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STR: U.S. hotels report highs in the third week of June - 0 views

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    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.
asianhospitality

U.S. extended-stay hotels drops for the second consecutive month in May - 0 views

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    ALL RECOVERY INDICES of U.S. extended-stay hotels were lower compared to 2019 in May than in April, according to hotel investment advisors The Highland Group. The demand for economy extended-stay hotels declined 1.3 percent for the second consecutive month in May compared to same period last year mainly due to sharp increase in ADR in last few months, the report said. The U.S. Extended-Stay Hotels Bulletin: May 2022 by The Highland Group said that the extended-stay room supply growth was just 1.9 percent during the month. It is the second successive month that the growth was below 2 percent since 2013, and the eighth consecutive month of 4 percent or lower supply growth. The report added that the supply increase will be well below pre-pandemic levels during the near term. According to STR, all hotel room revenue was up 43 percent in May 2022 compared to last year. "In May, mid-price and upscale extended-stay segments reported their lowest monthly change in demand in 2022. Except for February 2021, due to the leap year in 2020, economy extended-stay hotels reported only the second monthly fall in demand in 23 consecutive months," the report said. "Overall hotel occupancy gained more than extended-stay hotels in May compared to one year ago, decreasing extended-stay hotel's occupancy premium to 12 percentage points, and remains within its long-term average range."
asianhospitality

Report: RevPAR recovery of U.S. extended-stay hotels up in July - 0 views

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    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.
asianhospitality

Hotel F&B Trends Post-COVID: Insights & Impact on Revenue - 0 views

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    THE 2020 COVID-influenced lodging industry recession resulted in some noticeable changes to the way hotels provide F&B service. Social distancing regulations forced operators to be creative in the way they served food and beverages to guests. Rising wage rates and sharp increases in the cost of food and beverage products compelled hotel managers to find ways to control costs. The inability of hotels to attract employees to fill the positions eliminated during the recession required creative solutions to improve productivity and offer more with less. These factors resulted in the following hotel food and beverage trends during the subsequent recovery period: The increased offering of kiosks and grab-and-go venues The closing of traditional three-meal-a-day restaurants A reduction in the menus, number of seats, and hours of remaining F&B venues Reductions in in-room dining and mini-bar service The conversion of food and beverage space to other revenue generating purposes To learn how these recent changes in hotel food and beverage operations have impacted revenues and expenses, we have analyzed the operating statements of 2,500 U.S. full-service, resort, and convention hotels that participated in CBRE's annual Trends in the Hotel Industry in 2021 and 2022. In 2022, these 2,500 properties averaged 285 rooms in size, and achieved an occupancy of 64.7 percent, along with an ADR of $225.60. To provide more current information, we also relied on the monthly operating statements of 1,200 properties during the period January through June of 2023.
asianhospitality

STR: U.S. hotels see highest RevPAR since mid-July 2019 - 0 views

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    THE RevPAR OF U.S. hotels in the third week of May was the highest it has been since mid-July 2019, according to STR. Also, all metrics in April as a month improved compared to March, and hotels reported all-time high room rates during the period. Occupancy was 68.6 percent for the week ending May 21, up from 66.5 percent the week before and down 3.5 percent from 2019. ADR was $151.75 for the week, increased from $148.31 the week before and up 13.4 percent from three years ago. RevPAR reached $104.06 percent during the week, up from $98.59 the week before and rose 9.5 percent from 2019. STR's top 25 markets saw their highest weekly occupancy, ADR and RevPAR levels of the pandemic-era during the week.
asianhospitality

Baird/STR Hotel Stock Index rose 0.7 percent in April - 0 views

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    THE BAIRD/STR HOTEL Stock Index rose again in April, continuing a trend the index has followed for the past four months. Investors' optimism is driven by the travel industry's ongoing recovery due to pent-up demand that is overriding negative influences, such as the Russia/Ukraine war and rising interest rates. Baird/STR went up 0.7 percent during the month, according to STR. The index rose 3.1 percent over the first four months of 2022. In March it increased 2.2 percent in March after rising 4.1 percent in February. The index also surpassed both the S&P 500, which dropped 8.8 percent in April, and the MSCI US REIT Index, which went down 4.6 percent. The hotel brand sub-index rose 0.5 percent from March, while the hotel REIT sub-index jumped up 1.5 percent.
asianhospitality

