Traffic to U.S. restaurants has fallen 1.7% so far this year, and is down 2.7% for fast-food eateries.
Traffic to U.S. restaurants has fallen 1.7% so far this year, and is down 2.7% for fast-food eateries.
The U.S. hotel industry started the year with a growth projection of +1.8 percent but is now revised to +1 percent for the year due to underperformance and elevated macroeconomic concerns.
Hyatt, Marriott and other hotel chains are upgrading pay-one-price resorts to lure affluent travelers.
Airbnb is making a renewed push into what it calls Experiences and Services—its second attempt after a 2016 effort failed to gain traction.
New York City hotels averaged an occupancy rate of 82% a week for roughly the first half of the year. That is on par with last year—and nearly 20 percentage points higher than the national rate. Revenue per available room is at $238.93 was well above the national average figure of $99.94.
Days after Hyatt Hotels Corp. completed the acquisition of Playa Hotels & Resorts, it announced it has entered into a definitive agreement to sell all of Playa’s owned real estate portfolio for $2 billion to Tortuga Resorts, which is a joint venture between an affiliate of KSL Capital Partners and Rodina. The portfolio includes 15 all-inclusive resorts across Mexico, the Dominican Republic and Jamaica.
Hotel owners have to contend with what local Los Angeles union leaders say will be the highest minimum wage in the country. The city council voted last month to boost the wage for workers in hotels with 60 rooms or more. Hourly pay, currently $20.32, will increase every year until it reaches $30 in 2028.
Luxury hotels inside airports are having a moment. Affluent vacationers and business travelers are splurging before or after a flight in the same way they are paying up for cushier plane seats with more perks.
United and JetBlue are partnering, expanding JetBlue’s reach and allowing United to resume JFK flights.
DoorDash said it struck a $1.2 billion cash deal to buy closely held software concern SevenRooms, whose technology helps hotels and restaurants manage reservations.