What's Trending in 2024

US hotels estimated to generate $83.4B in tax revenue
US hotels are expected to generate an all-time high of almost $83.4 billion in federal, state and local tax revenue in 2024, with California, New York and Nevada receiving the largest share, according to projections from the American Hotel & Lodging Association. Amid an ongoing staffing shortage, hotels are also expected to pay record salaries of $123.4 billion, compared to $118 billion last year.

Hotel Management Online

New AAHOA chair is youngest in history
Miraj Patel, a second-generation hotelier and president of Wayside Investment Group, was named the new chair of the Asian American Hotel Owners Association at the group's 35th annual Convention and Trade Show. Patel, 26, is the youngest chair in the association's history and has served on the AAHOA board of directors since 2019.

Asian Hospitality

Hilton To Acquire Graduate Hotels Brand
Hilton has announced a deal to acquire the Graduate Hotels brand from AJ Capital Partners for $210 million. AJ Capital will retain ownership of the real estate, and Hilton will enter into franchise agreements for all existing and signed pipeline properties. The deal is expected to finalize in the second quarter.

CoStar Group

Hotel stock values rise 6.3% in Feb.
Hotel companies and real estate investment trusts that are part of the Baird/STR Hotel Stock Index saw a 6.3% increase in stock values in February compared with the prior month. On a year-over-year basis, the top performers were InterContinental Hotels Group, which rose 55.6%; Marriott International, up 47.6%; and Hilton Worldwide Holdings, which increased 41.4%.

CoStar Group

Producer price index gained 0.6% last month
The producer price index was up 0.6% in February, according to the Labor Department, surpassing the 0.3% gain seen in January. A core measure that strips out food and energy prices gained 0.3% last month.

CNBC

Residential conversions can be challenging despite incentives
Some cities are rolling out fresh incentives for office-to-residential conversions or expanding existing programs, but obstacles to these projects remain. In some cases, the physical characteristics of a building can make conversion challenging; in others, it can be difficult to make the financial aspects work out. It's clear that more housing is needed, but "fulfilling that demand in the way that it needs to be fulfilled is very difficult to make work when you're putting numbers down on paper," said CBRE's Julie Whelan.

The Business Journals

Yellen: Rates "unlikely" to fall to pre-pandemic levels
Market interest rates are unlikely to return to levels seen before the pandemic due to current market realities and forecasts in the private sector, Treasury Secretary Janet Yellen says.

Bloomberg

Hyatt exceeds 2023 net income, RevPAR outlook
Hyatt Hotels Corporation, for 2023, reported net income of $26 million in the fourth quarter and $220 million for the full year, which exceeded the full-year outlook for last year. Comparable systemwide RevPAR increased 9.1% in the fourth quarter and 17.0% for the full year compared to the same periods in 2022, and exceeded the full-year outlook for 2023.

Hotel Business

Investors Favoring Luxury Hotel Segment
As the number of high-net-worth people around the world increases, spending on luxury hotels has spiked, making it a desirable sector for investors. Luxury hotels accounted for 21.4% of global single-asset hotel liquidity last year, while single-asset luxury hotel pricing hit $640,000 per room, an all-time high.

Hotels Magazine

Blackstone-controlled Great Wolf gets $1B refinancing loan
A group of banks led by JPMorgan Chase will provide a refinancing loan of approximately $1 billion to Great Wolf Resorts that will be used to repay part of a $1.7 billion CMBS loan on a 14-property portfolio. Blackstone has a 65% controlling interest in Great Wolf, which has had a strong rebound since pandemic closures.

CoStar

STR: January U.S. Occupancy Slips as Rates Rise
How much longer will rate lead hotel performance when occupancy continues to slip? Hard to say, but it was still happening in January.

BTN

Vegas Super Bowl Sets Hotel Records
Las Vegas is already a market accustomed to hosting big events, so it shouldn't come as a surprise that the market's first Super Bowl set a new record in hotel rates for cities hosting that event. STR's Isaac Collazo, Chris Klauda and William Anns report that Las Vegas hotels recorded the highest average daily rate in the history of the event at $747 for Friday and Saturday.

CoStar

Successful hotels should merge tech, personal touch
Hoteliers must be innovative in their use of AI and other new technologies to remain efficient and attract more guests, particularly younger travelers from Generation Z, said hospitality leaders at the 2024 Americas Lodging Investment Summit. At the same time, hotels need to balance the connectivity afforded by tech with personalized service and old-fashioned hospitality.

CoStar

Survey: Hotel Staffing Shortage 'Slowly Improving'
Record-high wages and unprecedented mobility in hospitality career paths are boosting recruitment, according to AHLA.

BTN

The ascension of extended-stay hotels in the U.S.
Amidst a burgeoning hotel development pipeline in the U.S., marked by the highest counts recorded since Q2 2008 by Lodging Econometrics (LE), there’s been a significant rise in the popularity of extended-stay hotels. This noticeable surge of extended-stay hotels is a result of the way Americans approach lodging.

Hotel Business

Business travel market projected to hit $928B in 2030
A report from Research and Markets forecasts estimates that the global business travel market, which was around $665.3 billion in 2022, will grow to $928.4 billion by 2030, with much of the increase to come from a strong rebound in China. Spending on lodging and food is expected to rise 5% annually and reach $509.8 billion by 2030.

Business Traveler

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