The World Travel & Tourism Council (WTTC) has today revealed positive signs of recovery for the Travel & Tourism sector in key North African city destinations, providing a massive boost to economies across the region.
CapitaLand Ascott Trust’s gross profit up 80% in 2H 2022, boosted by 81% growth in REVPAU
CapitaLand Ascott Trust (CLAS) achieved an 80% increase in gross profit for 2H 2022 to S$164.6 million compared to 2H 2021. This was mainly attributed to higher revenue from CLAS’ existing portfolio and contributions from its expanded portfolio of longer-stay assets, comprising student accommodation and rental housing properties in the United States of America (USA) and Japan, newly acquired serviced residences in Australia, France and Vietnam, as well as from lyf one-north Singapore which soft opened in 4Q 2021. On a same-store basis, gross profit for 2H 2022 increased by 67% compared to 2H 2021.
American post-COVID travelers booking fun destinations
Few sectors were as heavily impacted by the COVID-19 pandemic as tourism was. Confinement and restrictions were huge blows to operators and are still behind many of the challenges that firms face today.
U.S. hotel results for week ending 28 January
U.S. hotel performance increased from the previous week, according to STR‘s latest data through 28 January.
Healthy growth for the back end of the Latin America construction pipeline at year-end 2022
In the recently released Latin America Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that at the close of Q4 2022, the total construction pipeline stands at 536 projects/87,827 rooms.
Long-Haul travel sentiment to Europe improves despite high global inflation
The desire for overseas travel in 2023 has increased significantly in large travel markets compared to a year ago. Over 60% of potential travellers in Australia, Brazil, Canada, China, and the US intend to travel long-haul in 2023, with Europe being top of mind. Travel sentiment to Europe in the first four months of the year has also improved, with the most notable year-over-year increases observed in China (+21 points) and Brazil (+13 points). The exception to these positive trends is Japan, with 27% of respondents enthusiastic about long-haul trips in 2023 as a whole and 13% between January and April.
Hyatt strengthens position as leader in luxury, lifestyle and leisure in 2023
Hyatt Hotels Corporation shared today that Hyatt is positioned for continued transformative growth in 2023 and beyond with a record pipeline of approximately 117,000 rooms worldwide as of year-end 2022. Notably, nearly one in four pipeline properties is classified as a lifestyle hotel, representing 10 percent of the existing base of hotels, further strengthening Hyatt’s leadership position in the luxury, lifestyle and leisure segments. The significant growth of these high-value properties in Hyatt’s portfolio expands the compelling guest experiences that can further drive World of Hyatt loyalty penetration across the Hyatt portfolio.
Canada ends 2022 with record project counts of the Hotel construction pipeline
According to the Q4 2022 Hotel Construction Pipeline Trend Report for Canada by Lodging Econometrics (LE), LE analysts report that Canada’s total construction pipeline stands at 267 projects/35,758 rooms, up 2% by projects and 1% by rooms year-over-year (YOY).
STR, TE make modest upgrade to first U.S. hotel forecast of 2023
STR and Tourism Economics made a modest upgrade to the 2023 U.S. hotel forecast just released at the Americas Lodging Investment Summit (ALIS). Additionally, a subsequent downward adjustment was made for 2024.
Hotels continue to recover in 2023 as industry begins new era of operations
The hotel industry in 2023 is projected to surpass pre-pandemic levels of demand, nominal room revenue and state and local tax revenue, while inching closer to other key 2019 performance metrics, according to the American Hotel & Lodging Association’s 2023 State of the Hotel Industry Report.
