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Amsterdam Hotel Market – Rate Growth Paves the Way

Mattia Cavenati | July 10, 2019

By Mattia Cavenati, Sophie Perret Amsterdam is in the province of North Holland, in the heart of the Randstad, Europe’s sixth-largest metropolitan area. The city of Amsterdam is the capital and the largest city in the Netherlands, with a population of just over 850,000 recorded in 2018. While Amsterdam is known globally for its historic canals, art museums (Rijksmuseum, Van Gogh Museum), red-light district and ‘coffee’ shops, it is also a significant European financial centre. Approximately 2,000 foreign companies have established offices in the Amsterdam metropolitan area, and more than 200 of these companies have headquarters in th...

The Serviced Apartment Sector in Europe: Poised to Outperform

Simon Hulten | July 3, 2019

By Simon Hulten and Sophie Perret During the last 12 months, the serviced apartment sector in Europe continued to see strong momentum in both demand and supply. This year’s report looks at the recent trends, discusses our analysis of the 2019 lenders survey results and recent transaction evidence and provides an outlook in terms of pipeline. Year in Review The sector continues to innovate, with exciting new brands being introduced and traditional brands being reinvented. Alternative concepts such as co-living, co-working, student accommodation and home-sharing are merging with the serviced apartment concept, creating hybrids as a resp...

GOPPAR Bounces Back, But Cost Concerns Remain at U.S. Hotels

HotStats | July 3, 2019

After a negative turn in April, profit per room at U.S. hotels bounced back in May, increasing by 2.0% year-over-year, buoyed by growth across all revenue centers, according to the latest data from HotStats. GOPPAR was recorded at $112.80 in May, and while this was 4.7% above the year-to-date GOPPAR figure at $107.73, it was almost $6 below the profit level in April at $118.51. This was a function of demand, albeit a significant acceleration in costs was recorded in May, including a 4.7% YOY increase in payroll to $97.49, on a per-available-room basis. It was a positive month of revenue growth across all departments, with YOY revenue...

Brussels Hotel Market – Recovery Now Complete

Lionel Schauder | July 2, 2019

By Lionel Schauder and Sophie Perret Brussels, with a population of approximately 1.2 million, enjoys a strategic location in the heart of Western Europe, making it both a regional metropolis and an international hub. In addition to its role as capital of Belgium, the city is home to NATO’s headquarters and is widely known as the ‘capital of Europe’, hosting both the European Parliament and the European Commission. Described as the ‘new Berlin’ by the New York Times in 2015, an eclectic and creative facet of Brussels has recently emerged, represented by its community of artists, architects and designers. ECONOMIC INDICATORS ...

Hotel Market in Grand Rapids Continues to Boom

Joseph Pierce, MAI | July 1, 2019

By Joseph Pierce, MAI Michigan’s economy is growing again, and Grand Rapids is leading the way. Since 2009, Grand Rapids has had the fastest growing regional economy in the state, increasing 29.2% to $58 billion, according to Michigan-based Bridge Magazine. The Metro Grand Rapids area has also been recognized as one of the fastest growing economies in the country. Headlight Data ranked Grand Rapids the 7th fastest growing economy in the U.S., based on Gross Regional Product (GRP) over the previous five years. All of this is good news for the thriving Grand Rapids hotel market. According to Experience Grand Rapids, the area’s officia...

Duetto Releases Whitepaper Based on Revenue Manager Feedback

Duetto | June 25, 2019

New publication details how and why hoteliers must look beyond revenue and lean on technology to enable and empower them to provide a better guest experience. San Francisco, 25 June, 2019 - Duetto, hospitality’s innovative provider of cloud-based revenue strategy applications, has published a whitepaper showcasing research gathered through surveys and interviews with nearly 100 revenue managers from across the globe. The piece explores many of the new trends shaping the hotel industry as well as many of the pain points experienced by revenue managers, including how concerns seem to have shifted from competing with OTAs and driving top...

