The luxury segment is expected to lead revenue per available room growth in August, according to preliminary data from STR, parent company of Hotel News Now.
Early data shows the luxury segment is expected to report RevPAR gains of 10%-12%.
Each segment is expected to show year-over-year monthly increases in RevPAR. The upper-upscale segment is expected to rise 7%-9%; upscale 5%-7%, upper midscale 4%-6%, midscale 4%-6% and economy 5%-7%.
Coverage of the 5th annual Hotel Data Conference hosted by STR and Hotel News Now continues this week.
On Tuesday, Hotel News Now’s Ed Watkins reports on property-improvement plans, citing speakers who said the discussion between owners, operators and brand companies on required hotel renovations can prove challenging, but flexibility on both sides pays off.
Coverage then shifts to STR market data. Although occupancy within the top 25 markets is back to its peak, data from STR suggests a missed opportunity for hoteliers to leverage rate, writes Hotel News Now’s Alicia Hoisington. And, while the top 25 U.S. markets get a lot of attention, it’s hotels in the rest of the country that account for the larger shares of revenue and supply, writes Hotel News Now’s Patrick Mayock.
Paris-based Louvre Hotels Group has partnered with Arcus Bauerrichtung GmbH, a German real estate construction group, and Redserve, an Austrian consulting firm specializing in international real estate development, to build a portfolio of 26 hotels in Germany, Austria and Switzerland by 2020, according to a report in Hospitality-on.com.
The first development phase of the $212-million project will focus on cities Munich, Vienna and Zurich, among others. Louvre and Arcus plan to open three to five new hotels each year, with the first expected to open in Munich in the fourth quarter of 2014.
The 26 hotels will be largely developed under the new Tulip Inn Alps Style brand, a spin-off of the Tulip Inn brand.
Las Vegas Sands Corp. and MGM Resorts International are scouting sites for casinos in Japan as Tokyo’s selection to host the 2020 Olympics boosts confidence that gaming will become legal in the city, according to a Bloomberg report.
The International Olympic Committee’s decision fueled speculation Japan will approve casino gambling since the development would add hotel capacity and entertainment venues that could be used during the games. Casinos would also add jobs and draw about $10 billion in sales to bolster the economy.
Tokyo’s potential as a gambling market is also drawing the interest of Caesars Entertainment Corp. and Melco Crown Entertainment Ltd.
Hotel Equities formed a joint venture with Alliance Hospitality to create a portfolio of 55 hotels with a room count exceeding 6,500 in 14 states, according to a news release. Corporate headquarters will be located at the Atlanta, Georgia, offices of Hotel Equities, with regional offices remaining in Raleigh, North Carolina.
Brad Rahinsky, COO, will set the firm's strategic path going forward. The joint venture creates a unique management, leadership and owner-centric organization with a dynamic platform to expand opportunities for current and future hotel partnerships.
Compiled by Jason Q. Freed.