Originally seen HERE. AAA projects 43.8 million travelers will head 50 miles or more from home over the Memorial Day holiday travel period*. This year’s total number of travelers is a 4% increase over last year and comes close to matching 2005’s record of 44 million Memorial Day travelers. “We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” said Paula Continue Reading about Nearly 44 Million Travelers Leaving Town for Unofficial Start of Summer
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HM on Location: Meet the Money—Who’s financing now?
Originally seen HERE. In the “Economic Overview” wrap-up session of Meet the Money 2024, Paul Single painted a rosy picture of the travel and hotel industries. According to the senior economist and managing director of City National Bank Rochdale, the economy is strong, employment in the industries has regained its footing, and consumers, particularly Baby Boomers, have more disposable income Continue Reading about HM on Location: Meet the Money—Who’s financing now?
How much is my property worth? Determining fair market value
Originally seen HERE.As real estate brokers, one of the most frequent questions we field is “how much is my property worth?” The value of each property can vary depending on who is considering it—the owner, the lender and the buyer, as well as other entities involved in the financial life of a property, may all have a different perception of value. The fair market value of a hotel is defined as Continue Reading about How much is my property worth? Determining fair market value
Four Financial Changes That Impact the Hospitality Industry’s ‘New Normal’
By Steve Kirby, Managing Principal, Mumford Company Originally seen HERE. In 2019, the United States enjoyed the unprecedented 11th year of economic growth since the “Great Recession.” Economists predicted an economic downturn; the only question was what would be the cause? Few anticipated that the trigger would be a worldwide pandemic, the likes of which had not been seen since 1918. Continue Reading about Four Financial Changes That Impact the Hospitality Industry’s ‘New Normal’
Mumford Company Reports Strong 2023
Originally seen HERE. Mumford Company, a full-service hospitality brokerage advisory firm since 1978, finished 2023 with multiple closings and anticipates 2024 to be a banner year based on current deal flow. “Based on our solid deal pipeline of anticipated closings in the first quarter and half of 2024 along with the Fed’s announcement of pumping the brakes with no rate increases in the near Continue Reading about Mumford Company Reports Strong 2023
HM Executive Roundtable: Conversions in the hotel industry – with Mumford Company’s Ed James
Originally seen HERE. A look at conversions in the hotel industry came into sharper focus at Hotel Management’s recent executive roundtable sponsored by Choice Hotels International. The event, held at the JW Marriott Desert Ridge Resort & Spa during The Lodging Conference in Phoenix in September, brought together a mix of hospitality movers and shakers who examined the variety of influences Continue Reading about HM Executive Roundtable: Conversions in the hotel industry – with Mumford Company’s Ed James
2024 Is Trending in the Right Direction for Hoteliers
Originally seen HERE.Hoteliers have plenty to look forward to in 2024. Between accessibility and sustainability, hotels are adapting to a changing landscape in meetings and events—and the larger societal landscape. And hotels are adapting to changing workforce conditions as well. With staffing levels that have never recovered to their 2019 numbers, the focus has shifted to maximizing effectiveness Continue Reading about 2024 Is Trending in the Right Direction for Hoteliers
Hospitality industry expects hiring to speed up after robust growth in 2023
Originally seen HERE. The Indian hospitality and tourism sector is expected to see accelerated hiring going forward after witnessing a robust growth this year with domestic travels leading the way, according to industry players. With a report by the Hotel Association of India (HAI) projecting the hotel industry's direct contribution to India's GDP to reach USD 1 trillion by 2047, experts Continue Reading about Hospitality industry expects hiring to speed up after robust growth in 2023
