Unfortunately for local hoteliers, the crowds gathered around Westminster Abbey and the Buckingham Palace on the day of the Royal Wedding did not seek accommodations in London.
The day prior to the wedding, Thursday 28 April, occupancy in Greater London was only 56.3%, according to data from STR Global. For the wedding day Friday 29 April, hotel occupancy was 61%. Even the week earlier (week ending 23 April) saw occupancy of 84.2% in the city.
While short-term hotel impact wasn’t exactly picture perfect, the long-term effects will be a honeymoon for hoteliers, according to tourism analysts.
The overall Los Angeles hotel market is reporting significant performance increases this year, although there’s significant variance within submarkets, according to a market report from HotelNewsNow.com’s Patrick Mayock.
The downtown tract, for example, recorded a 37.5% increase in revenue per available room through March due primarily to revitalization efforts led by the L.A. Live entertainment/hotel complex. Los Angeles North, however, only experienced a 4.2% RevPAR increase.
The widespread performance gains were fueled by a varied demand base that includes the entertainment, financial services, industrial and apparel industries as well as strong leisure/tourism.
Hospitality Properties Trust today announced its financial results for the first quarter. The Newton, Massachusetts-based company’s portfolio saw a 3.4 percentage point rise in occupancy, a 2.1% increase in average daily rate and a 7.5% gain in RevPAR.
- Funds from operations were US$102.4 million, or 83 cents per share, compared to FFO of US$94.3 million, or 76 cents per share, during the first quarter of 2010.
- Net income available for common shareholders was US$45.6 million, or 37 cents per share compared to US$33.4 million, or 27 cents per share, for the same quarter last year.
- The weighted average number of common shares outstanding was 123.4 million for the quarters ended 31 March 2011 and 2010.
The U.S. travel industry added 14,900 jobs in April, and in the first four months of 2011 expanded employment payrolls by 59,300, accounting for 8% of all jobs created so far this year, according to Friday’s job report from the Labor Department.
Jobs in the travel industry have grown 38% faster than in the rest of the economy, demonstrating travel's ability to put people to work quickly.
“The travel industry is a major job creator for the U.S. economy,” said Roger Dow, president and CEO of the U.S. Travel Association, in a news release. “Travel has added more jobs than mining, construction, utilities, information, and finance combined in 2011.”
Different demos, different online behavior. Hitwise’s latest analysis of the most popular websites for travel accommodations and destinations reveals some interesting differences—and similarities—among various U.S. psychographics.
“Suburban Optimists,” for example, favor Hotels.com, Trump Taj Mahal Casino Resort and Norwegian Cruise Line over traditional powerhouses Marriott International and InterContinental Hotels Group. (This group comprises middle-aged couples and families living in older suburban homes and apartments in coastal states. They like bargain shopping and prefer to travel domestically.)
“White Collar Suburbia”—college-educated baby boomers living in suburban comfort—favor more traditional travel sites like Marriott, Hotels.com, Hilton Hotels Online and IHG.
Despite the differences, both groups had the same most-visited website during April: TripAdvisor.
Compiled by Patrick Mayock.