U.S. Hotel Owners Eyeing Interest Coverage
Bill Grice and Robert Mandelbaum | June 1, 2023
By Bill Grice, Robert Mandelbaum According to CBRE’s February 2023 Investment Performance forecast, total revenues for the average U.S. hotel returned to 2019 levels in 2022, but the recovery of hotel profits will be delayed until later this year. Hotel franchise and management companies have benefited the most from the ongoing revenue recovery because the fees they receive are frequently earned as a percent of revenue. However, for many hotel owners, along with their lenders and investors, the lag in the return of profits has been a hardship. Afterall, it is the profits of hotel operations that enable owners to pay their debt obli...
Shiji ReviewPro Launches Guest Experience Benchmark Report For Q1 2023
Shiji | May 31, 2023
Barcelona - In response to the rapidly growing travel market and the increasing demand for optimal guest experience in hotels, Shiji ReviewPro is proud to announce the launch of its Guest Experience Benchmark for the first quarter of 2023. Analyzing over 2 million reviews from 9,500 hotels in all regions, from Asia Pacific to the Americas, the report provides a comprehensive snapshot of guest experiences in 3 to 5-star hotels. This pioneering benchmark analysis offers hoteliers valuable insights into guest satisfaction trends and provides a comparative measure against current industry standards. Key findings from the Q1 2023 report inclu...
Global Hotel Occupancy Rising Ahead of Summer in the Northern Hemisphere
May 30, 2023
Analysis by Eddie Yeung STR's global "bubble chart" update through 20 May 2023 shows 85% of markets with growth in revenue per available room (RevPAR) compared to 2019. That percentage represents a high mark since measurements against pre-pandemic times began. More notably, however, the gains included a more significant contribution from occupancy growth, as half of all markets surpassed their 2019 comparables. Among all countries with a room supply of more than 50,000 rooms, Israel, Singapore, Greece, Italy, and Ireland led in RevPAR on an actual basis. Among those countries, Singapore has been a mainstay on the leader board,...
Healthy Outlook for Europe Hotels: Corporate Demand Recovering, Leisure Travel Remains Resilient
May 24, 2023
Analysis by: Robin Rossmann, Will Anns Europe hotel performance caused some reason for concern during the first quarter of 2023, but momentum points to healthy performance ahead for gateway cities and secondary markets thanks to recovering corporate demand as well as resilient leisure travel. Solid overall since the last wave of COVID Despite slow Q1 performance, hotels showed better yield percentage change than other forms of commercial real estate in Europe, such as office, retail and industrial space. Additionally, when expanding performance out to a 10-month view, top-line and bottom-line metrics trended well in nominal and real (inf...
CBRE Hotels Again Raises Outlook for 2023, Expects Strong Growth Through Summer
CBRE Group, Inc. | May 24, 2023
Dallas – May 24, 2023 – CBRE is again raising its forecast for hotel performance this year, as stronger-than-expected demand and more modest supply growth drive occupancy gains. CBRE has revised its forecast for 2023 revenue per available room (RevPAR) to $97.89, up 6.0% year-over-year, and an increase of $0.43 from its previous forecast. The positive revision is predicated on a 65-basis-point (bps) increase in expected occupancy compared with the previous forecast issued in February 2023. Average daily rate (ADR) is now expected to increase by 3.7% in 2023, down from the previous forecast of 4.2%, owing to slightly lower inflation exp...
Industry Perspectives: Looking Ahead for the Travel Industry
Jamie Mageau | May 22, 2023
By Jamie Mageau These insights and perspectives help us understand how some of the largest travel corporate players are viewing the state of the economy and its impact on the travel industry as well as the main factors they are monitoring that may hinder their continued growth. The majority of travel organizations are extremely upbeat regarding the upcoming summer travel season yet are remaining flexible should they need to change course in the later part of the year if demand starts to slow. Now that all international restrictions have been dropped, international demand is a key tailwind for the industry for the coming months. Recen...
How Major Sporting Events Are Spurring Growth in the GCC
Hala Matar Choufany | May 19, 2023
The UAE, KSA and Qatar have been major players in shaping the region’s tourism industry, helping to reposition the region to accommodate millions of tourists who are seeking alternative experiences. The race to reach world-class status did not stop at state-of-the-art buildings, modern legislation, FDIs and ease of setting up businesses in a stable environment. The desire to differentiate these destinations and offer exceptional tourist experiences was witnessed at the Expo 2020 event in Dubai, as well as Qatar being awarded the 2022 World Cup and the Kingdom of Saudi Arabia securing the Olympic Asian Winter Games in 2029. Such events have ...
What Can Hoteliers Really Learn From TrevPAR?
Jason Q. Freed | May 16, 2023
By Jason Q. Freed Ancillary revenues are skyrocketing and total revenue figures can help hotels benchmark performance against their comp set, but operational decisions should be made by diving deeper. Because it provides a more holistic view of the revenue generated across an entire property, more hospitality leaders are turning to TrevPAR (Total Revenue Per Available Room) as a key measurement in their benchmarking and operational strategies. To calculate TrevPAR, hotels add all revenue generated from room sales, food and beverage sales, meeting room rental and spa services, and other sources of revenue, such as parking, resort fees...
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