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Radisson Hotel Group Partners With Allianz Real Estate for New Radisson Collection Hotel in Milan, Italy

May 7, 2019

Radisson Hospitality AB, part of Radisson Hotel Group, is pleased to announce the signing of a new Radisson Collection property in Milan, Italy. Working in conjunction with Allianz, the group will redevelop the former Allianz Italia headquarters in Milan into the Radisson Collection Hotel, Santa Sofia Milan. Set to open in 2022, the hotel will be managed by Allianz Real Estate on behalf of Allianz group companies. The hotel, located at via Santa Sofia 37 in the central Corso Italia district, will be part of the highly prestigious Radisson Collection portfolio. It will join other landmark Collection properties in Rome, Venice and the rec...

New Study: Travel Jobs Outpace Manufacturing, Health Care in Opportunity and Future Wages

U.S. Travel Association | May 7, 2019

WASHINGTON (May 7, 2019) — Travel industry jobs lead to higher wages and a permanent foothold for financial success, outpacing compensation in both manufacturing and health care, according to the U.S. Travel Association's Made in America: Travel's Contribution to Workforce Development. U.S. Travel released the study against the backdrop of the 36th annual National Travel and Tourism Week. The report—the second in U.S. Travel's "Made in America" series spotlighting the importance of travel for the U.S. economy—finds travel industry jobs are providing a path to prosperity for millions of Americans. ...

UK’s Provincial Hotels See First RevPAR Decline in Seven Years, Reveals Hotel Market Tracker

HVS | May 3, 2019

03 May 2019, London: RevPAR in the UK's regional hotels dropped 2.8% in Q1 2019, according to the latest UK Hotel Market Tracker: Q1 2019, produced by HVS London, AlixPartners and STR. This was in marked contrast to the fortunes of London's hotels, which saw like-for-like RevPAR up 3.6% against the previous year while occupancy reached 77%, up 1.7%, and average room rates rose 1.9% to £134.05. Strong performance in the last two quarters lifted the last 12 months' RevPAR 4.1%, despite a relatively subdued six months trading. In the regions hotel occupancy dropped 0.7% to 68% in Q1, with average room rate down 2.1% to £64.95 a...

HVS Market Pulse: Destination Downtown St. Louis

Daniel P. McCoy | April 30, 2019

By Daniel P. McCoy The St. Louis Cardinals remain the market's number one tourism attraction, and a $260-million expansion of the stadium-adjacent entertainment complex, Ballpark Village, is underway. The city's other top attraction, the Gateway Arch, just completed a $380-million revamp in 2018. By late 2019, the $187-million transformation of the former Union-Station shopping mall into the St. Louis Aquarium is expected to be complete, adding a new major attraction to the market. These exciting developments are complemented by a host of other attractions in the City of St. Louis, including a casino, two arenas, and numerous museums an...

Dorothy Dowling Named Allied Leadership Council President for Global Business Travel Association

April 30, 2019

PHOENIX, Arizona (April 30, 2019) – Dorothy Dowling, Senior Vice President and Chief Marketing Officer for Best Western Hotels & Resorts, has been named Allied Leadership Council (ALC) President for the Global Business Travel Association (GBTA) – the world's largest professional association and a leading source of business travel knowledge. Appointed to this prominent leadership post by Christle Johnson, GBTA president, and Bhart Sarin, GBTA Chairman, Dowling will continue to play a key role in setting the strategic direction of GBTA and shaping the organization's future. "I am thrilled to have appointed Dorothy Dowling,...

Big Isle Tourism Yet to Recover Following Kilauea’s Volcanic Eruption Last Year

April 29, 2019

April 30-- Apr. 30--THIRD OF 6 PARTS VOLCANO, HAWAII >> Hot lava can be quite viscous, and so is Hawaii island's tourism recovery a year after worldwide images of Kilauea's volcanic eruption began deterring vacationers. It's been nine months since the eruption ceased after covering 6,000 acres in Puna and destroying more than 700 homes. It's also been eight months since the prior No. 1 statewide tourist attraction -- Hawai'i Volcanoes National Park -- reopened. Yet, visitor arrivals are only creeping back toward pre-eruption levels, prolonging economic pain for many businesses and workers in the state's big...

