Friday, January 26, 2018

Hospitality News For The Week Of 1/26/18

ALIS: Strong demand to propel 2018 hotel performance

Hospitality industry forecasters gathered in Los Angeles this week for the Americas Lodging Investment Summit (ALIS) and forecasted high demand would continue to outpace supply during 2018. STR is predicting a supply growth rate of 2 percent, while demand will grow by 2.3 percent in 2018 when compared to 2017. Furthermore, STR forecasts a year-over-year occupancy growth rate of 0.3 percent, average daily rate to rise by 2.4 percent and revenue per available room to rise by 2.7 percent. FullStory Here:

U.S. Millennial Travelers Prefer Hotels Over Homesharing

Contrary to widely held beliefs, a new report has found that U.S. Millennial travelers (ages 20 to 36) prefer full-service hotels over homesharing or owner-direct services like Airbnb. Only 23 percent of the 1,500 survey respondents stated their preferred type of accommodation to be short-term apartments and/or condo rentals. The majority of Millennial travelers prefer full-service hotels, with 35 percent stating upscale, luxury or resorts are their preferred accommodations. The report was published by Resonance Consultancy and went on to say U.S. Millennials will spend $200 billion during 2018, with much of their spending on travel and tourism. FullStory Here:

Hotel industry hails federal tax cuts

During the recent Americas Lodging Investment Summit in Los Angeles a number of hospitality industry executives expressed their optimism regarding the recently enacted tax cuts and their impact on the industry. The expectation is for the cuts to spur increased leisure and business travel demand for hotels. The belief is that workers receiving higher paychecks will have more income at their discretion for leisure travel, while tax cuts for corporations should result in the pursuit of growth leading to increased business travel. Full Story Here:

US Hotel Occupancy Drops 1.5 Percent To 55.4 Percent - Week Ending January 20th - 2018

According to data published by STR, the U.S. hotel industry reported negative performance figures for the week of 14-20 January 2018. Compared to the same week last year, industry-wide occupancy dropped by -1.5 percent to 55.4 percent by the end of the week. Average daily rate fell by -1.7 percent to $120.55 for the week. Revenue per available room was down -3.2 percent to end the week at $66.79. Full Story Here:

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