In the News

Hurricane Ian impacts health care access across Florida
Hurricane Ian has impacted health care facilities across Florida, making it very difficult for medically vulnerable people to get the care they need. Hospitals have been hardening their facilities for years to withstand hurricanes, but even without considerably damage to the hospitals themselves, challenges remain. The biggest challenge that hospitals are facing is the interruption of key public services, the electrical grid, and most especially the disruption in the public water supply.

Florida Trend

What You Need to Know About the Hurricane IAN
AAHOA, the nation’s largest hotel owners association, recognizes the widespread devastation Hurricane Ian has caused throughout the state of Florida. AAHOA President & CEO Laura Lee Blake issued a statement in response to the catastrophic hurricane that pummeled the West Coast of Florida this week and is barreling towards South Carolina. Read more...

AAHOA

Hotel projects and rooms in early planning at an all-time high
The planning of new hotel projects, announced renovations and brand conversions is driving the development rebound of the lodging industry. Analysts at Lodging Econometrics (LE) have found that hotel developers and owners are moving forward in the planning of new hotel construction projects at a rapid pace. They are also renovating and repositioning their existing properties to take advantage of the recovery and, otherwise, setting themselves up for a long post-recovery run.

HB Hotel Business

CBRE Again Raises U.S. Hotel Rate, RevPAR Forecast
The breakneck speed of recovery is slowing, but strong group demand, inbound international and business transient will keep prices rising.

BTN

What is a hotel budget?
Hotel budget guide for 2022: Everything you need to know
In Lund’s words, “A budget is a business plan focused on numbers.” He likens it to a map. “Before you go on a trip, you hopefully have a map of where you’re going so you can figure out your journey and changes you need to make to get to that final destination.”

David Lund

Florida tourism continues to bounce back
Tourism in Florida during the first half of 2022 was up 20 percent from the same period last year and was higher than during the first six months of 2019, the last full year of travel before the coronavirus pandemic. Visit Florida, the state’s tourism-marketing agency, posted numbers online late Monday that estimated Florida had 33.717 million visitors from April 1 through June 30, bringing the total for the first six months of this year to 69.34 million.

Florida Trend

STR Boosts U.S. Hotel Rate Forecast, Cuts Occupancy
STR and Tourism Economics now project an average 2022 U.S. daily room rate of $148, up from $145 in their previous forecast, issued in June.

BTN

Airbnb Falls as Summer Bookings Boom Undercut by High Expectations
Airbnb reported revenue grew 58 percent in the second quarter from a year earlier to $2.1 billion, reflecting its strongest second quarter ever. The company also recorded $379 million of net income, the highest ever for that period.

Bloomberg

Las Vegas Casinos Boom Despite Fears of a U.S. Bust
“Vegas is still booming. Despite inflation at a four-decade high, and jitters over a looming recession, people are flocking to the entertainment and gambling oasis. Executives with Caesars Entertainment Inc. and MGM Resorts International this week reported record-high performances for their Las Vegas properties in the latest quarter. Older consumers are returning to the Strip, shaking off pandemic concerns. International travelers began coming back in recent weeks and the convention calendar looking ahead is getting busier, executives said.” (The Wall Street Journal)

WMRE

Grim picture of worsening US housing crisis presented in Senate hearing
“Lawmakers and housing experts painted a grim picture of the state of the U.S. housing market and its impact on renters during a Senate Committee on Banking, Housing, and Urban Affairs hearing Tuesday. While Republican lawmakers blamed the worsening housing crisis on government regulations and actions by the Biden administration, outside housing experts and Democrats called for expanded rental protections and measures that would expand the nation’s housing stock.” (Smart Cities Dive)

WMRE

L.A. hoteliers oppose mandate to house homeless
Los Angeles hotel owners are taking issue with a proposed city ordinance that would require opening their vacant rooms to homeless people in return for government vouchers. The measure, which could be voted into law by the City Council or subjected to referendum, would be a disservice the needy and paying guests alike, industry representatives say.

KTLA News

Hilton Q2 results exceed expectations
Hilton Worldwide Holdings Inc., for the second quarter ended June 30, reported net income of $367 million, exceeding the high end of guidance. Systemwide comparable RevPAR increased 54.3%, on a currency-neutral basis compared to the same period last year, but was down 2.1% compared to the same period in 2019.

