Sam Woodworth is taking on the newly created position of director of acquisitions and business development for Hospitality Ventures Management Group (HVMG). The position requires Woodworth to grow the portfolio through development deals and third-party management. Before HVMG, Woodworth served as manager of acquisitions and development for Trump Hotels.
For a look at other notable comings and goings that took place this week, click here.
J.B. McKibbon IV has joined McKibbon Hospitality as asset manager. A fourth-generation hotelier, McKibbon will provide financial support and development analysis for third-party vendors and proposed McKibbon hotels. McKibbon joins the company from Apple Hospitality REIT, where he served as senior asset manager.
For more notable comings and goings that took place this week, click here.
A new report by Research and Markets finds that spending on leisure and hospitality construction has improved significantly since 2012, rising to $181 billion globally in 2016 and forecast to reach $232 billion by 2021. The increased spending of 5.2 percent per year in nominal terms is supported by growing tourism, particularly in Asia-Pacific, the Middle East, and Africa. Within these areas, China, Thailand, Malaysia, Indonesia, United Arab Emirates, and Qatar are all expected to grow at above 7 percent per year, with huge developments planned or in progress, according to the report.
The report finds that the largest markets by construction output value are the United States, China, and the United Kingdom with spending of $56 billion, $39 billion, and $10 billion, respectively. The largest region by project pipeline for mixed-use leisure and hospitality projects is the Middle East and Africa, which is dominated by the United Arab Emirates, ahead of Asia-Pacific. For pure leisure and hospitality projects, the largest region is Asia-Pacific and largest single country by project pipeline value is the United States.
Based on all projects in development and execution commencing on schedule, the total pipeline is predicted to peak at $452 billion in 2019. The leading global contractors are China State Construction, ACS, and Arabtec and the leading architects and designers are Gensler, HKS, Arcadis, and Woods Bagot.
The U.S. Labor Department on Friday released its jobs report for the month of December 2017, revealing that the U.S. economy added 148,000 jobs last month. While the number of new jobs fell short of expectations, the leisure and hospitality sector performed well, adding 29,000 jobs to the U.S. economy in December 2017, according to the Bureau of Labor Statistics. The hospitality industry created a total of 306,000 new jobs in 2017, accounting for 15 percent of all total non-farm jobs added to the U.S. economy.
While wage growth has stagnated across the U.S. economy, the report showed that leisure and hospitality wages are increasing. The hospitality sector reported year-over-year wage growth of 3.6 percent compared to 2.5 percent wage growth across all industries. Read more about the U.S. Labor Department’s December 2017 job report here.
Michael Heaton has succeeded Robert Winchester as president of Waterford Hotel Group. Following Winchester’s retirement, Heaton will use his 20 years of Waterford executive experience to bring success to the company. Heaton has held several positions at Waterford, including corporate regional hotel director and vice president of operations. For a look at other notable comings and goings that recently took place, click here.