Year-over-year growth in RevPAR doubled to 2.4% compared to the 1.2% gain seen for October. The calendar was clean with equal numbers of weekdays and weekends, unlike the previous month when the calendar negatively impacted performance.
BCD Travel published the fourth edition of its quarterly Travel Market Report. The Q4 report, dedicated to presenting an outlook for 2024, provides travel managers and buyers with insights on economic prospects, key risks, projected prices for air, hotel and car rental, sustainable travel trends, and more.
In Pennsylvania, the state’s attorney general reached settlement agreements with Omni Hotels & Resorts, Choice Hotels International and Marriott International over their fee disclosure practices. According to Mark S. Adams, the main objective in these cases was to ensure full transparency. If a hotel has a mandatory fee, they will have to let customers know upfront.
Participants in the 2023 Cornell Analytics Roundtable focused on the changes that will be wrought by the rapid expansion of artificial intelligence applications, such as Open AI and ChatGPT.
In this comprehensive article, we have gathered a wealth of hospitality statistics and data that will equip you with the insights you need. Our goal is to empower you to harness the power of analytics in the hospitality industry to drive innovation, exceed customer expectations, and achieve remarkable value.
Whether it's gig tripping or a visit to the land of nod, Skyscanner shares the latest trends shaping industry and traveller behaviour in its 'Travel Trends: Redefining value through experience in 2024' report.
The month-end reconciliation process serves as a crucial process globally in hospitality finance, where all financial data comes together to summarize financials and performance. A recent survey of HFTP members, taken ahead of the HFTP 2023 Annual Convention this past October, exposed a stark reality: less than 20 percent of respondents can finalize this process within five days, with a significant 12 percent taking over 11 days.
U.S. hotel performance increased from the previous week, while year-over-year comparisons were skewed downward due to a calendar shift, according to CoStar’s latest data through 30 December.
U.S. Unemployment Rate Unchanged at 3.7%
Boston is back. The three key demand channels have returned to an approximation of their pre-pandemic levels (conventions and business travel up, leisure down), and the city’s RevPAR has improved to third in the nation, supplanting Miami and various West Coast rivals. Here are ten things to know about the city.
Wildlife tourism in India is experiencing a strong comeback, evolving into a luxury experience. Eco-friendly accommodations have been leveraging this growing demand, offering distinctive experiences with minimal ecological impact. Read on to know more.
For the first 10 months of 2023, 1.5% of flights were canceled, far below the 2.6% cancellation rate for the first 10 months of 2022 and the 2.1% cancellation rate for first 10 months of pre-pandemic 2019.
Employees are the biggest value creators and value destroyers for most organizations. Here?s how to identify and enhance the role your employees play in the value creation process.
The International Air Transport Association (IATA) released data for November 2023 global air cargo markets indicating the strongest year-on-year growth in roughly two years. This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo.
Asia dominates Trending Destinations list globally for 2024 - Dubai named No. 1 Top Destination in the World for the third year running - The American South highly favored on the Food Destinations U.S. list: New Orleans ranks No. 1 a second time; six of top 10 culinary cities are in the South
In 2023, Portland's hotel demand faced setbacks from public safety concerns and absorption of new hotel supply. However, initiatives like the Hotel Security District and a government task force addressing homelessness signaled change. The opening of the Ritz-Carlton Hotel & Residences and several upcoming events contribute to a cautiously optimistic 2024 outlook.
U.S. hotel performance decreased from the previous week, while year-over-year comparisons improved, according to CoStar’s latest data through 6 January.
U.S. airlines carried 82.6 million systemwide (domestic and international) scheduled service passengers in October 2023, according to the Bureau of Transportation Statistics (BTS). When adjusted for seasonality, October enplanements are up 1.2% from September and reached a new all-time high in October 2023.
Total traffic in November 2023 (measured in revenue passenger kilometers or RPKs) rose 29.7% compared to November 2022. Globally, traffic is now at 99.1% of November 2019 levels.
