Group items tagged

THE COVID-19 PANDEMIC may be waning, but other factors are leading many people to stay home this holiday season, according to a survey commissioned by the American Hotel & Lodging Association and conducted by Morning Consult. High gas prices are a major reason given for opting out of Thanksgiving and Christmas journeys. AHLA's survey found that only 29 percent of Americans are likely to travel for Thanksgiving and 33 percent are likely to travel for Christmas. That is still a 21 percent and 24 percent increase respectively from 2020. The survey questioned 2,200 adults between Oct. 30 to Nov. 1. "While vaccines have helped travelers feel more comfortable, rising gas prices and continued concerns about the pandemic are making many Americans hesitant to travel during the holidays," said Chip Rogers, AHLA's president and CEO. "Despite a slight expected uptick in holiday travel this year, hotels will continue to face economic fallout from the pandemic, underscoring the need for targeted federal relief, such as the Save Hotel Jobs Act, to support the industry and its workforce until travel fully returns." Most of those who do plan to travel, 68 percent of Thanksgiving travelers and 64 percent of Christmas travelers, will be driving, the survey found. For Thanksgiving,11 percent plan to fly while 14 percent will take to the skyways for Christmas.

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.

REVPAR FOR U.S. hotels recovered to 83.2 percent of 2019 levels in 2021, according to STR. Also, in December 2021, ADR and RevPAR hit all-time highs. U.S. hotel occupancy in 2021 was 57.6 percent, down 12.6 percent when compared to 2019. ADR for the year was $124.67, down just 4.8 percent from 2019. RevPAR at $71.87, down 16.8 percent when compared to two years ago. "In addition to 2020, U.S. hotel occupancy failed to reach 60 percent for just the second time since 2011," STR said. "On a nominal basis, 2021 ADR was the fourth highest on record. The country's RevPAR level was its second lowest in eight years behind only 2020." According to the report, none of the top 25 markets experienced an occupancy increase last year over 2019. Tampa reported the highest occupancy at 68.4 percent, down 5.2 percent from 2019. The largest ADR increase in 2021 was in Miami, up 14.7 percent to $223.49, compared to 2019. Norfolk/Virginia Beach registered the highest growth in RevPAR, up 7.7 percent to $72.31.

U.S. HOTELS HIT a new Thanksgiving holiday performance record in the fourth week of November, according to STR. All performance metrics were up during the week when compared to same period in 2019. Occupancy was 53 percent for the week ending Nov. 27, down from 59.7 percent for the week before and an increase of 4.6 percent from the same Thanksgiving period two years ago. ADR for the week was $128.41, up from $126.66 the week before and increased 14.3 percent when compared to two years ago. RevPAR decreased to $68 for the week from $75.60 the week before but increased 19.6 percent for the same period in 2019. Among STR's top 25 markets, Dallas saw the largest occupancy increase during the fourth week, up 12.2 percent to 54.8 percent, over the same period two years ago. Phoenix reported the largest ADR increase when compared to 2019, up 35.1 percent to $143.30. Oahu Island experienced the steepest occupancy decline, down 25.3 percent to 58.5 percent over 2019.

PROFITS ROSE IN October for U.S. hotels on a month-to-month basis, according to STR. However, the numbers are still down versus 2019, indicating a bump in the road to recovery. GOPPAR for the month was $62.75, according to STR's monthly P&L data release, up from $46.29 in September. TRevPAR for the month was $165.03, compared to $140.94 the month before, and EBITDA PAR was $44.14, up from $30.47 in September. At the same time, labor costs also rose from $47.50 the previous month to $52.17 inOctober. Estimated industrywide gross operating profit was 89 percent of October 2019 levels, after coming in at 97 percent in September. Labor costs reached 91 percent of pre-pandemic comparables in October after reaching a high of 96 percent in September. "October data was important to analyze from multiple angles," said Raquel Ortiz, STR's assistant director of financial performance. "The metrics were up quite a bit from September if you measure by available rooms, but that's to be expected as October is usually a stronger revenue month due to conferences and group travel. When you extrapolate and bring in the comparison to pre-pandemic times, performance was lower. Fortunately, even with less corporate business this year, profit margins (38 percent) still came relatively close to what we saw in 2019 (40.9 percent)."

