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GBTA Convention: Business travel set to fully recover by 2024, two years early

Hotel Management

In her keynote speech at the 2023 GBTA Convention, GBTA Chief Executive, Suzanne Neufang, admitted the association got the forecast wrong last year – expectations were for a mid-2026 forecast – but there were no complaints about getting it wrong as she was thrilled with the renewed optimistic outlook.

Business 245
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Exclusive: Ascott to open Sydney lyf, Oakwood Epping

Hotel Management

The 160-key lyf property, on Sussex Street in Sydney, is the third Australian property for the co-living brand and follows the opening of lyf Collingwood in May 2022, with a Bondi Junction property, currently under construction, due to open next year. Ascott is aiming for a mid-2025 opening.

Retail 246
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Expansion continues: 12,500 rooms to open over the next three years, Colliers reports

Hotel Management

Australia’s accommodation market has continued to expand with the opening of around 3,420 rooms through 2022 in the 10 major markets. 2023 now presents as the peak of the hotel accommodation supply cycle. This will result in a 10% increase on the December 2021 base inventory.

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Hotel development surge: Thousands of new projects poised to break ground

Hotel Business

Hotel Construction Pipeline Trend Report paints a picture of robust growth and strategic focus. As economic conditions evolve, particularly with anticipated interest rate reductions, we can expect to see many of these planned projects move swiftly into the under-construction phase. Lodging Econometrics’ (LE) Q2 2024 U.S.

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LE: Construction pipeline picks up in China

Hotel Business

According to the latest China Construction Pipeline Trend Report from Lodging Econometrics (LE), China’s total hotel construction pipeline stands at 3,659 projects/680,959 rooms at the end of Q1‘23, down 1% by projects and 3% by rooms year-over-year (YOY). In the first quarter, China opened 78 hotels/14,335 rooms.

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Exclusive: Choice Hotels looks to corporate development and conversion strategies to drive growth

Hotel Management

Growth rates are subdued across the region driven by weaker than forecast inbound tourism and persistent levels of inflation and interest rates. The regional workers’ accommodation fund is witnessing high demand and oversubscription.

Scale 130
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The ascension of extended-stay hotels in the U.S.

Hotel Business

hotel construction pipeline reached its highest level for projects with 5,964 projects and 693,963 rooms. The extended-stay under-construction phase exhibited significant year-over-year (YOY) expansion, escalating by 40% in projects and 37% in rooms, culminating in 396 projects and 41,257 rooms at the close of Q4 ’23.