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Lodging Econometrics (LE) released the latest hotel development for the New York market before the NYU International Hospitality Industry Investment Conference (NYU Conference). Of the top 50 markets in the United States, the New York market led with […] The post LE: New York Leads Top 50 U.S.
hospitality industry, the Q4 2023 U.S. Construction Pipeline Trend Report by Lodging Econometrics (LE) shed light on cross-market trends. Dallas emerged as the strongest market, leading the nation with a record-breaking 193 projects/22,291 rooms, signifying Dallas’s growth and confidence in the hospitality sector.
Construction is underway on DCF Property Group’s $180 million First Light development in Melbourne’s Domain Precinct, which will be home to branded residences and the first Nu By Yoo hotel in Australia. The post Construction underway on 97-key Nu By Yoo hotel in Melbourne appeared first on Hotel Management.
hotel rooms under construction grew year over year for the first time since June 2023, according to CoStar’s March 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. The volume of U.S.
Construction Pipeline Trend Report released by Lodging Econometrics (LE), LE analysts report, that as a group, year-over-year the hotel construction pipeline has grown in the Top 25 Markets in the U.S. In the Q1 2023 U.S. The top five U.S.
Luxury and lifestyle hotels continue to be in hot demand as travellers seek curated and personalised experiences, writes Langham Hospitality Group Director of Development, Australasia, Alison Hulm. The post Exclusive: Langham signings on the up as luxury market remains robust appeared first on Hotel Management.
Lodging Econometrics (LE) has released Q1 hotel development data for the Charlotte, North Carolina, market ahead of the Hospitality Industry Technology Exposition and Conference (HITEC). markets for the largest hotel construction pipeline by project count.
However, I am most excited to build a team that will bring a new era of hospitality to Sydney, shaping and transforming Paddington. “In Langham appoints Alison Hulm to Australasia development role Langham Hospitality Group has appointed Alison Hulm to the newly created role of Director – Development, Australasia.
Crystalbrook Collection is set to expand into the South Australia market following the signing of a AU$130 million new-build hotel in Adelaide’s CBD with local property developer, Samaras Group. I am confident the hotel will become an integral part of Adelaide’s hospitality scene.” Total visitor expenditure in Adelaide was $5.3
It’s not surprising hotel construction is often a demanding and exciting process, as hotels need to have the comfort of a home and the durability for heavy usage of a restaurant on the scale of an office building.
After months of constructive dialogue with the European Commission, other stakeholders and intense efforts of teams across our business, we reached a major milestone today: our compliance with the requirements under the Digital Markets Act (DMA).
Bridge , a digital platform that connects middle-market developers with a network of debt capital providers, has launched its ground-up construction lending program, an in-house lending program designed to support construction and rehab projects for franchised hotels.
Booking.com’s Chief Legal & Public Affairs Officer, Maria Rocha Barros, discusses the company’s approach to complying with the Digital Markets Act (DMA) after engaging in constructive dialogue with the European Commission and other stakeholders.
SAN DIEGO, California—Azul Hospitality Group announced that the Woodlark Hotel has officially joined its portfolio of hospitality assets. The Woodlark Hotel integrates two historic Portland buildings: the Woodlark Building, constructed in 1912, and the Cornelius Hotel, built in 1908.
According to the United States Construction Pipeline Trend Report by Lodging Econometrics (LE) for Q2 2023, the five markets with the largest hotel construction pipelines are Dallas with a record-high 184 projects/21,501 rooms, Atlanta with 141 projects/17,993 rooms, Phoenix with 119 projects/16,107 rooms, Nashville with 116 projects/15,346 rooms, (..)
RICHMOND, VirginiaSandpiper Hospitality expanded its reach with the opening of two new hotels: an ECHO Suites Extended Stay by Wyndham in Richmond, Virginia, and an Extended Stay America Premier Suites in Bradenton, Florida.
In 2023, Hilton opened nearly 20 new hotels and ended the year with 4,000 rooms added in the market, more than in any other year in the company’s history.
In total, Choice Hotels has four Everhome Suites open, 65 in the pipeline, over 20 under construction, and more than 15 expected to open within the next 12 months. As of the end of Q2 2024, Choice has nearly 400 hotels in the pipeline across four extended stay brands.
As 2024 ramps up, the capex market in the hospitality sector is decidedly mixed. On one hand, the increased costs of capital impacting deal flow has reduced the number of transaction-related renovations and has constrained the amount of new development and construction.
A midyear snapshot of performance in the top 65 markets in the US indicates that on a trailing 12-month basis through May, RevPAR is up slightly year over year (due to slight increases in both occupancy and ADR) and this is largely driven by increases in the top three chain scales: luxury, upscale and upper upscale.
This achievement underscores Choice’s rapid expansion and leadership in the economy and midscale extended stay market, powered by a playbook that helps drive revenue and lowers total cost of ownership with strategic new builds and targeted conversions that meet the increasing demand for accommodations of 7+ nights.
Mason determined that an additional five rooms and the increased guest capacity would support the business to increase spa revenue by up to 30% and enter the all-inclusive segment, filling a gap in the market left by the (currently closed) One and Only Wolgan Valley resort. QCC Founder and Director, Caspar P.
hospitality industry, the Q4 2023 U.S. Construction Pipeline Trend Report by Lodging Econometrics (LE) sheds light on dynamic trends across key markets. At the Q4 close, New York City continues to have the greatest number of projects under construction with 44 projects/7,338 rooms. Throughout 2023, the U.S. supply total.
