“PricewaterhouseCoopers' Lodging Industry Forecast” plus 3 more

PricewaterhouseCoopers' Lodging Industry Forecast
Last Minute Labor Day Deals from Hotels.com Include Offerings at New and Renovated Hotels
Gulf Shores, Orange Beach lodging taxes, occupancy rates down due to BP oil spill
New Mideast hotels decline 'substantially'

PricewaterhouseCoopers' Lodging Industry Forecast

Posted: 30 Aug 2010 07:33 AM PDT

30 August 2010

Anticipates Robust Growth in 2011

NEW YORK -- PricewaterhouseCoopers' U.S. lodging forecast expects the lodging recovery that accelerated in the first half of 2010 to gain further traction during the remainder of 2010, as increasing demand begins to rebalance pricing power. Although the pace of demand growth is expected to moderate during the second half of 2010, the recovery is expected to shift from almost exclusively demand-driven to a mix of demand and room rate growth, confirming the return of the business segment. In the first half of 2009, weekday transient demand at higher-priced hotels - a proxy for business travel demand - had fallen 10.6 percent below 2007 levels, when the industry was the strongest. By the first half of 2010, stronger business travel closed more than half of this gap, to just 3.7 percent below 2007 performance.

With growing demand and decelerating supply growth, PricewaterhouseCoopers anticipates that the US occupancy rate will increase 2.6 percentage points for 2010, reaching 57.2 percent. The pricing outlook for the remainder of 2010, and 2011, has improved substantially, resulting in an earlier-than-expected recovery in average daily rate ("ADR") during the second half of 2010. This synergistic effect is expected to result in a 4.1 percent increase in revenue per available room (RevPAR) in 2010.

PricewaterhouseCoopers' quarterly lodging forecast is based on an updated macroeconomic forecast from Macroeconomic Advisers, LLC that reflects a deceleration in the growth of the US economy during the remainder of 2010, but an outlook for a return to an above-trend growth in 2011. Despite lower macroeconomic growth forecast for the remainder of 2010, stabilized conditions among businesses and consumers provide the context for continued lodging demand growth in 2010, albeit at a slower pace than the first half of the year. Macroeconomic Advisers expects real gross domestic product ("GDP") to increase 3.0 percent in 2010, followed by a 3.5 percent increase in 2011.

The current slowdown in hotel construction activity is a key element in the foundation for recovery in operating performance of existing hotels. The pace of new construction starts fell from 133,000 rooms in 2008, to 47,000 in 2009, and most recently to approximately 32,000 rooms (annualized) in the second quarter of 2010. This sets the context for progressively slower supply growth of 2.0 percent in 2010, and just 0.4 percent in 2011. The recovery of business travel is expected to continue as recent corporate earnings reports suggest a more confident segment willing to travel. As a result, ADR decline is expected to moderate to just 0.6 percent this year, followed by robust room rate growth of 4.1 percent in 2011.

"Based on current macroeconomic conditions and the lodging industry's performance during the first half of the year, PricewaterhouseCoopers continues to believe the industry will continue to experience a modest recovery for the balance of this year into 2011," said Scott D. Berman, principal and U.S. industry leader, Hospitality & Leisure, PricewaterhouseCoopers.

A full copy of PricewaterhouseCoopers' US Lodging Forecast can be accessed by visiting: http://www.pwc.com/us/en/asset-management/hospitality-leisure/publications/index.jhtml

About PricewaterhouseCoopers
PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for our clients and their stakeholders. More than 163,000 people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.

"PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity.

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www.pwcglobal.com/hospitality
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Last Minute Labor Day Deals from Hotels.com Include Offerings at New and Renovated Hotels

Posted: 30 Aug 2010 11:12 AM PDT

Posted on: Monday, 30 August 2010, 11:35 CDT

DALLAS, Aug. 30 /PRNewswire/ -- Hotels.com® Labor Day Sale is offering great last minute hotel deals in favorite long weekend destinations including Chicago, Las Vegas, New York, and San Francisco. Many of these cities also boast new and renovated hotels* for guests who want to celebrate hard work by hardly working. Travelers need to book by September 6 for travel between September 1 and September 8 to receive up to 40% savings.

(Photo: http://photos.prnewswire.com/prnh/20100830/NY56630 )

(Photo: http://www.newscom.com/cgi-bin/prnh/20100830/NY56630 )

"The summer is winding down and this sale is great for families looking for one last vacation that won't break the bank," says Taylor L. Cole, APR, director of public relations for Hotels.com. "Our Labor Day sale has attractive deals in cities most favoured by travelers such as New York, San Diego and even exotic locales in Brazil."

Chi Town

Known for its cold windy weather, Chicago exudes an irresistible charm during the summer. With plenty of activities for families to do (museums, parks, exhibits), parents can find hotels starting as low as $47 a night at the three star Wyndham Garden Buffalo Grove. Families who want to be a hop and skip away from the city can call the four star Whitehall Hotel home for only $115 a night when staying four nights or more.

Recommended by 89% of past Hotels.com guests, the Chicago Marriot Downtown Magnificent Mile has been newly renovated and sits right in the heart of the city. Starting at $179 a night, guests can enjoy the Magnificent Mile shops right across the street.

Sin City

For those needing more cash to spend on all the bells and whistles that Las Vegas has to offer, hotel deals in this city can save travelers up to 30% a night. Rooms start as low as $21 a night at the three star Palace Station Hotel and Casino. Travelers looking to indulge at a four star hotel on The Strip can save 30% at Treasure Island Hotel and Casino with rooms starting at $60 a night.

