Total U.S. hotel revenues, profits and labor costs reached an all-time high, according to STR‘s P&L data for 2022. With more supply in the market, the key profitability metrics each came in lower than their pre-pandemic comparable on a per-available-room basis.
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).
First Hospitality grows hotel portfolio 25% in 2022
First Hospitality, a national hotel operating and development company, realized significant growth in 2022, increasing hotels under management by 25%. The company expanded into three new markets, bringing First Hospitality’s diverse portfolio of branded and independent properties to over 50 hotels across 11 states.
Most global regions showed full RevPAR recovery in 2022
Among the global regions, Asia saw the only decline in revenue per available room (RevPAR) from 2019, according to 2022 data from STR.
2022 predictions for business events
2022 will be a year of rebuilding and recovery for the business events, accommodation, and meetings industry.
Marriott to debut over 30 luxury hotels in 2022
Marriott International continues to redefine the high-end hospitality landscape and grow luxury footprint from New York City to Cairo to Sydney.
Essential hotel business strategies you need to know in 2022
As the world opens back up, it’s time to explore some of the essential strategies you can employ to get yourself more successful than ever before.
Mandarin Oriental announces luxury Nanjing hotel
Due to open in 2022, Mandarin Oriental Nanjing will be located on the Qinhuai River and in close proximity to historic landmarks including the Gate of China.