Wednesday, September 9, 2015

Hospitality News For The Week Of 9/4/15

Hotel Industry to Labor: Overtime Increase Too High, Too Fast
In response to the Department of Labor’s (DOL) proposed overtime rule changes, the American Hotel & Lodging Association (AH&LA) has stated the changes come too fast for the industry and are too high as well. The DOL has put forth increases in overtime eligibility from the current $23,660 salary figure to $50.440. The AH&LA is urging restraint from the DOL in this regards, stating small business owners will suffer as a result of the implementation of these increases. Full Story Here:

STR: US results for the week ending 29 August
Hotel industry wide occupancy decreased in year-to-year measurements for the week ending 29 August. STR reported figures indicating a drop of 2.7 percent in occupancy, to 64.8 percent. However, average daily rate rose by 1.5 percent, to reach $115.95. Revenue per available room was down by 1.2 percent, to end the week at $75.16. Full Story Here: Releases Hotel Price Index results for the First Half of the Year; U.S. up 2%
Hotel prices in three key regions of the world have surpassed their levels of the pre-financial crisis of 2008/2009, for the first time since that period, according to figures released by Industry wide prices in North America, the Caribbean, and Latin America have climbed during the first half of 2015; with the U.S. leading the way with a 2 percent increase. The improvement is attributed to more people traveling, consumer spending increases, and currency fluctuations. Full Story Here:

ADR Growth Expected To Drive US Lodging Performance In Remainder Of 2015 And In 2016
PwC US has updated their forecast for the rest of 2015 and into 2016 for U.S. hospitality industry. Industry figures indicate solid growth in U.S. lodging this year will continue for the short-term future, into next year. PwC projects an increase in revenue per available room of 6.9 percent for the end of 2015. 2016 projections are for a growth level of 5.9 percent in revenue per available room, according to PwC US. Full Story Here:

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