New York, Istanbul and Dubai were the most popular holiday destinations for UK travellers
In December, the Baird/STR Hotel Stock Index surpassed the performance of both the S&P 500 (+4.4%) and the MSCI US REIT Index (+9.0%).
Aviation Fuel Consumption Up 4.1% from Pre-Pandemic November 2019
Helped by New Year's Eve, Sydney's hotel industry recorded its highest monthly average daily rate (ADR) on record, according to December preliminary data from CoStar.
Helped by COP28 and New Year’s Eve, Dubai’s hotel industry reported its highest monthly average daily rate (ADR) on record, according to preliminary December data from CoStar.
Helped by the holiday travel season, London hotels posted significant performance levels, according to preliminary data from CoStar.
In the wide-ranging Food and Beverage industry, global trends are increasingly important. As cultures intertwine and borders blur, the industry must cater to a palate that is constantly evolving and universally connected. Here, we delve deep into the international choreography that makes F&B a globally harmonized experience.
Packages are, on the one hand, straightforward. They are a well-established offering in most hotels, customers love them, and they are not going away. On the other hand, most hoteliers are at a loss to properly set up and manage the transactions so that they do not end up with a mess in their books and systems. That is what this piece is about: How to properly administer these seemingly complicated and unruly devices.
The average U.S. domestic air fare decreased in the third quarter of 2023 to $368, down 6.9% from the second quarter 2023 inflation-adjusted fare of $395. Passenger demand decreased in the third quarter to 86.6 million passengers, down from 88.8 million passengers in the second quarter.
Employment Remains 8.8% Above Pre-Pandemic November 2019
Travelers Open to Human Interaction When Scheduling Travel and Other Activities
The country’s occupancy level was its highest since 2019.
As expected due to the holiday season, the U.S. hotel industry reported lower performance results month over month, according to December 2023 data from CoStar.
Activity in the planning phases of the U.S. hotel pipeline remain up, while rooms in construction decreased after two months of gains, according to CoStar’s December 2023 data.
In many circles, the term 'litigation' refers to the process that starts with the filing of a lawsuit in the traditional court system and includes all that follows until a final resolution. This more restrictive definition does not include arbitration or other alternative dispute mechanisms.
U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar's latest data through 13 January.
Canada hotel room rate growth outpaced inflation in 2023
United States Trailing Global Competitors; National Leadership Increasingly Critical
Following a strong 2023, international tourism is well on track to return to pre-pandemic levels in 2024.
U.S. Hotel Construction Pipeline Hits All-Time Record High Project Counts at Q4 Close
CBRE U.S. Hotels State of the Union January 2024 Edition
STR and Tourism Economics made minimal adjustments to growth projections in the first U.S. hotel forecast of 2024 just released at the Americas Lodging Investment Summit (ALIS).
Q4 2023 Report Reveals Record-High Project and Room Counts
With inflation decelerating, fears of a recession receding, and supply growth muted, the overall outlook for U.S. hotel metrics in 2024 is one of modest, steady growth. The investment market is also showing increased signs of life, as inflationary concerns are diminishing and interest rates are improving modestly.
All five New York City boroughs were heavily affected by the COVID-19 pandemic. The strength of Brooklyn as a commercial center is partly attributed to the downtown core, distinct neighborhoods, public green spaces, and ease of access to/from Manhattan. These factors, combined with the availability of developable land, have continued to boost the Brooklyn market, especially in the post-pandemic period.
Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry.
2024 business travel trends unveiled by Globetrender and Cytric Easy by Amadeus
Air capacity is well over 100% of 2023 volumes across all regions, demonstrating increased opportunities for travel
U.S. hotel performance decreased from the previous week, while year-over-year comparisons remained mixed, according to CoStar's latest data through 20 January.
While core inflation fell in Q4, jobless claims from a week ago were higher than expected. This illustrates the balance of risks that the Fed must consider going forward. As such, we anticipate the Fed will cut the federal funds rate by May.