Amidst the hubbub around the midterm elections and continued whispers around recession fears, American travelers quietly passed a milestone in the COVID-19 pandemic in the most recent The State of the American Traveler study, fielded from October 15-22, 2022.
Partner Insights spoke with Michael Kosmas, a partner at Stroock & Stroock & Lavan LLP and head of its global hospitality and leisure practice, for insight on where the sector stands today, and how the pandemic has affected hotel management agreements.
The report shows that operating costs have increased to challenging levels at 55.2% of turnover before rent – the highest since 2007. This has been driven by the soaring utility, premise and operational costs facing operators in the industry, as operators attempt to rebuild following the pandemic.
The relationship between the hotel brands and their franchisees was favorable and constructive in 2020. Both recognized that the impact of COVID was largely out of their control, and the best chances for both entities to survive relied on cooperation.
According to a live poll conducted by GlobalData, a data and analytics company, 57% of respondents are 'not concerned' or are 'not very concerned' about the spread of COVID-19, suggesting that tourists are more prepared to live with COVID-19.
Tourism leaders from across Asia and the Pacific have placed building resilience and embracing innovation at the heart of the sector’s restart and sustainable future.
The British React With Enthusiasm – More Than Half Surveyed Say They Are More Likely to Book a Trip to the U.S.
A senior administration official has told journalists that the entry rules could be dropped as soon as Sunday with the Centers for Disease Control and Prevention (CDC) saying testing is no longer necessary.
A bipartisan group of mayors appeal to Biden administration to remove Covid-era inbound testing requirement
The U.S. travel landscape is approaching a more level, balanced field than it has in the years since the start of the COVID-19 pandemic, and hoteliers are determined to keep industry performance on a steady track, despite obstacles in the form of inflation and a possible economic recession.
The pandemic has forever changed the future of travel. However, the travel demand is up much higher, and new travel trends have emerged since restrictions were relaxed. The changes include some never-before-seen demands from guests looking to travel in the safest and healthiest ways possible. Present-day travelers focus on contact-less everything, with a clear need for severe social distancing elements.
The top three concerns of asset managers are labor availability (90.48%), wage increases (70.24%) and supply chain delays (61.9%).
The U.S. Travel Association renewed its call in a new letter to incoming White House COVID-19 Response Coordinator Dr. Ashish Jha to replace pandemic-era travel advisories, requirements and restrictions with endemic-focused policies that will enable travel to resume fully and freely.
SDSU Analysis Highlights Increased Productivity, Organizational Strength & Collaboration Over Virtual
While some changes the hotel industry shouldered as a result of the COVID-19 pandemic were temporary, more long-term shifts in guest behavior are influencing how hoteliers build, buy and operate hotels.
These policies are crucial to restoring the U.S. economy and workforce as travel was the largest services-based U.S. export prior to the pandemic
Today (Monday 21 February), Australia has reopened its borders to fully vaccinated tourists for the first time in almost two years. With 1 in 20 people planning to travel there this year, Australia is the eighth most popular destination for UK holidaymakers in 2022 and joins five others in the top ten[i] that have announced relaxed travel rules this month.
Uncertainty brought about by the Omicron variant negatively impacted Europe's travel and tourism sector at the end of Q4 2021, hampering prospects for its recovery in the first quarter of 2022. Nonetheless, optimism remains as the European Travel Commission (ETC) predicts tourist arrivals to be just 20% below pre-pandemic levels in 2022.
Omicron has resulted in increased travel restrictions and subdued travel demand around the world. Nonetheless, this time travel demand is likely to rebound at a much faster pace than in prior COVID waves. Continue reading to learn more.
How did destination resorts in the northeastern United States fare during the pandemic? What is the future of this asset class?
Global body warns against unnecessary travel restrictions which damage Travel & Tourism and the wider economy
It seems as if the future of travel has become dependent on pandemic trends. Over the last two years, changes in the travel and tourism industry have primarily been Covid-focused, with new attention being paid to remote variables and contactless benefits.
Major new research from the World Travel & Tourism Council (WTTC) has revealed the global Travel & Tourism sector’s contribution to the global economy could reach $8.6 trillion this year, just 6.4% behind pre-pandemic levels.
American travel sentiment has recovered from Omicron and in some areas even soared to levels not seen since the Summer 2021 vaccine rollout-high. In this positive mindset, Americans have a strong openness to travel inspiration, seeking ideas from a variety of media.
As the hotel industry gathered for the Americas Lodging Investment Summit this week, it served as a chance to dive into projections and analysis for the year to come, and a consensus has emerged on both the recovery and the stumbling blocks ahead.