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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.

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IHG Hotels & Resorts' first-quarter 2024 RevPAR in the Americas declined by 0.3 percent year-over-year. This was driven by a 1.9 percent decrease in U.S. RevPAR, countered by an 11.3 percent increase in Canada, Latin America, and the Caribbean combined. Occupancy dropped to 63.1 percent, down by 1.1 percentage points, while ADR in the Americas rose by 1.5 percent. Meanwhile, IHG's global RevPAR increased by 2.6 percent in the first quarter and the company opened 6,200 rooms (46 hotels) globally, marking an 11.1 percent year-over-year increase after adjusting for Iberostar, IHG said in a statement. "Global RevPAR in the first quarter of 2024 continued to grow, up 2.6 percent, reflecting the strength of our globally diverse footprint," said Elie Maalouf, IHG Hotels & Resorts' CEO. "There was an impressive performance in EMEAA, which was up nearly 9 percent. The Americas, having already recovered very strongly, was broadly flat due to some adverse calendar timing, and Greater China grew by 2.5 percent and will continue to benefit from returning international inbound travel this year. Global occupancy moved up to 62 percent and ADR increased by a further 2 percent as pricing remained robust, reflecting the complete return of leisure, business and group travel."

U.S. EXTENDED-STAY HOTEL room revenues increased by $1.1 billion in 2023, similar to 2018 and 2019, though with a lower relative gain due to a larger room base, according to The Highland Group. All three extended-stay segments reported record-high room revenues in 2023, with the upscale segment leading despite previously lagging behind the pandemic recovery. The 6.1 percent increase in extended-stay hotel revenues outpaced the corresponding 5.5 percent gain reported by STR/CoStar for the overall hotel industry, the report said. However, extended-stay hotel supply experienced its smallest annual increase on record in 2023, at just 1.8 percent. Factors such as re-branding, de-flagging of non-compliant hotels, and sales to other sectors influenced supply fluctuations, a trend expected to persist into the first half of 2024, particularly with older extended-stay hotels remaining on the market. The report also highlighted a 6.6 percent increase in economy extended-stay supply, alongside modest gains in mid-price and upscale segments, primarily driven by conversions. New construction in the economy segment is estimated at around 3 percent of rooms open compared to one year ago.

U.S. HOTEL PERFORMANCE improved in the first week of June compared to the previous week, with mixed year-over-year results, according to CoStar. All key metrics, including occupancy, RevPAR, and ADR, rose compared to the prior week. Occupancy rose to 69.1 percent for the week ending June 8, up from 62 percent the previous week, with a slight 0.1 percent year-over-year decrease. ADR increased to $160.90 from $150.87, showing a 1.8 percent rise compared to last year. RevPAR increased to $111.26 from the previous week's $93.50, marking a 1.7 percent increase compared to the same period in 2023. Among the top 25 markets, Houston saw the highest year-over-year increases in occupancy, rising 14.8 percent to 71.1 percent, and in RevPAR, increasing 19.3 percent to $85.20. New York City recorded the largest increase in ADR, rising 9.1 percent to $358.25.

THE BUSINESS TRAVEL resurgence in the U.S. significantly impacted the economy in 2022, with every $1 spent returning $1.15 to the U.S. GDP, according to the Global Business Travel Association. The industry also contributed $484 billion to the U.S. GDP in the same year and the association forecasts a further increase in business travel spending for 2024. The study, titled "GBTA U.S. Economic Impact Study: Business Travel's Impact on Jobs and the U.S. Economy," revealed that for every 1 percent growth in business travel, the U.S. economy gains nearly 60,000 jobs, $2.9 billion in wages, $1.2 billion in tax revenue and $4.8 billion in new GDP. "The data shows that business travel is a substantial contributor to the health of the U.S. economy, and therefore also a key driver for the global economy," said Suzanne Neufang, GBTA's CEO. "Business travel supports millions of jobs and delivers billions in tax revenue, which is why it is important for policymakers to consider the impact on the industry when devising economic policies - and for sustainable solutions to be prioritized, funded and developed to help us abate travel's hardest-to-abate sectors."

