Market Trends

📅 On September 18, 2024, an article titled "What's Changed in Hospitality Since The Ritz-Carlton Was Founded - Horst Schulze" was published, exploring the transformations in the hospitality industry since the establishment of The Ritz-Carlton. The article includes links to listen to the podcast on platforms such as Apple Podcasts and Spotify, as well as featured and recent episodes about hospitality leadership and innovation. The footer features a logo linking to the Hospitality Daily podcast.

🏖️ In Adelboden, Switzerland, Amsterdam-based Nicemakers revamped The Brecon, a century-old chalet with 18 rooms and four suites into a boutique hotel designed to feel like a "high-end version of your own home". Aimed at creating a non-traditional Swiss hotel experience, the retreat features a domestic aesthetic with an open lounge, dining and living areas, a spa with sauna and steam rooms, and an infinity pool. Vintage items were sourced from Europe, and ceramic crockery was handmade in Wales. The project showcases Nicemakers' mid-century modern approach and includes a "collected" feel with various items instead of uniform minibar fridges and furniture.

📅 On September 15, 2024, an article featuring a meeting with Horst Schulze, the creator of The Ritz-Carlton and Capella, was highlighted. The story, shared by Josiah Mackenzie, can be found on a podcast platform offering various episodes from experts in the hospitality industry. Listeners can tune in through platforms such as Apple Podcasts and Spotify. The article also provides a sidebar featuring categories like "Featured Episodes" and "Recent Episodes," with titles ranging from leadership lessons to innovative technology in hospitality.

🏨 Hotels are deferring Property Improvement Plans (PIPs) due to financial constraints and market uncertainty, with the COVID-19 pandemic exacerbating the issue. PIPs are essential for maintaining standards and guest satisfaction, ranging from cosmetic to infrastructure improvements, with leisure hotels focusing on guest experience and business hotels on functionality. The industry sees an average of 7% annual revenue spent on CapEx, exceeding the typical 4%-5% FF&E reserve. The U.S. has seen a 20% increase in hotel brands since 2015, now totaling over 600. The delay of PIPs risks brand reputation and competitive edge, with an estimated $12-$15 billion in CapEx/PIPs needed in the next few years. Strategies include prioritizing essential upgrades and using phased renovation approaches to mitigate costs and disruptions.

🍞 MA Studio designed "Common Breads," a bakery in London near Victoria station, showcasing kaak, a Lebanese bread. The 65-square-meter former office space now features an interior inspired by Lebanese architecture, with a speckled floor resembling sesame seeds, caramel-toned wooden frames, and checkered tile counters reminiscent of backgammon boards. The transformation aims to provide an immersive cultural experience, blending traditional elements with a contemporary setting.

🏠 In Montreal, Atelier Échelle refurbished Clinique Monkland, featuring a residential atmosphere, in a century-old building in the Notre-Dame-de-Grâce neighborhood. The 90-square-metre clinic includes light wood features, a walnut desk, a white-painted brick fireplace, green velvet benches, and fluted glass panels for privacy. Custom millwork offers storage and display, while a coffered ceiling conceals electromechanical and dental equipment. The clinic is nominated for Dezeen Awards 2024 in the health and well-being interior category.

📌 In Toronto, Canada, and McLean, Virginia, Hilton and JM Hospitality introduced Spark by Hilton Toronto Markham, the brand's first Canadian location, joining 8 upcoming Spark hotels. Spark started in Mystic, Connecticut in September 2023, hit Europe in May with the London Romford location, and boasts over 50 hotels with 275+ in the works. Spark by Hilton, a conversion-focused brand, has grown quickly, offering affordable stays with desirable amenities. The 72-room Markham hotel caters to diverse travelers and is part of Hilton's plan to grow its Canadian portfolio by 50% in five years, adding to over 180 existing hotels.

🏨 CoStar reports U.S. hotel industry performance dropped in the week ending September 7, 2024, compared to the same week in 2023, with occupancy down 4.2% at 57.8%, ADR (Average Daily Rate) falling 1.0% to $149.67, and RevPAR (Revenue Per Available Room) reduced by 5.2% to $86.48. Houston outperformed with occupancy and RevPAR rising by 8.0% and 18.5% respectively. Both Houston and Detroit saw the largest ADR increase of 9.7%. Las Vegas and Boston experienced the steepest RevPAR declines at 18.6% and 18.3%, respectively.

📍 Weller Development Partners and Pegasus Capital Advisors unveiled a $250-million masterplan for Six Senses Grand Bahama. The 50-acre resort features 70 villas, 28 residences, a Six Senses Spa, restaurants, and a beach club. Olson Kundig designs the 4-6 bedroom residences with optional boat slips. Aiming for LEED Silver with local materials and energy conservation, construction starts end of 2023, opening in 2026. 🌴

🏨 Hyatt Hotels Corporation owns both Park Hyatt and Thompson Hotels. Procter & Gamble, with its portfolio of over 80 brands, owns popular detergents like Tide and Gain. In the lodging industry, companies like Accor have more than 50 hotel brands, often leading to confusion and a lack of understanding of the nuances between them. Dr. Chekitan S. Dev from Cornell University suggests differentiation exists and the best brands will resonate with specific customers, despite the abundance of options.