U.S. Hotels Enjoy Profit Growth, But It Is Becoming Harder to Achieve

CBRE | April 29, 2019

Atlanta – April 29, 2019 – While U.S. hoteliers enjoyed a ninth consecutive year of increasing profits in 2018, it is becoming increasingly difficult for managers to accomplish this task. According to the recently released 2019 edition of Trends® in the Hotel Industry by CBRE Hotels Americas Research, total operating revenue increased by 2.6 percent in 2018 for the average hotel in its survey sample. Managers were able to limit the growth in operating expenses to 2.8 percent, thus allowing for a 2.3 percent increase in gross operating profits (GOP) at the Trends® properties. The 2.8 percent growth in expenses is less...

HVS Market Pulse: Arlington, Texas

Kathleen Donahue | April 25, 2019

By Kathleen Donahue Arlington: History as a Popular Texas Playground Arlington's Entertainment District neighborhood is deep rooted within the sports and entertainment industries. Six Flags Over Texas opened in 1961, followed by Six Flags Hurricane Harbor (opened as Wet 'n Wild) in 1983. Seven Seas Marine Life Park operated in the early 1970s on what is now the site of the Sheraton hotel, with some original structures incorporated into the hotel's physical plant. In 1994, the $191-million Globe Life Park in Arlington replaced Arlington Stadium, which had served as the home for the MLB Texas Rangers from 1972 to 1993. The 2009 openi...

In Revenue Management, You Can Have Good Timing AND Good Forecasting

Dan Skodol | April 25, 2019

By Dan Skodol I recently read a piece about an international resort company that introduced a Revenue Management System (RMS) within the last five years. Like many resort properties around the world, their hotels have a high degree of dependence on contracted tour business and other leisure-oriented distribution channels. Because of the long lead-time associated with forming these contracts, "timing" is a very important focus of Revenue Management as missing a contract season means missing out on bookings that are essential to their performance. This certainly makes sense. But I got lost was when the Revenue Manager stated in an intervi...

Number of Visitors to Hawaii Grows as Visitor Spending Shrinks for March

April 24, 2019

April 25-- Apr. 25--More tourists are visiting the Hawaiian islands, but they are creating less economic benefit. Visitor arrivals in March grew more than 4% from the prior year to 939,064, according to preliminary data released by the Hawaii Tourism Authority this morning. March arrivals increased from the U.S. East, the U.S. West, and Canada. Visitor arrivals from Japan were flat, but dropped for cruise ships and the category called other, which includes international arrivals from outside Canada and Japan. March visitor spending fell more than 2% to $1.5 billion as every major market posted either flat or declining results. On averag...

HVS Market Pulse: Anaheim, California

Jessica White | April 24, 2019

By Jessica White Market Overview Since 1955, Anaheim's economy has been driven by The Walt Disney Company, which is also the largest private-sector employer in Orange County with nearly 32,000 employees. Its local operations include Disneyland and the California Adventure theme parks, three Disneyland hotels, and Downtown Disney (a shopping and entertainment area). The area's lodging market is also supported by the Anaheim Convention Center, which currently provides the largest convention facilities on the West Coast. As Disney and the convention center have expanded, the City of Anaheim created the Anaheim Resort Area (ARA) in 1994 to ...

Rising Capex, Development and Wellness Construction

Mia A. Mackman | April 22, 2019

By Mia A. Mackman This article reviews contributing factors to rising capital expenditures and investment demands in relationship to progressively important guest experiences and wellness attributes. As increasing wellness and lifestyle features continue to emerge across the hospitality sector focused on well-being, new value propositions continue to evolve. This article reviews Capex spending increases amid rising construction costs, and consumer demand with an emphasis on the value of incorporating enhanced spa and wellness-oriented property features. Transition and Demand Over the last decade, the spa and wellness sector has faced tr...

