Login

5 Things To Know for Sept. 2

Today’s Headlines: International Hospitality Investment Forum Opens in Berlin; Service Industries Drive Solid Job Growth Numbers; US Hotels Continue Weekly Declines; Spain Sees Flooding As Ida Remnants Hit New York; Extended-Stay Segment Outperformance Continues
A firefighter removes mud from the streets in Alcanar, Spain, on Sept. 2, a day after flash floods affected the area. (Getty Images)
A firefighter removes mud from the streets in Alcanar, Spain, on Sept. 2, a day after flash floods affected the area. (Getty Images)
Hotel News Now
September 2, 2021 | 2:42 P.M.

Editor's Note: Some linked articles may be behind subscription paywalls.

1. International Hospitality Investment Forum Opens in Berlin

For the first time since the COVID-19 pandemic hit on a global scale in early 2020, European hoteliers are meeting together for a major industry conference — specifically the International Hotel Investment Forum in Berlin. Hotel News Now's Terence Baker reports that hotel leaders are saying they must take away long-term lessons from the pandemic-induced downturn.

Club Med President Henri Giscard d’Estaing said the goal of a hotel stay must evolve from being "experiential" to being "transformative."

“And add to that safety, as we will never forget, at least for some time, what has happened,” he said of the pandemic, which others pointed out was still very much in the present.

2. Service Industries Drive Solid Job Growth Numbers

The U.S. economy added 943,000 jobs in July, pushing down the unemployment rate from 5.9% in June to 5.4% in the July figures, according to the latest data from the U.S. Department of Labor as reported by Reuters.

The surge in new jobs has been lead by "pent-up demand for workers in the labor-intensive services sector," the news outlet notes.

Meanwhile, the upcoming end of expanded federal unemployment benefits could potentially harm both the broader economy and individuals still out of work, the New York Times reports.

3. US Hotels Continue Weekly Declines

The U.S. hotel industry is continuing a trend of steady, but not stark, weekly declines from its summer leisure travel season peak, according to the latest data from CoStar's hospitality analytics firm STR. The industry recorded revenue per available room of $80.53 for the week ending Aug. 28, down slightly from the prior week and a 5.5% drop from the comparable week in 2019.

The drop was the result of a 8.4% decline in occupancy compared to 2019, with that metric now hitting 61%. Average daily rate held strong in its pre-pandemic comparison, up 3.2% from 2019 to $131.91.

4. Spain Sees Flooding While Ida Remnants Hit New York

As what remained of Hurricane Ida hit the Northeast U.S., parts of Spain dealt with severe weather issues of their own, with Reuters reporting intense rain "causing severe flooding in some towns, leaving thousands of people without electricity and forcing the closure of some roads and rail links."

The New York Times took a look at the impact of Ida's remnants in New York, which included "dumping record rain and creating flooding in the five burroughs and New Jersey."

5. Extended-Stay Segment Outperformance Continues

That latest data from The Highland Group show extended-stay hotels continue to outperform their industry peers, with revenues 10.5% higher in July than the same month in 2019.

"Economy, mid-price and upscale extended-stay hotels all posted higher revenues in July 2021 compared to two years ago," a news release notes. "With all three segments posting their strongest monthly ADR growth in 2021, gains in ADR were the main driver of revenue growth."