Market Trends

🏖 American households’ travel spending surpasses pre-pandemic levels, driven by international travel. Bank of America data (Jan-Aug 2024) shows spending per household up 10.6% from 2019, despite a slight dip compared to 2023. Europe captured 43% of spending May-Jul, while Asia's spending grew 11% year-over-year. High-income earners, above $125,000 annually, are leading the trend, opting for luxury hotels over standard accommodations this summer. View the full report at CNBC.

🏕️ Visitors to European destinations in Summer 2024 are expected to surpass 2019 levels, with a 6% increase in international arrivals in Q2 alone, amid local backlash and climate challenges. Locals demand more tourism revenue for community and infrastructure, following a "perfect storm" of excessive numbers, poor behavior, and heat waves and fires, as noted by Professor Richard Butler on Sep 3, 2024.

🏨 HotelHub reveals hotel prices in key global business cities increased moderately by 3.6% to $189/night in Q2 2024, compared to a 9.6% hike in Q2 2023. In Europe, the average was $176/night, while North America saw the highest regional rate at $218/night. New York's average hotel rate went up by 5% to $432/night. Booking lead time was 16.7 days, a 19% increase from Q2 2023's 14 days.

🏨 IHG Hotels & Resorts inaugurated its first Hotel Indigo in the Middle East with Hotel Indigo Jabal Akhdar Resort & Spa in Oman, located 2,000 meters above sea level and offering 173 rooms, suites, and chalets. Approximately a two-hour drive from Muscat and six hours from Dubai, the resort features three dining outlets and a spa. Zannier Hotels partnered with NEOM for an eco-resort in northwest Saudi Arabia's Zardun, spanning 4 square kilometers with 100 rooms and suites. The Hotel Group and Hogback Development Co. plan to launch a Marriott StudioRes in Moses Lake, Wash. with groundbreaking in early 2025 and opening in spring 2026. Red Roof's economy brand, HomeTowne Studios, opened in Tampa with 124 rooms, marking Dhruv Management's expansion, including a new hotel in Bradenton, Fla. and four more under development.

🎨 Chris Stamp of Stampd and Chef Nobu's unique collaboration began with a chance meeting in LA, leading to the "Beverly Hills Sushi Club" and a successful Stampd x Matsuhisa collection, now in its 19th iteration, the Vail Sushi Club. Each collection features an exclusive colorway, such as the "Miel" inspired by Ibiza's flag. The collaboration, in line with Nobu's 30th anniversary, expands as Nobu announces new ventures in Toronto, Bangkok, Abu Dhabi, Saint Tropez, and more. Chef Nobu and Chris see a growing fusion between fashion and the culinary world, enhancing the dining experience and sparking new trends.

🏨 Radisson Hotel Group grew globally in H1 2024 with over 130 new signings and openings in EMEA and APAC. Radisson RED entered Ireland, New Zealand, Thailand, Laos, and China, nearing 90 hotels worldwide. The Radisson Collection and Radisson Blu brands expanded too, with 20 new Radisson Blu hotels. Key developments include the first Radisson Collection near the Louvre in Paris, a 10th hotel in Riyadh, and the art'otel Hoxton in London. In China, Radisson added over 5,000 rooms, contributing to its 400-property portfolio. India saw about 25 hotel signings/openings, including the country's first Cricket Stadium Hotel. Radisson's EMEA portfolio includes 520 operational hotels, and in APAC, 290; overall, Radisson operates and develops over 1,380 hotels with more than 227,310 rooms in over 95 countries.

🏡 London-based design studio Tatjana von Stein created the interior for Làlia, a private members' club in Palma, Mallorca, collaborating with local practice Gras Reynès Arquitectos. The club, set in a historic townhouse, spans four levels and includes workspaces, a restaurant, bar, gym, and event spaces. The design pays homage to local Mallorcan colors and incorporates a jewel-toned palette with artisanal elements like velvet banquette seating from Textil Bujosa. Local artisans crafted bespoke elements, such as pyrolave lava stone tables and Binissalem stone sinks. The renovation repurposed original features like reclaimed tiled flooring and marble fireplaces, emphasizing local materials and sustainability.

📝 On September 2, 2024, customer service expert and author Micah Solomon featured in an episode sharing insights on creating memorable customer experiences. He discussed the three levels of customer service, the practice of idiosyncratic mystery shopping, and the importance of language and prompt greetings in handling complaints. Solomon's background includes managing a manufacturing company and co-authoring with a Ritz-Carlton Hotel Company member, drawing from his detailed-oriented childhood experiences. The principles of customer service were highlighted as broadly applicable due to their foundation in human nature understanding.

🏖 International tourist arrivals in Africa reached 96% of pre-pandemic levels between January and July 2023. North Africa led with an 8% increase over 2019. Ethiopia attained a 28% rise, Tanzania 19%, and Morocco 15% in the same period. Travel and tourism contributed over $186 billion to Africa's economy in 2019, with an additional $168 billion expected in the next decade. Room growth since 2020 hit 20%, totaling 92,134 rooms. Radisson Hotel Group targets growth in Cape Town, Victoria Falls, and Zanzibar, planning to add resorts in key safari and coastal locations.

🏨 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.