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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