pwc
PwC 2024 AI Business Predictions
PwC | February 22, 2024
Technological advances, surging investments and the competition for talent are all working toward one thing: In 2024, artificial intelligence (AI) will start to fundamentally change how business gets done. It will impact how companies grow revenue, conduct everyday operations, engage customers and employees, build new business models, and more. Seventy-three percent of US companies have already adopted AI in at least some areas of their business, according to our 2023 Emerging Technology Survey — and generative AI (GenAI) is leading the way. One year after ChatGPT hit the market, more than half of the companies we surveyed (54%) have i...
PwC’s Manhattan Lodging Index: Q4 2023
PwC’s Manhattan lodging index | February 12, 2024
The rate of growth in occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), while strong, continued to decelerate as the market moves on a path towards stabilization. Lower-priced hotels benefited from the customer's level of rate fatigue being felt in the market, with ADR growth levels for midscale properties triple that of higher-priced hotels in Q4. 2023 RevPAR experienced a year-over-year increase of 16.5 percent, with Q3 seeing an increase of 13.6 percent and Q4 being up 11.5 percent. “The Manhattan hotel market maintained an occupancy level above 80 percent in each month of the final three quarter...
Economic Headwinds and Geopolitical Tensions Will Likely Impact Hotel Performance Through 2024 According to PwC
Hospitality Directions | November 13, 2023
Leisure demand, while still strong, began to soften in the back half of this year for US hotels, as other parts of the world continued to reopen their vacation destinations and leisure travelers began to once again feel safe traveling abroad. Increases in individual business travel and group business have not yet been able to fully offset this softening. As a result, occupancy levels have declined in each of the past seven months, relative to comparable 2022 levels, and are expected to continue to be down during the remainder of this year and through at least the first quarter of 2024. Room rate growth had played a significant role in the ini...
PwC Report: Hospitality Tech Investment Pays Off
PWC HOSPITALITY DIRECTIONS | August 23, 2023
The hotel business ecosystem is exceptionally complex: Brands, owners and operators all strive to maintain profitability in an inherently low-margin, highly competitive sector. The goal? To satisfy investors while also meeting — ideally, exceeding — guest expectations. Hotels also need to attract and maintain skilled talent in the constrained late-pandemic labor market. Facing rising wages and a diminished worker pool, more than 70% of hotel executives are turning to technology tools to automate a portion of their operations and boost employee efficiency.1 PwC experience corroborates the benefits of technology investments. One bran...
PwC: US Hospitality Directions: May 2023
PwC Hospitality Directions | May 22, 2023
Increasing economic headwinds to impact hotel performance for balance of this year and into 2024 Despite worries of recession, bank failures, and a liquidity crisis affecting the macro economy, US hotels continue to outperform expectations. In Q1 2023, US hotels exceeded Q1 2019 (pre-pandemic) RevPAR levels by 13.0 percent, based on data from STR. Room rates continue to be the primary driver in this performance recovery. While occupancy in Q1 2023 was still down 2.1 points from the same period in 2019, ADR increased 17.0 percent. Leisure travel continues to be strong, even though growth levels are slowing, and individual business travel ...
Manhattan Lodging Index: Q4 2022
PwC’s Manhattan lodging index | February 14, 2023
Manhattan Lodging Overview Increases in occupancy, ADR and revenue per available room (“RevPAR”) continued to accelerate across Manhattan during the second half of 2022. Q4 RevPAR experienced a year-over-year increase of 54.2 percent, with the strongest gains in October - up 85.8 percent. Q3 RevPAR increased 75.1 percent from the same period in 2021. “RevPAR exceeded pre-pandemic levels at Manhattan hotels for the first time in 2H 2022, driven by outsized growth in average daily room rates. Hotels continue to struggle with replacing staff lost during the pandemic. With supply growth expected to be muted over the next several years, ...
PWC US Hospitality Directions: November 2022
PwC Hospitality Directions | November 21, 2022
Through Q3 2022, the US hotel industry has exceeded 2019 (pre-pandemic) RevPAR levels by 6.4 percent, based on data from STR. The recovery narrative continues to be centered around room rates. While occupancy through Q3 2022 was 3.8 points below the same period in 2019, ADR had increased 12.8 percent. Following over two years of travel constraints, the US government significantly eased restrictions earlier this summer. As of June 12, 2022 air passengers were no longer required to get tested for COVID-19 (no more than 24 hours in advance), show a negative test result, or show documentation of recovery from the virus, before boarding a fligh...
PwC 2022 Holiday Outlook: Millennials Dominate Spending Amid Uncertain Economic Outlook
PwC | October 13, 2022
Despite citing fears of inflation and the rising costs of transportation and utilities as deterrents to holiday spending, most consumers — 74% — told us they plan to spend the same or more this holiday season as they did last year. Aware that they might have to stretch their holiday budgets, some have already started to cut back in the months leading up to the holiday season — on dining out, apparel and streaming services. To find out more about their expectations and intentions for the season, we asked 4,000 consumers where and when they will shop and travel — as well as what drives their purchasing decisions. Holiday spendi...
1
Technology
2
Appointments/People on the Move
3
Operations
4
Industry Happenings
5
All Things Independent
Today's News
Cheval Collection Selects IDeaS G3 RMS at Eight Additional Luxury Serviced Apartment Properties
Hospitality Students Creatively Solving Problems With Lego Learning Initiative
Are You Leaving Money on the Table? Turning Casino Resorts Into Go-To Venues for Profitable Groups and Events
AAHOA’s Hoteliers Push Forward Impactful National Advocacy Agenda in Washington, D.C.
As the first news aggregate for the hotel industry, Hotel-Online is the industry’s must-read daily news source for everything hotel curated for busy professionals. Sign up today for industry news delivered to your inbox.