London hoteliers could see double-digit revenue-per-available-room growth this year, according to the latest Hotel Market Outlook, a quarterly report issued by Deloitte.
The latest Outlook, which crunches data from STR Global, expects the first three quarters of the year to post double-digit RevPAR increases, although this will decelerate toward the end of the year. More than £10 (US$15.19) is expected to be added to average room rates in London while occupancy is expected to peak in the third quarter at 87.2 percent. However, the first outlook for 2011 suggests the strong growth this year will not be sustained next year, with RevPAR growing at a more moderate 1.4 percent.
Nonfarm payroll employment increased by 162,000 in March, and the unemployment rate held at 9.7 percent, the U.S. Bureau of Labor Statistics reported today. Temporary help services and health care continued to add jobs over the month. Employment in federal government also rose, reflecting the hiring of temporary workers for Census 2010. Employment continued to decline in financial activities and in information.
The number of long-term unemployed (those jobless for 27 weeks and over) increased by 414,000 over the month to 6.5 million. During March, 44.1 percent of unemployed persons were jobless for 27 weeks or more.
The number of persons working part time for economic reasons (sometimes referred to as involuntary part-time workers) increased to 9.1 million in March. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
In March, average hourly earnings of all employees on private nonfarm payrolls fell by 2 cents, or 0.1 percent, to US$22.47, following a four-cent gain in February.
JW Marriott plans to open 10 properties in five countries in 2010, bringing the total global portfolio of the brand to 54 hotels and resorts comprising 24,000 rooms. This growth represents an investment exceeding US$2 billion by JW Marriott property owners and franchisees.
The 10 JW Marriott hotels and resorts opening in 2010 are: China—Hangzhou; Colombia—Bogota; India—Bengeluru, Chandigarh and Chennai; Turkey—Ankara; and the United States—San Antonio, Los Angeles, Miami and Chicago.
The Ritz-Carlton, Los Angeles opens today in downtown Los Angeles. The opening is the final piece of L.A. LIVE, the US$2.5-billion sports, residential and entertainment district, which was inaugurated with the opening of STAPLES Center in 1999.
The 123-room hotel comprises the upper floors of the 54-story tower that it shares with sister hotel the JW Marriott Los Angeles at L.A. LIVE and The Ritz-Carlton Residences at L.A. LIVE.
Hilton Worldwide seems to be going back, at least temporarily, on its plan to devalue its HHonors loyalty program points. The company is offering members the opportunity to redeem 40 percent fewer points at participating hotels. The Point Stretcher Rewards are available through 30 June.
Compiled by Stacey Higgins and Jeff Higley.