Group items tagged

FLEXIBLE SUPPLIER CONTRACTS and cost-effective cloud solutions provide homegrown mid-segment hotel brands in India a competitive edge over international counterparts, according to a recent study by Hotelogix, a cloud-based hospitality technology provider. The paper notes that Indian brands understand local culture and traditions better than international ones. Hotelogix's whitepaper, The Rise and Rise of India's Home-grown Mid-segment Hotel Brands, revealed that domestic mid-segment brands control about 60 percent of India's total branded rooms. These brands are leveraging management contracts and franchise models as growth strategies, gaining an edge over international chains. Also, homegrown brands with smaller inventories can expand rapidly in cities with populations between 10,000 and 99,999, where 80 to 85 percent of demand is domestic, making it difficult for international brands to establish operations.

CHOICE HOTELS INTERNATIONAL reported a 16 percent year-over-year increase in net income to $299.7 million in 2024 and a 12 percent rise in adjusted EBITDA to a record $604.1 million, exceeding its full-year guidance. The company's global system size grew 3.3 percent to 653,810 rooms, including 4.3 percent growth in its domestic upscale, extended-stay and midscale portfolio. It opened 407 hotels globally in 2024, a 21 percent increase, including its 515th extended-stay hotel in the fourth quarter, Choice said in a statement. "Choice Hotels generated another year of strong results in 2024, exceeding the top end of our earnings guidance and delivering a 4.3 percent year-over-year net increase in our more revenue-intense domestic rooms portfolio, a testament to the success of our growth strategy," said Patrick Pacious, Choice president and CEO. "In 2024, we also successfully relaunched four brands, expanded our partnerships business, increased our international footprint, achieved record organic rewards program growth, and unlocked new value through additional ancillary revenue opportunities."

Regardless of where you're traveling in Rishikesh, Luxury Hotels and Resorts are available for staying near Neelkanth Road. You can hear the sound of the spouting water winding through the foothills of the Himalayas. There are something more attractive places to visit Rishikesh that in a flash associates will all explorers coming here. From the quiet environs and profound customs to stunning perspectives of taking off crests around, there's nothing upsetting about the town.

The Radisson Hotel West Sacramento is open in Sacramento, California. It was developed by 365 Hospitality and West Sacramento Hospitality, led by Ankit Panchal as CEO and managing member respectively. The 140-room hotel near Sacramento International Airport underwent an extensive renovation converting to a Radisson, including the lobby, atrium, fitness center and restaurant. Nearby attractions include River Walk Park along the Sacramento River, the Crocker Art Museum, the California Highway Patrol Academy, the California Department of General Services and several other company headquarters. Amenities include a fitness center, indoor spa and hot tub and an outdoor pool. The hotel has 4,000 square feet of event space across four rooms for up to 250 guests.

Occupancy was 62 percent for the week ending April 16, down from 66.4 percent the week before and down 5.6 percent from 2019. ADR was $147.25 for the week, down from $150.45 the week before and up 14.4 percent from 2019. RevPAR reached $91.25 during the week, down from $99.93 the week before and up 8 percent from three years ago. Among STR's top 25 markets, Tampa saw the highest occupancy increase over 2019, up 3.2 percent to 76.6 percent. Phoenix posted the largest ADR increase in the week, up 33.8 percent to $189.16, over 2019.

IT'S TIME FOR AAHOA'S 2022 Convention and Trade Show in Baltimore, Maryland. More than 5,200 members are expected attend the show Tuesday to Friday at the Baltimore Conference Center This year's AAHOACON22 marks a return to the conference's regular April schedule after last year's conference was held in August. More than 450 companies will be exhibiting at the show, which will feature 10 education sessions and three networking events. "AAHOA's staff and convention committee have been working around the clock to make this year the best one yet. Whether for education, inspiration, deal-making, networking, or simply having fun, we have an incredible lineup for this year's event," said Vinay Patel, AAHOA's current chairman. "To everyone who has already registered to attend and are headed to Baltimore, it means so much to us that you've made the necessary sacrifices to be here. We hope you find AAHOACON22 to be immeasurably enriching and rewarding, and a valuable experience. We can't wait to see our old friends, make new ones, and celebrate the hard work we've all put in over the past few months."

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.

U.S. HOTEL PERFORMANCE fell in the first week of August compared to the week before following seasonal patterns, according to STR. However, ADR and RevPAR were up compared to the same period in 2019. Occupancy was 69.9 percent for the week ending August 6, down from 71.9 percent the week before and dropped 5.7 percent from 2019. ADR was $154.48 for the week, decreased from $158.32 the week before and increased 15.1 percent from three years ago. RevPAR reached $108.04 during the week, down from $113.90 the week before and up 8.5 percent from 2019. St. Louis reported the largest occupancy increase during the week, up 7.1. percent to 75.9 percent, over 2019, among STR's top 25 markets. Oahu Island (84.6 percent) led major markets in absolute occupancy during the first week of August, followed by Seattle (84.8 percent), and San Diego (83.8 percent).

