Meet the Money, the national hotel finance and investment conference, is back on May 1-3, 2023, for its 30th year. Join us for three days of deal-making, networking, and high-level presentations at the Hyatt Regency LAX in Los Angeles, California. Source: hotelnewsresource.com … [Read more...]
AHLA Finds Hotel-Generated State and Local Tax Revenue Will Reach National Heights
WASHINGTON—Hotel-generated state and local tax revenue will reach new heights nationally ($46.71 billion) and in states across the nation this year, according to state-by-state projections released today by the American Hotel & Lodging Association (AHLA) and Oxford Economics. Average U.S. hotel occupancy is projected to reach 63.8 percent in 2023—just shy of 2019’s level of 65.9 percent. … [Read more...]
STR: U.S.RevPAR 10.4% above 2019 in Jan.
Following seasonal patterns, the U.S. hotel industry reported lower performance from the month prior, according to January data from STR. January 2023 (percentage change from January 2019): Occupancy: 52.8% (-3.0%) ADR: $142.14 (+13.8%) RevPAR:$75.01 (+10.4%) Among the top 25 markets, Oahu Island experienced the highest occupancy level (74.4%), which was down 9.9% from the market’s 2019 … [Read more...]
Remington Hotels Announces La Quinta Inn & Suites by Wyndham Lakeway Management Agreement
Downtown Austin, Texas DALLAS, Texas—Remington Hotels announced its management agreement for La Quinta Inn & Suites by Wyndham Lakeway. Located in the city of Lakeway, the property marks Remington’s fifth hotel in the Austin area, further strengthening its portfolio in the market. Remington will manage the hotel’s sales, marketing, operations, revenue management, and overall … [Read more...]
Report: Hotel-generated tax revenue to hit new highs in ’23
Hotel-generated state and local tax revenue will reach new heights nationally ($46.71 billion) and in states across the nation this year, according to state-by-state projections from the American Hotel & Lodging Association (AHLA) and Oxford Economics. Average U.S. hotel occupancy is projected to reach 63.8% this year—just shy of 2019’s level of 65.9%. Staffing is expected to remain a … [Read more...]
IHG’s 2022 Americas RevPAR surpasses 2019 level
Intercontinental Hotels Group (IHG) reported RevPAR for the Americas was up 3.3% for full-year 2022 vs. 2019. Worldwide ADR was up 8% vs. 2019, while occupancy was down 7 percentage points vs. 2019. “In 2022, we saw demand return strongly in most of our markets, pushing group RevPAR back close to 2019 levels and fee margin ahead,” said Keith Barr, IHG Hotels & Resorts. “It’s … [Read more...]
HVS Market Report – Greater Houston Lodging Market: On the Mend – By Bunmi Oyinloye
Hotels in the Houston area faced a significant RevPAR decline in 2020, and at the beginning of 2023, the market is again contending with uncertainty surrounding rising inflation, risk of a potential economic slowdown, and volatility in its largest industry. In this article, we take a look at Greater Houston lodging recovery thus far and the outlook for the future. Source: hotelnewsresource.com … [Read more...]
Scandic Reports Full Year 2022 Results Invitation to Presentation of Scandic’s Year-end Report 2022
Stable 4th Quarter Ends a Strong Year Source: hotelnewsresource.com … [Read more...]
GlobalData: Travel and tourism deals dip 42%
Challenging global economic conditions and their implications reflected their impact on the travel and tourism sector’s deal activity in the first month of 2023. A total of 38 deals (comprising merger and acquisition, venture financing and private equity deals) were announced in the sector globally in January 2023, which is a decline of 42.4% in terms of deals volume compared to the previous … [Read more...]
Two SEQ Quest Branded Hotels in Southeast Queensland Hotels for Sale
A duo of Quest-branded hotels in the southeast Queensland locations of Chermside and Ipswich have been listed for sale by a private owner. Source: hotelnewsresource.com … [Read more...]
The Inn At Mattei's Tavern In Los Olivos, California Joins Auberge Resorts Collection
Set on 6.5 acres opposite the original Los Olivos staging post, The Inn at Mattei's Tavern, Auberge Resorts Collection sits in the center of town. Source: hotelnewsresource.com … [Read more...]
U.S. Travel Association Says Weak Travel Trade Balance Points to Urgent Need for Federal Action
New data released by the U.S. Department of Commerce reveals the country’s travel trade surplus slipped to just $4 billion in 2022—down from an all-time high of $85.9 billion less than a decade ago, underscoring the urgent need to rebuild inbound travel and regain its associated economic benefits. Source: hotelnewsresource.com … [Read more...]
Noble names Jennifer Eager VP, fund and corporate accounting
Noble Investment Group has appointed Jennifer Eager as VP, fund and corporate accounting. She will be responsible for all aspects of the firm’s accounting and reporting functions. She joins Noble from Stoneweg U.S., where she served as controller/interim CFO, contributing to the company’s growth. She has 15 years of technical accounting and reporting experience with both public and … [Read more...]
Britains Hospitality Leaders Confidence Rises but Soaring Costs Threaten Fragile Businesses
Leaders of Britain’s top managed hospitality groups remain cautiously optimistic about the future despite spiralling costs, the 2023 Business Leaders’ Survey from CGA by NielsenIQ and Fourth reveals. Source: hotelnewsresource.com … [Read more...]
IHG Reports Full Year Gross Revenue Increase of 33% for 2022
IHG Reports Full Year Results to 31 December 2022 Source: hotelnewsresource.com … [Read more...]
Deep dive with Emilio Izquierdo Merlo, CEO of Maraey and IDB Brasil
Emilio Izquierdo Merlo outlined how the recent multiple signing with Marriott International will dovetail with Maraey’s US$2.1 billion private investment to create a hotel and residential complex different from anything else in Brazil. Why did you decide to partner with Marriott International for three hotels within the Maraey development? The Maraey agreement with Marriott, the largest hotel … [Read more...]
532 Key NH Collection Dubai The Palm Hotel Opens in the UAE
NH Collection Dubai The Palm is positioned in a new development on the iconic Palm Jumeirah with direct access to West Palm Beach. Source: hotelnewsresource.com … [Read more...]
WTTC Reacts to Statement from the Presidency of the EU Council on Easing Restrictions for Travellers from China to the EU
After a prolonged period of post-pandemic disruption, we welcome the latest statement from the Swedish Presidency of the EU Council, to facilitate easing restrictions for travellers from China, to the EU. Source: hotelnewsresource.com … [Read more...]
Premier Inn Opens UK Hotel in Keswick
The opening of the 71-bedroom hotel at High Hill in Keswick grows Premier Inn's network in and around the Lake District National Park to six locations and more than 400 hotel bedrooms. Source: hotelnewsresource.com … [Read more...]
Spanish airports: What are the new liquid and electronics rules coming into force from 2024?
Passengers at Spanish airports will soon be able to take more than 100ml of liquids in their hand luggage.From 2024, restrictions on liquids will be removed at some Spanish terminals, airport manager AENA has announced. Passengers will also be able to leave electronics in their luggage after new 3D X-ray technology is installed.For the first time in over a decade, people will no longer be left … [Read more...]