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Originally seen HERE. AAA projects 45.1 million people will travel at least 50 miles from home over the Memorial Day holiday period from Thursday, May 22, to Monday, May 26. This year’s domestic travel forecast is an increase of 1.4 million travelers compared to last year and sets a new Memorial Day weekend record. The previous record was set back in 2005 with 44 million people. Despite Continue Reading about AAA: 45.1 Million Travelers Expected to Go 50 Miles or More for Memorial Day Weekend

Originally seen HERE. Though room bookings account for the majority of an average hotel’s revenue, many hotels rely on revenue from other sources, including food and beverage, parking, events and more. This is especially important in an era when building costs are significantly higher than they were even five years ago, and labor costs have not come down. With this in mind, today’s Continue Reading about How to repurpose space to generate revenue

Originally seen HERE. It’s not enough for a hotel or hotel group to repaint the walls and change carpeting and light fixtures in guest rooms and swap out color schemes and seating in public areas. Glossy travel magazines and travel-focused “lifestyle” television have shaped the expectations of travelers for years. Factor in the watershed influence of influencers and social media, and keeping Continue Reading about PIP strategies: Planning your property’s glow-up

Originally seen HERE. Major markets drive group demand growth, though infrastructure projects fuel demand at economy, midscale brands. U.S. hoteliers are forecasting higher group sales for 2025. Demand growth from the tech, medical and healthcare industries are driving larger bookings at resorts and upscale properties while construction and infrastructure activity spurs more group Continue Reading about More events, meetings spur hoteliers’ confidence in group demand recovery

Originally seen HERE. The hospitality industry’s recovery from recent global challenges has reshaped financing needs. Hotels now seek capital not just for traditional expansions, but also for technological upgrades, sustainability initiatives, and operational enhancements. This shift demands a nuanced understanding of both traditional and alternative financing sources. As we delve into the Continue Reading about Banks Vs. Private Lenders: Reshaping Hotel Financing in 2025

Hotel customers are savvier than ever, and they expect more from their stay, whether they are indulging in a luxury resort stay, expanding their horizons with a lifestyle property, or opting for budget, select service and mid-range properties. And hotel managers and teams across the spectrum need to get creative and proactive in the way they go about it. This was a consensus shared by the Continue Reading about HM on Location: Strategies to increase customer satisfaction

Originally seen HERE. AAA projects 119.3 million people will travel 50 miles or more from home over the year-end holiday period* from Saturday, December 21 to Wednesday, January 1. This year’s domestic travel projection narrowly surpasses the previous record set in 2019 by 64,000 travelers. AAA expects an additional 3 million travelers this holiday season compared to last year.  “This Continue Reading about Record Number of Holiday Travelers Expected to Close Out 2024

This post originally seen HERE. The million-dollar question is: how will the hospitality industry continue to evolve and grow with the application of emerging technologies? To help answer this, let’s talk about the elephant in the room: artificial intelligence. With such a broad term and admittedly today’s buzzword, let’s start by answering, “What is AI?” Simply stated, AI refers to the Continue Reading about How can the hospitality industry leverage AI?

Originally seen HERE. AAA projects 79.9 million travelers will head 50 miles or more from home over the Thanksgiving holiday travel period*. For the first time, AAA’s forecast includes the Tuesday before and the Monday after Thanksgiving Day to better capture the flow of holiday travelers. This year’s projection of nearly 80 million travelers is an increase of 1.7 million people compared Continue Reading about Nearly 80 Million Americans Expected to Travel over Thanksgiving

Originally seen HERE. For the first time in four years, the Federal Reserve has cut interest rates. The half-percentage-point cut was welcome news to the industry, which has seen relatively high rates as one cause of a slowdown in hotel transactions. Hotel Business reached out to industry leaders to get their reaction to the rate cut and what it means for the long and short term. Here’s Continue Reading about Fed cuts interest rates; Industry reacts

Newport News, VA, June, 2024 – Mumford Company, a full-service hospitality brokerage advisory firm since 1978, announced today it has continued its strong sales performance in the first half of 2024, with multiple transactions closing in the second quarter. "Even with the current state of interest rates, the hospitality industry fundamentals are strong which continues to drive transactions,” Continue Reading about Mumford Company Continues Strong Sales Through 2nd Quarter 2024

Originally seen HERE. Despite some softening in the second quarter, the revised forecast by STR and Tourism Economics calls for slight adjustments to ADR (downward) and occupancy (upward) for the next 18 months. NASHVILLE — With many public hotel companies and REITs slashing RevPAR forecasts for the rest of 2024, one might expect industry forecasters to lower their RevPAR guidance, too. Continue Reading about STR maintains forecast of slight RevPAR gains

Originally seen HERE. The current hotel development market has been faced with escalating construction costs for several years, including but not limited to high interest rates, difficulty finding financing, long material lead times and labor shortages. Historically speaking, construction costs have increased at a pace of about 5 percent per year, which has always been above inflation, as Continue Reading about How to combat challenging construction costs

Originally seen HERE. This summer, most Americans seem to prioritizing budget-friendly destinations, owing to the ongoing economic conditions, a recent survey has found. According to a latest Summer Travel Trends report by Vacasa and Allison, the marketing and communications consultancy, travelers will be taking several trips (five on average throughout summer) and most will be staying Continue Reading about Americans prioritizing budget-friendly travel destinations this summer: Vacasa survey

originally seen HERE. Hospitality investors are facing a slate of “persistent challenges,” but long-term optimism remains, according to a panel of experts speaking at the NYU International Hospitality Industry Investment Conference in New York on Monday. Chief among the headwinds slowing progress are inflation and the cost of finance, according to Tim Abram, managing director, Starwood Continue Reading about HM on Location: Challenges remains for investors, but outlook robust