IHG HOTELS & RESORTS reported a 23 percent increase in profit from reportable segments in 2023, surpassing the $1 billion milestone for the first time. The company also noted a 16.1 percent rise in RevPAR, a 5.1 percent increase in ADR, and a 6.4 percentage point uptick in occupancy during the previous year. It anticipates returning more than $1 billion to shareholders through dividends and share buybacks this year, IHG said in a statement. "Travel demand was strong across all markets, with RevPAR up 16 percent from last year and 11 percent ahead of the 2019 pre-pandemic peak," said Elie Maalouf, IHG Hotels & Resorts' chief executive officer. "Combined with the power of our enterprise and efficient operating model, profit from reportable segments grew by 23 percent, exceeding one billion dollars for the first time, and adjusted EPS grew by 33 percent." This marks one of the company's most significant quarters for development activity, IHG said. The company reported full-year revenue of $4.62 billion, marking a nearly 19 percent increase from $3.89 billion in 2022.

A-1 HOSPITALITY GROUP is working with Delta Inn Hotel Group to add its leadership team and three Portland, Oregon, airport hotels to its portfolio. The deal will expand A-1's presence in the Greater Portland area to 20 hotels and 645 keys across five states, the companies said in a joint statement. The hotels include the 150-key Courtyard, 121-key Hilton Garden Inn and the 104-key Fairfield Inn & Suites at Portland Airport. A-1 Hospitality, a family-owned hotel management and development company based in Kennewick, Washington, is led by President Vijay Patel and Managing Principal Taran Patel. Delta Inn, a family-owned hotel portfolio in Portland, Oregon, is led by CEO Scott Kim.

STR AND TOURISM Economics downgraded their growth rate forecast for the U.S. hotel business with their final revision of 2024. The forecast for next year remains uncertain as the impact of the presidential election becomes clear. For 2024, projected gains in ADR and RevPAR were each downgraded, down 0.5 percentage points to 1.5 percent growth for ADR and with RevPAR's projected growth dropping 0.6 ppts to 1.4 percent, respectively. Occupancy for the year was lowered 0.1 ppts to 62.9 percent, after the previous forecast projected the metric to remain steady from 2023. For 2025, the occupancy growth projection was downgraded 0.4 ppts, and the forecast for ADR and RevPAR increases were lowered to 1.6 percent and 1.8 percent, respectively. "The outlook for 2025 remains somewhat in flux, with positive sentiment potentially offset by the higher cost of living," said Amanda Hite, STR president. "Based on current economic conditions, higher-end hotels will continue to drive industry performance. The change in the presidential administration is anticipated to yield stronger economic conditions at first, which is not yet reflected in the data."

U.S. HOTELS SAW their performance improve for the week ending Feb. 1, with year-over-year gains, according to CoStar. ADR dipped slightly, while occupancy and RevPAR rose week over week. Occupancy increased to 56.5 percent for the week ending Feb. 1, from 54.3 percent the previous week, marking a 2.3 percent year-over-year increase. ADR dropped to $150.25 from $154.21, while still reflecting a 1.8 percent increase compared to the same period last year. RevPAR rose to $84.90 from $83.74, a 4.1 percent year-over-year increase. Minneapolis led the top 25 markets in year-over-year occupancy growth, up 13.6 percent to 47.4 percent, while RevPAR rose 16.7 percent to $56.67. Orlando saw the largest ADR increase, up 7.4 percent to $224.62.

WYNDHAM HOTELS & RESORTS reported growth in net rooms and its development pipeline for the third quarter. Global systemwide rooms increased 4 percent year-over-year, with 1 percent growth in the U.S. and 8 percent internationally. Global RevPAR rose 1 percent in constant currency compared to 2023, with a 1 percent decline in the U.S. and 7 percent growth internationally. The company's adjusted net income for the third quarter was $110 million, a 1 percent decrease year-over-year but a 3 percent increase on a comparable basis, Wyndham said in a statement. "Our teams delivered exceptional results, executing our growth strategy and achieving 7 percent growth in comparable adjusted EBITDA, driven by system expansion, higher royalty rates, and increased ancillary revenues," said Geoff Ballotti, president/CEO. "We awarded 10 percent more franchise contracts domestically, driving 5 percent growth in our development pipeline. Stabilizing RevPAR trends and increasing infrastructure demand are expected to lead to improved results in the coming quarters. We remain focused on delivering value to our guests, franchisees, and shareholders, having returned nearly $380 million year-to-date through dividends and share repurchases."