Revenue Is Rising, But Collecting Is More Challenging

Robert Mandelbaum | April 18, 2019

By Robert Mandelbaum According to STR, U.S. hotels achieved all-time high levels of occupancy, ADR, and RevPAR in 2018. While a record number of guests are staying at hotels, and revenues are flowing in, the ability to collect these funds is starting to become more of a challenge. Per the Uniform System of Accounts for the Lodging Industry, an account entitled "Provision for Doubtful Accounts" has been established in the Administrative and General Department of a hotel operating statement. Each month, hotel managers estimate the portion of their property's receivables that they do not believe will be collectible. The Provision for Doubt...

Brands Performance Update

Rodney G. Clough | April 18, 2019

By Rodney G. Clough The following article illustrates the 2018 RevPAR levels across four categories, from the top RevPAR earners to the low end; we note that the statistics for this article, inclusive of occupancy and average daily rate (ADR), were pulled from the various 10-K filings of the brands on their corporate websites. 2018 RevPAR, Top Ten Source: 10K filings Ritz-Carlton led the pack in RevPAR, with W Hotels, Waldorf Astoria, and Park Hyatt not too far behind. It should be noted that Four Seasons does not disclose brand averages. Occupancy levels from the above group ranged from a low of 71.4% (Waldorf Astoria) to a high of 82....

CBRE Arranges Sale of the Hyatt Place Emeryville/San Francisco Bay Area

CBRE | April 17, 2019

CBRE has announced the sale of the Hyatt Place Emeryville/San Francisco Bay Area, a 175-unit hotel located in Emeryville. Henry Bose and Mark McDermott of CBRE Hotels in San Francisco represented the seller in the transaction. Opened in 2016, the six-story hotel contains 175 units and enjoys a premier location in the vibrant Bay Street lifestyle center, surrounded by major corporate employers, such as Pixar, Novartis, Peet's Coffee corporate office and the Joint Bio Energy Institute. Hyatt Place offers visitors access to a fitness center, a patio with fire pits, a business center and a total of 150 parking spaces, along with sweeping vi...

Hotel Valuation Index Middle East 2019

Hala Matar Choufany | April 11, 2019

HVS shares the first issue of the Middle East Hotel Valuation Index (HVI) which provides insight on regional values and investment opportunities. By Hala Matar Choufany The Hotel Valuation Index is a hotel valuation benchmark developed by HVS. It monitors annual percentage changes in the values of typical four-star and five-star hotels. The HVI combines the various factors affecting the economy and region at large with hotel-market specific demand and supply dynamics to derive indicative values and future growth trends. For this first edition of the HVI Middle East, we have analyzed 14 key hotel markets in the Middle East with a total ...

Understanding the Resistance to Change Within the Hospitality Industry

Sheetal Singh | April 4, 2019

By Sheetal Singh, Court Williams Frustrating, painful, draining, scary, exciting, unsettling, and exhausting are some of the words people, who are on the receiving side of change, use to describe their experience. It is a highly personal and emotional experience for most of us. Now imagine needing to serve guests cheerfully in a hospitality setting while you are experiencing these negative emotions. As a result, the toll change takes on hospitality professionals is greater than for most other industries. It is, therefore, critical that we understand the resistance to change as well as, have a plan to convert the "resistance" t...

What the Hotel World Looks Like in 2020

Robert A. Rauch | April 3, 2019

Bob Rauch and Sarah Andersen Hotel Distribution is arguably the big topic of the near term. Expedia Group and Booking Holdings (previously Priceline) are the two big online travel agencies (OTAs), dominating well over 70% of OTA market share. Now this duopoly faces major disruption by Airbnb, Facebook, and Google. Airbnb just bought HotelTonight, an app-based company that sells last-minute, unused boutique and independent hotel inventory. Meanwhile, SiteMinder's "BookingButton" already integrate into Facebook business pages as a widget, eliminating the need to click away from the site to make a booking. Add in the possibility that Googl...

