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Although it took three years for the hotel industry to fully recover after the COVID-19 hit, the entire market has picked up the pace of solid growth and is set to reach a new milestone in the following years.

According to data presented by Stocklytics.com, the global hotel industry revenue will grow by 9% and hit $446.5 billion in 2024. This figure is expected to grow by $50 billion in the next four years, with the entire market reaching over half a trillion value.

More than 130 Million New Hotel Users in the Next Four Years

Four years after the COVID-19 hit, the hotel industry has not only fully recovered but is thriving, with people worldwide spending more money than ever on hotel accommodation and services. According to a Statista survey, last year alone, tourists, travelers, and business people paid $411 billion on hotel accommodations or $41 billion more than before the pandemic. This figure is expected to grow by almost 9% and hit $446.5 billion this year. Although the annual growth rate will slow down in the following years, the hotel industry revenue is still expected to increase by an average of $15 billion annually, resulting in a market volume of $508.9 billion by 2028.  

In regional comparison, Asians will remain the biggest spenders in the hotel sector, generating $192 billion or 37% of total market revenue in 2028. North Americans will make up roughly 30% of total revenue that year, or $147 billion, and Europeans follow with $121.6 billion in hotel spending.

Statista survey also showed the hotel sector will see a considerable user increase in the following years. In 2024, more than 1.26 billion people will use hotel accommodations and services, the highest number this market has ever seen. However, Statista expects more than 130 million people to flock to the market in the next four years, pushing the total number of users to almost 1.4 billion.

Hotels Stocks Drop Despite Positive Market Outlook

Despite the positive market outlook and an estimated half a trillion-dollar valuation by 2028, the stocks of the biggest hotel groups have dropped in value over the past few months.

As the single largest player in the hotel industry, Marriott International's stock price dropped by $8 billion in the past two months. In March, the market cap of the world's biggest hotel group was $73.8 billion; now, it's $65.8.

Statistics show the stock price of Hilton Worldwide, the second-largest company in the market, also decreased, falling from $53.8 billion to $50.1 billion in two months. However, Oriental Land, the third-largest player in the market, saw the biggest stock value drop in this period, falling by almost $12 billion to $46.7 billion as of last week.

The full story and statistics can be found here: https://stocklytics.com/content/hotel-industry-to-hit-over-half-a-trillion-dollar-value-by-2028/

 
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WASHINGTON (June 10, 2024) – More than three-quarters of surveyed hotels are experiencing a staffing shortage, and hotels are increasing pay, benefits, and perks to recruit and retain employees, according to a May survey of hoteliers conducted by the American Hotel & Lodging Association (AHLA).

Over the last six months, 86% of respondents have increased wages, 52% have offered greater flexibility with hours, and 33% have expanded benefits to cope with the nationwide workforce shortage. Nonetheless, 79% say they are still unable to fill open positions.

Seventy-six percent of survey respondents said they are experiencing a staffing shortage, and 13% reported they are severely understaffed, meaning the shortage is affecting their hotel’s ability to operate. The most critical staffing need is housekeeping, with 50% ranking it as their top hiring need.

These survey results indicate a worsening workforce situation for hoteliers over the last few months. In a January 2024 survey, fewer respondents (67%) said they were experiencing a staffing shortage, and fewer (72%) said they were unable to fill open positions.

In the May survey, however, respondents said they are attempting to fill an average of seven job openings per property, down from almost 9 positions per property in January.

These staffing challenges are resulting in historic career opportunities for hotel employees. Since the pandemic, average hotel wages have increased faster than average wages throughout the general economy, and hotel benefits and flexibility are better than ever.

“Strong summer travel demand and a nationwide workforce shortage have combined to create more pay, perks, and upward mobility for current and prospective hotel employees,” said AHLA Interim President & CEO Kevin Carey. “But hotels need access to more workers to continue creating jobs. AHLA is lobbying Congress and the administration for a variety solutions to grow the workforce, while the AHLA Foundation’s Empowering Youth and Registered Apprenticeship programs continue to give workers the tools and support they need to enter, advance, and succeed in our industry.”

As of April, there were 8.1 million job openings in the United States and only 6.5 million unemployed people to fill those jobs, according to the Bureau of Labor Statistics. There are tens of thousands of hotel jobs currently open across the nation, according to Indeed.

