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1. US Faring Better Than Other Countries Amid Inflation
In comparison to the rest of the globe, the United States has fared better during the past few months than other countries as inflation rises, the New York Times reports.
Consumer prices in June increased 9.1% in the U.S. compared to the same time last year, while the European Union experienced a 9.6% increase.
"In Europe, supply has played a bigger role. The five-month-old war in Ukraine was a more direct shock to Europe than it was to the rest of the world, because it pushed the continent to try to end its reliance on Russian oil and gas. That prompted Europe’s recent jump in inflation," the news outlet reports.
2. Number of Accommodation Workers Employed Nationwide Declines
Estimates from the U.S. Bureau of Labor Statistics shows approximately 1.7 million accommodation workers were employed across the nation in June, which is a 16% decline from June 2019, the Wall Street Journal reports.
Data from STR, CoStar's hospitality analytics firm, shows room occupancy was 4.5 percentage points lower than it was pre-pandemic.
C. Patrick Scholes, managing director of lodging and leisure equity research at Truist, estimates the lack of housekeeping staff is contributing to some full-service hotels selling fewer rooms.
3. Hotel Investors Move Forward on Projects Despite Recession Risk
Hotel investors, developers and executives speaking at the Americas Lodging Investment Summit Summer Update said projects are still moving forward despite inflation and supply-chain issues, Hotel News Now's Sean McCracken reports.
However, Miraj Patel, president of Wayside Investment Group, warns that investors must better scrutinize projects.
"It's going to be important that we have a proper business plan, that we've looked at every deal that's come about and is there going to be a good exit at the end," he said. "And if we were to not have an exit due to change, are we going to be able to operate and still have cash flow?"
4. Organizations Form Women in Hospitality Alliance
A total of 18 organizations across the hospitality industry have joined forces to form the Women in Hospitality Leadership Alliance. The alliance is aimed at advancing women in leadership, according to a news release.
Participating organizations of this alliance, spearheaded by hotel industry veteran Rachel Humphrey, include the African Association of Women in Tourism and Hospitality; ForWard: Women Advancing Hospitality; She Has a Deal; and Women Own the Room by Wyndham.
“There are so many organizations and leaders committed to this important initiative. By collaborating, we're able to advance all these efforts which will move the needle farther and faster for our industry,” Humphrey said in the news release. “At a time when human resources and financial resources are at a premium, it is great to see these groups getting together and sharing with one another in an effort to maximize the impact of each and collectively of all.”
5. CDC Adds More Destinations to High-Risk Travel List
New destinations have been added to the U.S. Centers for Disease Control and Prevention's high-risk category for travel, including two Central American countries, CNN reports.
El Salvador and Honduras both have been added as Level 3, "high" risk, along with Bangladesh, Bosnia, Herzegovina, Poland and Fiji. This designation applies to locations that have had more than 100 COVID-19 cases per 100,000 residents in the past 28 days.
A majority of Europe remains on the high-risk list, including France, Germany, Italy, Spain and the U.K.