Restaurant Trends - Growing And Emerging Concepts - Change and Activity April 24, 2018
Update from Restaurantchains.net on growing and emerging restaurant concepts
Virtually all source markets reported higher tourism spending in 2017, reflecting continued strong demand for international tourism across all world regions. Both emerging and advanced economies fuelled growth, led by the United States which spent US$ 12 billion more on travel abroad.
Mothers Day spending is expected to total a near-record $23.1 billion this year, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. A total 86 percent of Americans will celebrate Mothers Day and spend an average of $180 per person.
Since 2014, U.S. lodging industry owners and operators have seen a steady decline in the pace of revenue growth. In 2014, rooms revenue per available room (RevPAR) increased by a healthy 8.2 percent according to STR. Per the December 2017 edition of CBREs Hotel Horizons®, RevPAR is forecast to increase by just 2.5 percent in 2018. Facing lackluster revenue growth, hoteliers sights are now focused further on down the operating statement to determine what the impact of slow top-line gains will be on bottom-line profits.
Solid economic and financing conditions, an all-time high in tourist arrivals, and favorable hotel supply/demand dynamics supported near record transaction volume in 2017 of $3.5 billion. Canada continued to be a natural destination for global capital with foreign buyers investing more than $1.35 billion into Canadian lodging real estate.
In the hotel industry we all know how important it is to deliver hospitality, which is the key to a positive guest stay. Otherwise we are simply in the 'room rental business' and our guest rooms devolve into a commodity like a seat on an airplane.