AHLA is calling on the Department of Homeland Security to expand the workforce by making available nearly 65,000 additional H-2B temporary nonagricultural worker visas as soon as possible, under authority Congress gave it as part of the Further Consolidated Appropriations Act.

Congress can help hoteliers address workforce shortages by taking the following actions:

Expanding and streamlining the legal H-2B guestworker program. The H-2B program allows employers to hire workers from other countries on temporary work permits to fill nonagricultural jobs that last less than one year. The H-2B program is vital to helping independent hotels and resorts in remote vacation destinations fill seasonal roles, but the program is capped at 66,000 visas each year.

Passing the Closing the Workforce Gap Act of 2024 (H.R. 7574). This bipartisan bill would replace the arbitrary annual cap of 66,000 H-2B guestworker visas with a new, needs-based system for allocating visas.

Passing the H-2 Improvements to Relieve Employers (HIRE) Act. This bill would expand the H-2A/H-2B labor certification period to three years and permanently authorize the waiver of in-person interviews for returning workers. The HIRE Act would make it easier for qualified workers to secure jobs in fields that are struggling to recruit and retain enough employees to meet demand. By growing the pool of seasonal workers, the bill would give seasonal small business hotels critical staffing relief and facilitate the hotel industry’s continued recovery.

Passing theAsylum Seeker Work Authorization Act (S.255/H.R.1325). This bill would allow people seeking asylum at ports of entry to be eligible for work authorizations starting 30 days after they apply for asylum, provided their applications are not frivolous; they are not detained; their identities have been verified; and their names are run through the federal government’s terrorist watch lists. This change would help hotels address critical staffing needs by allowing certain asylum seekers to work as soon as 30 days after applying for asylum. Current law prevents them from legally working for at least six months, forcing them to rely on assistance from local governments and communities.

Methodology: AHLA’s Front Desk Feedback survey of 456 hoteliers was conducted May 16-24, 2024.

 
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TORONTO, ON, June 06, 2024 (GLOBE NEWSWIRE) -- Recently, Motel 6, Proud Sponsor of Pets™ and official hotel partner of “The Garfield Movie, appointed its first-ever Chief Pet Officer to help make travelling with pets easier, safer and, most importantly, more fun. The world-famous and beloved orange tabby cat, Garfield, has stepped into the role in support of the new Columbia Pictures/Alcon Entertainment hit animated film, now playing exclusively in movie theatres.

“After a lasagna-filled adventure Garfield knows he’ll experience VIP (Very Important Paws) hospitality at Motel 6,” said Irwin Prince, President and COO of Realstar Hospitality, master franchisor of the Motel 6 brand in Canada. “At Motel 6 we are proud to be pet-friendly and offer a clean, comfortable room to travellers and their furry companions.”

“I love seeing myself on the big screen, so I figured, hey, let’s double down on my big break and take a new position as the first-ever Chief Pet Officer for Motel 6. As you’ll see in my new movie, I know first-hand how good it feels to be welcomed with a nice place to sleep,” said Garfield, Chief Pet Officer, Motel 6. “My first order of business in Canada was to create a fun travel experience for pets and their families with my “Garfield Getaway” contest. Three lucky winners will get the chance to watch me and stay at any Motel 6 in Canada!”

Enter for a Chance to Win a Garfield Movie Getaway!

Pet enthusiasts can enter for a chance to win one of three “Motel 6 Garfield Movie Getaways”. The lucky winners will receive a free two-night stay certificate valid at any Motel 6 location in Canada, a $100.00 CAD prepaid movie gift card and Garfield-themed merchandise. Now through August 31, 2024, at 11:59 p.m. (EST), applicants can enter for a chance to win at www.garfieldgetaway.ca.

“Through this creative and impressive campaign, Motel 6 will certainly raise the bar for the ultimate pet experience with Garfield’s high standard seal of approval,” said Jeffrey Godsick, EVP of Global Partnerships and Brand Management and Head of Location Based Entertainment at Sony Pictures Entertainment. “Who better to provide his expertise to help pet travel be a little easier than everyone’s favourite pampered, Monday-hating, lasagna-loving indoor cat!”

Pet-Friendly Perks

All travelling pet parents can join My6, a free discount program from Motel 6. My6 members save at least 6% off every stay at Motel 6 locations across the country and have access to hundreds of pet-related and travel benefits.

