According to the Q4 2022 Middle East Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the quarter, LE analysts report that the hotel construction pipeline in the region stands at 549 projects/143,637 rooms. Hotel development in the Middle East is ramping up as investors begin to see opportunity in the region again. New project announcements (NPA) in the region continued to trend upward throughout 2022, closing the quarter at 67 projects/19,837 rooms and increasing 56% YOY. Additionally, the Middle East had a record number of new hotels open in the fourth quarter, closing out the year with 81 new hotels opened in 2022, accounting for 17,736 rooms.
Mills James growth shows ‘Meetings Business is Back!’
Award-winning, concierge-level, audiovisual services provider Mills James is on a fast-track for growth. In 2022, the company’s AV for hospitality business exceeded pre-pandemic levels across all client venues, including hotels and convention centers servicing seven states and Mexico .
Global searches for ‘American holidays 2023’ soar
The United States is one of the world’s most diverse countries, and there are many fantastic places to visit. The country offers a varied range of landscapes and cultural places to explore, including alpine peaks, vast deserts, tropical beaches, and vibrant cities. But which American states are the most popular to travel to?
US urged to boost travel export spending
New data released by the US Department of Commerce reveals the country’s travel trade surplus slipped to just $4 billion in 2022—down from an all-time high of $85.9 billion less than a decade ago, underscoring the urgent need to rebuild inbound travel and regain its associated economic benefits.
G20 event: Rural tourism for community empowerment
UNWTO is working as the knowledge partner to the Presidency to deliver the Goa Roadmap for Tourism as a Vehicle for Achieving the SDGs. This week’s meeting, held in the Rann of Kutch (7-9 February), featured as well a side event, dedicated to rural tourism for community development and poverty alleviation. Here, UNWTO shared its recently launched Tourism for Rural Development Program, including the Best Tourism Villages Initiative.
STR survey reveals top hospitality industry challenges and strengths
Labor-related issues and energy/utility costs are among the top challenges on the mind of global hotel and travel industry professionals, while leisure demand and increased guest spending are seen as the biggest strengths, according to a new survey from STR.
Chinese tourists forced to seek new travel destinations
According to the latest data from Trip.com Group (former Ctrip), Chinese multinational online travel company that provides services including accommodation reservation, transportation ticketing, packaged tours and corporate travel management, bookings by Chinese tourists traveling to foreign destinations spiked by 640% during the Lunar New Year festival vs the same period last year, while foreign hotel bookings have quadrupled.
Baird/STR Hotel stock index jumped 16.4% in January
The Baird/STR Hotel Stock Index jumped 16.4% in January to a level of 5,685.
U.S. hotel results for week ending 11 February
U.S. hotel performance increased from the previous week, according to STR‘s latest data through 11 February.
Europe’s tourism rebound predicted to continue into 2023
The outlook for travel to Europe is promising despite global pressures such as high inflation, the war in Ukraine and consequent energy crisis, and the looming economic recession. The latest data indicates a recovery of 75% of 2019 travel volumes to Europe in 2022. This strong tourism rebound is expected to continue well into 2023, though at a slower pace. Looking forward, international travel to Europe is forecast to reach pre-pandemic levels in 2025, while domestic travel will fully recover in 2024.
