Hotel Business

MAY 23, 2023

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.

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Hotel Business

MAY 24, 2023

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.

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Hotel Management

MARCH 14, 2024

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.

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Hotel Management

JUNE 15, 2023

Following this wave of additions, higher debt cost and construction costs are anticipated to suppress the development pipeline, with activity being largely limited to key strategic sites usually having mixed use appeal. Melbourne is the primary recipient of new room supply (35% of total).

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Hotel Marketing Average Daily Rate Market Marketing 276

Hotel Management

MARCH 30, 2023

Almost a year on from the opening of its first Australian property in Melbourne’s trendy inner-city suburb of Collingwood, and with another under construction in Bondi Junction, the brand is exploring further opportunities for growth – in dynamic metropolitan neighbourhoods.

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Hotel Business

JANUARY 12, 2024

with consistently strong occupancy and a healthy growth trajectory,” said Bhatia. Daniel Lippman, JRK president, added, “The Puerto Rico hotels deliver tremendous going-in cash flow to our investors on new institutional quality construction while offering several levers for additional value creation.

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Hotel Business

FEBRUARY 15, 2024

The company forecasts a 3% increase in RevPAR growth in 2024, with occupancy improving by 45 basis-point (bps) and ADR increasing by 2.3%. percentage point increase in occupancy. This projected growth indicates the continued recovery of the lodging industry, with RevPAR in 2024 expected to be 13.2% higher than 2019 levels.

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Forecasting Occupancy Construction Business 105

Hotel Management

DECEMBER 20, 2023

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.

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Hotel News Resource

MARCH 8, 2024

Since 2020, WichitaÕs hotel market has experienced a rebound in occupancy and average rate, supported by strong levels of leisure and commercial travel.

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Hospitality Tech

JUNE 5, 2023

Survey Finds While Occupancy Rates, ADRs, and Revenues Are Up, New Construction is Down to 2015 Levels.

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Hotel Business

FEBRUARY 10, 2023

4 (percentage change from comparable week in 2019*): Occupancy: 55.3% (-7.3%) ADR: $145.35 (+13.9%) RevPAR: $80.45 (+5.6%) While none of the top 25 markets saw an occupancy increase over 2019, Las Vegas came closest to its 2019 comparable (-1.4% 29 through Feb. The market also reported the highest ADR (+79.5% to $69.47).

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Hotel Management

MAY 1, 2023

The 160-key lyf property, on Sussex Street in Sydney, is the third Australian property for the co-living brand and follows the opening of lyf Collingwood in May 2022, with a Bondi Junction property, currently under construction, due to open next year. Ascott is aiming for a mid-2025 opening.

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Hotel Management

APRIL 6, 2023

A year on from opening in April 2022, boutique Queenstown hotel The Carlin is celebrating increasing occupancy amid a strengthening luxury tourism market locally.

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Dining Hotels Construction Occupancy 130

Hotel Business

NOVEMBER 22, 2022

While occupancy through Q3 was 3.8 PwC now expects annual occupancy for U.S. Since the May 2022 outlook, the Fed’s monetary policy has resulted in significantly higher interest rates than previously expected over the period covered, resulting in an estimated steep slowing of construction starts for new hotels next year.

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Hotel Management

OCTOBER 9, 2023

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. This will mean both front blocks will be in operation with unobstructed views, with all construction works occurring behind them.

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Hotelier Magazine

APRIL 2, 2024

For the past few years, the hotel industry has enjoyed strong market fundamentals driven by solid ADR and occupancy rates, creating a positive investment environment. The number of rooms in construction trended downward from mid-2021 to mid-2023. per cent and 0.7 per cent respectively.” per cent growth).

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Hotel Business

APRIL 25, 2024

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. Internationally, the company generated YOY RevPAR growth for the first quarter in all regions primarily driven by continued pricing power, with ADR up 12% and occupancy up 2%.

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Hotel Business

JUNE 12, 2023

The resulting white paper, titled “Hotel Borrowing Costs are Rising—But So Are Occupancy Rates,” projects positive outcomes based upon rising demand that will bolster key industry metrics, such as occupancy rates, ADR and RevPAR, while new construction is down to 2015 levels. “We

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Hotel Management

MAY 2, 2023

New data from STR shows that the city had its best month on record for hotel occupancy in March with an average of 8,376 room nights occupied each night of the month, creating an all-time high of more than $60 million in revenue. billion – including the Marriott GPO Hotel, Oval Hotel, Eos by SkyCity, Hotel Indigo, Sofitel Adelaide and more.

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Hotel Business

MAY 1, 2024

“Worldwide RevPAR grew more than 4%, with gains in both occupancy and ADR. Group RevPAR in the region rose nearly 5% YOY, with growth in both rate and occupancy.” The quarter-end pipeline included 1,089 properties with more than 202,000 rooms under construction. “In the U.S. & in the year-ago quarter.

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Hotel Business

JANUARY 24, 2024

Hotel Business spoke with renovation and repositioning specialist Tallal Bhutta, a leading authority on executing hotel conversions, and founder/CEO of BDB Construction Enterprise, who discussed the benefits of hotel conversions. Where should hoteliers begin? Why should hoteliers look to conversions? How should hoteliers manage those?

