Hotels Expect A Leisure TravelDriven Summer Recovery
While all indications are that the hospitality industry will continue to recover this summer, the recovery may not be as strong as expected, as rising gas prices could hamper some travel.
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Sunday, April 3The CBRE Hotel Research Center provided an infographic overview of current hotel trends, leading and agreed hotel demand indicators, and updated information on cost pressures and margins. According to the report, GDP estimates for 2022 and 2023 were revised negatively from 3.5% to 2.4% and from 2.1% to 1.9% respectively. Spring vacation travel made a positive contribution to the March performance data compared to January and February, which were less holiday-oriented. CBRE is optimistic about the coming summer months dedicated to entertainment. The performance of chain-linked performance has improved in segments with higher prices, CBRE sees some shortcomings in the performance of hotels with lower prices. Market volatility is exacerbated by high levels of inflation and uncertainty associated with the conflict in Ukraine. There are also fears that higher airfare and higher gas prices will affect future travel. Data on international travel in February showed improvement in key access markets, but West Coast markets in Asia lagged behind. Although higher inflation means a higher average exchange rate, inflation is likely to put pressure on hotel profits in the short term. In the long run, rising construction costs, including rising wages in construction, should dampen supply growth and support ADR growth. CMBS debt continues to decline as hotels begin to enjoy improved travel opportunities in February and March.
Shift note: Although higher airline tickets and higher fuel prices may reduce expected summer vacations, hotel managers are still optimistic about increasing visitor numbers.
Monday, April 4Marriott International has announced plans to expand its portfolio in Vietnam by adding approximately 9,000 numbers to the company's portfolio. The expansion will include the debut of major brands such as The Ritz-Carlton Residences, Marriott Hotels, Westin and Courtyard at Marriott. Marriott's Sheraton Hotels & Resorts brand plans to debut in several new locations across Vietnam, including Phu Quoc Island, a UNESCO World Heritage Site in Holong Bay, Dalat Beach and Bin Chau. The new Renaissance Hotel will open in the coastal town of Da Nang, and Le Meridien Hotels & Resorts intends to make its debut in Da Nang and Cam Ranh. The Marriott flagship brand is expected to appear in Hanoi and Hoi An, and the Westin brand in Hanoi and Cam Ranh. Marriott Executive Apartments will welcome guests at Danang. The Ritz-Carlton Residences debut in Hanoi is scheduled for 2024. The Marriott's Fairfield by Marriott brand is scheduled to launch in locations such as Vinh Yen, Halong and Hanoi, and several Courtyard by Marriott hotels are planned to open make. , Halong and Nha Trang. Marriott currently operates 10 hotels in Vietnam with 3,294 rooms and includes six company brands. Hotels and resorts are located in six key places for business and leisure, including Hanoi, Ho Chi Minh City, Danang, Nha Trang, Phu Quoc and Binh Dong.
Shift's note: Marriott's expansion in Vietnam comes two months after the country announced its full recovery for foreign visitors without quarantine requirements.
Hyatt Hotels Corp. offers Work from Hyatt: Offsite, a new business concept that offers opportunities to build a team focused on building strong personal relationships as well as group discounts. Offered to more than 30 hotels participating in the United States through partnerships with local attractions, health clubs and restaurants. The new offering includes experienced team building based on local offerings, personal event planning and event managers, and a 10% discount on meetings, work and social facilities, food and beverages and rooms.
Shift note: Competition for more corporate discussions is getting tougher as Hayat releases a product similar to its competitors.
Tuesday 5 AprilWyndham celebrated the opening of four hotels in Bangkok and added 17 hotels to its Thai portfolio. In Vietnam, Wyndham has expanded its presence by introducing Wyndham Grand Flamingo Cat Ba. Australia has had four multi-brand discoveries in Wellington, Auckland, Christchurch and Hervey Bay. Ramada at Wyndham Wellington was the first Wyndham hotel in the capital of New Zealand. Looking ahead, Wyndham said it is making significant progress in achieving its goal of reaching 2,000 hotels in the Asia-Pacific region by 2025. Earlier this year, the company opened its first La Quinta at Wyndham in China in Weifang City, Shandong Province. They plan to open eight Wyndham Gardens this year in locations from Chengdu, China and Lanzhou to Phuket, Thailand. More than ten Microtel at Wyndham hotels will open in China this year, and ten Ramada at Wyndham hotels are planned to open. Seven new hotels are planned to open in Thailand this year, including the 190-room Wyndham Atlas and Ngamat Pattaya, the first Wyndham Pattaya hotel to open in June. The company plans to open five more new hotels in Pattaya this year. It will expand its existing portfolio of New Wyndham hotels to resorts such as Phu Quoc and Hoi An in Vietnam, and new modern hotel brands will appear in New Zealand, most notably Microtel of Wyndham and TRYP of Wyndham. With 28 hotels in Australia, Wyndham plans to continue to expand its brand of the same name by creating the first hotels in South Australia. Two additions - Wyndham Wallaroo Shores Resorts and TRYP at Wyndham Pulteney Street Adelaide in the fourth quarter.
Skift's note: a cautious resumption of discoveries in Thailand could prevent Wyndham from getting the expected profit from the discoveries in Bangkok.
Wednesday, April 6Travelodge has announced that it is adding a new luxury look and feel to its core brand product while retaining a great value offering. This new design was developed based on the success of the TravelodgePLUS Group's elegant hotel format with reviews of the company's largest consumer survey. In response to these consumer opinions, Travelodge's interior design team has updated its core product with a new cost-effective design that includes all the low savings you expect from Travelodge, but with the added benefit of thoughtful, elegant design and warm accents in any interior 'era. . Travelodge's new economy luxury design includes a new reception area; New generation multidimensional spaces; and an on-site restaurant with a branded bar called "Bar Café".
Shift note: Hospitality companies are increasingly looking for luxury brands for growth.
Thursday, April 7Radisson Hotel Group has announced the launch of its new lifestyle brand Radisson Infrared Retreats in India as it prepares to double its portfolio in the country. The group recently announced plans to double its presence in India and add 148 hotels and resorts by 2025. Radisson Individuals Retreats is a collection of luxury and luxury resorts that offer exclusive experiences. Each accommodation is located in unique holiday destinations such as Goa, Kashmir, Korg and Kabini, or in unusual places such as the Himachal Pradesh Mountains, Utarakhand, the Karnataka Hills or the historic lands of Rajasthan. Radisson Individuals Retreats is an extension of Radisson Individuals, a soft brand concept that appeared in South Asia in 2021. Radisson Hotel Group operates 106 hotels and resorts in India and includes seven brands across the country. Brand new, specifically designed for the Indian market, will be a collection of luxury luxury resorts from 25 to 50 rooms. They expect to open several this calendar year, as they are currently evaluating about ten facilities. Radisson plans to open 50 separate Radisson hotels over the next five years.
Shift's note: Radisson clearly believes that India will be a profitable market. But it will help the company if Indian officials develop a new tourism policy to attract potential foreign visitors.
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