Some hotel owners that rode out the coronavirus pandemic are finding the recent travel rebound might not be enough to persuade lenders to extend new credit when their debts mature in the coming months or years. Leisure travel has rebounded since the second half of last year, but the recovery has been much weaker for..
After three years of strict quarantine policies and related controls, China is set to relax all international travel restrictions. In 2019, China was the fifth largest source of international travelers to the United States, contributing nearly 3 million travelers, according to the International Trade Association’s “China—Country Commercial Guide” for 2021. With the anticipated return of..
Over the last two years, resort RevPAR grew over 30% and many bottom lines doubled. Yet, consumers had no rate sensitivity. They craved getting away; they booked suites and splurged on prix-fixe meals and expensive wine. An unintentional reduced workforce and the elimination or reduction of services contributed to the strong bottom line expansion, though..
As hotel demand returns to pre-COVID levels (or exceeds it in the case of destination resorts), hotels are facing new challenges particularly as it relates to the guest experience. Staffing shortages, supply chain challenges and reduced or modified levels of service show their scars throughout the industry. What has changed? Customers are voicing discontent. If..
July 8, 2022 / USA Today After a long pandemic, many hotels are run-down and in desperate need of renovation. If you aren’t careful, you could stay in one this summer. When it comes to hotel development spending, the U.S. lodging market reached an all-time low in 2020, according to consulting firm HVS. Many hotels..
According to a May 2022 article published by Trepp, close to 9% of all CMBS loans in the hospitality asset class were in special servicing. Although the year-over-year default rate has improved, there may be signs of trouble ahead..
Enhanced technology — digital chat functions that address guest requests (instead of calling the operator and possibly being put on hold or getting the request wrong), increased adoption of mobile check in, and technology for other transactional purposes including making spa or restaurant reservations, ordering a drink by the pool, or to request a late..
At its post-COVID peak in 2021, corporate travel indexed at 80 percent of 2019 levels while leisure travel exceeded 2019 levels. All signs are positive for the return of travel. Airports, hotels, restaurants and entertainment venues are busy but corporate travel is still lagging. So why is corporate travel not catching up? Read the..