TOP NEWS

📈 Hostaway's 2024 STR Market Report surveys over 300 property managers in 51 countries, identifying a shift in challenges from technology to growth and scaling complexities. Cleaning and maintenance ranked second in concerns. Climate change impacts soared as a worry, cited 24 times more than the previous year, affecting 8% of respondents. Economic issues dropped out of the top eight concerns. AI use for decision-making and dynamic pricing strategies increased by 45%. Economic volatility concerns have receded behind immediate operational threats. 📊

🏕 Travelers seek sustainable travel and 'sustainable luxury' hotels. New technology aids in sustainability, with 58% of guests believing AI enhances their stay. Millennials expect digital features like mobile check-ins (57%). Mobile concierge services and smart room technology improve experiences and conserve energy. The maritime industry's annual CO2 emissions from the top 300 superyachts total nearly 285,000 tons. Electric hydrofoiling (e-foiling) vessels could reduce noise pollution, provide cleaner air, and improve comfort, addressing 1 in 3 people's susceptibility to motion sickness.

🏠 The global multimodal AI market is projected to reach $8.4 billion by 2030, with a CAGR of 32.3%. Multimodal AI can process various data types and formats, enhancing experiences in hospitality, healthcare, eCommerce, and more. Cloudbeds Intelligence, set to launch in 2025, will incorporate multimodal AI in hotel operations, enabling fast, accurate guest service and optimized revenue opportunities. Listen to further insights during Passport 2024 or on the Hotel Tech Insider podcast.

🏡 The Newt boasts 42 guest rooms across over 1,000 acres. With an average daily rate (ADR) of $2,000/night and an occupancy rate of 85%, annual room revenue is estimated at $26,061,000. Total gross revenue is speculated to be around $40 million USD annually. Despite this, sources suggest that the property is mainly breaking even. The Newt recently ranked #1 on the Top 50 Boutique Hotels in the World list.

🏖️ Propellic, a digital marketing agency, sponsors access to travel industry insights. The travel industry is expected to grow in 2024 but at a slower rate compared to last year, with recovery from the pandemic noted. Companies like Booking.com, Marriott, United, and American Airlines lead the market with new strategies such as flight routes and upselling. AI is impacting SEO with nearly every Online Travel Agency (OTA) launching AI trip planners and Google showing AI Overviews in 6% of queries. The travel sector comprises about 5% of total industry visibility with a 6.9% increase since December 2022. Global travel demand almost reached pre-pandemic levels at 96% with a 11% increase in global tourists compared to 2023. U.S. air passenger growth is at +6%, with foreign visits up 24%. Demand for U.S. hotel rooms decreased by 1%, while short-term rentals saw a 1% increase. Search volume for travel reached record highs in 2024, with all-inclusive resort keywords growing between 10 and 36%. OTA SEO visibility is dominated by Airbnb, Hotels.com, and Booking, with Marriott outperforming in SEO traffic. American Airlines leads in organic traffic, with Delta and United earning 85% of profits in the U.S. airline industry through upselling. Spirit Airlines filed for bankruptcy with a stock decline of -99% since early

🎄 AAA projects a record-breaking 119.3 million people to travel 50+ miles over Dec. 21 to Jan. 1, surpassing 2019's record by 64,000 travelers. Car travel remains dominant with 107 million people driving, although slightly lower than 2019's 108 million, with gas prices lower than last year's $3.12 average. Air travel is set to hit a new high with 7.85 million passengers, up from 7.5 million the previous year, with average domestic and international flight prices at $830 and $1,630 respectively. Other travel modes, including bus, train, and cruise, are up nearly 10 percent, with the highest numbers in 20 years, and cruise bookings increased by 37 percent. INRIX anticipates the worst traffic the weekends before Christmas and New Year's Day, with potential 30 percent longer travel times.

🏨 Maria Loleyt, CEO of Plurana, discusses how luxury hotels can create emotional connections with guests on Dec. 16, 2024. The insights are based on interviews with hotel leaders and analysis of over 1.2 million guest reviews. The focus is on personalization, cultural integration, exclusive access, simple joys, and the rise of sophisticated travelers. Practical examples include integrating art, history, and local culture to elevate the guest experience. Technology plays a role in immersive, culturally rich experiences, while small touches can build loyalty. A report titled "Beyond the Suite - Cultural and Market Trends in European 5-Star Hotels" is available for download.

📌 20% of hotel reservations are canceled. In hospitality, refundable rates are common, but this trend is questioned. Alternatives like Mews Payments allow for immediate, automated payments at booking. In 2024, 22% of Mews-powered property rates were non-refundable, a slight increase from 20% in the previous year but down from 29% in 2019, before the pandemic-induced surge in flexible rates. Non-refundable rates can improve cash flow and reduce cancellations, but may require a mindset shift in the industry.

🏕 Nearly half of Americans plan to travel during the 2024 holiday season, with average planned trips increasing from 1.88 in 2023 to 2.14. A significant 64% will take multiple trips, up from 57%, and 33% will vacation for a week or more, rising from 25%. Financial optimism is also up, with 46% reporting better finances than last year's 31%. High-income households ($100K+) now make up 45% of holiday travelers, with their planned trips up from 1.9 to 2.5. Gen Z represents 14% of travelers, surging from 8%, while 39% of millennials intend to spend more, driven by the value they place on travel experiences. Remote work during travel, a rising trend, sees 'laptop luggers' planning on average 2.7 trips, more than the 2 trips of non-working travelers.