Hong Kong’s Far East Consortium is putting two of Australia’s prestigious Ritz-Carlton hotels on the market in a major portfolio sale. Ritz Carlton Melbourne Amid strong demand for luxury hotel investment opportunities in Australia and high construction costs, Dan McVay said the sale presents a major opportunity.
Drury Hotels ‘ newest property, Drury Plaza Hotel North Charleston, is now under construction. Charleston is a thriving city, rich with history, culture, and southern hospitality,” said Chuck Drury, president/CEO, Drury Hotels. The post Drury Hotels begins construction on Charleston hotel appeared first on hotelbusiness.com.
This signing underscores the strong demand for our luxury brands across the region as we continue to expand our portfolio in new and existing markets,” said Marriott International Managing Director, Luxury Asia Pacific excluding China, Oriol Montal. “It Construction of the development is expected to begin by the end of 2023.
Swinerton has been chosen as the general contractor for the construction of the Chambray Hotel, a five-story property in Roswell, GA. of flexible meeting space, a fitness center and a 24-hour market. The post Swinerton to construct $30M hotel in Georgia appeared first on hotelbusiness.com.
Construction Pipeline Trend Report from Lodging Econometrics (LE) reports that, at the close of the first quarter, the top five markets with the largest hotel construction pipelines are led by Dallas with 185 projects/21,882 rooms, slightly below record-highs recorded at the end of Q4 2023. The recent U.S.
What a difference a year makes – in the 2022 edition of Trends® in the Hotel Industry, we wrote that major markets were still attracting developers and that new supply growth among the nation’s 65 major markets was expected to record an annual gain of 1.7%, which is above the long-run average of 1.5%.
Increased in-person demand certainly impacts the hospitality industry, especially in cities with the largest, most visited convention centers in the U.S. With an astounding 60% of its new hotel construction projects under construction, the most of any convention center market, New York City leads with 46 projects under construction.
Lodging Econometrics (LE) has released the latest on hotel development for the New York City market, prior to the NYU International Hospitality Industry Investment Conference. Of the top 50 markets in the U.S., Of the top 50 markets in the U.S., The market also was the leading market for construction starts in Q1 2024.
According to the recent Q2 2024 United States Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the quarter, the five markets with the largest hotel construction pipelines are led by Dallas with 189 projects, just four projects shy of its record-high at the end of Q4 2023, and a new record-high 22,392 rooms.
hospitality industry, the Q4 2023 U.S. Construction Pipeline Trend Report by Lodging Econometrics (LE) sheds light on dynamic trends across key markets. In the ever-changing landscape of the U.S.
The Boston lodging market continues to progress, steadily closing the gap on pre-pandemic RevPAR levels (inflation adjusted). With the new-construction pipeline empty and a record year anticipated in the convention sector, the markets future is among the brightest in the nation.
DCOH, formerly the Halikos Group, is a family-run business and one of the region’s largest privately-owned construction, real estate and hospitality providers. The deal sees Trilogy take over management of 417 rooms across three city centre hotels – Novotel Darwin CBD, Frontier Hotel Darwin and Smith Hotel Darwin.
Radisson Hotel Group has established a strong market position in South East Asia and Pacific particularly in emerging cities and markets. What SEAP markets are a key focus for Radisson Hotel Group and why? We’ve also added local language capabilities and local management offices to better serve our owners in each market.
“This partnership is an exciting development for Rydges and continues EVT Hotels and Resorts strategic focus on brand expansion, in both local and targeted international markets,” said Arundel. We look forward to bringing our refreshingly local philosophy and extensive hotel management experience to the Fijian hospitality sector.”
“As the Australian arm of Ascott, lyf Sussex Sydney and Oakwood Epping are part of our proven global strategy that is focused on delivering hospitality solutions that elevate the guest experience,” said Ascott Australia Managing Director, David Mansfield. Ascott is aiming for a mid-2025 opening.
For hotel owners, embracing a property improvement plan (PIP) may initially seem financially challenging, especially given today’s market uncertainties, high construction costs, increased interest rates, and labor shortage.
New Zealand’s hospitality and tourism sector is on a strong course, JLL New Zealand’s Director of Hotels and Hospitality, Nick Thompson, reports. New Zealand’s recovery from the impacts of Covid-19 is well progressed, and the hospitality sector has been at the forefront of the country’s resurgence.
Major cities in the Southeast like Charleston, Atlanta, Savannah, and Raleigh-Durham remain strong hotel investment markets due to their thriving tourism, growing business hubs, and strategic locations. Significant construction pipelines and improving economic conditions highlight the region’s long-term resilience and investment appeal.
Here, Wyndham Hotels and Resorts, Vice President of Business Development SEAPR, Matt Holmes, discusses the challenges and opportunities in the market. Persistent interest rate hikes have a knock-on effect on the construction of new hotels as cost of debt for hotel developers and would-be buyers has increased significantly.
Lodging Econometrics (LE) has released the Q1 hotel development data for the Charlotte, NC market ahead of the Hospitality Industry Technology Exposition and Conference (HITEC).The markets for the largest hotel construction pipeline by project count. markets for the largest hotel construction pipeline by project count.
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