PKF is forecasting a tough 2010, with year-end occupancy at a 0.3 percent increase, a 1.1 percent decline in revPAR and 1.4 percent drop in ADR. Last year, the average US hotel experienced a 35.4 percent decline in profits in 2009, PKF Hospitality research reported. Discounting room rates was the main factor in declining...
Intercontinental Hotel Group may put hotels at site 3 of Las Vegas Sands’ Cotai Strip after sites 5 and 6 are developed. Acting Sands China CEO Mike Leven said it is LVS’ intent to have Intercontinental, Crowne Plaza and Holiday Inn hotels on the site, along with the casino and shopping center. Sites 5...
Cosmopolitan could slice the earnings of surrounding upscale casinos when the $3.9 billion resort opens in December, Union Gaming Group estimates. Cosmo could cut into MGM Resort’s 2011 EBITDA by 5.5 percent, or $74.1 million, Union Gaming was quoted by Reuters. Wynn earnings might drop 1.7 percent, Las Vegas Sands could fall 1.4 percent...
Hotel executives were optimistic at a series of meetings hosted by Deutsche Bank, according to the firm’s analyst, Chris Woronka. Key trends that started in second quarter should continue as most companies expect a strong multi-year lodging cycle to accelerate in 2011, he said. • Even with modest economic growth in 2011, many participants...
European hotel prices fell 1 percent in August to £88 per night, according to the online booking site Trivago. In Eidenburg, prices soared 49 percent £179, quite the contrast from other cities that are seeing their lowest prices of the season, according to Trivago. In the UK prices fell 13 to 15 percent in...
A misperception of the effects of the Gulf oil spill continue to take a toll on visitation to Florida panhandle beaches, Bloomberg reported. However, the presence of relief workers are giving hotels a boost for now, according to STR. Pensacola hotels reported a 15.5 percent jump in occupancy in June and revenue rose 7...
When it comes to family vacations the most popular destination is beach and lake destinations, according to the Y-Partnership survey Portrait of American Travelers. - STAYCATIONS. Family travelers are more likely to have taken a vacation that is less than 50 miles away from their homes. - LAST MINUTE TRIPS. 31 percent took trips...
A return to business travel is giving the industry a boost this summer and leading hotels to raise rates, New York Times reported. “The sweetheart deals of 2009 are gone. Hotels are now more aggressive in revenue management, and are closing out lower price points as quickly as they can,” Henry Harteveldt, a travel...
The BP oil spill is likely to affect travel to the Gulf Coast for three years and cost the region $22.7 billion, Oxford Economics projects after analysis of 25 recent natural and manmade disasters. “One of the most cost-effective ways to mitigate these damages is to immediately fund strategic marketing to counter misperceptions and...
Accor North America has opened 34 Motel 6 and Studio 6 franchise locations in the first half of 2010 as part of its plan to aggressively grow the franchise network for its economy brands. “We opened our 400th franchise this year, following three years of consecutive, record-breaking growth for Motel 6/ Studio 6,” Accor...
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