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Finance and Development, Markets

STR Weekly Insights on Global Hotel Industry Performance: 7&13 April 2024

April 22, 2024

Via: Hotel News Resource

2024 reflected an easy comparison to Easter last year and the impact of the solar eclipse. Revenue per available room (RevPAR) rose 5.8% driven by nearly equal gains in occupancy and average daily rate (ADR). However, the growth was not […]


Finance and Development, Markets

Global Travel and Tourism Sector Deal Activity Fell by 14.9% YoY in Q1 2024, According to GlobalData

April 18, 2024

Via: Hotel News Resource

Travel and tourism sector witnessed the announcement of 165 deals* globally during the first quarter (Q1) of 2024. This represents a year-on-year (YoY) decline of 14.9% compared to the announcement of 194 deals during the same period last year, according […]


Finance and Development, Financial

Hospitality Financial Leadership – The Top 10 Cash Controls

April 18, 2024

Via: Hotel News Resource

Cash is King. That’s an old expression but it’s also one that still rings true today. Everyone likes cash even if we don’t carry so much with us personally anymore. It’s important to recognize that some people will help themselves […]


Technology

Travel Companies Navigate Changes to Google's Search Function

April 18, 2024

Via: Hotel News Resource

Searching on Google, consumers expect to find the most reliable information without a second thought. And the search giant continues to take steps to ensure that’s what its users experience, with its most recent changes announced in March — this […]


Travel

Searches for Summer Trips Are Up Year&over&year for Flights and Lodging According to Expedia Summer Travel Outlook

April 17, 2024

Via: Hotel News Resource

Spring is in the air, but the clock is ticking for travelers to lock in summer travel plans. According to the Expedia Summer Travel Outlook, released today, searches for summer trips are up year-over-year for flights and lodging,1 and the […]


Finance and Development, Real Estate

Hotel Development Pipeline Activity Down Globally, Except in the Americas

April 15, 2024

Via: Hotel News Resource

The Americas is the only world region that showed a year-over-year increase in pipeline activity at the end of the first quarter, according to March 2024 data from CoStar. March 2024 (% change in comparison with March 2023): Europe In […]


Technology

4 ways restaurants can add AI to their operations

April 11, 2024

Via: Restaurant Dive

AI is arguably the hottest technology in the restaurant space, with many operators exploring applications to ease pressure from inflation and rising labor, food, and occupancy costs. “The whole use of AI at restaurants is accelerating,” said Brandon Barton, CEO […]


Finance and Development, Financial

Streamlining Success: The Crucial Role of Hotel Finance System Integration in 2024 & By Jill Wilder

April 10, 2024

Via: Hotel News Resource

As the travel market continues to evolve, with occupancy levels exhibiting extraordinary growth in most major markets around the world, today’s hoteliers are facing an array of challenges in managing their operations efficiently. From guest experience enhancement to the digitization […]


News

Travel and Tourism Industry Unites to Tackle Climate Change

April 9, 2024

Via: Hotel News Resource

Association representatives from the European travel and tourism sector (business and leisure) met in Rhodes, Greece, to sign a landmark declaration promising decisive action towards more sustainable travel and tourism. The joint declaration will serve as a roadmap to foster […]


Finance and Development, Trends

Transforming Employee Engagement in the Hospitality Industry

April 9, 2024

Via: Hotel News Resource

In the hospitality industry, traditional metrics like revenue performance and guest satisfaction have long been the go-to indicators for assessing a hotel’s business health. However, as businesses increasingly acknowledge the vital role of talent in achieving success, talent retention has […]


Travel

Travel & Tourism Set to Break All Records in 2024, According to WTTC

April 8, 2024

Via: Hotel News Resource

The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion. According to the global tourism body’s 2024 […]


Finance and Development, Markets

U.S. Hotel Performance for Week Ending March 23rd

April 4, 2024

Via: Hotel News Resource

As expected ahead of the Easter holiday, U.S. hotel performance decreased from the previous week, according to CoStar’s latest data through 30 March. 24-30 March 2024 (percentage change from comparable week in 2023): Occupancy: 62.3% (-5.6%) Average daily rate (ADR): […]


Hotels

576 Room Voco Seoul Myeongdong Hotel to Open in South Korea

April 3, 2024

Via: Hotel News Resource

IHG Hotels & Resorts announced the signing of voco Seoul Myeongdong in partnership with Gravity Asset Management’s Seoul South Gate Hotel Operations Company and Hotel HDC Co., Ltd. The 576-room property will be rebranded as voco ahead of welcoming guests […]


Restaurants

Delight Restaurant Group acquires 65 Wendy’s restaurants

April 2, 2024

Via: Restaurant Dive

Delight Restaurant Group, founded by managing partners Andrew and Richard Krumholz in 2016, previously acquired nearly 100 Wendy’s restaurants in 2021. That year, it grew its presence in Raleigh, North Carolina, after buying 54 units from bankrupt NPC International and […]


Technology

3 Ways to Leverage Your Hotel PMS Data for Revenue Management Success

April 1, 2024

Via: Hotel News Resource

And when it comes to data, there’s no source more important than your Property Management System (PMS). Your PMS is the beating heart of your hotel operations, tracking everything from reservations and check-ins to hotel room rates and billing. But […]


Technology

How Artificial Intelligence is Redefining Modern Hospitality Procurement

April 1, 2024

Via: Hotel News Resource

While the future holds much promise, the rising operational costs pose a significant issue. From labour costs and food prices to energy bills, hotels must find ways to manage expenses and maintain profitability without compromising on quality. Given the current […]


Finance and Development, Financial

Hotel Investment in the Alps Heats Up

March 28, 2024

Via: Hotel News Resource

The Savoie and Haute-Savoie regions alone have seen hotel transaction volumes double over the past two years, breaking records with more than €800 million ($875 million) of hotel deals closed, JLL data shows. “Due to the warming climate, and limited […]


Finance and Development, Markets

STR Commentary on U.S. Hotel Performance for February 2024

March 27, 2024

Via: Hotel News Resource

Top-Line Metrics (February 2024, percentage change from February 2023): Occupancy: 58.9% (-1.8%) Average daily rate (ADR): US$158.23 (+3.9%) Revenue per available room (RevPAR): US$93.19 (+2.0%) Key points February produced modest RevPAR growth, reflecting the continued return to low single-digit gains. […]


Hotels

Big 5 Global Hotel Chains Dominate Hotel Development in Africa

March 26, 2024

Via: Hotel News Resource

When it comes to hotel development across Africa in 2024, just five words tell the story, “Egypt and the Big 5”. In this context, “the Big 5” does not refer to Africa’s major wildlife attractions, (lion, leopard, rhinoceros, elephant and […]


Hotels

Aman to Launch Beachfront Hotel in Dubai

March 25, 2024

Via: Hospitality Design

Global hospitality company Aman is bringing a new destination to the United Arab Emirates (UAE). Aman Dubai will occupy a shoreline property with an expansive private beach and nine acres of gardens. Along with an all-suite hotel, it will feature […]