industry recovery
U.S. Hotel Development Cost Survey 2020
Luigi Major | October 15, 2020
By Luigi Major In 2019, the national lodging market reached new heights, with hotels reporting the highest occupancy and ADR levels ever recorded. Similarly, hotel development continued at a steady pace, with new hotels opening to a burgeoning market and new and exciting projects continuously being moved through the development pipeline. Since the start of the COVID-19 pandemic, government restrictions, travel and group cancellations, and an overall fear of traveling have caused an unprecedented drop in travel and tourism demand in the country and around the world, which has resulted in substantially lower occupancies and average rates. T...
Onyx CenterSource Leverages OnyxComp in Partnership With Skift Recovery Index
Onyx CenterSource | September 30, 2020
DALLAS (Sept. 30, 2020) -- Onyx CenterSource, a leading global provider of B2B payments and business intelligence to the hospitality industry, today announced it is a contributing partner to the Skift Recovery Index, a real-time measurement of the travel industry’s recovery. The monthly index – published by Skift, a media company that provides news, research, and marketing services for the travel industry – uses key indicators from data partners to calculate a recovery score that industry leaders can use to guide strategic planning initiatives. Onyx will provide weekly datasets for a number of countries around the globe using its pro...
Domestic Business Travel Continues to Trend Toward Recovery
The Global Business Travel Association | August 13, 2020
Alexandria, VA (August 13, 2020) – GBTA member companies worldwide, report an emerging willingness to permit employees to engage in domestic business travel, according to the latest poll conducted between August 5-9, 2020, by the Global Business Travel Association (GBTA). Respondents to the poll; the 10th bi-weekly survey conducted among GBTA’s members since the onset of the coronavirus pandemic in February, continue to report virtually no willingness for employees to travel internationally, with 93% indicating the pandemic has curtailed all or most international business trips. By comparison, 74% of respondents report that the pandemi...
Counting the Social Costs of Tourism in the COVID-19 Era
PolyU’s School of Hotel and Tourism Management | August 13, 2020
During the COVID-19 pandemic, tourism scholars and practitioners have directed their attention to local communities in tourist destinations, examining their safety and well-being and the costs that they bear due to tourism activities. Yet according to the SHTM’s Professor Haiyan Song and Dr Jinah Park and their co-researchers, it is now time to discuss the social costs of tourism during crises. How much are local communities willing to sacrifice to reduce these costs? Analysing local residents’ willingness to pay to alleviate public health risk, the researchers explored the situation through an economic lens. Their findings have importan...
Thinking for Yourself May Be the Only Regimen for a Full Recovery Part I
Steven Ferry | July 22, 2020
By Steven Ferry “Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.” Groucho Marx Do you personally accept the "New Normal" for the hospitality industry and society as a whole—which is based on the premise that Covid-19 is a singularly dangerous threat that requires a complete change in our lives, when (as it turns out) it is actually on a par with the common flu and (as it turns out) every other incorrectly declared pandemic? Or do you want to understand what has happened and do whatever is in your power, big or small, to return to the old, fun and life-f...
Recovery Is When Gen Zers and Millennials Travel for Business
Linchi Kwok | July 15, 2020
By Linchi Kwok Gen Z and Millennials are key to travel industry’s recovery That was the headline of a Travel Pulse report, which quoted a GlobalData survey. The survey suggests that younger and wealthier travelers would be the first to resume international leisure travel when the COVID-19 restrictions are lifted. Both generations belong to the younger group of travelers, with the oldest Millennials just turning 39 this year. That assumption is probably right, but Gen Zers and the Millennials have their concerns too. For example, Gen Z – “A worried generation” Gen Zers are those who were born after 1996 or 2000, dependi...
Plotting the Comeback for Hotels in a COVID-19 Environment
Dan Skodol | July 6, 2020
By Dan Skodol For the past nine weeks since our original blog post, we’ve continued to track hotel selling rates, planned opening dates, occupancy, and usage of out-of-order rooms among our client hotels. It’s been interesting to monitor the extent to which hotel reopenings have stayed on track with initial plans and how demand has responded to the reopenings. The interactive tool we provide here illustrates how the four key metrics we’ve tracked have changed week-by-week from May 5th to June 30th. Reopening timelines As of May 5th, 80% of hotels had sell rates available for June 1st and beyond. At the time it seemed th...
“Travel, As We Knew It, Is Over,” But There Are Hopes Still
Linchi Kwok | July 1, 2020
By Linchi Kwok Airbnb co-founder Brian Chesky talked about the future of travel in a CNBC interview last week. He stated: “Travel, as we knew it, is over. It doesn’t mean travel is over, just the travel we knew is over, and it’s never coming back. It’s just not.” His statement made headlines last week, but he also suggested in the same interview: “… travel is going to come back. It’s just going to take a lot longer than, you know, we would have thought, and it’s going to be different.” What do you think? Will people travel again? The glass is half empty Some places saw a spark of confirmed infected c...
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