Originally seen HERE. Despite rocky economic conditions and pressures within organizations to cut down on travel costs, business travel is making an unexpected and robust comeback. According to Capterra’s 2023 Travel Survey, 46% of business travelers report going on more trips than before the pandemic—on average, they travel six times a year, with trips lasting about three days. Increased Continue Reading about Survey: Business travel jumps 46% compared to pre-pandemic
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It Likely Doesn’t Get Any Better for 2023: US Weekly Hotel Occupancy Peaks at 73%
Absolute Occupancy Best Since August 2019, but Trails That Year’s Peak Week By Nearly 5% Originally seen HERE. Weekly occupancy across the U.S. hotel industry reached its likely peak of the year — and the best since August 2019 — while outside of the U.S., the high mark keeps getting higher. CoStar data for the week ending July 22 shows U.S. weekly occupancy was 72.9%, the highest level Continue Reading about It Likely Doesn’t Get Any Better for 2023: US Weekly Hotel Occupancy Peaks at 73%
Taylor Swift’s effect on the economy has caught the eye of the Fed
Originally seen HERE. Taylor Swift's Eras Tour, which consists of 131 concerts across 17 states and 5 continents, has caught the attention of the Federal Reserve because of its noticeable economic impact. The tour, which has attracted hundreds of thousands of Taylor Swift fans to cities across the US, helped boost hotel revenues considerably in Philadelphia. "Despite the slowing Continue Reading about Taylor Swift’s effect on the economy has caught the eye of the Fed
Develop a holistic approach to improving the P&L
ORIGINALLY SEEN HERE. A panel of industry experts gathered to discuss how to rethink operations to maximize long-term asset valuation. Editor’s note: This roundtable was sponsored by Actabl, whose leaders participated in the discussion but had no influence on the final editorial content. If you agree or take issue with the notion that the hotel industry is “normalizing” as Hilton CEO Continue Reading about Develop a holistic approach to improving the P&L
Staffing shortages persist despite hiring efforts, record wages
Originally seen HERE.At the start of the year, the U.S. Bureau of Labor Statistics released a report showing the overall economy added 517,000 jobs. The leisure and hospitality sector accounted for about 25 percent of that, adding more jobs than any other sector. At the same time, the industry had 2 million open jobs despite returning to pre-pandemic employment levels, according to the U.S. Travel Continue Reading about Staffing shortages persist despite hiring efforts, record wages
CEOs Provide Rosy Outlook at NYU Conference
Originally seen HERE. With a world on the verge of "normalization," demand persistence, supply weakness and strong employment have major U.S. CEOs seeing even more upside to the recovery. The hotel leadership community can say without much of a doubt that they have proven many prognosticators wrong. Despite high-profile predictions about the long-term impact of COVID on both leisure and Continue Reading about CEOs Provide Rosy Outlook at NYU Conference
What information about my hotel will be made public and what will be kept confidential?
There are a variety of ways to market hotels with the most preferred being maximum market exposure. The "bidding environment" created by this means, often yields the best result. A minimum amount of information is required to generate interest and significantly more is required for potential purchaser to make educated offers. This includes basic details about the site location, physical structure, Continue Reading about What information about my hotel will be made public and what will be kept confidential?
How long will it take to sell my hotel?
Sale completion times vary widely due to a number of reasons including but not limited to: geographic region, local market, product type, franchise issues, financing climate and a host of others. Generally from the initial market exposure, the quickest transactions require 90 days but may take months depending on a number of factors. Mumford Company generally suggests at least thirty days on the Continue Reading about How long will it take to sell my hotel?
Who will be working on my listing?
Each seller has primary contact with a specific broker at Mumford Company in order to foster a strong working relationship throughout the process. That a broker may also involve other Mumford Company brokers to assist in market research and property tours and will utilize sales analyst to prepare marketing materials to assist the seller from time to time. Once the property is actively for sale, Continue Reading about Who will be working on my listing?
How will the value of my hotel be determined?
Mumford Company uses a team approach when estimating property value for our clients using our brokers from across the country review all our deals to give a very balanced valuation. We will consider all factors effecting value when pricing a hotel including but not limited to the age, location, and branding possibilities for the property. We will use our collective 150 + years of market experience Continue Reading about How will the value of my hotel be determined?
Does Mumford Company represent both buyers and sellers?
No. While Mumford Company works with both buyers and sellers we only represent the seller in the hotel sales process. A full explanation is found below. AGENCY In compliance with Real Estate Board regulations, parties to transactions involving real estate should understand the unique and valuable role that real estate brokers and their agents play in marketing real estate. That role has been Continue Reading about Does Mumford Company represent both buyers and sellers?
Select Assets Can Present Strong Opportunities for Hotel Investors
Originally seen HERE. Earlier this year, Chatham Lodging Trust purchased this 132-room Residence Inn hotel in Austin, Texas. With the state's economy fully reopened and the hotel's proximity to The Domain mixed-use development, there are some external factors working to boost occupancy. By David Vincent, investment products specialist, Cadre Asset selection in the hospitality Continue Reading about Select Assets Can Present Strong Opportunities for Hotel Investors
Post-Pandemic Developments: Building Back Better in the Face of Predictable and Unpredictable Fallout
Originally seen HERE. It appears that the United States is emerging from the worst of the pandemic with a substantial portion of the population—including those whose leisure and livelihoods impact the hospitality industry—vaccinated and longing to get back to business and travel for pleasure. According to development executives interviewed by LODGING, some of the painful lessons Continue Reading about Post-Pandemic Developments: Building Back Better in the Face of Predictable and Unpredictable Fallout
Extended-stay leverages strengths for continued staying power
Originally seen HERE. Throughout 2020 and 2021, the extended-stay segment of the hotel industry has proved to be both pandemic and recession-proof. According to a report from the Highland Group, overall extended-stay hotel demand rose 8.6 percent in Q1 of 2021, while overall U.S. hotel demand decreased 11.9 percent. Extended-stay occupancy has been lower in 2021 than any first quarter Continue Reading about Extended-stay leverages strengths for continued staying power
What Mumford heard last week at The Lodging Conference at the JW Marriott Desert Ridge Resort in Phoenix
Burton Books, Ed James and Steve Kirby attended The Lodging Conference 2021 at the JW Marriott Desert Ridge Resort in Phoenix last week. Kirby said, “It was great to be back amongst our industry peers. The attendees were largely upbeat - still some hurdles ahead with labor and the need for the return of commercial and group business but sentiment was overall bullish towards 2022 and Continue Reading about What Mumford heard last week at The Lodging Conference at the JW Marriott Desert Ridge Resort in Phoenix
Merck Applies For Emergency FDA Approval Of COVID Pill Treatment
Originally seen HERE. Merck made a formal request for EUA approval from the FDA Monday for its COVID pill treatment, known as 'molnupiravir'. Merck MRK said Monday it has submitted a formal application to the Food & Drug Administration for emergency approval of its oral COVID treatment. Merck said it's seeking Emergency Use Authorization for the pill, known as Continue Reading about Merck Applies For Emergency FDA Approval Of COVID Pill Treatment