Hospitality Sales and Marketing Association International
Hospitality Sales and Marketing Association International
 
Hospitality Sales and Marketing Association International
research reports

2014

December

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Deloitte - French Hotel Industry Performances - October 2014
October's hotel industry performances confirmed September's observations: the results were encouraging for hotels in Ile-de-France, yet the picture was much more varied (and at times discouraging) throughout regional France. October did, however, bring a pleasant surprise for coastal hotels, where the good weather boosted trading.

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PKF-HR Forecasts Broad-Based RevPAR Growth
All segments of the U.S. lodging industry will enjoy strong performance for the foreseeable future according to the recently released December 2014 edition of PKF Hospitality Research's (PKF-HR) Hotel Horizons (PKF-HR is a CBRE company). Rising levels of employment, combined with increased geographic expansion of the national economic recovery, will result in revenue per available room (RevPAR) growth in excess of long-run averages for all hotel chain-scales, most location categories and the vast majority of markets from 2014 through 2017.

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November

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HotStats UK Chain Hotels Market Review October 2014
Once again the UK Provinces lead the way to profit growth with positive year-on-year movement during the month of October in gross operating profit per available room (GOPPAR). Yorkshire and Humberside hoteliers experienced a 10.0% increase in this metric while London hoteliers registered a decline, according to the latest data from HotStats.

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U.S. Room Rate Gains to Accelerate in 2015 as Hotels Reach Highest Occupancy since 1984, According to PwC US
An updated lodging forecast released today by PwC US anticipates room rate gains to accelerate and drive a revenue per available room (\"RevPAR\") increase in 2015, as hotels achieve occupancy levels reflecting the solid lodging demand trends of recent quarters. During the first nine months of 2014, both individual and group travel exhibited solid momentum, with the year-over-year pace of recovery in group demand outpacing the individual transient segment.

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November trivago tHPI: Hotel Prices Plummet Across Europe
Hotel prices have decreased across Europe this month, according to the November trivago Hotel Price Index (tHPI) reported monthly by hotel comparison website trivago.co.uk. Based on the 50 most popular European cities on trivago, hotel prices have dropped by an average of 13 per cent in comparison to last month. One night in November will cost an average of 86, compared to 99 in October.

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Deloitte - French Hotel Industry Performances - September 2014
Always eagerly awaited, the month of September was rather underwhelming. French hotel industry performances were generally better in September. However, this was mainly down to the weight of the Parisian market, as elsewhere, results remained somewhat disappointing. Although more encouraging performances were registered here and there, generally-speaking the economic context continued to drag down the sector.

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October

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Q3 2014 Greek Hospitality Industry Performance
International tourist arrivals at the main airports of Greece increased by 1.6 mn up to September 2014, representing an increase of 14.3%. The main contributor is Athens, as the city received 600,000 international tourists more than last year up to September; an increase of 28.3% and thus recovering in terms of arrivals- in one year a decline of 5 years. The Athens Hotel Association, the Athens International Airport, Aegean Airlines and Marketing Greece are working together to further improve the city's performance.

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Leading Indicator for Hotels Advances 11 months in a Row
Durham, New Hampshire USA - Future business activity in U.S. hotels rose in September according to the latest reading of the Hotels' future business conditions (HIL) indicator. eforecasting.com's HIL, a composite indicator that gauges future monthly overall business conditions in the U.S. hotel industry, increased by 0.3% in September to 118.3, following an increase of 0.4% in August. The index is set to equal 100 in 2005.

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HotStats European Chain Hotels Market Review September 2014
Both cities were amongst the best performing markets in Europe in September, achieving impressive year-on-year increases in gross operating profit per available room (GOPPAR) by 71.0% and 44.5% respectively, according to the latest data from HotStats.

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September

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HotStats European Chain Hotels Market Review August 2014
Dublin and Vienna recorded double-digit increases in average room rate (ARR) which contributed to surges in gross operating profit per available room (GOPPAR) of 21.9% and 25.0% for the month of August, according to the latest data from HotStats.

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HotStats UK Chain Hotels Market Review August 2014
With London's profitability bouncing back with positive year-on-year comparison in August, the UK Provinces go from strength to strength with gross operating profit per available room (GOPPAR) showing a double digit growth, and West Midlands hoteliers recording an 11.1% surge in this metric, according to the latest HotStats.

