Seven trending hotel news stories that will impact your hotel Revenue Strategy.
1. Industry Predicts Drop In Tourism For London Following Terror Attack
Travel industry leaders in the U.K. have predicted that tourism business in the capital could drop by as much as 30% as a result of the London terror attacks on 3 June.
According to industry sources, London continued to ‘do well’ after the Westminster attack in March. However, many are now comparing the UK capital with that of Paris, which has seen business decline following a string of attacks in recent years.
However, others, including Nick Varney, chief executive of Merlin Entertainments, believe London will bounce back and its long-term growth will remain intact.
Full story at TTG.
2. European Hotels See Profits Stagnate
The latest report from HotStats, ‘Ten Years of Tectonic Movement – The Shifting Profit Profile of European Hotel Markets’, has shown that profit levels have not grown since 2007 in a number of locations.
HotStats reviewed the performance of hotels across key European hotel markets over the last ten years. The hotel benchmarking company found that hotels that were at the top of their cycle as the global financial crisis hit in 2008, such as Vienna and Prague, were the ones that faced the biggest challenges.
Full story at HotStats.London terror attacks effect on tourism, plus 7 trending #revenuestrategy stories Click To Tweet
3. EHL: Sharing Economy Offers Opportunities For Hoteliers
Ecole hôteliere de Lausanne has outlined five opportunities from the sharing economy hoteliers should consider.
Remy Rein, senior lecturer at EHL, recommends hoteliers consider:
- Expanding hotel room stock via home owners
- Manage short-term rentals for home owners
- Offer home owners professional services
- Enlarge customer base
- Bring services to the local community
Full story at EHL.
4. Hotel Spend Up, Consumer Spending Down
The latest consumer spend data from Barclaycard has shown that UK consumer spending fell by 2.8% in May, with figures reaching their lowest point in 10 months.
However, while spending on household goods and clothing fell by 2.9%, spending on hotels increased by 11.4%. According to Barclaycard, 34% of Brits said they prefered to spend on experiences rather than on physical items, so hopefully the hotels market will remain buoyant for the months ahead.
Full story at Hotel Owner.
5. Qatar Ostracism Will Hit Middle East Travel Industry
The diplomatic ostracism of Qatar by Saudi Arabia, the UAE, Egypt and Bahrain will have a highly disruptive effect on the region’s travel industry, according to Caroline Bremner, Head of Travel Research, Euromonitor.
According to Bremner, the decision to cut diplomatic ties will have a knock-on effect on airlines, hotels and tour operators in the GCC and wider Middle East. While the Qatari outbound market is small at only 2 million departures per year, spend per trip is high. The average Qatari traveller spends $1,400 (€1,250) per trip, with overall outbound expenditure of $2.6 million (€2.3 million) in 2016.
Full story at Euromonitor.
6. Luxury And Budget Properties Provide Best Returns In Europe
The latest Catella Market Tracker, ‘The European Hotel Market’, has reported that the budget and luxury segments provide the best opportunities for investor returns.
According to Catella, €17.8 billion ($21 billion) was invested in the hotel asset class in Europe in 2016, with Germany and the U.K. the two most popular markets with investors.
Full story at Hotel News Resource.
7. Abu Dhabi Sees 7% Increase in Visitor Numbers
The UAE capital, Abu Dhabi, welcomed 1.6 million visitors in the last year, a growth of 7% compared to the year up to April 2016.
China remained the largest overseas source market for Abu Dhabi, with 131,253 hotel guest arrivals, followed by India with 104,436 and the U.K. with 86,529.
Full story at Hotel News ME.
Stay up on hotel Revenue Strategy news and discuss industry tech trends in the Hotel Revenue Strategy Leaders Group on LinkedIn.
RELATED HOTEL REVENUE STRATEGY ARTICLES
- How To Optimize Your Hotel’s Presence On Google
- Free eBook: The Ultimate Guide to Hotel Revenue Strategy
- The UK Has Invoked Article 50. What Does It Mean For Europe’s Travel Industry?