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AS MANY AS 84 percent of business travelers in the U.S. expect to take at least one trip to attend conferences, conventions or trade shows in the next six months, according to a survey from the U.S. Travel Association. They also expect to resume traveling at a slightly slower pace, about 1.6 trips per month, compared to 1.7 monthly trips pre-pandemic. The Quarterly Business Travel Tracker by J.D. Power said that less than one in 10 U.S. business travelers are uncertain if they would travel in the next six months. Meetings and events are not occurring and corporate policies restricting business travel are listed as reasons behind this. USTA forecasts that business travel spending was still down 60 percent from pre-pandemic levels in 2021. However, the latest data shows a clear shift in American business travelers' desire to return to in-person meetings.

DALLAS-BASED INVESTMENT firm NewcrestImage became the second largest shareholder in TiffinLabs, a Singapore-based food tech company which operates food delivery-focused virtual restaurant brands, a statement said. Founded in 2020, TiffinLabs introduced numerous virtual brands across Singapore and Malaysia. It started U.S. expansion in Dallas in 2021 and now operates in Chicago, Detroit, Knoxville, and Charlotte. By 2023, it expects to have 1,000 digital storefronts globally and to be operating in 30 U.S. cities. "TiffinLabs offers hotels and restaurants a low cost, turn-key source of incremental revenue for post-pandemic recovery, while for us as investors, TiffinLabs represents a strategic opportunity for long-term growth," said Mital Patel, managing partner of NewcrestImage. Because of the company's shareholder position, Patel now becomes a board member of TiffinLabs.

The SureStay Plus Hotel by Best Western Odessa in Odessa, Texas, is now open. It is owned by Shivbkrishna LLC led by Manish Bhakta. The 110-room hotel is near the Odessa Meteor Crater, the second largest meteor crater in the U.S., the Parker House Ranching Museum and Monahans Sandhills State Park. Amenities include a fitness center, indoor pool and two different spaces for meetings and events. "Our fully-renovated hotel offers the most value and best service for both business and leisure travelers staying in Odessa," Bhakta said. "The SureStay Plus Hotel by Best Western Odessa provides guests with the excellent comfort, value and service they are looking for in a hotel stay," said Rob Mentnech, managing director of SureStay Hotel Group.

TRAVELERS ACROSS THE world are increasingly opting for short-haul destinations and making last-minute bookings over planned trips, according to a report from OYO Rooms. With a steady rise in vaccination coverage, combined with the easing of restrictions across regions, travelers have embraced the spirit of travel wholeheartedly, especially during holidays and festive long weekends. Oyo's Mid Season Global Holiday Trends 2021 report said that Labor Day in U.S., Gandhi Jayanthi in India, Ascension Day in Europe and Summer Holidays in UK were the most popular holidays among travelers this year. According to the report, Labor Day, New Year's, Martin Luther King Jr Day, Memorial Day and Thanksgiving are America's most travelled holidays. Coastal hotspots such as Seattle and Miami have been wildly popular during public holidays, followed by California's Nevada City, Houston and Dallas, the report added. AAA Travel forecast that 53.4 million Americans would travel for Thanksgiving this year, and a survey from Motel 6 found that 82 percent of holiday travelers believe it is important to spend that time with loved ones. However, another survey from the American Hotel & Lodging Association found only 29 percent of Americans are likely to travel for Thanksgiving and 33 percent are likely to travel for Christmas.

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."

THE DEMAND PREMIUM that extended-stay hotels have experienced over the past two years compared to other types of hotels is beginning to ebb, according to consulting firm The Highland Group. Also, ADR growth decelerated for the fourth consecutive month in July but remains higher than any other period before 2021. The overall hotel industry revenue recovery is now only one half a point greater than extended-stay hotels, according to the US Extended-Stay Hotels Bulletin: July 2022 report by the Highland Group. According to STR, all hotel room revenue was up 12.1 percent in July this year compared to last year. "For the first time in more than two years all three extended-stay segments reported a monthly decline in demand compared to the previous year. Demand declines in economy and mid-price segments, which were less than corresponding falls for all hotels in the same rate categories, are mainly correlated to strong growth in ADR. The upscale segment's demand decline is correlated to both increasing ADR and the contraction in supply," the report said.

