TOP NEWS

🎶 Taylor Swift's presence boosts revenue for Hyatt Hotels, with fans finding it cheaper to see her in Europe due to ticket resell limits. Mark Hoplamazian, CEO, claims she significantly impacts global GDP and Hyatt's income, more than the Paris Olympics. Leisure travel at Hyatt was 20% above pre-pandemic levels, with Europe performance up 12% in Q2. Hyatt's luxury segment revenue grew by 4%, upscale by 2.5%. U.S. unemployment was 4.3% in July 2024. Hyatt's RevPAR for group business is expected to be +4% for the year and +7% next year, with business transient revenue surpassing pre-Covid levels by 12% in Q2. Hyatt is also focusing on asset-light strategies, recently selling the Hyatt Regency Orlando for $1.07 billion, and is in the process of acquiring Standard International for up to $335 million.

📈 Aimbridge Hospitality implements UKG Pro® and advanced scheduling to offer flexible shifts for its 45,000 hourly U.S. employees across 1,100 properties. Ann Christenson, Chief Human Resources Officer, notes over 12,000 employees have utilized the new system to trade shifts, enhancing work-life balance. Aimbridge received the 2023 UKG Innovation Award. UKG Workforce Institute's study shows 47% of global employees in 2024 desire flexible scheduling. UKG Pro mobile app and UKG Talk are used for streamlined communications and operations.

🏨 Aimbridge Hospitality, leveraging UKG solutions, enables 45,000 hourly U.S. employees to choose shifts flexibly, enhancing work-life balance. Ann Christenson, Aimbridge's CHRO, revealed the integration of advanced scheduling to attract a modern workforce. With UKG Pro mobile app, over 12,000 employees self-schedule at 1,100 U.S. properties. Aimbridge received the 2023 UKG Innovation Award for their efforts. 47% of global employees in 2024 find flexible scheduling highly desirable.

🍷 William Sheard, co-owner of Ibai steak restaurant, curates a wine list with around 175 options, focusing on bottles produced in the first 20 years of the 21st century. The list aims to offer various styles at different price points, ensuring wines are at their optimal drinking age. The Miros de Ribera Reserva stands out for its value, imported directly from the winery for over a decade. Sheard respects Alvaro Palacios from Priorat and enjoys wines like Trevallon 2014 for their harmony and identifiable grape components.

📈 General managers in the hotel industry aim to maximize guest satisfaction and revenue while controlling costs. Business Intelligence (BI) tools provide insights into guest preferences and behaviors, allowing for personalized marketing and optimized service delivery. These tools help segment guests, tailor offers, predict demand, and dynamically adjust pricing to enhance the guest experience and drive profitability. Operational efficiency is improved by aligning staffing with demand and monitoring costs, with examples including a 10% reduction in labor costs through better scheduling. BI tools also assist in understanding metrics like NetRevPAR and Customer Acquisition Cost to ensure profitability. Embracing BI tools over traditional methods like Excel is advocated for staying competitive and achieving long-term financial health.

🌍 In 2024, a record 10% of global spending will be on travel, with the industry's contribution to global GDP growing by 12.1% to $11.1 trillion. The U.S., China, and Germany will lead in travel spending. The U.S. alone has 1 million job openings in leisure and hospitality, according to the U.S. Travel Association on September 5, 2024.

🏖️ The World Travel & Tourism Council (WTTC) released the 2024 Economic Impact Trends Report, revealing the U.S. as the leading Travel & Tourism market with a $2.36 trillion contribution to the economy. China followed with $1.3 trillion, and Germany with $487.6 billion. India's rise to the 8th spot at $231.6 billion, from the 10th, marks its growing sector influence. China's Travel & Tourism sector grew by 135.8% in 2023. International visitor spending is expected to grow by 16% to $1.9 trillion, while domestic spending is projected to reach $5.4 trillion, up 10.3% from 2019. Travel & Tourism investment increased by 13% in 2023, hitting over $1 trillion.

🏨 Hotel leaders who focus on team member recognition enhance engagement and consistency in the hospitality industry. Caring for a loyal team involves capital and time investment to prevent costly turnover. Prioritizing early bonds, especially during onboarding, is crucial for long-term growth and employee satisfaction. Managers should identify dedicated team members for leadership roles and monitor progress through reduced turnover and increased satisfaction scores. The industry faces a challenge in retaining skilled associates, emphasizing the need for attention to individual goals and interdepartmental recognition to foster loyalty and reduce turnover. Story contributed by Rachel Moniz, COO at HEI Hotels & Resorts.

🏨 IDILIQ Hotels & Resorts chose IDeaS G3 RMS to automate revenue management for its five luxury resorts in Spain, totaling 900 rooms. Transitioning from manual spreadsheets to automated systems, IDILIQ has enhanced pricing strategies and removed the need for manual data entry. Key benefits include optimized pricing for room types and classes, 'What-If' analysis, and automatic discounting rules. The technology is a central part of IDILIQ's strategy for its commercial team, improving operational efficiency and allowing for charitable initiatives through their Kind Holidays program.

📌 The European Union introduced the Digital Markets Act (DMA) in 2022 to regulate digital 'gatekeepers'. As of September 2023, the EU Commission designated seven companies as gatekeepers: Alphabet, Amazon, Apple, ByteDance, Meta, Microsoft, and Booking.com (as of 13 May 2024). The DMA imposes obligations like enabling the uninstallation of pre-installed apps and data sharing with business users. Booking.com must comply with the DMA within six months of its May 2024 designation, affecting rate parity clauses and competition fairness. The UK's Digital Markets Competition and Consumers Act (DMCC) mirrors the DMA, with the Competition and Markets Authority enforcing similar regulations. Unintended consequences of the DMA for hoteliers include a 20% drop in organic traffic and increased distribution costs due to greater OTA visibility.