Market Trends

🏖️ Keswick Hall, an 80-room luxury resort in Virginia, originally built in 1912 as a manor house, underwent a multimillion-dollar renovation led by Robert and Molly Hardie after their 2017 acquisition. The resort fully reopened in summer 2022 with features like a Jean-Georges Vongerichten restaurant and a Pete Dye-designed golf course. Room rates start at $500, peaking during weekends and summer. The Hardies also own The Hermitage Hotel in Nashville, sharing an excellence in customer service and luxury experience. Both hotels highlight Jean-Georges Vongerichten's culinary expertise.

📆 HotelHub's Q3 2024 Index reveals a downturn in Europe's business travel with bookings down 57% in August compared to June. Major declines seen in Italy (-72%), Spain (-77%), and France (-79%). Average European nightly rates decreased 11% in August from June's peak, with Germany's rates dropping 21%. Nordic countries experienced similar trends in July. Global booking volumes in September 2024 reached the highest monthly total of the year, up 9% from September 2023. The average global rate per night in Q3 2024 increased by 1.85% year-over-year to $183 USD, showing a slowdown from earlier increases of 7.92% in Q1 and 3.63% in Q2. Booking lead times in Q3 2024 were up 6.81%, with reservations made 16.21 days in advance.

🏨 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.

💰 In Nashville, STR and Tourism Economics downgraded the 2024 U.S. hotel forecast, with the ADR and RevPAR growth rates dropping to +1.5% and +1.4%, respectively. Occupancy decreased to 62.9%, a 0.1 percentage point drop. The 2025 forecast sees occupancy downgraded by 0.4 percentage points, with ADR and RevPAR growing by +1.6% and +1.8%. Despite fluctuating outlooks due to economic conditions, luxury hotels are expected to perform well, with GOP and EBITDA margins slightly improving year over year and nearing 2019 levels by 2025.

🏠 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.