Friday, March 6, 2015

Hospitality News For The Week Of 3/6/15

Average U.S. Hotel Prices Increased By Five Percent in 2014

The U.S. hotel market has a bright outlook, according to the biannual Hotel Price Index (HPI). While global hotels saw a three percent price increase, U.S. hotels experienced a more solid five percent increase. The report cites improving U.S. consumer confidence, combined with lower gas prices for the better performance of U.S. hotels. Full Story Here:


New U.S. Hotel Openings Are Not Expected To Peak Until 2018-2019

A report released by Lodging Econometrics states that new hotel supply growth has been slow and sluggish in recent years due the lingering effects of the Great Recession. According to the report; 412, 488, and 557 new hotels were added for the years 2012 through 2014 respectively. The trend is showing improvement the projection of 726 new hotels for 2015 and 797 for 2016. The expectation is for growth to attain a peak around 2018-2019. Full Story Here:


Hot Off The Press: Credit Card Breach At Mandarin Oriental 

A reported credit card breach was confirmed today by the upscale hotel chain, Mandarin Oriental Hotel Group. As first reported by financial industry sources, and confirmed by the chain, some point-of-sale systems were comprised through the utilization of malware, which stole customer card information. Banking industry sources have stated the breach accorded just prior to Christmas 2014 and included locations in Boston, New York, Las Vegas, Miami, and Washington D.C. Full Story Here:


Extended-Stay Outlook Bright In US

In a report issued by STR and published in their Hotel News Now outlet, the extended stay market in the U.S. achieved solid performance results across the last several years. Across the years 2012 through 2014, all major indicators have shown steady improvement. In 2014 the best results were attained for the niche hotel market when occupancy was 74.8 percent, Average Daily Rate was $59.29, and Revenue Per Room Available was $44.34. Full Story Here:


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