U.S. HOTEL PERFORMANCE improved for the week ending March 1 compared to the previous week, according to CoStar. Occupancy and RevPAR increased week over week, while ADR saw a slight decline, but all three metrics showed year-over-year growth. Occupancy increased to 62.8 percent for the week ending March 1, up from 60.3 percent the previous week and 0.4 percentage points higher year over year. ADR declined slightly to $159.26 from $159.90 the prior week but remained 2.7 percent higher than the same week last year. RevPAR increased to $100.06 from $96.49, reflecting a 3.1 percent gain compared to the same period in 2023. Among the top 25 markets, St. Louis recorded the highest year-over-year occupancy gain, rising 12.1 percentage points to 59.4 percent.

About Taste of Sri Lanka Travel Package Valid till 28th Feburary-2015 INCLUSION IN THE TOUR : 1. WELCOME AND GREETINGS AT AIRPORT 2. ACCOMMODATION IN ALL HOTELS MENTIONED ABOVE 3. 1 DBL ROOM WIL BE BOOKED IN EACH HOTEL 4. TRANSPORT BY LUXURY AC HYBRID TOYOTA PRIUS CAR 5. ENGLISH SPEAKING DRIVER GUIDE 6. APT GREETINGS & MEETINGS 7. ALL LOCAL TAXES 8. HONEYMOON AMINITIES INCLUDING BELOW CITY TOURS 9. KANDY CITY TOUR 10. COLOMBO CITY TOUR 11. NUWARA ELIYA CITY TOUR 12. BENTOTA CITY TOUR 13. GALLE CITY TOUR EXCLUSION FROM THE TOUR : 1. VIDEO PERMIT 2. LUNCH + DINNER - SRI LANKA 3. ENTRANCE FEES TO SIGHTSEEING'S 4. EARLY CHECK IN CHARGES 5. LATE CHECK OUT CHARGES 6. WATER SPORTS CHARGES 7. BOAT RIDE CHARGES COMPLIMENTRY SERVICES : 1. FREE LOCAL SIM CARD - SRI LANKA 2. MINNERAL WATER BOTTLES DAILY 3. DISCOUNT VOUCHER AT REVINS HARI BEAUTY SALON LOCATED AT THE PALMS * HOTEL BENTOTA Important Notes: (a) Confirmations of room/s are subject to availability at the time of booking only, we don't guarantee any room/s on any quotation issued (unless where specified) (b) (Leisure Travel & Tours) reserve the right to adjust the rates in case of tariff fluctuation by hotels and any erroneous rates given by the operating team (c) At time of issuing the booking voucher to guests, we request you to put in the picture that "Leisure Travel" shall take into consideration any complain/s (if any) officially reported by them & registered by us in regard to hotel/s or ground services only during their stay i.e. in house & we shall set aside all complain made to us after departure of passenger/s, i.e. from their respective country. ( d ) May Rates change at the time of booking due to conversion of exchange rate.

PEACHTREE GROUP'S CREDIT division has closed $556 million in loan originations, accounting for half of the $1.1 billion deployed by the company this year. The remaining $526 million was allocated for the acquisition of five hotels and the initiation of three new hotel development projects. The company also launched five hotels that were under construction as of September, Peachtree Group said in a statement. "Commercial real estate owners who have benefited from an extended period of readily available, low-cost capital over the past 15 years are now confronting a new reality," said Greg Friedman, CEO of Peachtree Group. "Commercial real estate participants are faced with the pressures of higher capital costs and tighter liquidity in sourcing capital for acquisition, recapitalizations and development strategies."