BTN

Is Early Release of Exchange Funds Possible Under 1031 Exchange Rules?
There are times when a taxpayer acting in good faith may seek to receive a return of his deposit while agreeing that the normal taxes will be due on the gain. Unfortunately the early return of funds is permissible in limited circumstances, and a taxpayer should make sure those limitations are not an obstacle to entering into an exchange transaction. But, does compliance with the IRS position in these instances matter, when the exchange is not going to be carried out? Yes, it does.

Accruit

Fed enacts sharpest interest-rate increase since 2000
The Federal Reserve has raised its key interest rate by a half-percentage point, the sharpest increase in 22 years, and has outlined a plan to shrink its balance sheet. Looking forward, a 75-basis-point rate increase "is not something the committee is actively considering," Fed Chair Jerome Powell says.

CNBC Evolve

BTN Special Report: Revise, Restart, Revolutionize
Two years after Covid-19 first rolled around the world, closing borders, grounding flights and shutting offices, business travelers are taking their most confident steps since into a changed world. This special issue of BTN explores the full scope of 2022's business travel recovery—from the recovery environment to the rate of business travel return and how travel managers have shaped new travel strategies, policies and processes.

BTN

States Sue U.S. Over Continued Mask Mandate
Twenty-one states led by Florida this week filed a lawsuit in a U.S. district court against several U.S. agencies to throw out the federal mask mandate that has been in effect in airports, on airplanes and on all public transportation since January 2021, when the Biden administration implemented the mandate as an official federal regulation.

BTN

Hotel Brand CEOs Recognize Low Pay, Non-Flexible Hours Exacerbate Labor Struggle
Cost, Availability of Childcare a Contributing Factor to Employee Turnover

Hotel News Now

Monthly US Hotel Performance Tells Tale of Three Recoveries
Economy, Luxury, Upper-Upscale Hotels Each Following Separate Path Back to Profitability

Hotel News Now

A 'Big Disconnect' Between Hotel Fundamentals and Debt Markets Has Opened
A ‘big disconnect’ exists between hospitality market fundamentals and debt markets, as rising inflation stokes volatility. But a ‘substantial tightening trend’ could be on the horizon once the markets have better visibility into what’s to come in the future.

GlobeSt.com

STR: ADR Spike Expected for U.S. Hotels in 2022
Top-line metrics showed a rosier picture for U.S. hotel industry recovery than an inflation-adjusted reality, according to STR, but there’s little downside for hotels for 2022, no matter how you look at the numbers.

BTN

chart

High Cost of Airfare More Likely Than Gas Prices To Hurt Travel Recovery
Tourism Economics Projects US Likely Avoids Recession

Costar

Choice to Acquire Radisson Hotel Group Americas
Choice Hotels International has agreed to buy Radisson Hotel Group Americas for $675 million, the company announced Monday. The move will bring nine new brands and 624 properties into the Choice portfolio, which until now mostly has played in the budget to midprice arena with brands like Clarion, Comfort, Econo Lodge and Quality Inn.

U.S. Travel

Higher room rates could put damper on tourism
Hotel room rates pushed up by demand during the past year might now be hindering tourism amid increasing inflation, state tourism officials said. As the Visit Florida tourism-marketing agency celebrated record first-quarter tourism numbers while meeting last week in Orlando, staff and board members also expressed concern that increasing cost of hotel rooms is slowly affecting occupancy rates. “I think we're starting to see, just over the last couple of weeks or so especially, inflation actually starting to catch up with us in most markets,” said Jacob Pewitt Yancey, Visit Florida director of consumer insight and analytics.

Florida Trend

CRE Asset Valuations


Travel Industry Welcomes Lifting of Pre-departure Testing Requirement for Inbound Air Travelers Following Months of Advocacy
U.S. Travel Association President and CEO Roger Dow issued the following statement on the Biden administration’s announcement that the pre-departure testing requirement for inbound air travelers to the United States will be lifted on June 12.

U.S. Travel Association

Travel industry welcomes lifting of inbound traveler pre-departure testing
U.S. Travel Association President/CEO Roger Dow issued the following statement on the Biden administration’s announcement that the pre-departure testing requirement for inbound air travelers to the U.S. will be lifted on June 12: “Today marks another huge step forward for the recovery of inbound air travel and the return of international travel to the United States. The Biden administration is to be commended for this action, which will welcome back visitors from around the world and accelerate the recovery of the U.S. travel industry.

