The U.S. hotel industry saw improved performance in the week ending June 29, 2024, with positive year-over-year comparisons. Minneapolis saw the highest gains, fueled by events like the U.S. Olympic Gymnastics Trials and Twin Cities Pride Parade.
Results for: Hotel Industry
The AHLA Foundation will host its third annual No Room for Trafficking Summit on July 30th, 2024, aligning with the United Nations’ World Day Against Trafficking in Persons. This summit will feature the awarding of $1 million in grants to community-based organizations supporting human trafficking survivors, showcasing the impact of the NRFT Survivor Fund.
The U.S. hotel industry experienced significant growth in May 2024, with key performance indicators like occupancy, ADR, and RevPAR surpassing the previous year’s figures. New York City emerged as the top performer, while Detroit and Minneapolis lagged behind.
Canada’s hotel industry saw a boost in May 2024, driven by increased room rates, but experts are cautious about the long-term outlook. While occupancy rates were up, concerns remain about slowing demand and shorter booking windows.
The U.S. hotel industry saw improvements in performance compared to the previous week, but year-over-year results were mixed, according to CoStar data. While San Francisco experienced significant growth driven by events like the Data + AI Summit, New Orleans and Los Angeles saw notable declines in RevPAR.
Scandic Hotels Group AB (publ), the leading hotel company in the Nordic region, has converted SEK 176.5 million of its convertible bonds into shares. This conversion significantly reduces the outstanding debt, further strengthening Scandic’s financial position. The company remains committed to sustainable practices and providing an exceptional experience for guests and employees.
Pilgrimage tourism in India is experiencing a resurgence, with travel agencies reporting a surge in demand ranging from 30% to 100% compared to last summer. Despite the heat, travelers are flocking to popular pilgrimage destinations such as Ayodhya, Varanasi, Prayagraj, Uttarakhand, the Char Dham circuit, and Tirupati. Hotel companies are also benefiting from the increased demand, with Sarovar Hotels & Resorts projecting a significant contribution from religious and pilgrimage travel. The hotel industry is expected to record a 7-9% revenue growth in FY25, underpinned by domestic leisure travel, including pilgrimage tourism.
Marriott International, Inc. has reported its first quarter 2024 financial outcomes. The company saw a global increase in comparable systemwide constant dollar Revenue Per Available Room (RevPAR) of 4.2%, with international markets experiencing a particularly strong 11.1% growth. Adjusted diluted EPS rose to $2.13 from $2.09 in the same period last year. During the quarter, Marriott welcomed approximately 46,000 net rooms, including around 37,000 rooms under its agreement with MGM Resorts International. The company has a global development pipeline of over 3,400 properties and nearly 547,000 rooms. Financial highlights for the quarter include a 7% increase in base management and franchise fees, a 10% surge in co-brand credit card fees, and a 4% rise in incentive management fees. Marriott repurchased 4.8 million shares of common stock for $1.2 billion during the quarter, and as of April 26, has returned $1.7 billion to shareholders through dividends and share repurchases. The company raised its full year earnings guidance and expects to return between $4.2 billion and $4.4 billion to shareholders in 2024.
Ashford Hospitality Trust (AHT) has made significant moves, including the sale of a Georgia hotel, the relinquishment of control over 14 additional hotels, a leadership change, and the announcement of a financial restructuring plan. These actions are part of AHT’s ongoing efforts to address underperforming assets and strengthen its financial position.
The Caribbean Hotel and Tourism Association (CHTA) recently paid tribute to John Bell, its inaugural executive director who passed away recently. Bell played a crucial role in guiding the organization for nearly thirty years, transforming it from a standard trade association to the leading tourism entity for the Caribbean’s private sector. He spearheaded several projects including the Caribbean Travel Marketplace, the Taste of the Caribbean, and the Caribbean Hotel & Tourism Investment Conference, which have strengthened the industry and the association’s membership.