Str News
Rio 2016: Hotels see sharp upturn in revenue during Olympics
Rio de Janeiro’s hotel industry saw a substantially larger impact as host of the 2016 Olympics than London in 2012 and Beijing in 2008, according to data from STR. During the month of August, Rio de Janeiro hotels posted a 199.2 per cent surge in average daily rate to BRL1,250.
Fiji Hotel & Tourism Association partners with STR
STR has partnered with the Fiji Hotel & Tourism Association to advance performance growth for the hotel industry in the destination. “We have great expectations for our partnership with the FHTA,” said Jesper Palmqvist, STR area director for the Asia Pacific region.
STR reveals positive impact of NFL on American hospitality
The National Football League has generated an average impact of US$75 million on hotel room revenue during the past eight seasons, according to a study by STR’s consulting and analytics division. In 2015, the NFL had a net impact of US$77 million on hotel room revenue. For the purposes of its analysis, STR matched every NFL game since 2008 with its respective home city to determine the impact on local hotels.
STR: Mecca leads way in Ramadan hospitality bookings
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.
STR warns of ‘strong headwinds’ in Brexit vote
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 acquires LJ Research for undisclosed sum
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.
STR: Cairo leads African hotel development
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.
Timmons takes up senior operations role at STR
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.
STR reveals strong increase in Mexican hotel RevPAR
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.
STR reveals US hotel investors spent $28bn on property in 2014
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.
Ramadan fails to shake Dubai hospitality market
Hotels in Dubai, United Arab Emirates, performed nearly in sync during Ramadan 2014 compared with Ramadan 2013, according to STR Global. The shift of Ramadan impacts travel patterns which in turn affected overall hotel performance in Dubai.
STR Global records positive trend for London hotel market
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.