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UK Hotels Turn the Corner to Recovery as RevPAR Reaches Pre-downturn Levels
Hotels in eight out of 12 UK cities in the latest quarterly Hotel Bulletin for Q2 2014 recorded RevPAR (rooms revenue per available room) beyond pre-downturn levels with the remaining four cities almost reaching these levels. The Hotel Bulletin, compiled by HVS, Zolfo Cooper and AM:PM, reports that hotel performance in London and the regions has continued to improve in Q2 2014 with average RevPAR increasing 10% year-on-year.

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PKF-HR Forecasts Record Occupancy for 2015
The U.S. lodging industry will achieve 65 percent occupancy in 2015, the highest national occupancy rate since STR, Inc. began reporting data in 1987, according to the recently released September 2014 edition of PKF Hospitality Research's (PKF-HR) Hotel Horizons. (PKF-HR is a CBRE company.) By year-end 2015, PKF-HR projects that the demand for lodging accommodations will have increased 25.8 percent since the depths of the recession in 2009, while the supply of hotel rooms will have grown by just 5.6 percent.

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August

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PKF Consulting USA Lodging Insights - August 2014
Mark Woodworth and Jack Corgel discuss second quarter results and their updated expectations for the rest of 2014 and 2015. PKF Consulting USA (PKFC) serves a broad range of clients, including hotel owners and operators, financial institutions, real estate developers, investors, product and service providers to the industry and governmental agencies. Its key services include real estate appraisals, litigation support and expert testimony, market and financial feasibility studies, spa and wellness consulting, purchase price allocations, asset recovery services, and impact studies.

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EMEA Hotels Monitor Issue 14 - August 2014 - WhiteBridge
The first half of this year has been largely uneventful compared to the last 13 six-month periods we have been monitoring in EMEA. Aside from unrest in Ukraine, there have been no new major conflicts. As a result, economic recovery is beginning to take hold across the region and certain markets are booming in terms of new development and hotel performance levels.

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Q2 2014 Greek Hospitality Industry Performance
In the first half of 2014 1.4 million international tourists arrived at the Athens by plane, 350,000 more than in the same period last year, an increase of +32.8%. We estimate that this increase translates into an additional 198,000 arrivals / 290,000 room nights / 435,000 overnight stays of international tourists at Athens' hotels. The total economic impact of this increase in H1 is estimated at 98.8 million. As a consequence occupancy levels increased significantly reaching 90% in June but room rates increased only moderately at almost 5%. ARRs are still 17% below the levels of 2007 2008 and also compared to other Mediterranean capitals, the Athens hotel sector remains one of the cheapest.

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July

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HotStats UK Chain Hotels Market Review June 2014
Whilst London's hotel profitability fell for the second consecutive month in June, the UK Provinces continued to show year-on-year positive movement for gross operating profit per available room (GOPPAR) and in particular, East Midlands' hoteliers experienced a 3.3% growth in this metric, according to the latest data from HotStats.

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U.S. Hotels In Profitable Portion Of Business Cycle | By Robert Mandelbaum and Gary McDade
Despite the slowdown in the pace of rooms revenue (RevPAR) growth in 2013, U.S. hotels were able to sustain strong gains in net operating income (NOI) during the year. Looking forward, the combination of rising average daily rates (ADR) in a low inflation environment will allow for a continuation of profit growth in excess of 10 percent through 2015. This five year period (2011-2015) of continuous double-digit gains on the bottom-line will be the longest such streak for U.S. hotels since the high inflation days of the late 1970s.

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June

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Video: A Discussion on Long Term Outlook (2016 & 2017), the Peak, Inflation & More
Mark Woodworth and Jack Corgel discuss the long term hotel outlook (2016 & 2017) and what the peak might look like. They also share their opinion on if we should be worried about inflation and a surprise announcement about the industry.

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French Hotel Industry Performances - April 2014
Further to a difficult first trimester, the French hospitality industry recovered in April. National occupancy progressed by 2% to 6%, as did RevPAR. Average rates were still under pressure, although to a lesser extent than in previous months. Another positive point: this was felt throughout most of the country and not just in a few specific areas. The slight improvement in the economy was behind this albeit fragile growth, which has nonetheless raised hopes for a recovery.