Pets stay free at all Motel 6 locations across the country. To learn more about how Garfield is making a difference in his new role or to book a stay at Motel 6, visit www.Motel6Garfield.com.

 
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TORONTO and McLEAN, Va. (June 4th, 2024) – Hilton, Easton’s Group of Hotels, and The Gupta Group announced the opening of the Revery Toronto Downtown, Curio Collection by Hilton. Each hotel in the Curio Collection portfolio is handpicked for its distinctive design, world-class food and beverage, and curated experiences in exciting global destinations. Revery officially invited guests into its theatrically themed, 224-room hotel on June 4th, 2024, at 92 Peter Street, Toronto, Ontario.

"We're delighted to launch Ontario's first Curio Collection by Hilton property in Toronto. Revery will bring a bespoke blend of sophistication, design, and hospitality,” said Reetu Gupta, author of Auspicious and ambassadress, The Gupta Group and Easton's Group of Hotels. “With its prime location, Revery is more than a destination; it’s an alluring and captivating experience.”

With its fast-growing portfolio of over 160 properties in top destinations, each Curio Collection by Hilton is celebrated for its remarkable character and one-of-a-kind experiences,” said Jenna Hackett, senior vice president, Hilton Lifestyle Brands. “As the first Curio Collection hotel in Ontario, Revery’s guests will soon enjoy immersive, remarkable stays in the heart of Toronto’s Entertainment District.”

Design Takes Centre Stage

Revery’s design acts as a discovery that reflects the lights, drama, and sociability of the neighbourhood. Muse Lobby Bar is full of mystique and fashioned in bold ruby-red textures with white statement lighting. With its entrance on bustling Peter Street, Muse is a modern “concession stand” where hotel guests and neighbours meet for social exchanges over bespoke cocktails, coffee and small bites.

Behind the velvet curtains, guests will step into the “Box Office” under the marquis lights and monochromatic checkerboard concrete tiles. There, they can explore the modern check-in pods, with big screen backdrops playing classic black-and-white movies and historic images of Toronto’s landmarks.

Revery’s nod to the theatre continues in its guestrooms with curved full-length mirrors and clever lighting applications which create a glamourous “dressing room” look. Guestrooms are sleek with ultra-high-gloss lacquered finishes, marble accents, and automated touches to suit the needs of sophisticated travellers.

“Revery Toronto Downtown, Curio Collection by Hilton is where guests can daydream and indulge in meditative relaxation, whether in our glamorous guest rooms or in our captivating restaurants,” said Dr. Steve Gupta, founder & executive chairman of The Gupta Group. “Revery highlights vivid theatre and crafted film concepts, reflecting unique nuances from backstage to dressing room themes, inspiring our guests to experience their own state of “reverie.” Curated moments of celebration will become our guests' lasting memories.”

Star Studded Food & Beverage

Continuing the cinematic theme and Hollywood glamour, anticipation awaits at Deauville Club, Revery’s French-inspired restaurant. The hues are subtle and refined, with oak herringbone floors and violet-infused marble accents. Chef Tom Chlebek's cuisine brings unique expertise and authenticity to every dish. With a keen understanding that mood is paramount, he has crafted culinary experiences that evoke a sense of wonder and delight.

Adjacent to Deauville Club, heavy velvet drapes lead you to the Gupta Room—a private space for meeting and entertaining. Rich in texture and accessories, the mood is set with deep eggplant and dark purple accents. For intimate meetings and events, Revery has two thoughtfully curated spaces to engage and exchange: the Cinema Room and Easton’s Boardroom. Additionally, for larger private parties, Deauville Club is the perfect stage to welcome up to 100 guests.

Situated just a quick walk from the renowned TIFF Lightbox and The Steve & Rashmi Gupta Box Office, Revery invites guests to take in the bustling energy of one of Canada’s most vibrant cultural hubs featuring countless dining, nightlife, shopping and cultural experiences along its way.

Revery Toronto Downtown, Curio Collection by Hilton will participate in Hilton Honors, the award-winning guest-loyalty program for Hilton’s world-class portfolio of distinct hotel brands which boasts over 180 million members. Members who book directly will have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, exclusive member discounts, free standard Wi-Fi and access to the Hilton Honors mobile app.

For more information about Revery Toronto Downtown, Curio Collection by Hilton, visit their website

 

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