Page 7 - Upper Upscale News Today

Article - Weekly Global Hotel Performance Trends from STR: 4 - 10 June 2023 - Global occupancy (excluding the U.S.) was 68.5%, which was the fourth highest level since March 2020 and up 6.5ppts YoY. Weekly ADR was up 16.6% YoY to US$152, the second highest nominal level since the start of the pandemic. With strong growth in both occupancy and ADR, RevPAR achieved an all-time high of US$104, up 28.9% YoY.

Article - NEHMER & HVS Release 2023 Hotel Cost Estimating Guide - The Hotel Cost Estimating Guide evaluates costs in a variety of hotel tiers including Economy, Extended Stay, Midscale, Upscale, Upper Upscale, and Luxury. Within each tier, costs are separated into the categories of Guestrooms; Guest Bathrooms; Guestroom Corridors; Public Areas; Food & Beverage Outlets; Function Space; Recreational Facilities; Infrastructure; and Common Additives.

Here’s a taste of the hotel deal and development news that Daily Lodging Report summarized in the past week, as of April 21, 2023.

While most markets across Europe experienced a robust hotel performance recovery, the transaction activity recorded only a modest growth in 2022 hampered by the raised cost of financing, economic and geopolitical concerns. Nevertheless, nearly 800 hotels were sold in 2022 worth €18 billion, 2% more than in 2021. The UK remained the most active hotel investment market , although its lead over other markets has narrowed with the rise of France and Spain, ranked the second and third respectively.

Founded by Ashish Jakhanwala and Manav Thadani in 2010, Samhi Hotels had first filed for an IPO in September 2019 but later dropped the plans due to market conditions and the impact of the Covid-19 pandemic.

Sonesta International Hotels Corporation (Sonesta), the 8th largest hotel company in the U.S., today announced the establishment of a Luxury & Lifestyle Lodging Development Team. The team will lead Sonestas growth of its Upper Upscale brands, which include The James and The Royal Sonesta franchises in the Americas. Todays announcement underscores Sonestas commitment to and growing leadership position within the burgeoning lifestyle and luxury sectors.

U.S. hotel industry occupancy bounced back in the week after the MLK holiday, reaching 56.3%. That level was up 6.8 percentage points (ppts) from a year ago and just 1.5ppts below the comparable week in 2019. Moreover, the week’s level was the eighth highest ever recorded for the last full week of January—the highest occupancy (58.4%) was posted in 2006. Even better, room demand was the second highest for the week and just 25,000 nights short of the record seen in 2020. Month to date through...

As expected, U.S. hotel performance paused with the MLK holiday during the week ending 21 January 2023. Occupancy fell to 54.2% from 54.8% in the previous week but was up 5.6 percentage points (ppts) from a year ago. As compared to previous MLK holiday weeks, this year’s occupancy was in the middle of the pack, ranking 15th out of the 24 occurrences measured by STR. However, room demand was the third highest, behind 2020 and 2019. Occupancy levels for those two years were also the two highest ...

In the first business week of 2023, U.S. hotel occupancy rose to 54.8%, up 6.3 percentage points (ppts) year over year (YoY) and favorable to the comparable week in 2019. Over the first 14 days of 2023, occupancy (51%) was higher than the same 14 days in 2019 (50.3%). Weekday (Monday-Wednesday) occupancy was slightly better (55%) than the weekly total with the Top 25 Markets seeing 60.4% weekday occupancy.

Here’s a taste of the hotel deal and development news that Daily Lodging Report summarized in the past week, as of Jan. 20, 2023.