HVS Market Pulse: Chicago Ascending

Dana W. Floberg | March 28, 2019

Dana W. Floberg, Stacey E. Nadolny Chicago continues to attract major corporations and hotel development, supported by its proximity to global transportation infrastructure and a well-educated workforce. In 2018, 57.6 million visitors came to Chicago, setting a record for city tourism. In addition to the plethora of tourist attractions in Downtown Chicago, McCormick Place continues to be a major demand generator for the ever-growing supply of hotels in the market. In the last two years, the 1,200-room Marriott Marquis, the 466-room tri-brand Hilton hotel, and the 10,000-seat Wintrust Arena all opened within one block of the convention c...

HVS Market Pulse: Boulder, CO

Brett E. Russell | March 26, 2019

By Brett E. Russell Since 2015, four new hotels (681 rooms) have opened within Boulder's city limits, increasing the total number of hotel rooms to almost 2,500. This represents a sizable increase of around 32%; however, in the years leading up to this increase in supply, Boulder experienced a decline in room supply, as several older hotels were closed and redeveloped. As such, the net change in room count is closer to 15%. Furthermore, there are a couple of proposed hotels in very preliminary planning phases of development, including a project on University Hill, as well as a possible University of Colorado – Boulder campus hotel...

Hotel Spas: Not Just for Resorts Anymore

the Authors | March 25, 2019

By Mark VanStekelenburg and Jenna Finkelstein According to the December 2018 edition of CBRE's Hotel Horizons®, the annual growth in RevPAR for U.S. hotels is forecast to decelerate from 2.8 percent in 2018 to 0.1 percent in 2021. As the main source of hotel revenue is plateauing, hoteliers are looking up and down their operating statements to find alternative sources of income. For hotels that operate a spa, this department has stood out as a bright spot not only for growth in revenue, but gains in profits as well. The slowdown in revenue growth will be particularly acute in the nation's major markets. Since 2010, the majority of n...

HVS Market Pulse: Los Angeles, CA

Luigi Major | March 21, 2019

By Luigi Major Los Angeles now ranks as one of the most economically powerful cities in the world, supported by a robust office market, a growing tech sector, and of course, a near-perfect, year-around climate that continues to drive high levels of visitation. This has resulted in healthy hotel occupancies and average daily rates (ADR) despite a 3.1% increase in supply in 2018. In 2018, L.A. added approximately 56,800 jobs, representing a 0.9% increase over the prior year. The city's economic drivers continue to be the entertainment industry, the Port of Los Angeles/Long Beach, leisure and hospitality, retail, manufacturing, and educati...

ProfitSword Releases Report Analyzing the Latest Trends in Data Forecasting and Budgeting Technology

ProfitSword, LLC | March 21, 2019

Newly published document demonstrates how advances in innovation are allowing hoteliers to overcome the complexities of data management, while allowing for streamlined operations and real-time access to information Orlando, Fla. – March 21, 2019 –ProfitSword, hospitality's premier developer of business intelligence and data integration software, announces the release of a comprehensive report detailing the latest advances in data forecasting and budgeting tools and practices for the hospitality industry. Utilizing insight from the industry's leading experts, the report showcases how today's data management environment has e...

Technology in the Hospitality Industry – Have We Gone Too Far?

Court Williams | March 20, 2019

The hospitality industry is changing, and is rapidly becoming super high-tech. While we can argue that this benefits guests—and it certainly benefits vendors—how much is it taking away from the guest's personal experience? Theoretically, it should improve the customer experience, particularly through the use of data collected by using the various technologies. Let's look at how guests actually feel, especially the Baby Boomers who look set to remain the most prolific travelers for the next two to three years, and see if the numbers support the theory that technology has improved the hospitality experience. Since the early da...

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