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The TravelClick Perspective May 2014
The hotel industry outlook for the top 25 North American Markets is showing an increase of 4.9% in committed occupancy for May 2014 - April 2015. This is compared to the same time last year and is based on group commitments and individual reservations on the books as of April 27, 2014. The group segment is up 4.7% in room nights committed (contracted), and new group business added over the last month (pace) is up 3.0% over the comparable period last year. Additionally, transient room nights booked are up 5.2% compared to the same time last year, and average daily rate (ADR) is growing slightly above occupancy, up 3.4% based on reservations currently on the books.

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Recovery in US Hotel Market Ends Peak Performance to Persist | PKF Reports
According to the recently released June 2014 edition of PKF Hospitality Research, LLC's (PKF-HR) Hotel Horizons forecast report, the U.S. lodging industry will achieve an occupancy level of 63.6 percent in 2014, topping the pre-recession peak of 63.1 percent reported by STR, Inc. (STR) in 2006. Given this favorable balance between supply and demand, R. Mark Woodworth, president of PKF-HR predicts that hotel owners and operators will begin to see real (inflation adjusted) recoveries in average daily rates (ADR) and net operating income (NOI).

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HotStats MENA Chain Hotels Market Review April 2014
Hotels in Abu Dhabi maintained robust performance throughout the month of April, as occupancy saw the highest growth amongst the five cities observed in the MENA region, according to the latest data from HotStats and commented by TRI Hospitality Consulting Middle East.

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May

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UK Hotel Sector Hotel Bulletin: Q1 2014
The Hotel Bulletin has been refreshed for the first quarter of 2014. For the first time we have taken a closer look at quarterly transaction values, considered whether there are gaps in the hotel market by star-rating and highlighted indicators that may influence investment decisions. This edition's City focus is on Leeds, where traditionally corporate driven demand is being boosted by the city's growing leisure offering.

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While Economic Growth Slows in Q1, Lodging Recovery Accelerates with Strong Growth in Group Demand, Says PwC US
An updated lodging forecast released today by PwC US anticipates lodging recovery will enter a new phase, with continued strengthening in group demand and rebounding economic momentum supporting a solid 6.5 percent RevPAR growth in 2014. Despite a weak first quarter for the U.S. economy, the lodging industry's performance was above overall industry expectations led by a strengthening recovery in meetings, conferences and other related kinds of group demand. In 2015, as supply growth accelerates, occupancy growth is expected to moderate to 1.3 percent. However, as many hotels reach occupancy constraints more frequently, pricing power is expected to accelerate, resulting in a robust 5.1 percent growth in average daily room rates and 6.4 percent increase in RevPAR.

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Canadian Lodging Market Poised to Set New RevPAR Records in 2014 and 2015
At last, the Canadian lodging market returned to pre-debt-crisis performance levels in 2013, enabling new records to be set for RevPAR in 2014 and especially in 2015 (unadjusted for inflation). These new highs will be a continuation of the strong growth sustained in 2013, when the Canadian market realized a RevPAR increase of 3.9%, buoyed by the high RevPAR growth in oil and gas markets across Canada. Constrained growth in the national supply base, at 0.5% in 2013, has also helped to keep occupancy levels strong.

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French Hotel Industry Performances - March 2014
After an uncertain beginning to the year, March amplified the drop in French hotel industry activity. The first trimester 2014 thus finished on a worrying note: rooms revenue in general dropped by 1% to 5% depending on the category. Occupancy continued to drop, while the 3 point rise in VAT could not be passed on to professionals.

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April

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HotStats European Chain Hotels Market Review March 2014
With occupancy shooting up by 10.5 percentage points in the Spanish capital and average room rate (ARR) increasing by 1.4%, revenue per available room (RevPAR) grew by a stunning 20.7%. Similar performances were registered in non-rooms departments and total revenue per available room (TRevPAR) rose by 19.5%. Well controlled operating costs and payroll management resulted in departmental operating profit per available room (DOPPAR) surging by 37.8% and GOPPAR by 70.7%.

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trivago April tHPI: European Hotel Prices soar by up to 48% compared to March
The summer season has started early, according to the trivago Hotel Price Index (tHPI) reported monthly by hotel comparison website www.trivago.co.uk. Based on the 50 most popular European destinations on trivago, the April tHPI shows that hotel prices have increased by up to 48 per cent month-on-month in some destinations.

