Hotel Business

FEBRUARY 15, 2024

CBRE is forecasting RevPAR will continue to grow steadily in 2024, driven by improving group business, inbound international travel and traditional transient business demand. The company forecasts a 3% increase in RevPAR growth in 2024, with occupancy improving by 45 basis-point (bps) and ADR increasing by 2.3%.

Forecasting 105

Forecasting Occupancy Construction Business 105

Hotel Management

MARCH 14, 2024

Hotel occupancy, which is at a market average of 70%, is up 15% year-on-year, but remains down (-9%) on pre-pandemic levels. Rotorua’s hotel occupancy rate showed the most improvement, up 39% compared to 2022, slightly ahead of Queenstown, which was up 38%, and higher again than Auckland, which has had a 33% lift.

Occupancy 130

Occupancy Events Hotels Tourism 130

Hotel Management

MAY 1, 2023

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

Retail Accommodation Branding Market Share 246

Hotel Business

AUGUST 11, 2023

This is according to the 2024 Global Business Travel Forecast , released by CWT and the Global Business Travel Association (GBTA). Rising fuel prices, labor shortages and supply chain challenges, coupled with red hot demand, caused travel prices to skyrocket in 2022—far surpassing some of the increases outlined in last year’s forecast.

Events 98

Events Business Travel Forecasting 98

eZee Absolute

DECEMBER 7, 2023

Myth #5: Budgeting and demand forecasting aren’t important in revenue management When it comes to hotel revenue management, budgeting and demand forecasting play a crucial role. Demand forecasting, Budgeting, and revenue management are all interlinked. 100% occupancy rate and better revenue. What does a hotel want?

Revenue Management 98

Revenue Management Revenue Management Overbooking 98

Hotel Speak

OCTOBER 3, 2024

Recovery: A Mixed Bag STR’s latest data highlighted the UK’s global leadership in hotel occupancy, boasting a robust 77%. While occupancy remains impressive, it’s ADR (Average Daily Rate) that’s driving the real growth story here. Robert Shrimsley, Financial Times 2.

Hospitality 116

Hospitality Average Daily Rate Occupancy Intent 116

SiteMinder

JULY 13, 2024

Without it, your business is essentially forfeiting the ability to boost bookings, revenue and profit, offer competitive rates and promotions, and forecast effectively. Forecasting Forecasting involves predicting future demand for rooms. We’ll talk more about forecasting and analysis later.

Revenue Management 98

Revenue Management Revenue Management OTA 98

Cloudbeds

SEPTEMBER 12, 2024

To speed up the process further, reputation management tools have started to incorporate generative AI tools that write drafts of personalized responses following simple prompts such as “reply in a professional and constructive manner.” For example, if a guest leaves this negative review: The service at the hotel’s restaurant is terrible.

Hospitality 52

Hospitality Revenue Management Hotels Forecasting 52

Hotel Business

JUNE 22, 2023

“Working alongside NYU SPS has helped us better understand where the hospitality industry is experiencing friction,” said Umar Riaz, EY Americas real estate, hospitality & construction consulting leader/EY Americas hospitality sector leader. The top three factors driving RevPAR performance in 2023 are: 1. Leisure travel 2. Group travel 3.

Net Operating Income 59

Net Operating Income Real Estate Consumer Hospitality 59

Hotel Designs

AUGUST 29, 2023

Systems that are already using AI include chat bots, CCTV analytics, data analytics and forecasting, predictive maintenance etc. This needs to consider the benefits of procuring such systems in the main construction tender, or procuring them later, as a client direct package managed by the technology consultant.

Hospitality 98

Hospitality Operations Travel Hotels 98

Xotels

SEPTEMBER 7, 2023

Parenting with a third-party hotel management employs data-driven techniques to optimize room rates, boost occupancy, all in effort to increase hotel income and profit. High Fees: starting a hotel franchise demands substantial investment in property, construction, furnishings, marketing, and royalties.

Management 52

Management Operations Hotels Market 52

Hotelier Magazine

SEPTEMBER 18, 2024

But on the flip side, the lower levels of supply have allowed the country to rebound to record occupancy levels and drive strong rate growth. With supply and demand generally balanced occupancy is expected to remain at a peak of 66 per cent. Its against this backdrop that CBRE has prepared its 2024 Market Forecast.

Occupancy 52

Occupancy Market Marketing Accommodation 52

Xotels

SEPTEMBER 7, 2023

Parenting with a third-party hotel management employs data-driven techniques to optimize room rates, boost occupancy, all in effort to increase hotel income and profit. High Fees: starting a hotel franchise demands substantial investment in property, construction, furnishings, marketing, and royalties.

Management 52

Management Operations Hotels Market 52

Hotel Business

MAY 1, 2024

“Worldwide RevPAR grew more than 4%, with gains in both occupancy and ADR. Group RevPAR in the region rose nearly 5% YOY, with growth in both rate and occupancy.” The quarter-end pipeline included 1,089 properties with more than 202,000 rooms under construction. “In the U.S. & in the year-ago quarter.

Pipeline 64

Pipeline Construction Occupancy Revenue 64

Hotelier Magazine

DECEMBER 14, 2023

After reaching a RevPAR peak in 2022, the market RevPAR is on pace to grow another 15 per cent in 2023, driven by strong growth in both occupancy and ADR. Supply growth in Canada has been muted throughout COVID with soaring construction costs. billion for the year, which is slightly below 2022, and the forecasted $2 billion in trades.

Forecasting 52

Forecasting Cancellation Hotels Closing 52

Hotel Business

FEBRUARY 14, 2023

With the exception of Greater China, RevPAR in all regions more than fully recovered and continued to show meaningful advances in occupancy and ADR. Approximately 199,000 rooms in the pipeline were under construction as of the end of 2022 “In our largest region, the U.S. & worldwide, 23.6% in the U.S. & worldwide, 5.2%

Pipeline 98

Pipeline Forecasting Revenue Market 98

Hotel Business

MAY 2, 2023

First quarter worldwide RevPAR grew 34% year-over-year [YOY], with meaningful gains in both occupancy and ADR,” said Anthony Capuano, president/CEO. Roughly 200,000 rooms in the pipeline were under construction as of the end of the first quarter. . & Canada and 63.1% “We are off to a great start in 2023.

Pipeline 105

Pipeline Forecasting Construction Market 105