This week in Hospitality & Tourism #37 2023
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Lodging Analytics Research & Consulting (LARC)’s 3Q-2023 Hotel Industry Outlook
Notwithstanding the recent (but expected) deceleration in U.S. RevPAR growth, America’s lodging industry performance remains vibrant. Although Lodging Analytics Research & Consulting’s (LARC) forecast is modestly altered for 2023 and beyond, the overall outlook continues to be encouraging.
Confidence in the underlying national economy is anticipated to support continued expansion of hotel demand, particularly across the corporate and group segments. According to the U.S. Bureau of Economic Analysis, during 2Q-2023, business investment (private non-residential fixed investment) increased by 6.1% on an annualized basis, the highest quarterly increase since 1Q2022.
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Employee retention strategies: Keep your team engaged and productive
Employee retention strategies are essential to the ongoing success and profitability of any business, small or large. Why? Well, happy and productive employees create an environment that is conducive to growth, while loyal employees can help you save time and effort in recruiting and training new staff.
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Ask bing where to go and what to do, but don't fall off a cliff.
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Hilton to install 20K Tesla chargers at North American hotels
Hilton has expanded its agreement with Tesla to install up to 20,000 Tesla Universal Wall Connectors at 2,000 hotels in the U.S., Canada and Mexico beginning in early 2024.
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Bahamas Experiencing Explosive Growth in Visitor Arrival Numbers
The Bahamas recorded more than 5.89 million arrivals from January through the end of July. Current tourism performance puts the country well on the way to closing out the year at 8 million plus visitors.
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The Luxury of Personalized Discovery: Latest Four Seasons Private Jet 2025 Itineraries Revealed
Four Seasons announces its latest additions to the line-up of Four Seasons Private Jet Experience itineraries for 2025. Ancient Explorer, International Intrigue, and Timeless Encounters return with new exciting additions, including renowned “set-jetting” destinations, San Domenico Palace, Taormina, a Four Seasons Hotel and Grand-Hôtel du Cap-Ferrat, a Four Seasons Hotel.
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IHG Launches 19th Hotel Brand – the Strategy Behind ‘Garner’
IHG needed a new brand to appeal to two audiences — guests looking for something cheaper than the company’s 70-year-old flagship, Holiday Inn, and developers looking for a more cost-effective brand to run.
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Why Hotel Companies Keep Adding Hotel Brands
What's driving the recent wave of new hotel brands? Does the industry suffer from brand bloat?
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STR: U.S. hotel results for week ending 9 September
Continuing seasonal patterns, U.S. hotel performance showed mixed results from the previous week, according to CoStar’s latest data through 9 September.
- Among the Top 25 Markets, Denver saw the largest year-over-year increases in each of the key performance metrics: occupancy (+8.0% to 76.3%), ADR (+12.5% to US$163.16) and RevPAR (+21.4% to US$124.56).
- Helped by the US Open and New York Fashion Week, New York City posted the second-highest jumps in ADR (+11.5% to US$348.39) and RevPAR (+15.1% to US$308.83).
- St. Louis saw the steepest RevPAR decline (-19.8% to US$60.02).
3-9 September 2023 (percentage change from comparable weeks in 2022, 2019):
- Occupancy: 60.3% (-1.9%, -12.8%)
- Average daily rate (ADR): US$150.66 (+1.8%, +12.5%)
- Revenue per available room (RevPAR): US$90.86 (-0.1%, -2.0%)