U.S. HOTEL PERFORMANCE increased in the second week of December, according to STR. ADR was up during the week when compared to same period in 2019. Occupancy was 57.4 percent for the week ending Dec. 11, up from 54.8 percent the week before and down by 4.8 percent for the same period in 2019. ADR for the week was $128.35, up from $127.92 the week before and increased 2.3 percent when compared to two years ago. RevPAR increased to $73.73 during the week from $70.08 for the week before but dropped 2.7 percent for the same period in 2019. Among the Top 25 Markets, Norfolk/Virginia Beach saw the only occupancy increase among STR's top 25 markets during the week, up 4.2 percent to 55.2 percent over 2019. New York City reported the highest weekly occupancy level of any STR-defined U.S. market at 81.5 percent. However, its occupancy level was 13 percent lower than two years ago. Miami registered the largest ADR increase during the period, up 30.1 percent to $229.34, when compared to 2019.

U.S. HOTEL OCCUPANCY increased in the first week of December, according to STR. But, all performance metrics were lower during the week when compared to same period in 2019. Occupancy was 54.8 percent for the week ending Dec. 4, up from 53 percent the week before and down from 8.8 percent for the same period in 2019. ADR for the week was $127.92, down from $128.41 the week before and decreased 0.5 percent when compared to two years ago. RevPAR increased to $70.08during the week from $68 for the week before but dropped 9.2 percent for the same period in 2019. According to the report, none of STR's top 25 markets recorded an occupancy increase over 2019, Only Los Angeles matched its 2019 comparable at 70 percent. Miami, lifted by Art Basel, reported the largest ADR increase when compared with 2019, up 32.9 percent to $373.71.

THE U.S. HOTEL construction pipeline dropped 8 percent by projects and 10 percent by rooms in 2021 when compared to 2020, according to Lodging Econometrics. However, the number of projects in the early planning stage is rising, it added. The total construction pipeline at the fourth quarter of last year stood at 4,814 projects containing 581,953 rooms, according to LE. There were 2,021 projects containing 239,816 rooms in the early planning stage, up 18 percent by projects and 11 percent by rooms, LE data shows. According to LE, 1,821 hotel projects containing 210,890 rooms are scheduled to start construction in the next 12 months. As many as 972 projects containing 131,247 rooms under construction finished the year. "New project announcements are down in the fourth quarter. However, developers are eager to accelerate projects long-delayed by the COVID-19 pandemic. Unfortunately, they face some development roadblocks, including escalating inflation and supply chain shortages, that are causing higher prices versus 'pre-pandemic' costs for labor and materials," LE said. "These factors continue to prolong hotel development timelines. We anticipate these challenges to abate throughout the year and see construction starts to moderately improve."

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.

HOTEL STOCK PRICE volatility dragged the Baird/STR Hotel Stock Index in November. Both the hotel brands and hotel REITs significantly underperformed their respective benchmarks during the month. The Baird/STR index fell 7.6 percent during the month from October. However, it was up 11.5 percent year to date through the first 11 months of 2021. The index rose 6.8 percent during October compared to September. The index was behind both the S&P 500, which fell 0.8 percent in November, and the MSCI US REIT Index, which dropped 0.9 percent. The hotel brand sub-index dropped 7.2 percent from October while the hotel REIT sub-index slipped 8.9 percent. "Hotel stock price volatility continued in November with both the Hotel brands and Hotel REITs significantly underperforming their respective benchmarks," said Michael Bellisario, senior hotel research analyst and director at Baird. "Two different investment narratives drove stock price performance during the month: In early November, third quarter earnings were better than expected, reopening optimism continued to gain momentum, and the hotel brands were hitting new all-time highs; but, by the end of the month, broader growth and inflation concerns surfaced, the Omicron variant spooked investors and impacted all travel-related stocks, and the hotel REITs were hitting new year-to-date lows."