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Construction Hotels Shopping Occupancy 59

Hotelier Magazine

APRIL 2, 2024

All employers identified in the 2022 Workforce Solutions Road Map will have a reduction from 30 per cent to 20 per cent of their total workforce that can come in through the Temporary Foreign Worker Program, under the low-wage stream, with an exception for the construction and healthcare sectors. In addition, as of Jan.

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Boutique Hotel News

JUNE 28, 2023

UK: The “compact luxury” brand Z Hotels has secured a £15 million loan from OakNorth Bank to refinance an existing loan and construct new rooms at its Piccadilly property. The additional 20 rooms at Z Piccadilly will increase the hotel’s total room count to 132.

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Hotel Management

SEPTEMBER 7, 2023

There were a lot of passionate people who wanted the property to remain as the Palace Theatre and the construction timeline was drawn out because of that. We were happy to get a couple of operational weeks under our belt before we hit 100% occupancy over Formula One, and we had some pretty high rates as well.

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Hotel Management

MAY 10, 2023

On the back of over 90% hotel occupancy and $8.3 It was not overlooked that in view of the general rising costs of construction, it was more pronounced in the regions, prompting Wesley Milsom of Salter Brothers to remind us of the practicality of modular construction. South Australia is the place to be,” she said.

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eZee Absolute

DECEMBER 7, 2023

If you aren’t aware of overbooking, it is a strategy used by revenue managers to acquire more reservations than the number of available rooms to achieve the highest possible occupancy rate. 100% occupancy rate and better revenue. Do not shy away from revenue management. What does a hotel want? However, that shouldn’t be the case.

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Hotel Business

MARCH 1, 2024

The effect on urban hotel demand cannot be understated as historically there has been a 90% correlation between inbound foreign arrivals and urban hotel occupancy, with the greatest impact in gateway markets such as London, New York and Tokyo. billion investment into Rocco Forte hotels.

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Hotel Business

APRIL 12, 2023

Speaking about the drivers behind this performance, Thomas Magnuson, CEO, Magnuson Hotels, said that this is a direct result of the company’s unique OTA-alternative distribution strategy designed for enhancing occupancy levels as well as its Fair Franchising policies that ensure owners retain a higher percentage of revenue.

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OTA Revenue Construction Occupancy 59

SiteMinder

APRIL 17, 2024

You can offer select inventory at discounted rates to price-conscious shoppers, maximising occupancy during slower periods. Cost-conscious travellers get enticing discounts, while hotels are able to maximise occupancy without undercutting publicly-advertised rates. Maintain rate parity and manage your distribution.

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Hotel Business

OCTOBER 25, 2023

compared to the same period in 2022 due to increases in both occupancy and ADR, and management and franchise fee revenues increased 12.3% compared to the same period in 2022 due to increases in both occupancy and ADR, and management and franchise fee revenues increased 18.4% to 6% next year.” compared to the same period in 2022.

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Hotel Business

FEBRUARY 7, 2024

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.

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Pipeline Revenue Branding Occupancy 115

Hotel Business

AUGUST 11, 2023

Occupancy rates have been high, but so have labor, energy, and food and beverage costs. Meanwhile, hotel construction remains down from its pre-pandemic peak, creating supply constraints. Hotel The global average daily rate (ADR) for hotel bookings exceeded earlier predictions, rising 29.8% YoY to $161 in 2022. YoY to $174.

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Events Business Travel Forecasting 98

Hotelier Magazine

DECEMBER 14, 2023

After reaching a RevPAR peak in 2022, the market RevPAR is on pace to grow another 15 per cent in 2023, driven by strong growth in both occupancy and ADR. Supply growth in Canada has been muted throughout COVID with soaring construction costs. In Canada, the year 2023 set new benchmarks for the hotel industry.

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Hotel Business

JULY 26, 2023

compared to the same period in 2022 due to increases in both occupancy and ADR, and management and franchise fee revenues increased 16.1% compared to the same period in 2022 due to increases in both occupancy and ADR, and management and franchise fee revenues increased 22.1% billion and $2.6 compared to the same period in 2022.

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Pipeline Revenue Occupancy Branding 98

Hotel Management

DECEMBER 18, 2023

As debt and construction costs continue to prove challenging, we are finding that midscale and economy brands are quite appealing to investors as they require easier financing. This can mean lower breakeven occupancy rates, higher operating margins, and ultimately higher return on investment.

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Hotel Business

APRIL 24, 2024

Additionally, of the rooms in the development pipeline, 229,700 were under construction and 267,900 were located outside of the U.S. .” Other first-quarter highlights include: Diluted EPS was $1.04, and diluted EPS, adjusted for special items, was $1.53 compared to the same period in 2023. For the three months, diluted EPS was $1.04

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Hotel Business

OCTOBER 26, 2023

leisure demand, and international occupancy continued to recover. International RevPAR growth was driven by higher occupancy levels and stronger pricing power in connection with COVID recovery, and compared to 2019 grew 45% on a constant-currency basis, a 120 basis point acceleration from second quarter 2023 growth.

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