U.S. HOTEL PERFORMANCE dipped slightly in the second week of August in line with seasonal trends, according to STR. However, ADR and RevPAR increased compared to the same period in 2019. Occupancy was 68.5 percent for the week ending August 13, down from 69.9 percent the week before and dropped 4.6 percent from 2019. ADR was $152.34 for the week, down from $154.48 the week before and increased 15.8 percent from three years ago. RevPAR reached $104.30 during the week, fell from $108.04 the week before and up 10. 5 percent from 2019. Among STR's top 25 markets, only Norfolk/Virginia Beach reported an occupancy increase, up 0.4 percent to 80.1 percent, over 2019.

U.S. HOTEL PERFORMANCE remained relatively flat during the third week of January, according to STR. Tampa, Florida, led the top 25 markets in terms of occupancy. Occupancy was 48.7 percent for the week ending Jan. 22, and it was 48.8 percent the week before. It was down 15.9 percent from the comparable week in 2019. ADR was $122.17 for the week, almost same as the week before at $122.12 and down 1.4 percent from two years ago. RevPAR reached $59.52, it was $59.57 the prior week and down 17.1 percent from the same period two years ago. None of STR's to 25 markets recorded an occupancy increase during the period compared to two years ago. Tampa came closest to its pre-pandemic comparable in the third week, down just 1.7 percent to 72.1 percent. It also posted the largest ADR rise, up 14 percent to $151.74. The only RevPAR increase was also registered at Tampa, up 12 percent to $109.39.

U.S. HOTEL PERFORMANCE increased in the third week of February mainly due to Presidents' Day weekend, according to STR. The data research firm also reported improvement for the week compared to 2019. Occupancy was 59.1 percent for the week ending Feb. 19, up from 54.6 percent the week before and down 8.4 percent for the same period in 2019. ADR was $140.11 for the week, increased from $133.72 the week before and up 8.4 percent from two years ago. RevPAR was $82.87 for the week, up from $73 the week before and down just 0.8 percent from the same period two years ago. Norfolk/Virginia Beach recorded the only occupancy increase among STR's top 25 markets in the third week of February, up 5.7 percent to 55 percent, over 2019. According to the report, Miami posted the highest ADR increase during the period, increased 28 percent to $347.48, followed by Super Bowl LVI host, Los Angeles, which was up 26.4 percent to $225.07.

U.S. HOTEL PERFORMANCE declined in the fourth week of April compared to the previous week and the corresponding period last year, as expected during Passover, according to CoStar. All key metrics, including occupancy, RevPAR and ADR, experienced a decrease compared to the previous week. Occupancy came in at 65.7 percent for the week ending April 27, down from the previous week's 66.8 percent, while marking a 1.2 percent year-over-year decrease. ADR decreased to $154.44 from $158.60, reflecting a 1.3 percent decline compared to last year. RevPAR stood at $101.42, down from $105.94 the prior week, indicating a 2.5 percent dip compared to the same period in 2023. Among the top 25 markets, Seattle reported the sole double-digit increase in occupancy, rising by 15.6 percent to 74.6 percent. Detroit, host of the NFL Draft, saw the most significant surge in both ADR, rising by 21.8 percent to $147.83, and RevPAR, increasing by 25.6 percent to $94.74.

THE BAIRD/STR Hotel Stock Index rose 10.5 percent to 6,760 in December, according to STR. Moreover, the stock index closed the year with a 38.4 percent gain in 2023, driven by a favorable interest rate outlook boosting investor sentiment and valuation multiples. "Hotel stocks - like the broader market - finished 2023 on a high note as the 'soft landing' narrative and lower interest rate outlook continued to boost investor sentiment and valuation multiples," said Michael Bellisario, senior hotel research analyst and director at Baird. "Both the hotel brands and hotel REITs were up more than 10 percent in December and outperformed their respective benchmarks. For the year, the hotel REITs' 19 percent gain more than doubled the return of real estate stocks broadly, while the hotel brands' 44 percent increase nearly doubled the performance of the S&P 500." The U.S. hotel industry closed the year on a strong note, said Amanda Hite, president of STR.