U.S. WEEKLY HOTEL performance posted mixed year-over-year comparisons, while occupancy, ADR, and RevPAR declined in the second week of May over the previous week, according to STR. Meanwhile, "worsened comparisons than the week prior were expected due to normal given seasonal slowing and the negative side of the Mother's Day calendar shift," STR said. Occupancy was 65.1 percent for the week ending May 13, declined from 65.2 percent the week before and down 2 percent over the comparable week in 2022. ADR stood at $154.90, down from $157.62, and increased 3.4 percent from 2022. RevPAR came in at $100.81 in the last week, declined from $102.74 the week before and increased 1.3 percent against the same period in 2022. Among the top 25 markets, Philadelphia registered the only double-digit increase in occupancy in the second week of the month, up 13.3 percent to 73.2 percent. ADR jumped 14.5 to $189.50, while RevPAR was up 29.7 percent to $138.80. Of note, New York City, 83.7 percent, was the only major market to report occupancy above 80 percent. That level was up 3.9 percent year-over-year.

Home2 Suites by Hilton Cookeville in Cookeville, Tennessee, is now open. It is owned by NHK Hotels LLC and operated by Image Hotel Management, both led by Neil Patel as CEO. "On Aug. 14, 1986, Neil Patel, CEO and founder of Image Hotel Management, opened his first hotel, Executive Inn, in Cookeville," said Karen Patel, managing partner of Image Hotel Management. "Thirty-seven years later, we are delighted to open our Home2 Suites here and continue our partnership with Hilton Hotels." The 102-room hotel is near Tennessee Tech University, Cookeville Regional Medical Center, Cummins Falls, Burgess Falls, and Fall Creek Falls state parks, Image said in a statement. Hotel amenities include full kitchens, an indoor saline pool and a fitness center. The property includes a "backyard" with outdoor seating, a seasonal fire pit, pet pit stop, putting green, and yard games. The Cumberland Room offers 1,500 square feet of conference space with a spacious pre-function area and catering kitchen.

THE BAIRD/STR Hotel Stock Index jumped 15.8 percent in October, according to STR. There were no signs of slowing as U.S. demand continued to strengthen during the month. The index decreased 8 percent year-to-date through the first ten months of 2022. The index fell 9.1 percent in September. In October, the index outgrew both the S&P 500, up 8 percent and the MSCI US REIT Index, increased 4.7 percent. The hotel brand sub-index increased 14.4 percent from September to 9,458, while the hotel REIT sub-index grew 20.6 percent to 1,193. "October was a strong rebound month for hotel stocks, and they recouped all their losses from the prior two months," said Michael Bellisario, senior hotel research analyst and director at Baird. "Importantly, both the global hotel brands and the hotel REITs were relative outperformers versus their respective benchmarks in October. As investors shifted their focus from broader macroeconomic uncertainties to sector-specific performance ahead of and through third-quarter earnings reports, hotels continued to screen favorably given still-strong underlying fundamentals and an intact post-pandemic recovery thesis."

U.S. HOTEL PERFORMANCE increased in the second week of November compared to the week before, according to STR. All performance metrics improved during the week compared to same period in 2019 as well. Occupancy was 64.6 for the week ending Nov. 12, up from 62.4 the week before and increased 0.9 percent from 2019. ADR was $148.43 during the week, improved from $147.48 the week before and up 17.1 percent from three years ago. RevPAR reached $95.89 during the second week of November, increased from $91.99 the week before and up 18.2 percent from 2019. Among STR's top 25 markets, Norfolk/Virginia Beach reported the largest occupancy increase, up 14.3 percent to 63.6 percent, over November 2019. San Diego posted the largest ADR increase, increased 35.2 percent to $202.86, over 2019.

