Controlling Utility Costs: Volatile Market Conditions Call for a Focus on Contracts and Energy Consumption
Category: Featured, Finance, Finance & Development, Market Reports
Over the past four years, utility costs at U.S. hotels have increased at a pace greater than total operating revenue. As a result, utility department expenses increased from 2.9 percent of total revenue in 2019 to an estimated 3.3 percent in 2023. As hotels have struggled to recover from the pandemic, any rise in cost ratios is an area of concern for owners and operators. The good news is that the pace of growth appears
CHICAGO, Illinois—Hyatt Hotels Corporation announced The Bentley Hotel Southampton has officially joined the Hyatt portfolio as an affiliated hotel, in collaboration with Bijal Hospitality, the property’s owner and operator. The hotel, which is currently in the midst of a renovation, is bookable across Hyatt reservation channels and is expected to join the JdV by Hyatt brand in mid-2024, following additional property-wide upgrades. The hotel will begin participating in World of Hyatt when it joins the
BETHESDA, Maryland—Stayntouch announced a new partnership with Gale Miami Hotel and Residences, a 51-story, 688-room hybrid apartment/hotel in downtown Miami, Florida, set to open its doors on May 1, 2024. Gale Miami offers a blend of hotel and apartment living with modern hotel rooms, apartments, condos, dining venues, and a spa. To provide operational efficiency, Gale Miami selected Stayntouch to deploy its cloud PMS, booking engine, smart kiosk, and secure ID-scanning technology. Stayntouch will provide:
CARMEL, California—Carmel Valley Ranch announced the completion of a multimillion-dollar renovation project that updates the guest experience. The renovations encompass enhancements across the resort, including The Ranch’s Valley Kitchen restaurant; the Think Tank meeting venue; and River Ranch, the resort’s spot for sports and family-friendly fun “We are excited to welcome guests back to a new and revitalized resort experience,” said Ulrich Samietz, managing director of Carmel Valley Ranch. “What they’ll find is an exciting
CoStar: Solar Eclipse Positively Impacts U.S. Hotel Performance
Category: Finance, Finance & Development, Market Reports
WASHINGTON—Helped by the total solar eclipse, U.S. hotel performance increased from the previous week, according to CoStar’s latest data through April 13, 2024. U.S. Hotel Performance April 7-13, 2024 Percentage change from comparable week in 2023:Occupancy: 65.8 percent (up 2.8 percent)ADR: $160.20 (up 2.9 percent)RevPAR: $105.48 (up 5.8 percent) Among the Top 25 Markets, Philadelphia reported the largest year-over-year increase in occupancy (up 23.2 percent to 77.0 percent) and RevPAR (up 45.7 percent to $133.79).
