Friday, February 24, 2017

Hospitality News For The Week Of 2/24/17

Marketview Snapshot U.S. Hotels Q4 2016

According to figures published by CBRE Hotels from the Bureau of Labor Statistics (BLS) and STR, lodging demand rose 2.3 percent in the fourth quarter of 2016. This is compared to Q4 of 2015, and in contrast to the 1.6 percent rise in Q3 2016. This amounts to the highest fourth quarter rise since STR began tracking the information in 1987. Unemployment fell to 4.7 percent in the Q4, its lowest level since the beginning of the Great Recession. Room supply grew, with the number of available rooms 1.7 percent higher and room construction growing by 2.2 percent. Full Story Here:

Which Hotels Earned Forbes’ Five-Star Rating for 2017?

The Forbes Travel Guide has added almost two dozen hotel properties to its highly influential Five-Star hotel properties list in 2017. Additionally, Forbes welcomed 76 new properties to its Four-Star category, with a further 83 gaining Recommended status. The destination leading the way in the numbers of new Five-Star properties is Bali, with three. Bali also features ten Four-Star hotels and three from the Recommended category as well. Full StoryHere:

Study of CDB supply growth reveals troubling trends

Hotel News Now published an in-depth look at the lodging supply side of the U.S. hotel industry in the fall of 2016. The three part series comes to the conclusion that supply growth in the U.S. market is outpacing demand in many cases, particularly in certain “problem” markets. These markets, especially Miami, are vulnerable to the tremendous growth experienced by Airbnb in those markets. Overbuilding is partially to blame, according to the study. Full Story Here:

US Hotel Occupancy Down 3.2 Percent To 62.2 Percent - Week Ending February 18th - 2017

In data published by STR, the U.S. hotel industry experienced mixed performance metrics during the week of 12-18 February 2017. Compared to the same time period last year, occupancy industry-wide dropped by -3.2 percent for the week to 62.2 percent. Average daily rate however was higher by 3.1 percent, finishing the week at $124.41. Revenue per available room was nearly flat at -0.2 percent at $77.36 for the week. Full Story Here:

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