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Canadian Lodging Outlook Quarterly 2022-Q2
August 15, 2022
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. Source: STR Source: STR If you would like detailed hotel performance data for all of Canada, STR offers the Canadian Hotel Review, which is available by annual subscription. For further Information, please contact: [email protected] or +1 (615) 824-8664 ext. 3504. HVS Canada performs major portfolio appraisals and single-asset consulting assignments and valuations from coast to coast. Our professional team is exp...
Market Snapshot: Asia Pacific 2022
Hok Yean CHEE | August 15, 2022
By Hok Yean CHEE In 2021, transaction activity in the Asia Pacific recorded a strong recovery, achieving a transaction volume of approximately USD13 billion worth of hospitality assets, indicating a 47.7% growth year-on-year. Similarly, from 3Q 2021 to 2Q 2022, transaction activity in the Asia Pacific has continued to escalate by 16.8% compared to 3Q 2020 to 2Q 2021. Specifically, growing interest in hospitality assets continues to be observed in markets such as Hong Kong SAR, China, Japan, Indonesia, Thailand, Singapore, and certain markets in the South-East Asia regions. Australia, New Zealand, and South-East Asia saw an upswing mainl...
Quieting the Noise in Economic Impact Estimates
Thomas A. Hazinski | July 14, 2022
By Thomas A. Hazinski An assessment of the accuracy of traditional approaches to valuing the economic contribution of convention, sports, and entertainment venues reveals significant limitations of economic impact models that tend to produce noisy and sometimes biased estimates. Improved methodologies and the effective use of available data sources that address some of these limitations can provide more reliable estimates. Venue owners and destination market organizations need improved methodologies to estimate the return on public sector investment in capital improvements, marketing and sales, and venue operations. State and local gove...
Will Travel Defy Inflation?
Mandeep S. Lamba | June 23, 2022
By Mandeep S. Lamba, Dipti Mohan Inflation is soaring in many countries due to a combination of factors such as rising fuel prices, ongoing supply disruptions, strong demand, and the Russia-Ukraine war. While the central banks around the world are raising benchmark interest rates to try to control the situation, inflation is likely to remain high in the near term. For instance, the US recorded four-decade-high inflation in May 2022, prompting the Federal Reserve to raise interest rates by 75 basis points (bps), the largest rate increase since 1994. A similar pattern can be seen in the UK and several other countries. India, also, recently r...
NYU Conference Takeaways: Despite Some Challenges, the Hospitality Sector Is Still Looking Good
Rod Clough | June 15, 2022
By Rod Clough The tale of the looming recession was mixed, with some forecasting a shallow, short-lived recession, and others expecting a more significant impact. The overall sentiment remains a positive one, and that cash flow growth should continue. Despite high inflation, other economic markers, such as consumer goods, mortgage default rates, and low unemployment rates, look positive. ADR will reach new highs in 2022, with further, albeit more muted, growth expected through 2023. With little push-back being seen in the market on higher ADRs, hotel owners are able to tap into this revenue source to combat higher operating costs, infla...
In Focus: Santorini, Greece
Nana Boussia | June 10, 2022
By Nana Boussia, Pavlos Papadimitriou If there is one destination within Greece that lives up to its fame as one of the most alluring destinations in the world that is Santorini. Visiting the island with the dramatic landscapes and unique terrain, part of the legacy of a violent volcanic eruption that took place in the second millennium BC, is on the bucket list of every savvy traveler. Thousands of tourists that visit Greece flock to the island of Santorini to admire the caldera-perched villages, the authentic local architecture with its cave houses dug into the volcanic rocks, the captivating sunsets, and the cultural antiquities buried ...
Paris Hotel Market: A Spectacular Start to the Recovery
Mathilde De Bona | June 8, 2022
By Mathilde De Bona, Sophie Perret Tourism in Paris was heavily impacted by the COVID-19 pandemic and travel restrictions, at a time when the market was recovering from terrorist attacks (2015/16), the yellow-vest movement (2018/19) and transportation strikes (2019). However, the strong government support combined with the city’s worldwide appeal have resulted in a dynamic rebound for the tourism sector. The easing of travel restrictions and successful vaccination rollout in France and across Europe have allowed a rise in tourist numbers from June 2021, resulting in a substantial market bounce in the second half of the year, in line with...
Sports Tourism – A Rewarding Opportunity for Hotels
Saniya Zanpure | May 31, 2022
By Saniya Zanpure, Dipti Mohan The global sports tourism industry, as per Industry Reports valued at US$ 458.8 billion in 2019, is one of the fastest-growing segments in tourism, with a CAGR of 16.1% expected to reach US$ 1,803.7 billion by 2030. In 2019, the US alone recorded 180 million sports-related visitors, generating 69 million room nights for hotels. The sports tourism market, like all other tourism segments, took a hit due to the COVID-19-related restrictions on travel, with the segment’s value declining to US$ 323.42 billion in 2020. Having said that, unlike corporate meetings and other events, sports events cannot be hosted o...
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