HVS Market Pulse: Toledo, Ohio

Stacey Nadolny | June 21, 2019

By Stacey E. Nadolny Much like other markets in the “rust belt” Midwest, Toledo is experiencing a period of redevelopment, with major projects occurring in the healthcare, public, education, tourism, and, yes, hospitality sectors. Eight new hotels have opened since 2014 (including the fully renovated Renaissance), accounting for a 24% increase in overall supply in Lucas County during a five-year period. For several years, the growth areas in Toledo were clustered in the suburban markets of Holland and Maumee, as the city’s major employers moved to the south suburbs, leaving major vacancies Downtown. Further south, Perrysburg, in Wood...

Airbnb’s Market Share: U.S. Lodging Demand Analysis

Hans Detlefsen | June 20, 2019

By Hans Detlefsen In this article, Hotel Appraisers & Advisors (HA&A) estimates Airbnb’s market share of U.S. lodging demand. This year’s edition of our study differs from prior publications in two major ways. Firstly, we isolate data from Airbnb, while excluding data from other, smaller home-sharing companies that were included in prior publications. Secondly, we have focused our analysis on Airbnb demand that we believe is most like traditional hotel lodging demand. We exclude, for example, the rental of shared rooms or rooms with shared living quarters. Since its creation in 2007, Airbnb has become a dominant channel for ...

Puerto Rico Lodging Market Poised for Comeback

JLL | June 19, 2019

SAN JUAN, JUNE 19, 2019 – Puerto Rico’s lodging market abounds with opportunities, following crises over the past several years. According to JLL’s Puerto Rico Hotel Destinations Report hotels across the Caribbean island have come back online after renewed capital investments and paired with economic incentives and strategic efforts of the Government of Puerto Rico and the U.S. Government, the island is primed for a hotel market comeback. Air capacity to the island in 2019 will increase for the first time since 2016 and to meet this demand, by 2020, approximately 2,400 hotel rooms will be re-introduced to the market, along with more ...

Fuel to Release Exclusive Early Edition of Leisure Travel Study Results at HITEC 2019

Fuel | June 13, 2019

Leading provider of hotel software and digital marketing solutions to provide sneak peek at critical industry data to attendees of world’s largest hotel technology show Myrtle Beach, SC and Minneapolis - HITEC Booth #2920 - June 13, 2019 – Fuel, a leading provider of hotel software and digital marketing solutions for the global hospitality industry, is providing access to an early edition of its much anticipated annual Leisure Travel Study at HITEC 2019 in Minneapolis. HITEC attendees will have access to the study at Booth #2920 on the HITEC trade show floor. The Leisure Travel Study is a comprehensive analysis of the ever-changing...

Takeaways From the Caribbean Hotel Investment Conference

Allison Fogarty | June 10, 2019

By Allison Fogarty The Caribbean is open for business, although recovery continues. As the region continues to recover from the devastating 2017 storm season, many hotels have reopened, even as infrastructure work continues. As always, recovery takes longer than anticipated, but open insurance claims are settling, and a number of properties are slated to reopen later this year, in time for the 2020 high season. Following the devastation, many owners of heavily damaged properties have taken the opportunity to significantly upgrade their properties with the proceeds of their insurance settlements, which will enhance their future positioning....

HVS Design and JN+A Release 2019 Hotel Cost Estimating Guide

June 10, 2019

Rockville, Md., June 7, 2019: HVS Design and Jonathan Nehmer + Associates, Inc. (JN+A), leading Architecture, Interior Design, and Project Management firms specializing in the hospitality industry, are proud to announce the completion of the 2019 Hotel Cost Estimating Guide.  The Guide is a comprehensive listing of capital expenditure construction and FF&E costs for hotel renovations. Now in its eleventh year, the 2019 Hotel Cost Estimating Guide evaluates costs in a variety of hotel tiers including Economy, Extended Stay, Midscale, Upscale, Upper Upscale, and Luxury.  Within each tier, costs are separated into the categories of Gues...

