Hotel Executives Declare 2023 Year of Acceleration

Unlike in years past when optimism among hotel executives was conservative, the first day of the 2023 Americas Lodging Investment Summit in Los Angeles revealed that leaders are all-out bullish on the health of the industry.

Click here to access an article by Hotel News Now covering the event.

Hotel Indigo Open in Downtown Minneapolis

The new Hotel Indigo, which is located in the Northstar Center in downtown Minneapolis, will have all of its 218 rooms open by the end of January 2023.  Madison, WI-based Wilson Street Hotel Group owns and redeveloped Hotel Indigo, which is replacing the former Crown Plaza Hotel as part of a major renovation of Northstar Center.

Click here to access the full article featured in The Minneapolis/St. Paul Business Journal.

Minneapolis Marriott Southwest Sells

The 323-room Minneapolis Marriott Southwest in Minnetonka, MN, changed hands in late December.  The buyer, MN Opus VII LLC, purchased the property for $24 million – reportedly $9.2 million less than the last time the property sold, representing an approximate 29 percent discount.

Click here to access the full article published by The Minneapolis/St. Paul Business Journal.


U.S. Lodging Industry Overview

The first six months of 2022 have shown the resilience of the U.S. hotel market as a whole but display nuanced performance on regional and local levels. Compared to the first half of 2021, U.S. demand increased over 18%, representing almost 100 million more occupied rooms, while the average room rate improved by 14.8%. Because of the higher room rates, even with the lower volume of occupied rooms compared to pre-pandemic levels, national revenue per available room (RevPAR) is at a record high, exceeding the number seen in mid-year 2019.

Click here to view the full report published by Cushman & Wakefield.

Hotels See Guests Blend Business and Leisure Trips

Hoteliers are seeing an increase in blended leisure and business travel, generally referred to as “bleisure” travel within the hotel industry.  Rooms are filling up on typically slow nights, such as Sundays and Thursdays, as more companies are seeing the value of letting employees work while traveling for personal reasons, which opens opportunities for hotel demand.

Click here to access the full article published by Hotel News Now.

STR Forecasts Hotel Demand Headed for All-Time High in 2023

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 Acquiring Radisson’s Americas Business for $675 Million

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.

Hotel Prices Continue to Increase

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.

Big Rebound for Wisconsin Tourism

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.

No Hint of Recession Fears in Hospitality Sector

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.