Upper Upscale News Today

Since its 2021 acquisition of Red Lion Hotels Corporation, Sonesta International Hotels Corporation (Sonesta) has been busy coalescing brands, properties and strategy in a process that Sonesta Exec

U.S. revenue per available room (RevPAR) grew 2.8% year over year (YoY) for the week ending 18 May 2024. Once again group and midweek demand across the upper chain scales drove performance. The increase in RevPAR was driven almost entirely by average daily rate (ADR), which rose 2.6%. Occupancy was up 0.1 percentage points (ppts) at 67.4%, which was the highest weekly occupancy of 2024 but still 3.0 ppts below the 2019 comparable.

Article - HVS Hotel Market Report - Venice, Italy - By Lorenzo Gullotta, Giammarco Pignocchi and Ezio Poinelli - A snapshot of the Venice hotel market performance in 2023, exploring airport arrivals, tourism demand, hotel KPIs, future supply, recent transactions and future outlook.

CEIR unveils Q1 2024 data showing the U.S. B2B exhibition industry's steady recovery, with a 4.3% increase in the Total Index and notable gains in attendance and exhibition space.

U.S. hotel performance leveled out following three unstable weeks impacted by the total solar eclipse and Easter calendar shift. Normal patterns returned in the form of solid weekday and Top 25 Market performance, as well as strong group demand. Revenue per available room (RevPAR) rose 1.2% year over year (YoY) driven entirely by average daily rate (ADR), up 1.5%. Occupancy (at 66.8%), the highest level seen in 2024 so far, was essentially flat dropping 0.2 percentage points (ppts) YoY.

Article - STR Weekly Insights on Global Hotel Industry Performance: 14-20 April 2024 - Global leisure demand beginning to bloom - U.S. RevPAR moderated after three unsteady weeks.

Saudi Arabia is gearing up to develop 320,000 hotel

The European hotel investment market is set to grow this year, with 70% of investors planning to increase capital allocation to the sector, according to CBRE’s...

Gillian Mylles has been appointed as General Manager at The Resident Edinburgh, overseeing the hotels opening in the Scottish capital. The 164-room property was subject to redevelopment of a 1960s eyesore into an exemplar sustainable new purpose for the building as a hotel. Resident Hotels will operate the Upper Upscale hotel, developed with Mactaggart Family & Partners, becoming the sixth The Resident branded hotel within the groups portfolio.

Article - STR Weekly Insights on Global Hotel Industry Performance: 31 March - 6 April and Preliminary March 2024 - Most of the largest global countries saw RevPAR decline as well, which is in line with past years and the Easter holiday.