For those of you lucky enough to be near a computer screen during this time of year—have no fear about your hotel news updates! We will continue to publish "5 things to Know" this week, even with our modified content format. Happy Holidays!
London hotels recorded profitability growth in November, according to the latest HotStats survey from TRI Hospitality Consulting published on Hotel News Resource.
Gross operating profit per available room increased by 10.7% to £85.38, taking the year to date average for GOPPAR to £68, which is 14.7% higher than the same time in 2009. Total revenue per available room grew by 8.4% to £168.20 from £155.14 in 2009.
Standard & Poor’s S&P/Case-Shiller Home Price Indices for October 2010 shows a deceleration in the annual growth rates in 18 of the 20 metropolitan statistical areas in the United States and the 10- and 20-city composites in October, compared to what was reported for September 2010.
Home prices decreased in all 20 MSAs and both composites in October from their September levels. During October, only the 10-City Composite and four MSAs–Los Angeles, San Diego, San Francisco and Washington, D.C.–showed year-over-year gains. While the composite housing prices are still above their spring 2009 lows, six markets–Atlanta, Charlotte, Miami, Portland, Oregon; Seattle; and Tampa–hit their lowest levels since home prices started to fall in 2006 and 2007, meaning average home prices in those markets have fallen beyond the recent lows seen in most other markets in the spring of 2009.
The high rollers (in the meetings and conventions business, that is) will return to Las Vegas in 2011, according to a story in the Las Vegas Sun.
Next year’s visitor numbers are expected to reach levels on par with late 2005 or early 2006, which is just off the epic highs of 2007.
Jan Freitag, VP of global development for STR, told the Las Vegas Sun the dive in corporate travel wasn’t just a Las Vegas phenomenon. In more cases than not, he said, Las Vegas defies conventional travel trends.
The Las Vegas Convention and Visitors Authority reported that meeting planners who promised to call when they were ready to book again have come through; many annual shows are expected to see higher attendance; and the rotating convention schedule will bring more business to Sin City in 2011.
Grupo Carso SAB, the holding company controlled by billionaire Carlos Slim, added a Florida property to its Mexican hotel chain as it prepares for a spinoff of its real-estate unit, Bloomberg reports.
Carso acquired the Ramada hotel in September in Kissimmee, Florida, according to a filing with Mexico’s banking and securities commission. The property is part of the Ostar Hotel Group, which includes five other Mexican hotels.
Consumer confidence in the U.S. dropped slightly in December, according to Bloomberg.
The Conference Board Consumer Confidence Index, which had improved in November, decreased slightly in December. The Index now stands at 52.5, down from 54.3 in November. The Present Situation Index declined to 23.5 from 25.4. The Expectations Index decreased to 71.9 from 73.6 last month.
Compiled by Stacey Higgins.
