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Louissaw the largest increases in occupancy (up 27 percent to 76.8 Hotel Industry Closes March With Positive Yearly Comparisons appeared first on LODGING Magazine. Hotel PerformanceMarch 23-29, 2025Percentage change from comparable week in 2024Occupancy: 65.1 percent (up 4.4 percent)ADR: $161.65 (up 2.5 percent)RevPAR: $105.19 (up 7.0
Hotel Performance December 22-28, 2024 Percentage change from comparable week in 2023 Occupancy: 47.7 percent) Among the Top 25 Markets, Tampa reported the only double-digit increases in occupancy (up 16.3 Hotel Industry Closes December With Negative Yearly Comparisons appeared first on LODGING Magazine. percent (down 4.9
It is also a popular choice for the TV and film industry given its close proximity to Fox Studios at Moore Park and is the host hotel for popular reality TV show, Married At First Sight. Thanks to its prime location, the hotel maintains 85-95% occupancy throughout the year. “We
Speaking exclusively to HM , STR Regional Director Asia Pacific ex China, Matthew Burke, reported a +50% decline in occupancy across South East Queensland and Northern New South Wales. Encouragingly, Easter forward occupancy remains unaffected for now. We’re closely monitoring booking trends.
Landmark WA hotel Hyatt Regency Perth is set to close its doors next month after 36 years in operation with its Singapore-based owner Tuan Sing Holdings Limited seeking to embark on a new hospitality direction. For the month of May, Perth hotels had an occupancy rate of 77.3%, the highest of all Australia’s capital cities.
With occupancy rates averaging close to 90% in our vacation club, we look forward to showcasing Mission Beach and introducing the highlights of the surrounding region to our Club Wyndham South Pacific owners and their guests, he added. The post Travel and Leisure Co.
Occupancy in this segment reached close to 78%. star segment recorded a significant 22% year-on-year increase in Average Daily Rate (ADR) with rates averaging NZ$405 for these premium properties, driving the overall 15% rise ADR for the market.
This revision reflects a 40-basis point (bps) decrease in expected occupancy compared to the prior forecast, with occupancy anticipated to decline by 30 bps year-over-year. decline in occupancy. CBRE now forecasts a 0.5% increase in revenue per available room (RevPAR) growth for 2024, down from the previously estimated 1.2%
Marriott Bonvoy is celebrating a successful Australian Open as the events official accommodation partner for the fourth year running, with increased occupancy at its 10 Melbourne hotels, enhanced brand awareness and greater member engagement.
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.
The ‘specialist skills’ pathway will be open to eligible applicants earning at least $135,000 in any occupation with the exception of trade workers, machinery operators and drivers and labourers. Australian Hotels Association CEO Stephen Ferguson said access to an effective migration program is critically important to the industry.
Sydney hotels had much cause to celebrate as 2023 drew to a close with record results achieved in the month of December. In December 2023, Sydney hotels achieved occupancy of 77.1%, up 9.9% The market’s daily occupancy levels remained above 60% throughout the month with the exception of two days. increase year over year.
Our properties are performing well, with solid occupancy and rate performance. We’re closely monitoring the market and are optimistic about the potential for further growth as the economic fundamentals in New Zealand improve. This success is a testament to the hard work of our Quest franchisees and the strength of our business model.
I was very quick to start working closely with our Accommodation Association manager in Victoria, and our AHA CEO in Victoria. We’re still working closely on some of these migration reforms, as international students still play a critical role in our industry. We’re working closely in the accessible space.
La Vie reports that the hotel has exceeded occupancy targets since opening, regularly selling out during key events. Adge Hotel and Residences in Sydney’s Surry Hills has opened a second hotel tower on the site, expanding its room count by 149 guest rooms to a total of 254.
We have also seen incredible growth in yield (Average Daily Rate and RevPAR) and occupancy. Since reopening, Fiji’s tourism sector has seen record volumes of visitor arrivals, in particular from our key source markets of Australia, NZ, North America and China. Now is definitely the right time for investment in Fiji.
In short, they largely do, which could spell another strong year for Southeast Asia’s hotel industry from both an occupancy and investment point of view. Investment volume is expected at THB9-10 billion, close to the 10-year average volume of THB11.7 Do these themes play out closer to home?
What is Airbnb occupancy rate? Airbnb occupancy rate is defined by the platform as “ the number of nights booked divided by total nights available to be booked across all relevant listings. ” Occupancy rate is a metric that is used to describe the percentage of hotel rooms that are occupied.
The end of the year has been favorable for European hospitality, with notable improvements in performance indicators, both in occupancy and average daily rates (ADR).
Originally published to the Amadeus newsroom 2023 global hotel occupancy levels are trending 10% ahead of 2022 with Q4 on-the-books reservations up 11% over last year, according to Amadeus data September 27, 2023 – There is a sense of buoyancy in the global hospitality industry as we head into the fourth quarter of 2023.
However, as the market grew and evolved, this model started to show its limitations: Overreliance on historical data Traditional comp sets were rarely updated and relied heavily on historical data, such as past pricing, occupancy rates, and guest reviews. However, as traveling became more accessible, the decision processes changed.
Club Wyndham Coffs Harbour is part of Club Wyndham South Pacific, one of the region’s largest vacation clubs with close to 60,000 members and 54 resorts internationally. Developed and managed by Travel and Leisure Co., Club Wyndham Coffs Harbour’s new-look grand bedroom The resort contributes an estimated AU$20.4
As a leader in revenue management consulting , were always at the forefront of what is happening in the hotel industry and keeping a close eye on how revenue management trends keep evolving. Pricing optimisation: Setting the right prices to maximise revenue while maintaining occupancy.
