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Australia’s hotel sector, whilst choppy, continues to demonstrate remarkable resilience with national occupancy rates at 71% and RevPAR up 3.8% Scott Boyes, Trilogy Hotels Sydney leads the recovery charge with occupancy at 78% and RevPAR growing to an impressive $215, making this market our standout performer.
The Radisson Hotel & Suites Niagara Falls is set for a major renovation and will be re-launched under IHGs voco brand. Overall occupancy levels remained flat, increasing by just 0.1 Currently, 10,000 rooms are under construction across the country, with 60 per cent of those expected to open within the year, adding approximately 1.3
. “All segments drove RevPAR outperformance, with strong trends in leisure occupancy, as well as continued growth in business transient and group results, and we expect favorable trends to continue into 2025. compared to the same period in 2023 due to increases in both occupancy and ADR. 31, 2023 Diluted EPS was $2.06
. “Marriott achieved excellent results in 2024, as we delivered best-in-class experiences that helped drive strong demand for our industry-leading portfolio of brands,” said Anthony Capuano, president/CEO, Marriott. He added, “In the fourth quarter, worldwide RevPAR rose 5%, driven by gains in both ADR and occupancy.
He has led a diverse range of projects for independent owners and brands across the hospitality spectrum. With over 16 years experience in the hotel sector he has been influential in the development of commercial projects, listed buildings and buildings within a conservation area as well as some of the UKs leading hotel brands.
With more than 500 meetings conducted with potential and existing corporate accounts across the country, the company has secured several major accounts across industries such as construction, transportation, agriculture, retail and transitional housing. These new corporate clients are primarily from Texas, California and Florida.
And we then work with the brands, the sellers in those industries to connect with those buyers. We’ll position those brands specifically to buyers with buyers intent in the marketplace, looking for things like that. I mean, absolutely lofty RevPars, ADRs, and occupancies. So, a lot of fascinating things.
Occupancy has a strong foothold in the Canadian marketplace today, said Nguyen, forecasting that 2025 will be a year of moderation with limited room for occupancy growth and slower ADR momentum. Laport noted Concord has eight hotels under construction, while Toor is building strategically in high-barrier markets.
The five-year, non-recourse financing takes out the original construction loan on the hotel, a boutique lifestyle brand of Hyatt Hotels, which opened in August 2021. The Thompson Savannah has continued to generate impressive growth in the key hospitality metrics, including occupancy, RevPAR, and ADR over the past two years.”
Love attending these events where we get all types of brands, owners, developers, hotel owners, individual GMs at these events, because all the ideas, topics, really important topics in our industry really float to the top. And I think hotels are hotel owners, brands are starting to embrace that.
From selecting the right location to managing construction and hiring staff, the pre-opening phase is about laying the groundwork. Website: Your Digital Storefront Your hotel’s website is the first step in building your brand’s presence. But once everything is ready, the focus shifts.
In line with the brief, the team knew they had to specify products which were not only stylish and sustainable, but strong enough to withstand every spill, scratch and knock of continuous occupancy. The latters experienced specification team was impressed with the projects unusual, forward-thinking yet highly prescriptive brief.
“Additionally, we expect our industry-leading brands and powerful commercial engines to continue to drive strong net unit growth. compared to the same period in 2024 due to increases in both occupancy and ADR. marking the brand’s first hotel outside of the U.S.; Nassetta, president/CEO, Hilton.
The Ascott Limited’s co-living brand lyf is eyeing its third location in Australia, with a new property in Sydney expected to be announced soon. Earlier this week, Ascott Australia Managing Director, David Mansfield, welcomed over 100 guests to discover the brand at an event at lyf Collingwood Melbourne.
In the latest United States Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that construction pipeline projects in the U.S. At the close of the first quarter, projects currently under construction stand at 1,051 projects/140,365 rooms, each showing 9% growth YOY. construction pipeline at Q1.
