Market Trends

🏠 Radisson Salt Lake City Downtown completed a multi-million dollar renovation including guestrooms, dining outlets, meeting spaces, and lobby upgrades, along with a new executive club lounge, ski closet, and coffee outlet (215 West). Located near the Delta Center and Salt Palace Convention Center, the hotel has over 15,000 square feet of event space. Decorated by Hale Collective, the 381-key hotel's refresh incorporates Scandinavian and local natural landscape influences. The next renovation phase, including pool area and coffee shop updates, is expected by early 2025.

📍 Noble House Hotels & Resorts expanded its portfolio with Snake River Sporting Club in Jackson Hole, Wyoming, increasing its North American holdings to 29 properties. The club offers various real estate options and amenities across nearly 1,000 acres, including a golf course and equestrian center. The Sylvan Lodge, a new full-service hotel featuring rooms, condos, a wellness center, and spa, is being developed on the property with furnishings from RH and local artisans. Noble House aims to enhance its presence in Wyoming and offer luxury outdoor health and wellness experiences.

🏡 Dezeen magazine showcases a selection of luxurious members' clubs from around the world. Highlighting venues such as Soho House São Paulo – the first South American Soho House in São Paulo's Italianate early 20th-century Cidade Matarazzo; George in London's Mayfair with its bronze dachshund and art-deco style bar; Annabel's in Mayfair with its "fantasy" ambiance, pink onyx basins, and one of London's first nightclubs; House of Koko, also in London, offering a "timeless" members' club with retro train carriage vinyl rooms; Soho House Mumbai in India, adorned with regional materials and textiles; Allbright London, a women-only club in Mayfair with art by female creatives; Làlia in Palma, Mallorca, with a jewel-toned palette inspired by local architecture; and Chief Los Angeles in the USA, a club for influential women in business set within a 1940s puppet theatre with interiors designed by AvroKO.

🏨 U.S. third-party hotel management companies outperform chain-managed and independent hotels in guest satisfaction, with a score of 683/1000, an 8-point increase YOY. Guests experience better value despite higher room rates, with value scores rising 6 points. Notably, Davidson Hospitality Group leads with a satisfaction score of 735, followed by HEI Hotels & Resorts (705) and White Lodging (704). The 2024 J.D. Power study is based on 4,907 guest responses and covers over 14,000 branded hotel rooms.

🏨 U.S. hotel industry sees positive yearly comparisons as of August 31, 2024, with occupancy at 63.9% (↑1.9%), ADR at $153.67 (↑1.6%), and RevPAR at $98.18 (↑3.6%). Tampa leads with occupancy jump (↑15.2% to 61.7%), while Seattle boasts ADR boost (↑12.5% to $218.08). In contrast, San Francisco faces RevPAR drop (↓22.2% to $122.95) alongside Oahu Island (↓10.3% to $194.51).

🏡 Vision Hospitality Group is renovating the Celebration Hotel in Celebration, Florida, near Orlando, to be completed by November 2024. The 115-key property, acquired in 2022, will transform into The Inn at Celebration, Autograph Collection. Renovation includes a soft color palette, 92 standard guestrooms, 23 suites with 65 rooms offering lake views, a farm-to-table restaurant, Lakeside Kitchen & Bar, expanded outdoor lounge areas, a larger fitness center with lake views, and event spaces totaling 7,500 square feet. Sustainability efforts focus on reducing environmental impact.

🏨 In Charlotte, North Carolina, Extended Stay America announced the opening of Extended Stay America Suites Buffalo in Buffalo, New York. The two-story, 100-room property offers amenities like WiFi, grab-and-go breakfast, on-site laundry, and fully equipped kitchens in all suites. Located across the street from Buffalo Niagara International Airport, it's convenient for guests visiting local attractions and universities. This marks a strategy for expanding through hotel conversions and new construction.

🏡 Radisson Hotel Group achieved significant expansion in the first half of 2024, with over 130 new signings and openings across EMEA and APAC, entering markets like Ireland, New Zealand, Thailand, Laos, and China, and pushing its global portfolio to nearly 90 hotels. Notable developments include the first Radisson Collection in Paris, near the Louvre, and the Radisson Blu Das Triest Hotel in Vienna. The Group's 10th property in Riyadh and 44th in Saudi Arabia is set to open later in 2024. In APAC, over 5,000 keys were added in cities like Beijing, Shanghai, and Chengdu, contributing to 400 hotels in development or operation. India saw nearly 25 hotel signings and openings, including the country's first Cricket Stadium Hotel.

🏨 In the J.D. Power 2024 North America Third-Party Hotel Management Guest Satisfaction Benchmark, guest satisfaction for hotels managed by third-party companies reached 683/1000, an 8-point increase from the previous year. This improvement was driven by cleaner rooms, better maintenance, and responsive staff. Although room rates have risen, guest perceived value improved by 6 points on average since 2023. Davidson Hospitality Group led with a 735 score, followed by HEI Hotels and Resorts (705) and White Lodging (704). The benchmark considered responses from 4,907 guests who stayed in branded hotels with over 14,000 rooms, from May 2023 to May 2024.

📌 Travelers now visit 277 web pages before booking a vacation, a significant increase from 38 in 2013. The booking process takes on average 303 minutes, or over 5 hours, often involving a return to online travel agencies (OTAs) after checking other sites. Early planning averages 2.5 pages per day, increasing to 25 pages on the purchase day. Despite efforts to simplify, the complexity underlines the growing importance of travel advisors.