U.S. HOTEL PERFORMANCE dipped in the final week of April, as anticipated leading up to the Easter holiday, according to CoStar. Key metrics including occupancy, ADR, and RevPAR declined compared to the previous week, with year-on-year figures also showing a decrease. Occupancy fell to 62.3 percent for the week ending March 30, down from the previous week's 65.3 percent, marking a 5.6 percent year-over-year decrease. ADR dropped to $157.14 from $162.28, reflecting a 0.7 percent decline compared to last year. RevPAR stood at $97.83, down from $106.01 the previous week, indicating a 6.3 percent dip compared to the same period in 2023. Among the top 25 markets, New York City saw significant year-over-year growth across all three key performance metrics: occupancy surged by 13.2 percent to 88.2 percent, ADR rose by 14.1 percent to $285.98, and RevPAR increased by 29.1 percent to $252.18.

U.S. HOTEL INDUSTRY reported lower performance results in the first week of June from the previous week, according to CoStar. However, there was slightly positive comparisons year over year. All key metrics including occupancy, RevPAR and ADR were down compared to prior week. Occupancy declined to 62 percent for the week ending June 1, down from 67.7 percent the prior week, reflecting a 0.9 percent year-over-year increase. ADR decreased to $150.87 from $160.67, yet still showed a 0.1 percent increase compared to last year. RevPAR stood at $93.50, a decline from the previous week's $108.73, but marking a 1 percent increase compared to the same period in 2023. Among the top 25 markets, New Orleans experienced the highest year-over-year occupancy increase, rising 17.8 percent to 66.8 percent.

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.

U.S. HOTEL PERFORMANCE declined in the third week of June compared to the previous week, with mixed year-over-year results, according to CoStar. Key metrics such as occupancy, RevPAR, and ADR all decreased from the prior week. Occupancy declined to 69.5 percent for the week ending June 22, down from 70.3 percent the previous week, with a 2.5 percent year-over-year decrease. ADR fell to $159.88 from $161.70, despite a 0.1 percent rise compared to last year. RevPAR decreased to $111.17 from $113.62 the previous week, marking a 2.3 percent decrease compared to the same period in 2023. Among the top 25 markets, Seattle recorded the highest year-over-year increases, with occupancy rising by 11.1 percent to 84.9 percent and RevPAR growing 16.8 percent to $179.47. Meanwhile, Philadelphia saw the largest increase in ADR, rising 6.5 percent to $170.10.

U.S. HOTEL PERFORMANCE dropped in the first week of July compared to the previous week due to Independence Day on July 4, according to CoStar. Key metrics, including occupancy, ADR, and RevPAR, saw declines over the prior week. Occupancy was 61.3 percent for the week ending July 6, down from 71.9 percent the previous week, showing a 0.9 percent year-over-year decrease. ADR dropped to $157.27 from $162.81, marking a 0.5 percent increase compared to last year. RevPAR fell to $96.35 from $117.13 the previous week, reflecting a 0.4 percent decrease compared to the same period in 2023. Among the top 25 markets, New Orleans saw the highest year-over-year increases in each of the three key performance metrics: occupancy rose 15.5 percent to 56.6 percent, ADR increased 35.1 percent to $197.23 and RevPAR grew 56.1 percent to $111.72.

NEWCRESTIMAGE IS EXPANDING its portfolio of luxury full-service properties with the addition of The Beeman Hotel in Dallas, which has 296 guestrooms and suites across nine floors. Coury Hospitality will manage the property, NewcrestImage said in a statement. NewcrestImage is led by Mehul Patel, managing partner and CEO. The Beeman Hotel, fully renovated in 2021, features a heated indoor pool, a 24-hour fitness center, 12,000 square feet of flexible conference space, a lounge with video games, and the Seely Mill restaurant, the statement said. The property is adjacent to Southern Methodist University (SMU) and the George W. Bush Presidential Library, and is less than six miles from the Kay Bailey Hutchison Convention Center, the 20,000-seat American Airlines Center, Love Field and NorthPark Center. "The Beeman is a very high-quality property that offers tremendous upside potential to help drive our ambitious growth goals," said Patel. "To further and fully optimize this hotel's value and profits, we intend to rebrand in the high-end upscale category."

THE NEW YORK City Council passed the controversial Safe Hotels Act, also known as Intro. 991, on Wednesday, despite strong opposition from industry groups like AAHOA and the American Hotel & Lodging Association. The council's Committee on Consumer and Worker Protection approved the bill, requiring hotel operators to obtain a license to operate in New York City. The associations argued that the bill, introduced by Councilwoman Julie Menin on July 18, will have a damaging impact on New York's hotels and economy, particularly minority-owned businesses. AAHOA said the revisions made during the legislative process fail to address industry concerns. "While we acknowledge the passage of the Safe Hotels Act and the attempt to accommodate smaller properties, this revision still falls short of addressing our broader concerns with the legislation. Hoteliers of all sizes deserve the flexibility to manage their operations effectively to ensure efficiency and guest satisfaction," said Miraj Patel, AAHOA chairman. "The unintended consequences of this act will disproportionately affect minority-owned businesses, stifling entrepreneurship and innovation in the hospitality sector."