Boutique hotels continue to report solid occupancies and healthy ADRs, and collectively achieved increases in all performance indicators through June, according to the Boutique Hotels: Mid-Year 2023 report from The Highland Group. The strongest RevPAR increases were in the LS upscale-upper midscale and soft brand (SB) upper-upscale class.
In the hotel’s first week, even without a heavy marketing campaign, occupancy was circa 60% with one night over the weekend hitting 80% occupancy due to compression on the CBD, thanks to the hotel’s close proximity, Hunt shared. Elsewhere in the Australia Pacific region, Marriott is experiencing strong growth. “I
The Ascott Limited is set to open two new properties in Sydney’s CBD and Melbourne’s outer north suburb of Epping under the lyf and Oakwood brands respectively. Serviced apartment brand Oakwood will launch its third Australian property in Epping with a 94-key mixed-use development at the corner of Fullarton Drive and Cooper St.
With a little creativity and lots of data and insights, low occupancy periods can be more efficiently managed Low occupancy is largely driven by seasonality with off-peak times being marked by fewer bookings and even lower forward bookings. To conclude Optimising revenue during low occupancy doesn’t have to be difficult.
A Certificate of Occupancy (CO) is a vital requirement before opening your new-build/renovated hotel. Because of the necessity of this certification, you’ll want to work it into your construction plans from the very beginning to avoid any project delays. Without it, you’re subject to massive, compounding fines! Talk to an expert.
The 2024 Summit is the start of some exciting things to come for our AHICE brand in Fiji and we are already looking at venues to host the conference over the coming five years,” said Wilkinson. Register for the 2024 event now. The post Speakers revealed for inaugural AHICE Fiji Islands summit appeared first on Hotel Management.
Veriu Group CEO, Zed Sanjana, and developer Tim Gurner are celebrating a successful first six months of Veriu Collingwood, with the apartment hotel garnering strong occupancy and room rates since opening. But in terms of the cost of construction, it doesn’t help to solve that at all. More and more so.
“The current supply of new hotel accommodation is being hampered by rising construction costs, particularly for luxury venues in regional locations. These are distinct assets positioned in unrepeatable ocean view settings and boast a reputation of consistently achieving high occupancy levels.”
will receive the exclusive rights to develop new vacation ownership clubs and products under the Accor Vacation Club brand across Asia Pacific, Middle East, Africa and Turkey, and Accor will receive a percentage of vacation ownership sales revenue as a licensing fee. Travel and Leisure Co.’s Under the deal, Travel and Leisure Co.
A strong hotel brand is the cornerstone of enduring success. In fact, a strong brand can increase revenue by up to 23%. Investing in hotel branding is a strategic decision that can yield substantial returns. A strong hotel brand builds trust, loyalty, and a lasting impression, ultimately driving revenue and market share.
According to the latest Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) , analysts report that at the close of the first quarter, the country’s hotel construction pipeline stands at 1,776 projects/266,901 rooms. The top countries in the Europe construction pipeline by project count are led by the U.K.
occupancy points to 70.7% occupancy points, and the Cairns Area showing the strongest YTD growth up 7.0 occupancy points as a result of increased leisure demand and group business. occupancy points, and the Cairns Area showing the strongest YTD growth up 7.0 occupancy pts, Gold Coast up 3.8
The Veriu Group is making its mark in Australia’s apartment hotel landscape with over 3,000 rooms operating across 21 sites and a further 17 sites in development across both the Veriu Hotels and Suites and Punthill Apartment Hotels brands.
Hybrid spaces that can host large conferences and provide exceptional leisure experiences are on the rise, allowing owners to maximize occupancy and rates throughout the week. Our development strategy has always been to sign the right hotel, with the right brand, in the right location, at the right time.
According to the Q1 2023 Construction Pipeline Trend Report for the Middle East from Lodging Econometrics (LE) , the hotel construction pipeline in the region increased to 581 projects/147,356 rooms, up 8% by projects and 6% by rooms year-over-year (YOY). These trends continue to show developer enthusiasm in the region.
