Friday, June 8, 2018

Hospitality News For The Week Of 6/8/18

Industry outlook sunny amid strong supply, demand

The 2018 NYU International Hospitality Industry Investment Conference was held in New York this week. At the conference, STR presented data which highlights the ongoing record-setting pace of the U.S. hotel industry. U.S. hotels have experienced a 2.9 percent growth in room demand for a 12-month period ending in April 2018, according to STR. In comparison, during the same time period supply only grew by 1.9 percent. The industry has been repeatedly breaking records, occupancy rose by 1 percent to bring it to another record of 66.1 percent. In the same 12-month time frame, average daily rate rose by 2.2 percent and revenue per available room climbed 3.2 percent to reach $84. Full Story Here:

Vacation plans for U.S. travelers

The Travel Insurance division of General Global Assistance has published the results of a survey of U.S. travelers regarding their vacation plans. According to the survey results, the number of Americans making summer travel plans is up to 68 percent. This follows a recent dip in 2016 when the number dropped significantly to 61 percent. Almost half (46 percent) of those surveyed were booking their trip at least four months in advance. The average length of summer trip increased slightly to 1.5 weeks, while the travel budgets for U.S. travelers went down slightly by a percentage point to $2,643. Full Story Here:

Boutique hotels are booming

A report recently published by The Highland Group illustrates how boutique hotels are booming currently and in more demand than luxury and extended stay hotels. According to the research, the supply of boutique hotels rose by 7 percent in 2017, surpassing upscale hotels which only increased by 1.8 percent in comparison. Travelers are seeking to make better connection with the local communities surrounding their destinations and boutique hotels are better accommodating them in their desires. Full Story Here:

STR: U.S. hotel results for week ending 2 June

In year-over-year comparison the U.S. hotel industry posted positive performance figures for the week of 27 May through 2 June 2018, according to data published by STR. Compared to the same period last year, industry-wide occupancy edged up by +0.1 percent to 64.1 percent for the week. Average daily rate was 2.1 percent higher at $122.58. Revenue per available room rose by +2.3 percent to finish the week at $78.61. Full Story Here:

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