THE BUSINESS TRAVEL revenue of U.S. hotels is expected to drop $20 billion this year, down 23 percent when compared to 2019, according to the American Hotel & Lodging Association and Kalibri Labs. It is already reported that hotels lost an estimated $108 billion in business travel revenue during 2020 and 2021 combined. The report said that business travel revenue, the largest source of revenue in hotel industry, will take significantly longer to recover. However, leisure travel is expected to return to pre-pandemic levels this year, the report added. "While dwindling COVID-19 case counts and relaxed CDC guidelines are providing a sense of optimism for reigniting travel, this report underscores how tough it will be for many hotels and hotel employees to recover from years of lost revenue," said Chip Rogers, president and CEO of AHLA. "The good news is that after two years of virtual work arrangements, Americans recognize the unmatched value of face-to-face meetings and say they are ready to start getting back on the road for business travel."

STONEHILL CRE, THE commercial real estate group of investment firm Stonehill, has originated and purchased $200 million in first mortgage loans since being launched in the second quarter of 2022. The companies expect to complete an additional $100 million in loan originations and other transactions by year's end, based upon deals in its pipeline, and Stonehill CRE is targeting over $500 million in transaction for 2023. Stonehill CRE, formed in May with Daniel Siegel as its president, is designed to work in all real estate sectors to navigate ongoing market volatility and enable real estate owners to execute their business plans, according to the company. Its work has made Stonehill the 10th largest U.S. hotel lender in 2021, according to the Mortgage Bankers Association. Atlanta-based Stonehill and Stonehill CRE are affiliates of Peachtree Group, led by Jatin Desai and Mitul Patel as managing principals. "Stonehill CRE's formation came at a fortuitous time as market conditions have created a dislocated lending environment for commercial real estate," said Siegel. "Traditional lenders have not only slowed commercial real estate lending but also tightened underwriting standards, which allows us to provide needed liquidity for maturing loans, new acquisitions and construction projects."

AS MANY AS 47.9 million people will travel 50 miles or more from home over the Independence Day weekend from June 30 to July 4, an increase of 3.7 percent over 2021, according to AAA Travel. It added that car travel will set a new record, despite historically high gas prices, with 42 million people hitting the road mainly due to recent issues with air travel and ongoing concerns of cancelations and delays. Independence Day will be the second busiest since 2000, as travel volumes continue to trend upwards, AAA said in a statement. However, the share of air travel will be the lowest since 2011. According to AAA, 46.2 million people traveled during Independence Day last year and the number was 49 million in 2019, before the pandemic.

Lisa Jordan is the new vice president of marketing at Red Roof. She will lead the development and execution of the company's marketing and digital strategies to drive business growth. Jordan joined the company in 2021 and led the integrated digital marketing team, working on the company's web, advertising, and social media platforms. Jordan played a role in enhancing redroof.com and collaborated across communication, sales, revenue management, and operations to elevate the customer experience and boost revenue, Red Roof said in a statement. "Lisa is a powerful asset on our leadership team and a secret weapon in our marketing mix," said Marina MacDonald, Red Roof's chief marketing officer. "Her promotion is right for the company and a reflection of the value she brings to this critical function, and I know that she will succeed in her new role."

The Restoring Brand USA Act took another step toward passage, clearing the U.S. House Committee on Energy and Commerce. The bill would renew the program aimed at promoting international travel to the U.S. Brand USA has generated $56 billion to the U.S. economy since 2013 and supported more than 45,000 jobs each year, according to Rep. Gus Bilirakis of Florida, a sponsor of the bill. The program is funded by international visitors and private contributions, and the decline in international travel during the COVID-19 pandemic has led to a loss of that funding, Bilirakis said. The bill would direct the Treasury Department to allow this program to access critical resources, funded by foreign traveler visa fees, for the next few years. "The travel and tourism industry was one of the hardest hit sectors during the pandemic. As we seek to restore our way of life and fully recover, we cannot overlook the work that must be done to renew this powerful engine of economic growth for communities across the nation," Bilirakis said. "Brand USA has proven itself as a successful catalyst for spurring tourism to the U.S. We need that catalyst now more than ever to help rebuild the industry and spur job growth. Common sense solutions like this will help boost the economy and help get us moving in the right direction."