Hotel occupancy, which is at a market average of 70%, is up 15% year-on-year, but remains down (-9%) on pre-pandemic levels. Rotorua’s hotel occupancy rate showed the most improvement, up 39% compared to 2022, slightly ahead of Queenstown, which was up 38%, and higher again than Auckland, which has had a 33% lift.
What is hotel construction? Hotel construction refers to the process of designing, planning, financing , and building new hotel properties, or significantly renovating existing ones. Table of contents Why does hotel construction cost so much? Construction projects are notoriously prone to overruns.
The fact is, there is no reason why an economy or mid-priced brand cannot make their customers feel respected, connected and valued – these are not qualities exclusive to luxury, rather, it is the essence of delivering a great hospitality experience. Tribe is another fast-growing brand in the midscale segment.
JRK Property Holdings , through its $350-million hospitality fund, has acquired a two-property, 275-key Hyatt-branded hotel portfolio in San Juan, Puerto Rico, from the PRISA Group for an undisclosed price. with consistently strong occupancy and a healthy growth trajectory,” said Bhatia.
The Le Méridien brand is back Down Under, marking its return with the opening of Le Méridien Melbourne in March. General Manager Peter Minatsis discusses the latest iteration of the brand and what makes this particular hotel special. It’s all about coffee, culture and art and that’s exactly what the brand is.
RevPAR results were driven by growth of 90 basis points in occupancy, partially offset by a decline of 50 basis points in ADR. economy brands. Internationally, RevPAR for the Latin America, EMEA and Canada regions collectively increased 15% due to both continued pricing power, with ADR up 13%, and occupancy growth of 2%.
On the back of over 90% hotel occupancy and $8.3 In the next Q&A with James Wilkinson, Jeff Wagoner from Outrigger Hospitality Group was still keen to get back into the Australian market after their 2016 acquisition of the famous Hawaiian beach brand. Some of the big brands don’t care about owner returns, just planting flags.”
Oaks Wellington Hotel is one of our full-service hotels and I was fortunate to manage the building during the construction and launch phase in September 2019. Under the Avani brand, we have upscale Serviced Apartment accommodation in Auckland, Avani Auckland Metropolis Residences, located in the iconic Metropolis building.
compared to the same period in 2022 due to increases in both occupancy and ADR, and management and franchise fee revenues increased 12.2% compared to the same period in 2022 due to increases in both occupancy and ADR, and management and franchise fee revenues increased 16.7% for the fourth quarter and $4.33 For the year ended Dec.
. “System-wide comparable RevPAR continued to expand throughout the quarter, experiencing growth across all of our customer segments and regions, driven by strong preference for our brands,” said Chris Nassetta, president/CEO, Hilton. In May, Hilton launched a new brand in the U.S. billion and $2.6 billion and $2.6
With the exception of Greater China, RevPAR in all regions more than fully recovered and continued to show meaningful advances in occupancy and ADR. Approximately 199,000 rooms in the pipeline were under construction as of the end of 2022 “In our largest region, the U.S. & worldwide, 23.6% in the U.S. & worldwide, 5.2%
Pohl went on to say that mid-scale, extended stay brand “Home” has proven popular with Americans and that the emerging Gen Z market was pushing new development in brands like Aiden (part of BWH). As a ‘challenger’ state, PR is important to our brand strategy, but it needs to have a holistic approach.” Stay tuned.”
Increased interest from hotel owners in our brands has propelled our development pipeline to a record 243,000 rooms, marking an impressive 8% increase. the company lapped the most difficult YOY comparisons during the first quarter, resulting in a decline of 440 basis points in occupancy and 50 basis points in ADR. In the U.S.,
First quarter worldwide RevPAR grew 34% year-over-year [YOY], with meaningful gains in both occupancy and ADR,” said Anthony Capuano, president/CEO. Roughly 200,000 rooms in the pipeline were under construction as of the end of the first quarter. . & Canada and 63.1% “We are off to a great start in 2023.
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