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U.S. Hotels In Profitability Sweet Spot: Double-Digit Gains In NOI Forecast Through 2015
According to the 2014 edition of Trends in the Hotel Industry, an annual report recently released by PKF Hospitality Research, LLC (PKF-HR), hotel profits are on pace to exceed pre-recession levels in 2014.

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HotStats UK Chain Hotels Market Review March 2014
In March, the UK hotel market continued its solid start to the year with South West hoteliers registering a 4.9% increase in total revenues per available room (TRevPAR), and a 6.2% surge in gross operating profit per available room (GOPPAR), according to the latest data from HotStats.

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The TravelClick Perspective April 2014
The hotel industry outlook for the top 25 North American Markets is showing an increase of 4.3% in committed occupancy for March 2014 - February 2015, based on group commitments and individual reservations on the books as of February 23, 2014 compared to the same time last year. The group segment is up 3.9% in room nights committed (contracted). New group business added over the last month (pace) are up 4.0% over the comparable period last year. Transient room nights booked are up 5.5% compared to the same time last year. Average daily rate (ADR) is growing slightly above occupancy, up 2.8% based on reservations currently on the books for 2014.

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STR Reports US Hotel Occupancy Up for Week Ending April 5, 2014
The U.S. hotel industry posted positive results in the three key performance measurements during the week of 30 March-5 April 2014, according to data from STR. In year-over-year measurements, the industry's occupancy increased 2.4 percent to 65.2 percent. Average daily rate rose 4.2 percent to finish the week at US$112.60. Revenue per available room for the week was up 6.7 percent to finish at US$73.46.

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PKF Hospitality Research - April 2014 Lodging Insights
ATLANTA, Ga., April 10, 2014 - Mark Woodworth and Jack Corgel discuss recent concerns over the hotel development pipeline and what factors will facilitate supply growth over the next few years. PKF Consulting USA is owned by FirstService Corporation (FSRV) and is a subsidiary of Colliers International. The firm operates two companies: PKF Consulting USA, LLC. and PKF Hospitality Research, LLC. The firm has offices in New York, Boston, Indianapolis, Chicago, Philadelphia, Washington DC, Atlanta, Jacksonville, Tampa/Orlando, Houston/Dallas, Los Angeles, Bozeman, and San Francisco.

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Global Hotel Market More Positive about 2014 - Horwath HTL Reports
The latest survey compiled by Horwath Hotel, Tourism and Leisure (HTL), the world's largest hospitality consulting firm, has shown that hotel operators around the globe are more optimistic about the coming few months than they were in 2012 or 2013. The survey, which summarises responses from over 40 countries, shows that America continues to be positive, Asia has recovered slightly from the last two surveys and even Europe has experienced a slight lift.

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STR Reports US Hotel Occupancy Up for Week Ending March 29, 2014
The U.S. hotel industry posted positive results in the three key performance measurements during the week of 23-29 March 2014, according to data from STR. In year-over-year measurements, the industry's occupancy increased 8.0 percent to 66.8 percent. Average daily rate rose 5.0 percent to finish the week at US$115.25. Revenue per available room for the week was up 13.4 percent to finish at US$77.03.

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Germany: 2013 and 2014 growth driven by weekends - MKG Reports
For several years, Germany's hotel performances have proven solid, and 2013 was no exception. According to the MKG European Hospitality Report, which surveys more than 960 hotels in Germany, occupancy rose by 1 point in 2013 to 67.6%. In 2013 as well as over the first quarter of 2014, weekend performances turn out to be the key growth engine.

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PKF Hospitality Research - March 2014 Lodging Insights
Mark Woodworth and Jack Corgel report from the Johnson School at Cornell University. They discuss recent lodging results and new economic indicators that point to confidence in a sustained recovery.

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French Hotel Industry Performances - February 2014
The month of February saw mixed results. At the national level, occupancy and average rates dropped slightly, without, however, entirely collapsing. The Luxury segment was the only one to stay on course, posting positive results. Paris - usually spared from downturns - did not manage to escape during February. Conversely, other destinations benefited from bright spells, giving rise to contrasted results.

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March

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HotStats European Chain Hotels Market Review February 2014
Whilst both cities increased revenue per available room (RevPAR) in February by 1.1% and 3.0% respectively profit per available room fell in both markets, according the latest data from HotStats.

