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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

Originally seen HERE. Convening at the Marriott Marquis in New York City, the 46th Annual NYU International Hospitality Industry Investment Conference is themed “Driving Alpha” to express a positive outlook on the hospitality industry, tempered by recognizing ongoing challenges. In his opening remarks today, Jonathan Tisch, CEO of Loews Hotels, noted, “We face challenges like everybody else, Continue Reading about 46th NYU Hospitality Conference Opening Talks Highlight Labor Challenges and Opportunities