After a soft opening last year, lyf Collinwood is now gaining traction with increased occupancy and plans to open its food and beverage offering later this year. Earlier this week, Ascott Australia Managing Director, David Mansfield, welcomed over 100 guests to discover the brand at an event at lyf Collingwood Melbourne.
The Property was placed under contract in mid-January and closed in approximately two weeks, just days before the Super Bowl in New Orleans.” It has been an absolute pleasure collaborating with the buyer, Garnet, and seller on this opportunity,” said Len Wormser, broker and HREC SVP, the investment advisor for this transaction.
The pooled inventory model ensures that every room is available to sell across all platforms simultaneously maximising occupancy and reducing spoilage. Tools like ReviewMinder help them keep a close eye on guest feedback, while RatesTalk makes pricing decisions smarter and faster.
The newly-operational properties have displayed strong results since opening, with the Tokyo property, which opened at the end of November 2023, achieving a higher-than-expected average daily rate, surpassing anticipated occupancy, and achieving high guest reviews.
“We had to update them by manually opening and closing the inventory each time,” he explained. Thanks to Little Hotelier’s support, Sea Breeze Candidasa’s occupancy rate has also increased. “And Little Hotelier has also been very helpful in increasing occupancy.”
Peru: Peruvian apartment rental startup Wynwood House has closed a $7 million seed round in equity and debt to fund its expansion further into and beyond Latin America. The post Wynwood House closes $7m seed round to fund global expansion appeared first on Boutique Hotel News.
By analyzing booking patterns, guest behavior, and local events, hotels can anticipate occupancy rates and adjust strategies accordingly. Inventory Management: Adjust inventory levels and maintenance cycles to meet expected occupancy, reducing wear and reactive fixes. The richer the data, the more accurate the future planning.
Sixty percent of all 2024 hotel trades were valued under $10 million, and 43 per cent closed for less than $5 million, reflecting investor interest in smaller markets with attractive yields. Overall occupancy levels remained flat, increasing by just 0.1 per cent year-over-year. per cent of revenue. per cent to total supply.
Across Marriott’s Sydney hotels, occupancy will finish above 90% for February, the company reported, thanks to tourism generated around the festival, a plethora of conferences, concerts and events, as well as cruise ship arrivals.
High turnover, seasonal staffing and increased occupancy can stretch teams thin, which is why the most successful properties take a proactive approach to identifying risks and closing gaps early. Close the gaps before guests arrive Every property has pressure points. Here’s what to double-check now before the crowds roll in.
These hoteliers anticipated demand, implemented dynamic pricing, and kept a close watch on competitor pricing. As a result, they ensured full occupancy at premium rates, making record-breaking profits. Every room was priced optimally, ensuring maximum profitability while maintaining high occupancy.
RMS focused on Tier 1 and Tier 2 cities like New Delhi (NCR), Mumbai, Bangalore and Pune, where the average daily rate sits between 5,000 and 20,000 and occupancy rates can reach 70%. Good service spreads fast, especially in such a close-knit sector where everyone knows everyone.
We have an extended minibar in the lobby with everything from healthy bites and sandwiches to frozen meals that can be heated up for guests who arrive late at night after the kitchen has closed or are leaving in the wee hours of the morning to catch a flight. And we have all the travel essentials that that might need.
Related Insight Understanding Hotel Revenue Management Strategies and Their Impact on Occupancy Rates What we do We help hotels transform their pricing strategies into powerful profit engines by: Uncovering Daily Market Value: We identify the precise value of each day across every market segment to set optimal room rates.
Related Insight Understanding Hotel Revenue Management Strategies and Their Impact on Occupancy Rates What we do We help hotels transform their pricing strategies into powerful profit engines by: Uncovering Daily Market Value: We identify the precise value of each day across every market segment to set optimal room rates.
Group bookings are calculated using occupancy and average daily rate (ADR.) of total meetings, closely followed by groups of 26-50 attendees, representing 19.8%. The third quarter of this year shows the top 25 U.S. markets have recovered 99.1% The top segment was 101-200, representing 20.4%
Related Insight Understanding Hotel Revenue Management Strategies and Their Impact on Occupancy Rates What we do We help hotels transform their pricing strategies into powerful profit engines by: Uncovering Daily Market Value: We identify the precise value of each day across every market segment to set optimal room rates.
Related Insight Understanding Hotel Revenue Management Strategies and Their Impact on Occupancy Rates What we do We help hotels transform their pricing strategies into powerful profit engines by: Uncovering Daily Market Value: We identify the precise value of each day across every market segment to set optimal room rates.
Related Insight Understanding Hotel Revenue Management Strategies and Their Impact on Occupancy Rates What we do We help hotels transform their pricing strategies into powerful profit engines by: Uncovering Daily Market Value: We identify the precise value of each day across every market segment to set optimal room rates.
Related Insight Understanding Hotel Revenue Management Strategies and Their Impact on Occupancy Rates What we do We help hotels transform their pricing strategies into powerful profit engines by: Uncovering Daily Market Value: We identify the precise value of each day across every market segment to set optimal room rates.
The performance of the lodging industry is closely tied to the strength of the economy, as there is typically a strong correlation between GDP and RevPAR growth. “We increase in occupancy. RevPAR is now expected to grow by 3% for the remainder of the year, driven by international tourists, holiday travel and limited supply growth.
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