STR, TE forecast RevPAR, ADR to surpass pre-pandemic levels in 2022 - 0 views

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    THE REVPAR OF U.S. hotels is expected to surpass 2019 levels this year, according to the upgraded forecast by STR and Tourism Economics. Still, full recovery may be a couple of years away. ADR and RevPAR for U.S. hotels are forecasted at $14 and $6 higher in 2022 respectively, when compared to 2019, the report presented at the 44th annual NYU International Hospitality Industry Investment Conference stated. However, occupancy in this year is projected to come in under the pre-pandemic comparable. Earlier, the forecast projected nominal RevPAR recovery in 2023. According to the forecast, the major factor in the revised timeline was a plus $11 adjustment in 2022 ADR. But, when adjusted for inflation, full recovery of ADR and RevPAR are not projected until 2024. The report added that central business districts and the top 25 markets are not expected to reach full RevPAR recovery until after 2024.
asianhospitality

STR: U.S. hotel occupancy declines in May's first week - 0 views

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    U.S. HOTEL OCCUPANCY decreased in the first week of May compared to the week before, according to STR. However, ADR increased slightly. Occupancy was 63.9 percent for the week ending May 7, down from 66.6 percent the week before and dipped 6.1 percent from 2019. ADR was $147.24 for the week, up from $146.67 the week before and up 12 percent from three years ago. RevPAR reached$94.10 during the week, up from $97.72 and rose 5.1 percent from 2019. Among STR's top 25 markets, San Diego saw the highest occupancy increase, up 5.6 percent to 74.5 percent, over 2019.
asianhospitality

Report: U.S. hotels to generate record-setting tax revenue - 0 views

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    U.S. HOTELS WILL generate $46.71 billion in state and local tax revenue, more than ever before, according to a survey from the American Hotel & Lodging Association and Oxford Economics. Occupancy is expected to continue its recovery, the report said, but challenges remain. Average U.S. hotel occupancy is projected to reach 63.8 percent in 2023, just under 2019's level of 65.9 percent, according to AHLA. However, the labor shortage is expected to continue this year as hotels seek to fill jobs lost in the pandemic. As of December, national average hotel wages were at historic highs of more than $23 an hour and hotel benefits and flexibility are better than ever. Nearly 100,000 hotel jobs are currently open across the nation, according to job search site Indeed. "Hotels are making significant strides toward recovery, supporting millions of good-paying jobs and generating billions in state and local tax revenue in communities across the nation," said Chip Rogers, AHLA president and CEO. "To continue growing, we need to hire more people. Fortunately, there's never been a better time to be a hotel employee, with wages, benefits, flexibility and upward mobility better than ever before."
asianhospitality

Twenty Four Seven Hotels opens Hyatt House in Sacramento - 0 views

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    THIRD-PARTY HOSPITALITY management company, Twenty Four Seven Hotels, has opened the 128-room Hyatt House Sacramento/Midtown, a statement said. Twenty Four Seven is led by David Wani as CEO. The adaptive reuse project, owned and developed by Hume Development, Inc., repurposed the former Eastern Star Hall located at Sacramento's art, music and cultural scene. According to the statement, the Romanesque Revival-style building first opened in 1928 as a Masonic women's meeting place and is listed on the National Register of Historic Places. The renovation included the redevelopment of five floors within the original structure, keeping the major architectural features of the historic building intact. "The Hyatt House Sacramento/Midtown is the perfect marriage of the classic and the contemporary, providing the latest amenities and services in a setting that draws heavily from its nearly century-old history to provide a uniquely Sacramento experience," said Amanda Hawkins-Vogel, chief operating officer at Twenty Four Seven Hotels. "This hotel is an extension of our presence in Northern California and marks our first opening this year with two more to come in 2023. As the newest hospitality offering in the city, we expect the Hyatt House Sacramento to quickly take its rightful place as the segment and market leader for business and leisure travelers."
asianhospitality

