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Driving GOP During Inflationary Growth and Rising Labor Costs
Susan Furbay | May 25, 2022
By Susan Furbay High staff turnover has always been one of the biggest management challenges faced by owners and operators in the hospitality industry. But now, as the nation is experiencing record levels of inflationary growth, rising wages, and labor shortages, the hospitality industry is encountering extreme difficulty finding workers. So, how are hotel owners and operators managing rising labor costs and inflationary risk to drive their bottom line during these unprecedented times? Aggressive Revenue Management Unlike other real estate classes, such as office and residential buildings, where profitability is tied to multiyear leases,...
Hospitality’s Recruitment Issues Need Short- and Long-Term Solutions and a Flexible Approach, Hears Industry Webinar
HVS | May 18, 2022
18 May 2022, London: Improving the hospitality industry’s recruitment issue is a multi-faceted challenge with no quick fix but the need for short-term as well as long-term measures, attendees of an industry webinar heard yesterday [17th May 2022]. Introducing the 16th industry webinar organised by global hotel consultancy HVS, legal expert Bird & Bird, publishing group EP Business in Hospitality and restructuring advisory firm AlixPartners, Bird & Bird partner Karen Friebe said that finding staff was the most pressing challenge facing the industry today. A straw poll of webinar attendees revealed that 52% had over 10% fewe...
Recovery Outlook for the San Diego Lodging Market
Marcus Lee | May 5, 2022
By Marcus R. Lee Amid a worldwide pandemic, RevPAR for Greater San Diego fell approximately 50.0% in 2020 from 2019 levels.[1] This compares to a 47.5% drop for the United States as a whole and a 57.6% drop for the top 25 markets in the nation, according to STR. By year-end 2021, the greater San Diego market’s RevPAR had recovered to just under 80.0% of the pre-COVID performance. This rebound is less than the 83.0% recovery experienced nationally, but stronger than the 67.0% recovery of the top 25 markets. On June 15, 2021, the State of California retired the majority of its COVID-19 restrictions and entered a statewide reopening phas...
Hotel Transactions Up on 2020 Levels With Single Asset Deals Reaching Record Average Room Rates, Reveals HVS Report
HVS | May 3, 2022
Strong recovery for European hotel transactions with deals worth €16.4bn Year sees record average sale price per hotel room for single assets at €260,000 London tops hotel transaction top 5 with Barcelona, Stockholm, Berlin and Madrid 03 May 2022, London: Last year was one of strong recovery for European hotel transactions with €16.4bn-worth of deals, twice that of 2020, according to the latest European Hotel Transactions report from global hotel consultancy HVS and its brokerage and investment services division HVS Hodges Ward Elliott. The report reveals that 322 European hotel transactions took place during 2021 ...
HVS Market Pulse: Philadelphia, Pennsylvania, Lodging Market
HVS | May 2, 2022
The COVID-19 pandemic has had a severe impact on the Philadelphia lodging market. While the area regained a substantial amount of tourism in 2021, Philadelphia’s lodging market has remained depressed for nearly two years given the limited amount of commercial and group demand. Demand was healthy in the years prior to the pandemic, with Philadelphia hotels registering occupancy levels in the high 60s to low 70s from 2011 through 2019. Occupied room nights were generated by a mixture of tourists visiting sites and museums or attending sporting events, group and international travelers attending events at the Pennsylvania Convention Center...
Hotel Market Recovery – Minneapolis-St. Paul
Tanya J. Pierson | April 12, 2022
By Tanya J. Pierson The recently depressed performance of the Twin Cities metro area is indicative of its reliance on corporate and group demand, which has not fully re-entered the market. As a comparison, the U.S. RevPAR dropped by 48% in 2020 during the COVID-19 pandemic, while RevPAR in Minneapolis-St. Paul fell by 64%, according to STR. In 2021, the greater Minneapolis-St. Paul market’s RevPAR rose to 55% of the pre-COVID performance, while the nation rebounded more quickly to 83% of the pre-COVID level. Within the corporate segment, demand declined significantly, as most of the region’s largest employers eliminated corporate trave...
The Development Boom in the Dominican Republic
CHICOS 2022 | April 5, 2022
By Kristina M. D'Amico Historical Demand to the Dominican Republic The Dominican Republic is one of the fastest growing economies in the Caribbean and the most popular tourist destination in the Caribbean region. Its tropical climate, white-sand beaches, diverse mountainous landscape, and colonial history attracts visitors from around the world. The country has 28 provinces spread across six main regions, with the East & Southeast region, which encompasses the cities of Punta Cana and Bávaro, serving as the most popular tourist destination and offering nearly 50% of all hotel rooms in the country. Over the last 20 ye...
Serviced Apartment Operators Demonstrate Versatility and Innovation Which Is Driving Success
HVS | March 31, 2022
London - March 31, 2022 - The versatility of serviced apartments and the willingness of operators to embrace new concepts are two of the key factors driving the sector’s on-going success, with new brands emerging that focus on co-living and the combination of work and home. Launching its annual Service Apartment Sector in Europe report this week, global hotel consultancy HVS highlights the fact the sector is still very much in a period of expansion, with over 13,000 units expected to open in Europe over the next four years. In addition, operators have been quick to respond to changes in the way people travel and the blending of hom...
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