HB Hotel Business

New York to Transform Distressed Hotels Into Affordable Housing
Governor Kathy Hochul signed new legislation (S.4937C/A.6262B) to allow more flexible rules for converting underutilized hotel space into affordable housing, along with Senator Brian Kavanagh, New York City Mayor Eric Adams, as well as housing and labor advocates.

MHN News

HOTELS NYU notebook: Outlooks bullish and pipelines more robust
In individual meetings with developers and brand leaders, HOTELS reports on pipelines being rejuvenated and results buoyed by pent-up demand.

HotelsMag.com

April data show steady comeback for urban hotels
Urban hotel markets are making up ground on the recovery-leading resort sector as workers return to the office and the convention business warms up, reports Zach Demuth, head of Americas Hotels Research for JLL Hotels & Hospitality Group. While revenue per room in cities reached only 72% of 2019 levels compared to 112% for resort markets, the former led all markets in degree of rise from its February 2021 nadir, Demuth notes.

Hotels Magazine online

PwC: ADR strength to drive U.S. RevPAR above 2019 levels
Despite an initial pullback in the recovery timeline caused by a surge in infections from a new Omicron variant of the COVID-19 virus in December and January, continued improvement in top-line metrics for U.S. hotels is expected for the remainder of this year and next, according to PwC's U.S. Hospitality Directions: May 2022 report.

Hotel Business

ARC: April Average U.S. Airfare Highest in Seven Years
Airlines Reporting Corp.-accredited travel agency air ticket sales totaled $7.7 billion in April 2022, a 156 percent year-over-year increase, the company announced Thursday. This figure is just under the $7.8 billion total from March, which saw "strong growth in corporate travel." In addition, the average U.S. roundtrip ticket price totaled $585 in April.

Donna M. Airoldi

Trump Closes On Record Sale Of Old Post Office. Next Up: D.C.'s First Waldorf Astoria
The Trump International Hotel in D.C. is no more.On Wednesday night, crews removed signs from the hotel on Pennsylvania Avenue after a Miami-based investment group closed on its $375M purchase of The Trump Organization's lease for the historic Old Post Office Building.

Bisnow

Nobody Asked Me, But… No. 265: Hotel History: Asian American Hotel Owners Association
Hotel History: The Asian American Hotel Owners Association (AAHOA): The Asian American Hotel Owners Association is a trade association that represents hotel owners. As of 2022, AAHOA has approximately 20,000 members who own 60% of the hotels in the United States and are responsible for 1.7% of the nation’s GDP. More than one million employees work at AAHOA member-owned hotels, earning $47 billion annually and provide 4.2 million U.S. jobs across all sectors of the hospitality industry.

Stanley Turkel

Is Early Release of Exchange Funds Possible Under 1031 Exchange Rules?
There are times when a taxpayer acting in good faith may seek to receive a return of his deposit while agreeing that the normal taxes will be due on the gain. Unfortunately the early return of funds is permissible in limited circumstances, and a taxpayer should make sure those limitations are not an obstacle to entering into an exchange transaction. But, does compliance with the IRS position in these instances matter, when the exchange is not going to be carried out? Yes, it does.

Accruit

Fed enacts sharpest interest-rate increase since 2000
The Federal Reserve has raised its key interest rate by a half-percentage point, the sharpest increase in 22 years, and has outlined a plan to shrink its balance sheet. Looking forward, a 75-basis-point rate increase "is not something the committee is actively considering," Fed Chair Jerome Powell says.

CNBC Evolve

BTN Special Report: Revise, Restart, Revolutionize
Two years after Covid-19 first rolled around the world, closing borders, grounding flights and shutting offices, business travelers are taking their most confident steps since into a changed world. This special issue of BTN explores the full scope of 2022's business travel recovery—from the recovery environment to the rate of business travel return and how travel managers have shaped new travel strategies, policies and processes.

BTN

States Sue U.S. Over Continued Mask Mandate
Twenty-one states led by Florida this week filed a lawsuit in a U.S. district court against several U.S. agencies to throw out the federal mask mandate that has been in effect in airports, on airplanes and on all public transportation since January 2021, when the Biden administration implemented the mandate as an official federal regulation.

