Market Trends

🏨 Hilton signed a strategic licensing agreement with Olive by Embassy to open 150 Spark by Hilton hotels across India, marking Spark's Asia Pacific debut. Targeting southern India, the hotels will be located in Maharashtra, Andhra Pradesh, Telangana, Goa, Karnataka, and Tamil Nadu. Spark by Hilton offers budget accommodations and was launched in 2023 with 100 hotels in development, becoming Hilton’s fastest launch-to-open brand. The brand aims to meet the demand for premium economy lodging. Waldorf Astoria Jaipur is set to open by 2027, expanding Hilton’s South Asia portfolio to eight brands. Hilton entered Nepal with Hilton Kathmandu and extended its full-service portfolio with DoubleTree by Hilton Whitefield. Hilton Gurugram Baani City Centre, Hilton Garden Inn Surat, and Hilton Garden Inn Jabalpur are expected to open by year-end.

🌊 Moved from Vietnam to Thailand 12 years ago, the narrator works as the editor in chief at *Travel + Leisure Southeast Asia*. Embracing Bangkok's multifaceted culture, the writer appreciates the seamless commute options like motorbike taxis, tuk-tuks, subways, and Skytrain. Thailand, a country with a majority-Buddhist population, recently legalized marijuana and same-sex marriage. Boasting a dynamic restaurant scene, the best luxury hotels, and 1,430 islands, Thailand offers a rich tapestry of experiences from the mountainous north to the southern Andaman shores.

🏠 Nobu to launch its first hospitality concept in Egypt at SODIC's EDNC in New Cairo, scheduled for early 2025. The project, located on Road 90 adjacent to The American University in Cairo, covers 14,765 square metres and features Japanese-Peruvian fusion cuisine. Nobu will expand with residences, a hotel, and a restaurant in SODIC's Ogami development on Egypt’s North Coast. EDNC aims for sustainability with a 40% energy consumption reduction, 33% water usage cut, and 22% lower embodied energy, leading to EDGE Advanced certification.

🏠 Dezeen Awards China 2024 shortlists for interiors announced, featuring projects across 15 Chinese cities. Partnerships include Bentley and the event will culminate in December at the historic Zhang Yuan site in Shanghai. Categories include health and wellbeing, home, workplace, exhibition design, hotel and short-stay, retail, and restaurant and bar interiors, with winners to be crowned at the awards party. Recognized firms include Linehouse, Say Architects, UNStudio, and Conran and Partners. 🏆

📰 Tim Harmon, founder and CEO of Palisades Hospitality Group, advocates for storytelling and spontaneity in hotel operations, emphasizing the balance between consistency and creativity in hospitality management. He highlights the need for hands-on leadership and a trust-based, empowering culture to achieve exceptional guest experiences that also deliver financial returns. Harmon stresses the significance of being present at properties to connect with their unique energy and dynamics and believes in motivating employees for financial success.

🌱 Furikake, a Japanese seasoning blend containing seaweed, sesame seeds, and dried fish, is witnessing a 36% growth on restaurant menus over four years, with a forecasted rise of 52% in the upcoming four years, according to Datassential’s Menucast. The seasoning, which appeals to Asian consumers and those interested in global flavors, is increasingly used by chefs in the United States to enhance various dishes due to its umami-rich taste and minimal cost implications for restaurants.

🎄 INNSiDE by Meliá UK offers Christmas festivities in Liverpool, Newcastle, and Manchester with a winter tea tasting event in collaboration with Bird & Blend Tea Co. On December 4th, INNSiDE Manchester and Liverpool will host hour-long sessions from 7PM, priced at £10, including nine tea flavors and discounts. Newcastle's event is on December 10th. The hotels also feature Gino D’Acampo's festive Italian menus and stays from £99 for exploring local Christmas markets.

🏨 Hotel cap rate spreads decreased to 2.44% in Q1 2024, nearly 50 basis points below their long-run average since 2001, suggesting normalization in hotel investment risk. During the pandemic, hotel mortgage interest rates doubled, but by Q1 2024 spreads to 10-year Treasuries and 15-year residential mortgage rates returned close to pre-pandemic levels, at approximately 100 basis points and 124 basis points, respectively. The CBRE report indicates that these trends in the capital market signal a stabilization in the relative pricing of hotels.

🏨 Cody Bradshaw, CEO of L+R Hotels for two months, was previously with Starwood Capital for over 13 years. Joe Pettigrew, after 11 years with Starwood and six months as CCO at EOS Hospitality, joins L+R Hotels as Group Chief Commercial Officer. Pettigrew will oversee commercial strategies for the group’s approximately 23,000-room global portfolio, targeting efficiency and growth in North America, Palm Beach, Marbella, Venice, and beyond. He will be based in London, reporting to Bradshaw.