2 million sales comparables, CoStar said in a statement. "Today, CoStar becomes the product for tens of thousands of hotel users worldwide," said Andy Florance, CoStar Group's founder and CEO. "With access to the full product offering, hotel owners, operators and brand representatives will gain comprehensive insights across all commercial asset categories, enabling them to refine their sales strategy and identify new investment opportunities." STR's latest benchmarking solution debuted within the CoStar product in May 2023, the statement added. This comprehensive, multilingual tool offers enriched STAR Reports, detailed property and portfolio insights, and advanced visualizations to streamline revenue and performance management, operations, sales, marketing, and finance.

1. Introduction to Commercial Refrigeration: Commercial refrigeration systems have evolved into sophisticated technologies that serve a multitude of industries. From preserving perishable foods to storing temperature-sensitive pharmaceuticals, these systems play a vital role in modern business operations. The versatility of commercial refrigeration extends beyond conventional cooling needs, catering to diverse applications with precision and efficiency. As businesses strive for sustainability and efficiency, the demand for innovative refrigeration solutions continues to rise. In this article, we explore the multifaceted nature of commercial refrigeration and its far-reaching impact across industries. Asian Hospitality 2. Diverse Applications: The applications of commercial refrigeration span across various sectors, including hospitality, healthcare, retail, and agriculture. In the food industry, refrigeration is essential for maintaining the freshness and safety of perishable goods throughout the supply chain. Beyond food storage, commercial refrigeration is instrumental in preserving the efficacy of pharmaceuticals and vaccines, ensuring compliance with stringent storage requirements. Moreover, industries such as manufacturing, and laboratories rely on precise temperature control for storing sensitive materials and conducting experiments. The versatility of commercial refrigeration enables businesses to adapt to evolving needs and regulations while maintaining optimal conditions for their products.

U.S. HOTEL PERFORMANCE improved in the fourth week of June compared to the previous week, showing positive year-over-year results, according to CoStar. Occupancy, RevPAR and ADR all increased over the prior week. Occupancy increased to 71.9 percent for the week ending June 29, up from 69.5 percent the previous week, showing a 3.2 percent year-over-year increase. ADR rose to $162.81 from $159.88, marking a 3.6 percent increase compared to last year. RevPAR climbed to $117.13 from $111.17 the previous week, reflecting a 6.9 percent decrease compared to the same period in 2023. Among the top 25 markets, Minneapolis recorded the highest year-over-year increases: occupancy rose by 20.1 percent to 74.8 percent, ADR increased by 15.7 percent to $150.42 and RevPAR grew by 39 percent to $112.46. The market's performance was boosted by events such as the U.S. Olympic Gymnastics Trials and the Twin Cities Pride Parade.