HOTELS ARE THE top lodging choice for holiday travelers who are certain to take trips in the next three months, according to a survey commissioned by the American Hotel & Lodging Association. AHLA also announced a new system for indexing bookings. The new national Hotel Booking Index Survey, conducted by Morning Consult for AHLA, revealed that 31 percent of Thanksgiving travelers plan to stay in a hotel during their trip, compared to 22 percent who planned to do so last year. The survey of 4,000 adults, conducted between Oct. 14 to 16, said that 28 percent of Christmas travelers plan to stay in a hotel during their trip, compared to 23 percent in 2021. As many as 54 percent of those who are certain to travel for leisure in the next three months plan to stay in a hotel.

U.S. HOTELS REPORTED higher performance in October compared to September, according to STR. However, performance during the month weakened when compared to 2019. Occupancy of U.S. hotels were 67.2 percent for October, increased from 66.7 percent from the month before and decreased 2.4 percent from 2019. ADR was $155.63 for the month, up from $154.32 in September and up 16.8 percent from three years ago. RevPAR was $104.59 for the month, improved from $103 the month before and up 14 percent over 2019. STR's top 25 markets showed higher occupancy and ADR than all other markets in October mainly due to continued improvement in business travel and groups.

U.S. HOTELS REPORTED improved performance in the second week of January compared to the week before, according to STR. The weekly performance was mixed over the same period in 2019. Occupancy was 54.8 percent for the week ending Jan. 14, up from 47.2 percent the week before and decreased 5.5 percent from 2019. ADR was $144.81 during the week, increased from $142.82 the week before and up 15.7 percent from three years ago. RevPAR reached $79.38 in the second week of 2023, sharp increase from $67.40 the week before and up 9.3 percent from January 2019. None of STR's top 25 markets reported an occupancy increase during the week when compared to 2019. However, Dallas came closest to its 2019 comparable, down just 2.1 percent to 69 percent.

CBRE HOTELS RESEARCH has once again revised its forecast for the second half of 2022. The revision is mainly due to strong gains in the second quarter and expectations of positive growth next year. RevPAR for the second half of the year will rise to 14.7 percent year-over-year, up from the previous projection of 13.1 percent in May, according to CBRE. The reasons for the spike are a 3.5 percentage point increase in ADR and a 2.2 percentage point reduction in CBRE's demand forecast. Second quarter RevPAR reached $98.84, up 38 percent year over-year, and an all-time quarterly high at 106 percent of 2019's level. RevPAR growth was driven mainly by ADR, up 25.5 percent, followed by occupancy, up 9.9 percent.

U.S. HOTEL PERFORMANCE dipped in the first week of September compared to the week before, according to STR. However, performance during the week improved when compared to 2019. Occupancy was 62.8 percent for the week ending Sept. 3, down from 65 percent the week before and up 3.1 percent from 2019. ADR was $147.14 for the week, almost similar to the week before at $147.16 and increased 20.9 percent from three years ago. RevPAR reached $92.45 during the week, down from $95.62 the week before and increased 24.6 percent from 2019. Among STR's top 25 markets, Miami reported the largest increase in occupancy to kick off September, up 30.1 percent to 62.2 percent and RevPAR, increased 86.5 percent to $112.37, over 2019.

THE REVPAR RECOVERY of U.S. extended-stay hotels remain unchanged in August compared to July, according to consulting firm The Highland Group. However, ADR growth for mid-price and upscale segments decreased for the fifth consecutive month but remained higher than any other period before 2021. STR said that hotel occupancy gained 5.3 percent in August 2022 compared to same period last year, decreasing extended-stay hotel's occupancy premium to 12.6 percentage points compared to more than 14 points in August 2021. But the premium remains well within its long-term average range. Economy and mid-price extended-stay segments reported much faster ADR growth compared to corresponding segments during the month, according to the US Extended-Stay Hotels Bulletin: August 2022. The economy segment continued leading the RevPAR recovery compared to 2019, but demand declined 1.9 percent for the fifth consecutive month compared to August 2021 due to strong increases in ADR.