AHLA: Hotels offering higher wages, benefits, flexibility to lure employees - 0 views

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    AS THE LABOR shortage continues, hotels are offering more incentives to attract new employees, according to a survey by the American Hotel & Lodging Association. They include higher wages, more benefits and greater scheduling flexibility. AHLA's Front Desk Feedback survey of more than 500 hoteliers, conducted Jan. 10 to 17, found that 79 percent of responding hotels were experiencing staffing shortages. Also, 71 percent of respondents are increasing wages, 64 percent are offering greater flexibility with hours and 33 percent are expanding benefits. Despite that, 81 percent said they are still unable to fill open positions. Also, 79 percent of respondents are experiencing a staffing shortage, severely so for 22 percent. The most critical staffing need is housekeeping, with 43 percent ranking it as their top hiring need. At the same time, in September, 87 percent of respondents said they were short staffed, 36 percent severely, with 43 percent ranking housekeeping as their top hiring need at the time. Respondents are attempting to fill an average of seven positions per property, down from 10 vacancies per property in September. "Recruiting enough workers continues to be the top challenge for many hoteliers, and this is leading to historic career opportunities for hotel employees," said Chip Rogers, AHLA president and CEO.
asianhospitality

HotStats: U.S. hotels' February GOPPAR highest since Oct - 0 views

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    GOPPAR OF U.S. hotels hit $65.98 in February, its highest point since October last year and more than $40 more than in January, but down from $90 in February 2019, according to HotStats. However, a rise in expenses could derail a profit rebound, the data analyzing firm said. The payroll expense of U.S. hotels was up to $66.60 per available room in February, highest since the inception of the pandemic, according to HotStats. Though payroll is up 192 percent from its lowest point during the pandemic, it is still down $30 when compared to pre-pandemic numbers. Factors such as inflation, supply chain problems and war in Ukraine are driving costs up. Expense on utilities on a PAR basis are already back to pre-pandemic levels, HotStats said.
asianhospitality

Baird/STR Hotel Stock Index slips 2.5 percent in February - 0 views

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    THE BAIRD/STR Hotel Stock Index was down 2.5 percent in February 2023 as the focus turned to earnings and initial 2023 outlooks, according to STR. Investors' confidence also was boosted some by strong fourth quarter results and rising demand. During the month, the Baird/STR Index surpassed both the S&P 500, down 2.6 percent and the MSCI US REIT Index, fell 4.9 percent, STR said in a report. Meanwhile, the index jumped 16.4 percent in January. According to the STR, the Hotel Brand sub-index decreased 1.2 percent from January to 10,219, while the Hotel REIT sub-index dropped 7 percent to 1,130. "Hotel stocks, just like the broader market, pulled back in February as the focus turned to earnings and initial 2023 outlooks," said Michael Bellisario, senior hotel research analyst and director at Baird. "The global hotel brand stocks, while down slightly during the month, outperformed the S&P 500 on the heels on strong fourth quarter earnings reports and guidance that matched expectations; hotel REITs were weaker and relatively underperformed as investors focused on somewhat mixed fourth quarter earnings reports and 2023 guidance that embedded heightened expense pressures and outsized renovation disruption."
asianhospitality

Baird/STR Hotel Stock Index up 2.7 percent in November - 0 views

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    THE BAIRD/STR Hotel Stock Index rose 2.7 percent in November according to STR. However, hotel stocks were relative underperformers during the month for the first time since June. The index jumped 15.8 percent in October. The index was down 5.5 percent year-to-date through the first 11 months of 2022. In November, the Baird/STR Hotel Stock Index fell behind both the S&P 500, up 5.4 percent and the MSCI US REIT Index, increased 5.6 percent. The hotel brand sub-index increased 3.7 percent from October to 9,804, while the Hotel REIT sub-index fell 0.2 percent.
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