Market Trends

🏨 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.

🍴 Nuri Steakhouse opened on August 20, 2023, in Dallas' Uptown, with a $20 million design and buildout cost. The 9,500 square foot venue offers seating for 150 inside and 50 outside. Wan Kim, Smoothie King’s global CEO, introduced the steakhouse presenting a menu that blends steakhouse classics with Korean flavors, designed by culinary director Minji Kim and executive chef Mario Hernandez. It also features a wine cellar with 750 labels and 6,000 bottles, curated by master sommelier Barbara Werley.

🏠 Bedruthan Hotel & Spa offers a unique stay overlooking Mawgan Porth beach, with rooms equipped with Hypnos beds ensuring a restful sleep. Hypnos, with over 120 years of experience, caters to diverse hospitality needs and has partnered with Bedruthan to enhance guest comfort. The hotel features adaptable guestrooms with beds and sofa beds. Hypnos will showcase at the Independent Hotel Show, Olympia, on 15-16 October, and at HIX, Business Design Centre, on 27-28 November.

📝 Kartik Pandey from India, with a past in Korea, aims for a career in hospitality finance and is planning to specialize in International Hotel Development and Finance in semester 7 at Glion. Glion London hosts 200-300 students, 3-4 times fewer than its Swiss counterpart, allowing for a more personalized learning environment. The London faculty consists of industry professionals actively working in the hospitality sector. Kartik enjoyed London's diverse culinary scene and acted as a Student Ambassador. Charlotte Vrignaud is pursuing a Bachelor’s degree in International Hospitality Business at Glion and completed a semester at Les Roches Marbella. The campus is close to the beach and town center, offering insights into Spanish and Portuguese cultures. Charlotte highlighted Les Roches' focus on innovation and entrepreneurship compared to Glion's luxury hospitality emphasis. Editor’s note mentions that transfers to Les Roches Marbella are limited and on a first-come, first-served basis.