U.S. HOTEL PERFORMANCE showed mixed results from the previous week, according to STR's latest data through the end of April. However, it remained up year over year. According to STR, occupancy stood at 66.6 percent for the week ending April 29, down from 67.2 percent the week before and increased 0.1 percent over the comparable week in 2022. ADR came in at $156.14, up from $155.76 the week before, and rose 5.5 percent from 2022. RevPAR was $104.01 in the last week, down from $104.64 the week before and increased 5.6 percent against the same period in 2022. Among the Top 25 Markets, Boston registered the highest year-over-year increase in occupancy in the fourth week of the month, up 15.3 percent to 75.6 per cent. Meanwhile, New York City (87.8 percent), Las Vegas (81.5 percent), and San Francisco (81.1 percent) were the only three markets to post occupancy above 80 percent.

THE REVPAR OF U.S. hotels reached an all-time weekly high on a nominal and a pandemic-era high on an inflation-adjusted basis in the third week of June, according to STR. Boosted by the highest weekly demand of 28 million room nights sold since August 2019, occupancy was the highest of the pandemic-era during the week. Occupancy was 71.8 percent for the week ending June 18, up from 70.6 percent the week before and dropped 4.8 percent from 2019. ADR was $155.02 for the week, slightly down from $155.37 the week before and increased 14.9 percent from three years ago. RevPAR reached $111.29 during the week up from $109.76 the week before and up 9.4 percent from 2019. San Diego saw the only occupancy increase, up 0.5 percent to 86 percent, over 2019 among STR's top 25 markets. According to STR, New York City (86.6 percent), San Diego and Seattle (85 percent) led the major markets in absolute occupancy for the week.

DALLAS-BASED INVESTMENT firm NewcrestImage will acquire four LaQuinta-branded hotels in a joint venture between Highgate and Cerberus. The properties, with 696 rooms total, include the LaQuinta Inn & Suites at Los Angeles International Airport that is NewcrestImage's first gateway location in California. The company, led by Mehul Patel as managing partner and CEO, also has received the Partnership Circle Award from Marriott International, a statement said. NewcrestImage closed on the LaQuinta Inn & Suites Irving DFW North, located two miles from Dallas Fort Worth International Airport, on July 14. It expects to close in August on the other three hotels, including the LaQuinta Inn & Suites LAX, as well as LaQuinta Inn & Suites Anaheim and LaQuinta Inn Phoenix North. "These properties are uniquely-positioned in strategic destination locations, making them very appealing as we structure a strong investment-based portfolio," Patel said. Mahmood Khimji, Highgate's managing principal, said the four hotels are "well-located and well-positioned." "We are excited to expand our activities with Mehul and the talented NewcrestImage team, along with our friends at Wyndham - all of whom share Highgate's commitment to delivering exceptional guest experiences and operational results," Khimji said.

U.S. HOTEL PERFORMANCE dropped in the second week of July, as expected due to a holiday calendar shift, according to STR. The performance was skewed downward due to a comparison with a non-holiday week in 2019. STR said that performance is expected to improve for the remaining weeks of July after two consecutive weeks of lower demand around the Independence Day holiday. Occupancy was 63.3 percent for the week ending July 9, down from 67.3 percent the week before and dropped 14.5 percent from 2019. ADR was $153.71 for the week, slightly up from $153.32 the week before and increased 15.7 percent from three years ago. RevPAR reached $97.37 during the week down from $103.24 the week before and down 1.1 percent from 2019.

There are 14 mountains over 8,000 meters in the world, and 8 of them are located in Nepal. Here is the list of the top 10 highest mountains in the world that you must see once in your lifetime.