Friday, September 1, 2017

Hospitality News For The Week Of 9/1/17

Harvey hits Texas: Hotel tax suspended, hoteliers take action

Hurricane Harvey inundated Southeast Texas and Louisiana with over 50 inches of rain, causing the Governor of Texas, Greg Abbott, to suspend all state and local taxes on hotels in a thirty county disaster area. In response to the catastrophe, hoteliers have been offering shelter at reduced rates to those in need, first responders and relief-effort personnel as much as possible. Full Story Here:

Hurricane Harvey Will Send Ripples Through U.S. Hotel Industry

During this week’s Southern Lodging Summit in Memphis, TN hospitality experts were predicting that Hurricane Harvey would have a lasting impact on the U.S. hotel industry. STR, which had projected a 2.1 percent increase in room supply and a 2.3 percent rise in revenue per room for 2018, is now going to be revising those figures based on Harvey’s influence on the industry. A result of the disaster will be the relocation of many conventions while Houston area hotels recover and rebuild. Full Story Here:

U.S. Hotel Demand Hits an All-Time High

According to data published by CBRE Hotels’ Americas Research, demand for U.S. hotels has just reached an all-time high. This is an indication of business conditions being currently favorable, despite weak growth in Gross Domestic Product not only in the U.S. but the rest of the world. A number of reasons are given for the rapid growth in hotel demand including shifting demographics, the influence of online bookings, and budget airlines offering affordable travel. Full Story Here:

US Hotel Occupancy Up 3.0 Percent To 69.5 Percent - Week Ending August 26th - 2017

According to performance data published by STR, the U.S. hotel industry posted positive results during the week of 20-26 August 2017. Compared to the same period last year, industry-wide occupancy was up by +3.0 percent to reach 69.5 percent by the end of the week. Average daily rate rose by 3.2 percent to $125.57 by week’s end. Revenue per available room climbed 6.3 percent higher to finish the week at $87.28. Full Story Here:

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