One of the last landmark hotels in Las Vegas, the legendary Tropicana Las Vegas, recently received a $165 million transformation. Boasting newly renovated rooms that exude a South Beach vibe, a night at the hotel starts at $80 a night.

Big Apple

Located two blocks away from Times Square, the Best Western President Hotel is available with rooms starting at $189 a night - a savings of 10% for the holiday weekend. The three star hotel is within walking distance from famous Broadway theatres and Radio City Music Hall.

For the city that never sleeps, the new The Strand Hotel is available for travelers looking to catch some Z's starting at $389 a night.

City by the Bay

A city favored by Hotels.com guests, San Francisco bound travelers can stay at The Hotel Carlton, a Joie de Vivre Boutique Hotel where rooms are starting at $115 - a 35% savings! Modern with an edgy Asian twist, the four star Hotel Nikko is offering 30% off its guestrooms for the long weekend. Rooms at the Hotel Nikko start at $152 a night.

With rooms starting at $99 a night with views of the bay, the new Inn at Oyster Point Hotel has already been recommended by 100% of all past Hotels.com guests.

International Getaway - Brazil

Curitiba, the capital city of the Brazilian state of Parana, is a bustling city filled with cultural excursions and history. Travelers can walk through French gardens, admire the architecture of German churches, sip tea at Japan Square, and more while exploring this exotic destination. The three star Blue Tree St Michel offers a 10% discount where rooms start at $141 a night.

For the full list of new and renovated hotels please click here

For images, company snapshots, and more, please click here for the Hotels.com media room

* New hotels and properties were renovated between March 2010 and July 2010.

For further information, please contact: Jo C Tu - Ruder Finn for Hotels.com Phone: (212) 593-6310 Email: tuj@ruderfinn.com

About Hotels.com

Hotels.com® is a leading provider of lodging worldwide, offering more than 85,000 properties in over 60 countries from national chain hotels and all-inclusive resorts to local favorites and bed & breakfasts. Hotels.com is the smarter way to book travel by offering welcomerewards®, an industry leading loyalty rewards program; the real opinions of other travelers captured in over 1.5 million Guest Reviews and; a Price Match Guarantee, so that those booking with Hotels.com can be assured they are getting the best deal, either online or by speaking directly to a travel expert at 1-800-2-HOTELS 24 hours a day. For more information, please visit hotels.com. Hotels.com is an operating company of Expedia, Inc. (NASDAQ: EXPE). Please visit the Hotels.com Travel Smart Blog for consumer and business travel information. Follow us on Twitter via www.twitter.com/hotelsdotcom, on Facebook at www.facebook.com/hotelsdotcom and take a VirtualVacation at www.virtualvacay.com. Hotels.com, A Smarter Way to Book(TM).

Hotels.com, and the Hotels.com logo are either registered trademarks or trademarks of Hotels.com, LP. Other logos or products and company names mentioned herein may be the property of their respective owners © 2010 Hotels.com, LP. All rights reserved. CST # 2083949-50

SOURCE Hotels.com

Source: PR Newswire

More News in this Category

Gulf Shores, Orange Beach lodging taxes, occupancy rates down due to BP oil spill

Posted: 30 Aug 2010 10:18 PM PDT

GULF SHORES, Ala., — The Alabama Gulf Coast Convention and Visitors Bureau released tourism figures today for the first portion of a challenging 2010 summer season, which show a decline not as high as once estimated for the Gulf Shores and Orange Beach area. Taxable lodging rentals for May 2010 reached more than $20 million, a 7.3 percent decrease from $22 million collected in May 2009. Meanwhile, taxable retail sales topped $51 million for May 2010, which is a 4.3 percent decrease from $53 million for May 2009.

"In May, our beaches and the public's perception were both in a completely different state," said Herb Malone, president/CEO of the AGCCVB.

While June taxes are being processed, hotel and condominium occupancy rates for the month allude to a 20 to 30 percent decrease. Hotels were filled more than 60 percent while condominiums were about 44 percent full. These rates show a decrease of 22.7 percent and 38.4 percent, respectively, when compared to June 2009.

July numbers should be available in August.

New Mideast hotels decline 'substantially'

Posted: 30 Aug 2010 12:58 AM PDT

by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 30 August 2010

The number of new hotels set to open in the Middle East in the coming years has been "adjusted substantially downward' in a new report by Lodging Econometrics (LE).

According to the report, this year some 59 hotels with a total of 15,558 rooms were expected to open, in 2011 another 76 hotels with 21,141 rooms were set to open and in 2012, 111 hotels with 28,498 rooms were expected to come online.

The report said: "Originally scheduled to open earlier, many projects have slowed and are now being pushed outward. Delayed by the lack of available financing for completion, project and guestroom count decreases from LE's earlier forecast range from 22 percent to 28 percent per year."

"At 427 projects, the Middle East total pipeline is at the lowest level since early 2007. Dubai's pipeline, with 83 projects is declining rapidly but still has the 5th largest in the world.

"Abu Dhabi, with 67 projects is the 7th largest pipeline. For both, the ongoing devaluation process and the restructuring of balance sheets for governmental entities and banking institutions has seriously curtailed credit. In effect, the building cycle is now near an end.

"Projects already in the ground have slowed considerably and are awaiting additional financing for completion. Other projects will either remain stalled in the pipeline or eventually be cancelled. New project announcements into the pipeline will be minimal into mid-decade as the property market seeks stabilisation."

The report added that the Middle East was likely to face overcapacity in hotel stock.

"The flow of new openings ahead is almost certain to create an overbuilt condition, outpacing the anticipated rate of demand growth in the region."

refered by ...... ->
url is -> www.arabianbusiness.com%2F595987-substantially-less-mideast-hotels-to-come-on-stream---report

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Monday, August 30, 2010