Key Takeaways From the 2019 South East Asia Hotel Investor’s Summit (SEAHIS)

Paola Orneli Bock | May 31, 2019

By Paola Orneli Bock, Han Sol Park, Ruj Masan May 31, 2019 -- HVS proudly sponsored the third edition of the South East Asia Hotel Investors' Summit that was held May 16-17 at the Westin Grande Sukhumvit Bangkok. This year's event saw over 200 delegates interacting with hospitality industry leaders on a number of key issues, such as the role of the sharing economy, franchising, demand and supply outlook for 2019, and new distribution channels disrupting the industry. HOFTEL and HVS also presented the intermediary results of the first OTA survey in an effort to shed some light on the actual costs of distribution. Below are some key takea...

Latin America’s Hotel Construction Pipeline Enters Third Year of a Cyclical Slowdown

Lodging Econometrics | May 30, 2019

May 30, 2019 – PORTSMOUTH, NH - In the recent Latin America hotel construction pipeline trend report, analysts at Lodging Econometrics (LE) state that the total construction pipeline stands at 717 projects/123,804 rooms, down 8% year-over-year (YOY) as it enters the third year of decline from its 2015-2016 peak. Projects presently under construction stand at 329 projects/57,735 rooms. Projects scheduled to start construction in the next 12 months stand at 207 projects/34,712 rooms and those in the early planning stage are at 181 projects/31,357 rooms. The first quarter of 2019 had 29 new hotels/5,405 rooms open. The LE forecast fo...

Navigate the Pitfalls Motel Valuations – Part 1

Rodney G. Clough | May 29, 2019

By Rodney Clough Independent, budget motels are often operated by resident owners that are talented at running efficient, safe motel operations but lack sophisticated and complete financial models that generate proper reports upon which to base purchase and valuation decisions. It is important for a buyer to understand that available financial information may not tell the full story, and relying solely on what is available may sell short the profit potential of the hotel and, ultimately, its true value. In Part 1 of this series, I discuss the importance of deriving a proper revenue estimate and testing its reasonableness against the nor...

Gradual Slowdown in U.S. Hotel Performance to Continue

CBRE Hotels | May 29, 2019

Atlanta – May 29, 2019 – The U.S. lodging supply will increase at an annual pace greater than the long-run average through 2022, according to CBRE Hotels Research's latest report. Meanwhile, the annual rise in the demand for these new hotel rooms is projected to average roughly three-quarters of its respective long-run average. The result is declining occupancy forecasts for the U.S. lodging industry in both 2020 and 2021. According to the June 2019 edition of Hotel Horizons®, CBRE Hotels Research projects U.S. national occupancy levels to remain flat in 2019 at 66.2 percent, then decline to 65.7 percent in 2020 and 64.6...

U.S. Travel Community Reacts to Falling Travel From China

U.S. Travel Association | May 29, 2019

WASHINGTON (May 29, 2019) — U.S. Travel Association Executive Vice President for Public Affairs and Policy Tori Barnes issued the following statement on reports that Chinese travel to the U.S. has fallen sharply, according to U.S. government data. See also U.S. Travel's latest International Inbound Travel Market Report for China. "The difficulty with trade skirmishes is that the unintended consequences are hard to predict, and we were concerned from the start that tensions with China might affect business and other travel to the U.S. "The irony is that travel exports have been the greatest success story of our trade ...

Canada’s Hotel Construction Pipeline Remains Strong With Double Digit Increases Year-Over-Year

Lodging Econometrics | May 28, 2019

May 28, 2019 – PORTSMOUTH, NH - Analysts at Lodging Econometrics (LE) report that at the close of the first quarter of 2019, the total construction pipeline in Canada remains strong with 264 projects/33,023 rooms. Construction pipeline projects and rooms are both up an impressive 11% year-over-year (YOY). A driving force of the pipeline's double-digit growth is the surge in projects in the early planning stage with 80 projects/11,328 rooms, up 48% and 53% YOY, respectively. Currently, there are 93 projects/10,466 rooms under construction and 91 projects/11,229 rooms scheduled to start construction in the next 12 months, a record h...