ZERO-BASED BUDGETING is essential for hotels amid near- and long-term volatility, according to a blog from HotStats. The blog also suggested that hoteliers need to turn to other futureproofing or future-cushioning methods. In a recent blog post, Michael Grove, COO, HotStats said that zero-based budgeting, a method of budgeting in which all expenses must be justified for each new period starting from a zero base, is very necessary given the fluidity of the global economy and, ultimately, its impact on hotel operations. At the recent 2022 M3 Partners meeting, Grove first illustrated the pandemic's effect on worldwide profits and how it's changed the landscape. "It's worth reminding ourselves of the importance and magnitude of the U.S. hotel industry's share on the global scale, which has only grown during the pandemic," Grove said in the article. According to the blog post, almost half of global profits are produced in the U.S. and that share only rose as the pandemic slackened. "A massive 47 percent of hotel profits are achieved in the U.S., up 6.6 percentage points since 2019, the result of myriad variables, including a large domestic market and staycation trend," Grove said in the post. "Meanwhile, severe lockdowns and restrictions in Europe and Asia-Pacific sent their percentages down as the Middle East received a boost in the fourth quarter 2021 from Expo 2020 in Dubai."

NOBLE INVESTMENT GROUP recently acquired two hotels in Savannah, Georgia. The hotels are the Hampton Inn Savannah Historic District and Holiday Inn Express Savannah Historic District. Chattanooga, Tennessee-based Noble, led by Mit Shah as CEO, acquired the hotels because of their position in Savannah's historic district. The city recently was named Travel + Leisure magazine's No. 3 Top City in the U.S. and included on TIME's list of The World's Greatest Places of 2021. The 7-floor, 143-room Holiday Inn Express has 2,765 square feet of meeting space, a rooftop pool and the Port Royal Tavern in the lobby. The 147-room Hampton Inn has an outdoor pool, a fitness center and a business center. In the historic district, the hotels are near museums, historic landmarks, mansions, and monuments from the Revolutionary and Civil War eras. Both hotels are on East Bay Street across the Savannah River from the Savannah Convention Center and River Street shopping and entertainment area.

THE U.S. HOTEL construction pipeline was slightly up at the end of the first quarter of 2022, according to Lodging Econometrics. Dallas was the top U.S. market for building. The pipeline stood at 5,090 projects containing 606,302 rooms, up 2 percent by projects, but down 3 percent by rooms, during the period. There are 961 projects with 128,784 rooms currently under construction in the first quarter, down 27 percent by projects and 28 percent by rooms compared to 2021, stated the latest trend report by LE. There are 1,911 projects with 223,030 rooms are scheduled to start in the next 12 months, up 2 percent by projects and 3 percent by rooms. Projects and rooms in early planning reached a record high in the first quarter, with 2,218 projects containing 254,488 rooms, up 24 percent by projects and 12 percent by rooms, compared to a year ago.

AN ESTIMATED 54.6 million people will travel 50 miles or more from home this Thanksgiving, according to AAA Travel, 1.5 percent more than last year and 98 percent of pre-pandemic volumes. AAA is projecting this year will be the third busiest for Thanksgiving travel since AAA started tracking in 2000. Continuing a years-long trend, most travelers, nearly 49 million, will drive to their holiday destinations between Nov. 23 to 27, according to AAA. That number is up 0.4 percent from 2021 but still 2.5 percent below 2019 levels. "Families and friends are eager to spend time together this Thanksgiving, one of the busiest for travel in the past two decades," says Paula Twidale, AAA's Senior Vice President of Travel. "Plan ahead and pack your patience, whether you're driving or flying."