The United States’ second largest hotel market has seen a rebound in leisure visits but not business, reports HotelNewsNow.com’s Patrick Mayock in today’s Orlando market report.
The tide began turning during June 2010, the first time the market posted a statistically significant increase in average daily rate since June 2008 and the first time it recorded simultaneous increases in occupancy, ADR and revenue per available room since March 2008, according to STR.
That 2010 midpoint began a seven-month string of year-over-year increases in all three performance metrics that ended this past January—a historically slow month—with a 0.4% decline in ADR.
• Read “Tourists bring sun to Orlando.”
It’s International Hotel Investment Forum time in Berlin—which means there are several news items that have been timed to come out during the event. Here are the ones we’ve seen this morning (expect more coverage from HotelNewsNow.com this week):
• Hilton Worldwide would like to call attention to its European pipeline—of which it can claim 12.4% of rooms (15,411 rooms) in the active pipeline in Europe, according to data from STR Global.
• Marriott International is planning the first four Autograph Collection hotels in Europe. The hotels, all in Spain, are: AC Santo Mauro, Madrid; AC Palacio del Retiro, Madrid; AC Palacio de Santa Paula, Granada; AC Baqueira Hotel & Spa, Baqueira.
• Starwood Hotels & Resorts Worldwide opened the new Sheraton Milan Malpensa Airport Hotel & Conference Centre. Owned by the Degennaro Group in collaboration with SEA – Airports of Milan, Sheraton Milan Malpensa features 433 rooms, 19 Suites, 58 Club Rooms and a 2,100 square foot dedicated Club Lounge.
Bing Travel announced it had a new technology partner, KAYAK. In the coming weeks KAYAK will provide flight search results in the U.S. from multiple cities, airports and airlines, giving customers access to a larger set of flight itineraries as they work to plan and book travel on Bing.
According to the company: “Bing Travel is getting more powerful and comprehensive when it comes to helping customers plan and book travel. When combined with Bing’s own tools and technologies such as Price Predictor, rate indicator, flexible search tools and Flight Answers, we are really doubling down on giving customers the tools to make faster, more informed travel decisions.”
LaSalle Hotel Properties, a Bethesda, Maryland real-estate investment trust, on 4 March issued a prospectus for a common share offering worth up to US$250 million.
LaSalle said it intends to use the net proceeds to reduce secured and unsecured debt, including amounts outstanding under its US$450-million senior unsecured credit facility and under the US$25-million unsecured credit facility of its taxable REIT subsidiary, LaSalle Hotel Lessee, for future acquisitions, for development activities, to repurchase preferred shares and for working capital and other general corporate purposes.
From the Irish Hotel Federation annual conference: The views of 180 hotel owners and general managers were canvassed and revealed 84% of respondents were concerned about the viability of their business in 2011, according to a story in The Irish Times. Some 46% reported a reduction in overall business, compared to last year, while 33% reported an increase and 21% indicated no change.
Compiled by Stacey Higgins