Daily hotel demand had been steadily increasing for a decade until the dip due to the pandemic. According to a recent forecast by STR, CoStar’s hospitality analytics firm, demand is likely to end 2022 just shy of pre-pandemic levels and reach an all-time high in 2023 and continue to shoot up in 2024. Revenues are likely to rebound faster, STR predicted.
Click here to access the full article published by CoStar.
Choice Hotels International has agreed to acquire Radisson Hotel Group’s Americas division, Radisson Hotel Group Americas, for approximately $675 million.
The transaction will add 624 hotels with over 68,000 rooms to Choice’s portfolio in an effort to increase its presence in the upscale and upper-midscale segments in the West Coast and Midwest in the U.S.
Click here to access the full article published by Hotel News Now.
Hit hard by the Covid-19 pandemic, the hotel industry has bounced back alongside the larger travel industry thanks to pent up demand, delayed trips and increased consumer savings. Favorable activity in the travel sector has led to rising room prices, something major hotel chain executives say will not subside soon.
Click here to access the full article published by CNBC.
As expected, visitors mostly returned to their old habits in 2021 and increased direct tourism spending in the State of Wisconsin by 31.1% to $12.9 billion.
While those numbers are impressive, they show that Wisconsin tourism has yet to return to its record level set prior to the pandemic. The good news for the industry is that the trend is continuing to head upward. Officials believe the record 2019 mark of $13.6 billion in direct spending and $22.2 billion in overall economic impact will likely be attained before the end of the year.
Click here to access the full article published by Kenosha News.
The U.S. travel landscape is approaching a more level, balanced field than it has since the start of the COVID-19 pandemic, and hoteliers are determined to keep industry performance on a steady track, despite obstacles in the form of inflation and a possible economic recession.
Click here to access the full article published by Hotel News Now.
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