Market Trends

🏨 U.S. hotel chains saw room inventory grow more than independent hotels over the last decade, now comprising 73% of total rooms. As of 2024, 80.7% of the 157,000 rooms under construction belong to chains. The construction pipeline has increased by 20.6% year-over-year, with 760,000 rooms planned. Upscale and upper midscale categories dominate 50% of ongoing constructions. Key markets like New York City (70% chain dominance, 7% of existing supply under construction), Phoenix (60% chain, 5.3% under construction), Miami (48% chain, 4.6% under construction), and Nashville (97% chain, 4.5% under construction) reflect a mix of chain and independent developments.

🎭 L'Abysse Monte Carlo, a 90-square-metre restaurant located in Hôtel Hermitage, Monaco, showcases a design inspired by the Seto Inland Sea archipelago and Japanese prints. Chef Yannick Alléno and sushi expert Yasunari Okazaki offer a Franco-Japanese culinary experience. Designer Laurence Bonnel and Rowin Atelier incorporate materials such as marble, travertine, wood, ceramics, and velvet, with a color palette featuring coral, indigo, and pink. Art installations like William Coggin's Coral Wall add to the ambiance.

🏠 Autograph Collection Hotels, under Marriott Bonvoy, opened Cicada Resort Bali Ubud in Indonesia, featuring 20 suites and 10 pool villas with plans for 15 more rooms. Radisson Hotel Group signed Park Inn by Radisson Melbourne Carlton, its first Australian property, with an 89-room hotel set to open in Q4. The U.S. hotel industry saw occupancy rise to 66.1%, ADR to $154.80, and RevPAR to $102.30 YOY, with Houston leading in occupancy (+31.7%) and Chicago in ADR (+41.8%) and RevPAR (+51.1%). Choice Hotels' SOAR program secured its first contract for two Georgia hotels, aiding underrepresented entrepreneurs, after 28 new contracts in the previous year.

🏨 Accor has renewed agreements for over 40 hotels, totaling 5,500 keys in Australia, with more than $450 million invested in renovations since 2022. Celebrating a 40-year relationship, Accor and Silversea Investments signed a long-term franchise agreement to refurbish and rebrand Novotel Sydney Parramatta to Novotel Sydney Rosehill. Trilogy Hotels manages these properties, poised to benefit from Parramatta infrastructure development and the 2026 opening of Western Sydney Airport. Sofitel Noosa Pacific Resort on the Sunshine Coast also extended its partnership with Accor. With a presence exceeding 30 years, Accor operates a network of 350+ hotels in Australia and has expanded operational support in key Pacific cities, boasting over 300 team members aiding 200+ managed hotels. Additionally, Accor's portfolio spans 19 brands and over 400 hotels across Australia, New Zealand, Fiji, and French Polynesia.

🍴 Bret Thorn, Senior Food & Beverage Editor for Nation’s Restaurant News and Restaurant Hospitality since 1999, hosts the podcast "In the Kitchen with Bret Thorn". He wrote for The New York Sun from 2005-2008. Previously, Thorn spent five years in Thailand writing for Manager magazine and Asia Times. A graduate of Tufts University (1990) and Le Cordon Bleu Paris (1986), he won the 2006 Jesse H. Neal Award. Inducted into the Disciples d'Escoffier in 2014, Thorn lives in Brooklyn, NY. Contact him at [email protected] and follow on social media: LinkedIn, Facebook, Twitter, and Instagram.

🏝 The Ritz-Carlton Residences, Waikiki Beach introduced its Sky Suite Collection, including a new Sky Penthouse, in 2024. The penthouse, on floors 37-38 and rooftop, features 2,191 square feet, 4.5 bathrooms, a private media room, and a rooftop deck with a pool and hot tub. The Sky Four-Bedroom Suite offers 2,988 square feet and sleeps up to 10. Guests of the Sky Suite Collection receive amenities like roundtrip airport transfer and a dedicated concierge. The resort has enhanced its infinity pools and offers a new skincare attendant service at the pools.

👨 Dusit Hotels & Resorts and Generator & Freehand Hotels enter strategic partnership to expand globally. Dusit's network in Asia, the Middle East, and Generator's presence in the U.S. and Europe to be leveraged. Dusit International's Siradej Donavanik sees non-aligned prospects for Thai company's development. Dusit's brand lineup includes Dusit Thani, dusitD2, Dusit Princess, Dusit Suites, ASAI Hotels, Devarana, and Dusit Collection. Dusit has 57 operating hotels, with 60 more coming and 244 luxury villas under Elite Havens. Dusit's dusitD2 Feydhoo Maldives and renovated Dusit Thani Bangkok launching soon. Generator and Freehand's portfolio holds 21 properties, with an 18% EBITDA increase YOY, aiming for $95.8 million yearly EBITDA, up 22%.

🏨 Airbnb stock dropped 14% in one day, as the company forecasted slowing demand and reduced projected third-quarter earnings to $3.67-$3.73 billion, lower than the anticipated $3.8 billion. Some former avid users have shifted back to hotels, citing a preference for consistent standards. Airbnb hinted at increasing hotel room bookings through its platform, reflecting a strategic shift to compete with hotels. 📅 2024-08-13.

✈ Global travel spending is set to rebound to over US$2 trillion by the end of 2024, matching pre-pandemic levels. North America, Europe, and Asia-Pacific are key regions driving demand. By 2023, the top seven Online Travel Agencies (OTAs) captured nearly 46% of global online travel spending, up from 40% in 2022. Recovery is uneven as China and Japan have not yet reached pre-pandemic travel spending. The travel market's growth is projected at a 6.0% CAGR from 2024 to 2028, outpacing the global economy.

🌿 By 2040, China expects 28% of its population to be over 60. Trip.com Group reports over $224.6 million spent by senior travelers on its platform. Catering to users aged 50+, the Old Friends Club was launched last quarter. Trip.com's "family cloud" feature assists elder trip planning. Senior Chinese tourists now favor mid to high-end travel, moving beyond just budget trips. Article date: Aug 28, 2024.