BTN

Hotel Brand CEOs Recognize Low Pay, Non-Flexible Hours Exacerbate Labor Struggle
Cost, Availability of Childcare a Contributing Factor to Employee Turnover

Hotel News Now

Monthly US Hotel Performance Tells Tale of Three Recoveries
Economy, Luxury, Upper-Upscale Hotels Each Following Separate Path Back to Profitability

Hotel News Now

BTN’s 2022 Corporate Travel Index
BTN’s annual presentation of business travel per diems for 100 U.S. cities and 100 non-U.S. cities, detailing hotel, meal and car rental costs, along with risk scores. Plus, analysis of cost fluctuations in the United States, the Americas, the Asia/Pacific region and Europe, the Middle East and Africa, along with region-specific analysis. BTN's CTI also tracks cost changes quarterly via the free online Corporate Travel Index Calculator

BTN

IATA: Omicron Restrictions Dinged January Air Recovery
Domestic and international passenger air recovery slowed in January 2022 due to new travel restrictions imposed following the emergence of the Covid-19 omicron variant, according to new figures from the International Air Transportation Association.

BTN

US Hotel Performance Shows Signs of Exiting Post-Holiday Leisure Travel Lull
Weekend Demand Makes the Difference as Business Travel Still Lags

STR

Marriott, Hilton, Hyatt send Russia to sidelines
Marriott International said Thursday it would place a hold on hotel openings and all future hotel development and investment in Russia, while similar actions were announced Wednesday by Hilton Worldwide and Hyatt Hotels. The moves joined a widespread corporate response to Russia's invasion of Ukraine.

Reuters

Western Hotel Firms Condemn Invasion of Ukraine While Maintaining Relationships With Franchisees in Russia
Accor Suspends Development, Restricts Loyalty Program in Russia

Hotel News Now

5 Things To Know for March 3
Today's Headlines: Hotel Near Ukrainian Border Hosts Refugees; US Interest Rate Increase Expected in Two Weeks; Hotel Executives Detail Portfolio Growth Strategies; Hoteliers Capitalize off 'Super Commuters'; Week-Over-Week US Hotel Performance Improves.

Hotel News

Florida Department of Health COVID-19 Guidance Recommendations
On Thursday, February 24, 2022, Governor Ron DeSantis and Florida Surgeon General Dr. Joseph Ladapo announced updates to the Florida Department of Health’s COVID-19 Guidance Recommendations. For your reference, the Department of Business and Professional Regulation is sharing this updated guidance with you as a current and active license holder.

Florida Health

Florida tops 30 million tourists in fourth quarter
Florida attracted nearly 30.9 million visitors during the final three months of 2021, the second consecutive quarter of drawing more tourists than in the comparable period of 2019 before the coronavirus pandemic slammed into the state, Gov. Ron DeSantis said Tuesday.

News Service of Florida

3 Steps to Help Companies Rebuild Trust During the Pandemic
Many workers feel battered and distrustful after almost two years of COVID-19 instability. But it's not too late for managers—even those who made damaging missteps—to repair these relationships.

Harvard Business

Hospitality Investment Sales Close Out Year at Strong Pace
After Surging Back From 2020 Lows, Hotel Sales Recover in 2021

CoStar

BTN's Top 10 Stories of 2021
2021 was a year of constant recalibration in the turbulent ground of the pandemic, with the incessant back-and-forth of the Covid-19 virus' spread and variants upending everybody's plans and forecasts. Still, if past is prologue, a review of the business travel industry's top stories of 2021, as measured by the number of unique readers for each report, can only help prepare for 2022.

Chris Davis

Hotel Development Environment Improves, but Hurdles Remain
The Availability and Costs of Labor, Materials Make Hotel Construction Difficult.

CoStar – Hotel News

Who Bought Whom in 2021
The business travel industry's merger and acquisition activity in 2021, while arguably less intense than some pandemic-era predictions had foretold, nevertheless was frisky, particularly in the travel management company sector. Business Travel News, BTN Europe and The Beat covered dozens of deals in the sector throughout the year.

Chris Davis

20 New Trends in Hotel Design
Hospitality design is constantly evolving, especially as guests have new concerns over wellness and safety. We spoke to several designers to see what's happening now and what hoteliers can expect for the future.

Jena Tesse Fox

Top 10 stories of 2021
In 2020, Hotel Business began featuring Expert Insight articles, penned by hospitality industry experts, which aim to provide insight and…

Hotel Business

2020 Sets Record for Worst Performance by US Hotels
STR Data Shows Largest Revenue, Occupancy Drops

Sean McCracken