A study by STR and Tourism Economics indicates that the United Kingdom’s tourism and hospitality sectors have benefited from an increase in arrivals from North America, brought on by the devaluation of the British pound following the June EU Referendum.
Hotels in the Middle East reported mixed November 2016 results, while hotels in Africa posted positive results in the three key performance metrics when reported in US dollar constant currency, according to data from STR.
An STR analysis of the first half of Ramadan 2016 indicates that Mecca, Saudi Arabia, was the only major hotel market in the Middle East to experience an increase in revenue per available room during the first two weeks of the holiday. STR compared preliminary daily data for six hotel markets in the Middle East from June 6th-20th, 2016, with the June 18th through July 2nd Ramadan time period last year.
The United Kingdom’s hotel industry is in the midst of 30 consecutive months of moving average revenue-per-available-room growth. However, the industry could face strong headwinds for future growth if voters approve a measure to exit the European Union today, according to STR.
STR, a data benchmarking and analytics specialist, has acquired LJ Research, a full-service market research agency. The acquisition will enable STR to provide more comprehensive solutions to clients, particularly in the government, tourism and destination verticals.
Cairo and Cape Town’s hotel markets have experienced strong performances over the past five years, according to figures from data and analytics specialist STR. Despite political turmoil, Cairo is starting to recover and the compound of annual growth rate for revenue per available room was up 14.9 per cent for the 2011 to 2015 time period.
Data and analytics specialist STR has named Jon Timmons as the company’s new chief operations officer. Timmons joins STR after a four-year stint at eviCore health care. His first two years with the company were split between director of business intelligence and data warehousing, then he became vice president for technology with a focus on enterprise data management.
The Mexican hotel industry reported mixed results in the three key performance metrics for the first quarter of 2016, according to data from STR released to coincide with Tianguis Turístico. Compared with quarter 2015, the Mexican hotel industry’s occupancy dipped 1.9 per cent to 63.8 per cent. However, a 21.6 per cent rise in average daily rate to MXN2,442.49 drove revenue per available room up 19.2 per cent to MXN1,557.11.
Hotel investors spent $27.8 billion on property acquisitions and developments in the United States during 2014, according to the Hotel Transaction Almanac and the Hotel Development Almanac compiled by STR Analytics. During the year, $18.5 billion in hotels changed hands while another $9.3 billion in new hotel projects opened their doors.
Preliminary data from STR Global for March suggest London hotels showed positive growth in the key performance indicators, with a 0.8 per cent increase in occupancy, to 79.9 per cent, recorded. Supply of hotel rooms increased 1.1 per cent, while demand increased 1.9 per cent), and the average daily room rate increased 7.7 per cent to £132.88 when compared to a year earlier.