Market Trends

🌟 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.

🏨 STAAH hosts a Weekly Hotel Industry Quiz aimed at hoteliers to test knowledge and stay updated with industry trends. The quiz covers various topics including luxury hotel brands and hotel software. Participants are encouraged to share the quiz and look forward to new quizzes each week.

🏨 Hyatt Hotels Corp. reports over 25% growth in select service pipeline in the Americas, comprising more than 50% of their total pipeline. Caption by Hyatt brand has opened two hotels in Asia Pacific and plans U.S. openings in 2025. Hyatt Studios, within 18 months, boasts over 4,000 pipeline rooms, 250 deals, and projected openings for 2025 and 2026. Hyatt House and Hyatt Place brands are undergoing guest and owner feedback-driven upgrades to enhance profitability and operational efficiency.

🌍 A study by Expedia indicates the Asian middle class, expected to constitute two-thirds of the global middle class by 2030, is prioritizing travel despite inflation, with plans to spend 23% of their income on travel in the next 12 months. Mass-affluent Asians are planning on average four destinations over 10 days for their next trip, with Indians opting for longer trips at 14 days. Digital tools are heavily utilized for travel planning with 83% having installed a travel app. High-end accommodations and premium amenities are highly sought after, with 93% planning luxury experiences. Concerns about local customs and language barriers are also influencing travel decisions, with 34% willing to spend more to mitigate these issues. Luxury and loyalty programs are key, as 86% of travelers belong to one, highlighting the potential for targeted marketing by tourism boards.