STEERED BY SEVERAL factors, including the strong performance by several hotel brands, the Baird/STR Hotel Stock Index increased 1.4 percent in April to a level of 5,430, STR said in a statement. Growth is slowing, STR said, but will continue for the next quarter or more. "Hotel stocks increased in April, and the gains were driven by outperformance from the global hotel brands," said Michael Bellisario, senior hotel research analyst and director at Baird. "RevPAR trends have remained solid in the face of growing macroeconomic uncertainties and continued banking turmoil, and first-quarter earnings generally have surprised to the upside with positive full-year estimate revisions occurring. The Hotel REITs declined more than 2 percent in April and underperformed the RMZ, while the global hotel brands gained just over 2.5 percent and outperformed the S&P 500's return by 100 bps." According to STR, the Baird/STR Hotel Stock Index fell slightly behind the S&P 500, which was up 1.5 percent in April but came in above the MSCI US REIT Index, up 0.7 percent. The hotel brand sub-index jumped 2.5 percent from March to 10,178, while the hotel REIT sub-index dropped 2.6 percent to 1,045, it added. "The industry continues to revert to normal patterns and calendar shifts with growth slowing as forecasted," said Amanda Hite, STR president. "Monthly demand fell year over year for the first time since the recovery began in April 2021, but that decrease can be attributed to an extra Sunday on the calendar this year versus last. Without the extra Sunday, which is historically a low-performance night, demand would have been slightly up from last year. ADR, on the other hand, grew 3.4 percent, while RevPAR was up 1.8 percent - the lowest increase of the recovery thus far. Despite slowing growth, we expect the industry to see further gains throughout the summer and fall."

U.S. HOTELS POSTED new weekly records in all performance metrics in the fourth week of June, according to STR. The RevPAR on a nominal basis scaled new weekly record during the week, occupancy was the highest since August 2019, while ADR on a nominal basis was the highest since the week ending 1 January 2022. Occupancy was 72.3 percent for the week ending June 25, up from 71.8 percent the week before and dropped 4.1 percent from 2019. ADR was $157.05 for the week, up from $155.02 the week before and increased 17.1 percent from three years ago. RevPAR reached $113.55 during the week up from $111.29 the week before and up 12.3 percent from 2019. Dallas saw the largest occupancy increase, up 5.8 percent to 74.1 percent, over 2019, among STR's top 25 markets.

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.

THE AMERICAN HOTEL & Lodging Association is weighing all options, including litigation, to contest the U.S. Department of Labor's final rule revising overtime regulations under the Fair Labor Standards Act. The association is concerned that many hoteliers may be forced to eliminate longstanding managerial positions, which serve as crucial paths to career advancement. The updated rule features two-tiered increases in the minimum salary threshold and the threshold for highly compensated employees, along with automatic updates to both thresholds, DOL said in a statement. The minimum salary threshold will rise to $43,888 on July 1, followed by an increase to $58,656 on Jan. 1, 2025. This represent more than a 60 percent increase from the current $35,568 threshold, DOL said. The HCE threshold will jump to $132,964 on July 1, then to $151,164 on Jan. 1, 2025-an over 70 percent increase from the current $107,432 threshold, DOL added. The updated rule includes automatic updates to both the minimum salary threshold and the HCE threshold, which will be raised every three years.

U.S. HOTEL PERFORMANCE decreased slightly in the first week of February from the previous week, while year-over-year comparisons remained mixed, according to CoStar. Key metrics, including occupancy, ADR, and RevPAR, all declined in the first week of February compared to the previous week. Occupancy dipped slightly to 55.2 percent for the week ending Feb. 3, from the previous week's 56.2 percent, reflecting a 0.1 percent decrease year-over-year. ADR decreased to $147.99 from the prior week's $149.76, marking a 1.9 percent increase compared to the previous year. RevPAR declined to $81.69 from the prior week's $84.13, reflecting a 1.7 percent increase compared to the corresponding period in 2023. Among the top 25 markets, Seattle saw the largest year-over-year increases, with occupancy rising 19.3 percent to 60.1 percent and RevPAR increasing by 27.5 percent to $89.11.