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HotStats UK Chain Hotels Market Review February 2014
With the UK hotel market posting a consecutive second month of strong growth, hoteliers in the East of the country experienced year-on-year increases across all key performance indicators and recorded the highest growth in gross operating profit per available room (GOPPAR) of 48.3% in February, according to the latest data from HotStats.

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Europe's hotel industry continues along the route towards recovery - MKG Reports
The return of a stronger demand is leading to 1.9 points of improvement for occupancy rates at properties, where the OR is almost 60%. Such properties were able to resume increasing their average daily rates, which grew by 0.5% across the month. February thus closes with 3.9% growth in Revenue per available room at hotels on the Old Continent, where it is close to 50 euros. The rise in hotel performances concerns almost all categories, except for the Budget category that struggles to reverse the trend and remains stable with respect to last year (-0.1% of the RevPAR).

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Holiday Timing Helps Boost February Global Leisure Bookings and Rates
Valentine's Day falling on a Friday helped boost global leisure bookings and rates in February, according to Pegasus Solutions. Last month, online bookings for leisure travel rose +4.6% over February 2013, and rates climbed a solid +4.0% higher, according to the largest processor of electronic hotel bookings.

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Shift in Hotel Retail Impacts Revenues and Profits | By Robert Mandelbaum and Gary McDade
Hotels provide retail operations primarily for guest convenience and satisfaction, and are, in general, only a small part of total hotel revenue. Of the properties in the Trends in the Hotel Industry database of PKF Hospitality Research, LLC (PKF-HR) that reported retail sales and expenses, retail sales made up just 0.9 percent of total hotel revenue in 2012. Retail operations vary greatly depending on the type of hotel. The retail department at large full-service, resort and convention hotels often includes clothing stores, gift shops and newsstands. Limited-service, select-service, and extended-stay properties frequently operate just a kiosk or mini-mart located next to the front desk that sells items mainly for the guest's convenience, such as snacks, drinks, and microwavable food.

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STR Global: Middle East & Africa results for February
The Middle East/Africa region reported positive performance results during February 2014 when reported in U.S. dollars, according to data compiled by STR Global.The region reported a 1.3-percent increase in occupancy to 67.4 percent, a 2.7-percent increase in average daily rate to US$177.42 and a 4.0-percent increase in revenue per available room to US$119.55.\"The Middle East still is driving performance in the region\", said Elizabeth Winkle, managing director of STR Global. \"Jordan, Oman and Saudi Arabia are all posting both occupancy and ADR growth (in local currency). Jordan and Bahrain are reporting the largest occupancy growth. Dubai is still reporting high occupancy; the new supply coming in is being absorbed and we are seeing double-digit rate growth\".Highlights among the Middle East/Africa region's key markets for February 2014 include (year-over-year comparisons, all currency in U.S. dollars):

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STR: US results for week ending 15 March
The U.S. hotel industry posted positive results in the three key performance measurements during the week of 9-15 March 2014, according to data from STR. In year-over-year measurements, the industry's occupancy increased 1.9 percent to 67.8 percent. Average daily rate rose 3.8 percent to finish the week at US$116.35. Revenue per available room for the week was up 5.8 percent to finish at US$78.93. Among the Top 25 Markets, Denver, Colorado, increased 20.8 percent in occupancy to 77.9 percent, reporting the largest increase in that metric. San Diego, California, followed with a 12.2- percent increase to 81.7 percent. Chicago, Illinois, posted the largest occupancy decrease, falling 6.9 percent to 63.8 percent. New Orleans, Louisiana (+38.7 percent to US$195.98), and Denver (+11.9 percent to US$104.95) reported the largest ADR increases. Six markets achieved RevPAR increases of more than 15 percent: New Orleans (+43.1 percent to US$174.34); Denver (+35.3 percent to US$81.79); San Diego (+19.9 percent to US$110.82); Atlanta, Georgia (+18.2 percent to US$68.40); San Francisco/San Mateo, California (+17.2 percent to US$148.33); and Los Angeles/Long Beach, California (+16.6 percent to US$118.55). New York ended the week with the largest ADR (-8.4 percent to US$227.22) and RevPAR (-13.4 percent to US$187.75) decreases for the week.

