Market Trends

🏨 Autograph Collection's new hotel, Kali Hotel and Rooftop, to open in 2026 in Inglewood, California, adjacent to SoFi Stadium and YouTube Theater. KPC Development partners with Clayco, Lamar Johnson Collaborative, and Sixteenfifty Creative Intelligence for the 13-story, 300-room (including 34 suites) hotel featuring three dining concepts, a fitness center, pool, yoga deck, and 20,000 square feet of event space, plus 315 parking stalls. Valor Hospitality Partners expands into Saudi Arabia with the Hijla Hotel in Abha, set to open in 2025, offering 151 rooms and suites, two dining venues, pool, wellness center, and meeting facilities. Brittain Resorts & Hotels adds eight Florida properties to its management portfolio, now totaling over 4,000 rooms and 22 properties. The Ritz-Carlton is set for a 2027 return to Cancun, Mexico, with a 131-room luxury hotel and 126 residences, featuring an oceanfront pool, spa, and six restaurants.

This article was written by Travolution. Click here to read the original article Unemployment rate is predicted by the Bank of England to rise from 4.1% to 4.6% The travel…

🍴 Tyler Florence, celebrity chef, restaurateur, and TV personality, emphasizes the value of creating memorable experiences in his restaurants over his TV shows and cookbooks. He believes restaurants are the most crucial part of his work, as expressed in a podcast episode dated Oct. 13, 2024. Florence has been featured on The Food Network for 28 years and plans to continue working in restaurants for life. His 17th cookbook is titled "American Grill," and one of his establishments is the Miller & Lux restaurant. Additionally, chefs Thomas Keller and Daniel Boulud were mentioned in the episode.

🌟 Prince Carl Philip of Sweden and Oscar Kylberg launched their first furniture collection, featured in three suites at Arken in Eriksberg Hotel and Nature Reserve, Blekinge, Sweden. The Eriksberg furniture collection, under their brand Bernadotte & Kylberg, includes a bar cabinet, writing desk, and chair made from oak, diabase stone, and brass. The 925-hectare reserve-inspired suites capture nature's essence. The furniture is colored in red, green, and natural oak, with diabase from Skåne's Kullaro Stone quarry.

🍝 Bret Thorn, Senior Food & Beverage Editor for Nation’s Restaurant News since 1999 and Restaurant Hospitality since 2016, reports on food and beverage trends and guides F&B coverage. Hosts "In the Kitchen with Bret Thorn" podcast. Wrote for The New York Sun (2005-2008), Manager magazine, and Asia Times in Thailand (1992-1997). Covered Tiananmen Square for ABC News in 1989. Thorn's NRN column won the 2006 Jesse H. Neal Award. Inducted into Disciples d’Escoffier in 2014. Authored entries for the Oxford Encyclopedia (2012) and Companion to Sugar and Sweets (2015). Lives in Brooklyn, NY. Email: [email protected] Social media: LinkedIn, Facebook, Twitter, Instagram.

🏢 Las Vegas leads top 25 markets with 34.2% year-over-year growth in event volume, while Chattanooga ranks second in top five secondary markets with 62.7% growth. Louisville tops secondary markets with 80.4% increase. Events in Las Vegas average 5,596 square feet and 209 attendees, with weddings comprising 10%. Secondary markets use an average of 3,850 square feet with 127 attendees. Key industries include healthcare, state government, and national associations.

🏨 U.S. hotel industry saw occupancy at 65.6% (↓3.4%), ADR at $156.25 (↓4.4%), and RevPAR at $102.44 (↓7.7%) for September 29-October 5, 2024, as per CoStar. Tampa recorded the highest increases with occupancy up 24.1% to 81.3% and RevPAR up 22.1% to $125.39 due to Hurricane Helene. Las Vegas and Chicago faced the largest RevPAR declines with 25.9% (to $118.51) and 25.8% (to $115.05), respectively.

🍴 Chef Tyler Florence, celebrated for his 27 years on the Food Network and portfolio of top restaurants, divulged his secrets to creating memorable hospitality experiences in a podcast episode. On Oct. 11, 2024, he emphasized three critical elements for exceptional hospitality (01:03), the crafting of a restaurant ambiance that transports guests (01:25), and the significance of building a space that feels both timeless and current (03:48). He shared insights into his San Francisco restaurant, Wayfare Tavern, including using materials like a century-old tobacco barn floor for authentic atmosphere (06:17), and mentioned his other establishment, Miller & Lux, at San Francisco's Chase Center (07:21).

🏨 Hospitality investors, after enduring COVID-19, supply chain issues, inflation, and high interest rates, face new market challenges. As liquidity returns and interest rates subside, portfolio evaluation and capital deployment strategies are in focus. Despite moderating costs and inflation, the cost of capital remains high. Net operating income growth is pressured, with difficulties expected into 2025. High cap rates for hotels reflect the costly capital, yet financial market liquidity offers opportunities, especially for subordinate debt investments. Investors must efficiently allocate limited capital, considering market and property types. Story by Douglas P. Hercher and Stephen O’Connor of RobertDouglas.

📋 Over 25% of FCM Meetings & Events' customers spend half their travel budgets on MICE. A six-week online survey by Flight Centre Corporate involving decision-makers and travel managers indicated 23% of EMEA clients allocate over 50% of their budget to MICE, while another 8% allocate 25-50%. FCM is investing $20 million globally in the sector, with expansion plans for South Africa and Dubai by early 2025. The firm aims to leverage its 365+ workforce for exponential growth and global consistency with local adaptation.