HVS Takeaways from the NYU Hospitality Conference
Rod Clough | June 8, 2023
By Rod Clough with contributions from Stephen Rushmore, Roland deMilleret, McKenna Luke, Eric Guerrero, Janet Ott, Patricia Shih, Cole Masler, Raymond Parejo, and Caroline Dioso This week marked the 45th Annual NYU International Hospitality Industry Investment Conference, with the industry’s leaders descending on the Marriott Marquis Times Square to discuss the future of lodging. Conversations were optimistic when it came to extending the current rise in top-line revenues, while less positive topics included managing (or waiting out) the challenges of inflation, high interest rates, labor, and financing constraints, as well a...
HVS South America Outlook & Opportunities 2023: Clearing Skies Ahead
Fernanda L’Hopital | June 5, 2023
By Fernanda L'Hopital After several economic and political disruptions across South America, there is now greater clarity in several countries, giving rise to compelling opportunities in some urban markets and across the leisure sector. The outlook appears bright across much of the region, and I am pleased to share some of my insights below. Brazil After overcoming the impact of the Omicron variant, the Brazil hotel market began a notable recovery. The demand growth allowed average daily rate (ADR) to increase. In 2022, most of the major cities recorded a RevPAR close to the 2019 level, and those with a sound mix of corporate and leisure...
Third-Party Hotel Management on the Rise
Hala Matar Choufany | May 23, 2023
By Hala Matar Choufany In the discussion with Bani Haddad, Hala Matar Choufany discusses the change in traveler behaviour and experiences as the new trend. Hala Matar Choufany also reviews the maturity levels of Middle East countries. The discussion leads to the topic of rising third-party hotel management contracts, where Bani Haddad explains the value proposition of third-party management companies. Some of the benefits of working with a third-party management company are the avoidance of corporate expense structures, which leads to lower costs and a better bottom line, and simple and flexible contractual terms. Although, the most im...
Extended-Stay Hotels: One of the Fastest Growing Segments in the U.S.
Ryan Mark | May 22, 2023
By Ryan Mark While several new brands have emerged within the limited- and select-service segments over the past decade, the expansion of extended-stay brands was limited prior to 2021, and many of the hotels within this segment in the U.S. were dated. However, during the last two years, economy and midscale extended-stay brands have experienced a significant expansion. One of the most prominent developments is Choice Hotels International, Inc.’s mid-year 2022 agreement with ServiceStar Capital Management to develop at least 21 new Everhome Suites hotels throughout Colorado, Arizona, Utah, Nevada, and Florida. This deal represent...
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 ...
The Strong Rebound of Newport, Rhode Island, America’s First Resort City
Raymond Parejo | May 18, 2023
By Raymond Parejo Newport, Rhode Island, became America’s first resort city in the 1720s, as wealthy passengers traveled by ship from the southern colonies and the Caribbean to escape the summer heat and humidity. Among the significant historical attractions in the city, which boasts more standing buildings constructed before 1830 than any other American community, are the legendary Newport mansions that served as summer homes for the likes of Cornelius Vanderbilt in the early 20th century. Newport’s modern-day economy continues to be fueled by the seasonal tourist trade. Newport County, which comprises Newport, Middletown, Portsmout...
The Diverse Factors Driving the Austin Lodging Market
Shannon Sampson | May 15, 2023
By Shannon Sampson The Austin area has experienced unprecedented growth and success in recent years. The region boasts a strong economic framework and diverse demand generators that typically allow the city’s lodging market to recover quickly following any dips or slumps. Austin is one of the largest technology hubs in the country and is home to The University of Texas at Austin (UT Austin), as well as numerous state and federal government entities, which help the city weather recessions relatively well. Furthermore, the area is one of the most popular leisure destinations in the state. Add to that a robust convention and citywide event...
HVS Webinar: Private Equity Steps Up Its Interest in Hotel Assets
Russell Kett | May 11, 2023
By Russell Kett Organised by HVS with, Bird & Bird, AlixPartners and EP Business in Hospitality, the latest in our series of webinars kicked off with positive feedback from an audience poll in which 41% of attendees said they expected investment in hotels to grow by 10% or more over the next 12 months with city centre, full service hotels and resort leisure hotels the sectors most likely to attract investor interest. AlixPartners’ managing director Graeme Smith outlined the significant funds being raised by private equity although the rising price of labour, energy and the cost of living had prompted investment activity to...
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