Friday, June 5, 2015

Hospitality News For The Week Of 6/5/15

Continued Performance Increases Through 2016 Projected For U.S. Hotel Industry

STR and Tourism Economics are forecasting that the performance increases shown by the U.S. hotel industry in 2015 thus far, will continue through 2016. This most recent projection was released at the NYU International Hospitality Investment Conference on Monday. As 2015 progresses, the expectation is for industry wide occupancy to rise to 65.3 percent, an increase by 5.2 percent in average daily rate to $120.93, and revenue per available room is projected to reach $78.99 representing a 6.6 percent growth rate. Full Story Here:

Travelers Navigate to Brand Sites, Not OTAs, to Book

Research by Criteo and PhoCusWright indicates that both hotels and airlines are gaining in direct bookings over online travel agencies (OTAs). A study conducted in December 2014 found that over one third of respondents reported they have used a hotel website or app to book their stays. This is compared to only a quarter who used an online travel agency to make their hotel reservations. 34 percent of these same respondents state they subscribe to hotel emails or e-newsletters. Full Story Here:

STR: US results for week ending 30 May

In data gathered by STR, Inc., the U.S. hotel industry continued to show positive results in measurements of the three most important figures last week. During the week of 24-30 May 2015, over the same period last year, occupancy rose by 2.2 percent to 63.5 percent. The average daily rate was up by 4.7 percent to end the week at $114.73. Revenue per available room saw an increase of 7.0 percent, attaining $72.83 by week’s end. Full Story Here:

Surging Chinese Investment Has Widespread Global Impact, Especially Hospitality Industry

China is rapidly expanding investment around the world, particularly in the hospitality industry. China’s Dalian Wanda Group has announced plans to build luxury hotels in London, Madrid, and Chicago. Last year the firm announced their Chicago hotel will become the third tallest structure in the city in 2018, a $900 million, 240-room, 5-star hotel; featuring apartments and retail space as well. Future US markets have been cited to include New York, Los Angeles and San Francisco. Full Story Here:

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