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Americans prioritizing budget-friendly travel destinations this summer: Vacasa survey

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Budget-Conscious Americans Drive Summer Travel Boom With Road Trips and Beach Getaways 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 Continue Reading about Americans prioritizing budget-friendly travel destinations this summer: Vacasa survey

HM on Location: Challenges remains for investors, but outlook robust

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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

46th NYU Hospitality Conference Opening Talks Highlight Labor Challenges and Opportunities

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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

Nearly 44 Million Travelers Leaving Town for Unofficial Start of Summer

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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

HM on Location: Meet the Money—Who’s financing now?

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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

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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’

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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’