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What Do Hotel Bookings Tell Us About the Economy? | Interview with Choice CEO Stephen Joyce
Choice Hotels International President and CEO Stephen Joyce discusses the company's growth and Facebook's acquisition of WhatsApp on Bloomberg Television's \"In The Loop.\" (Source: Bloomberg)

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Panelists Discuss U.S. Lodging Industry Forecast; 6% RevPAR Increase Predicted for 2014 & 2015
R.A. Rauch & Associates (RAR) hosted Onward & Upward: A Lodging Industry Forecast for 2014 on Friday, March 14, 2014 at the company's owned and managed Hilton Garden Inn San Diego/Del Mar. RAR president and renowned \"hotel guru\" Robert Rauch co-moderated the event with San Diego economist Gary London, president of The London Group Realty Advisors. The distinguished panel also included leading hospitality attorney Guy Maisnik, Partner, Vice Chair, Global Hospitality Group at JMBM; market leading hotel broker Alan Reay, President, Atlas Hospitality Group; and digital media and sales specialist Sandra Shapira, Director of Sales, TravelClick.

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STR Reports US Hotel Occupancy Up for Week Ending March 8, 2014
Smith Travel Research The U.S. hotel industry posted positive results in the three key performance measurements during the week of 2-8 March 2014, according to data from STR. In year-over-year measurements, the industry's occupancy increased 2.1 percent to 64.0 percent. Average daily rate rose 4.8 percent to finish the week at US$114.85. Revenue per available room for the week was up 7.1 percent to finish at US$73.52.

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HotStats MENA Chain Hotels Market Review January 2014
Hotels in Abu Dhabi posted double digit growth in Revenue Per Available Room (RevPAR) in January on the back of strong growth in occupancy levels and Average Room Rates (ARR), according to the latest HotStats survey of full-service hotels in five MENA cities by TRI Hospitality Consulting.

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French Hotel Industry Performances - January 2014
January was not a good month for the French hotel industry, as RevPAR declined. Although business did not fall dramatically, RevPAR stagnated at best, and dropped by almost 5% at worst. Never a good month for French hotels, occupancy and average rates are often low in January a situation not helped by the current economic climate. All the same, this is the third year in a row that January's performances have dropped in comparison to the previous year (1). In short, the decline in January 2014 although moderate only serves to prolong a difficult situation. Rather worryingly, Parisian hotels also posted a drop in RevPAR. Although the Luxury segment managed to increase rooms revenue by +2.7%, this remained an exception.

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STR Global: Americas, Middle East/Africa hotels report positive 2013 results
The four world regions, when measured in euros, reported mixed results in the three key performance metrics during 2013, according to data from STR Global. \"More than 1 billion people travelled globally in 2013, and across most regions demand growth outpaced supply growth\", said Elizabeth Winkle, managing director for STR Global. \"We're on the cusp of exciting opportunities in 2014 with international arrivals forecasted to grow between 4 percent and 4.5 percent. 

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Hotels forecast 2014 and 2015 Spotlight on London
We have high hopes for London as strong demand drives up ADR. We forecast almost 4% growth for RevPAR in 2014 as rates and occupancy hit new highs. Further records are expected to be broken in 2015.

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Room to Grow: PwC's European Cities Hotel Forecast 2014 and 2015
This third edition of PwC's European cities hotel forecast is published against a backdrop of a region that has taken an economic pounding but is seeing clear evidence of economic recovery and returning confidence. The world is changing at a pace and in this snapshot (taken in February 2014) we look forward to resurgence in travel and hotel prospects in 2014 and 2015.

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February

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HotStats UK Chain Hotels Market Review January 2014
With every UK region enjoying an unusually positive start to the year, Yorkshire and Humberside hoteliers recorded year-on-year increases in total revenue per available room (TRevPAR) and gross operating profit per available room (GOPPAR) of 6.9% and a stunning 25.0% respectively in January, according to the latest HotStats.

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February 2014 - U.S. Lodging Insights from PKF Hospitality Research, LLC.
Mark Woodworth and Jack Corgel just got back from ALIS. Here are their latest thoughts on the recent GDP figure release and any weakness in group hotel demand.

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January

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FHRAI - Indian Hotel Industry Survey 2012-13
The Federation of Hotel & Restaurant Associations of India is pleased to present the sixteenth annual edition of the Indian Hotel Industry Survey, in cooperation with HVS India. This survey includes in-depth information about the performance of hotels across various cities and positioning and provides several benchmarks for comparing hotel performance in India. We would like to thank the participating hotels for all the detailed information they have provided, thereby helping to improve the quality of this research.

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