HVS Market Pulse: Houston, Texas

J. Carter Allen | May 23, 2019

By J. Carter Allen All things considered, the Houston economy weathered the worst energy depression since the 1980s relatively well, highlighting the depth and diversity of Houston's economic base today. Job growth in other sectors, such as healthcare, professional services, and construction, helped offset the approximately 25% loss in energy-related jobs. While the oil-and-gas industry is no longer the sole pillar of the local economy, it remains, nonetheless, and integral component. Hiring activity tied to oilfield services and the manufacturing industry has picked up in response to rising oil prices and increased activity in the Perm...

HVS Market Pulse: State of Hawaii

John Berean | May 21, 2019

By John Berean May 21, 2019 -- Hawaii experienced another stellar year of RevPAR performance in 2018, bolstered by improved airlift and a strong domestic economy, which resulted in another record year of visitor arrivals. Despite these impressive achievements, the year was not without its share of difficulties, including volcanic eruptions at Kīlauea, disruptions caused by Hurricane Lane and Hurricane Olivia, and an extended 51-day hotel worker strike. Nevertheless, the Hawaii Department of Business, Economic Development & Tourism (DBEDT) forecasts sustained year-over-year growth in visitor arrivals through 2022, which should suppo...

Attrition and Cancellation Revenue

Robert Mandelbaum | May 20, 2019

By Robert Mandelbaum Per the Uniform System of Accounts for the Lodging Industry (USALI), the income received from transient and group guests that fail to occupy a room, or cancel a reservation in the prescribed timeframe, and for which payment was guaranteed on an individual basis, is recorded as No Show Revenue in the Rooms Department. This source of revenue is frequently difficult to identify as a discrete source of income on the standard hotel operating statement format. On the other hand, the fees hotels receive from the cancellation of group meetings are typically presented as a separate line item in Miscellaneous Income. Because ...

HVS Market Pulse: Asheville, North Carolina

Janet Snyder | May 20, 2019

By Janet Snyder In 2017, Asheville attracted roughly ten million visitors who spent nearly $2 billion at local businesses, with approximately 40% of travelers requiring overnight accommodations. The city has always been a popular regional destination given its outdoor activities, temperate climate, arts culture, and kitschy downtown. In recent years, it has become better known for its foodie culture, thriving music scene, and offering of microbreweries, with about 50 small and large brewing operations throughout the city. With the city landing on the list of top destinations in numerous publications in recent years, it has become more o...

HVS Market Pulse: Downtown Omaha, NE

Sara Olson | May 17, 2019

By Sarah Olsen Local Economy and Redevelopment Projects A major revitalization period commenced in Omaha's Downtown Central Business District approximately 15–20 years ago when several high-profile projects were completed. Between 2002 and 2005, development projects included the construction of the First National Bank Tower (both the city's and the state's tallest building), the CHI Health Center, the Gallup Riverfront Campus, the Union Pacific Center, and the Holland Performing Arts Center. Another wave of redevelopment has hit the shores of the Missouri River in recent years, and several major projects are either currently under...

Canadian Lodging Outlook Quarterly 2019-Q1

HVS | May 17, 2019

May 17, 2019 -- HVS and STR are pleased to provide you with the quarterly report of the Canadian Lodging Outlook. Each report includes occupancy (occ), average daily rate (ADR), and revenue per available room (RevPAR) for six major markets. If you would like a detailed hotel performance data for all of Canada, STR offers their Canadian Hotel Review. The Canadian Hotel Review is available by annual subscription. For further Information, please contact: or +1 (615) 824-8664 ext. 3504. ...

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