A global study released by Marriott International at the World Economic Forum revealed international travel is considered more important than the Internet, TV/movies or political diplomacy at stimulating the economy and breaking down cultural barriers, according to a report on HotelMarketing.com.
The independent study conducted by Penn Schoen Berland, a market research, political polling and strategic consulting firm, on behalf of Marriott included views of 1,100 global travelers and opinion leaders from Brazil, China, France, Germany, India, Spain, the United Kingdom and the United States.
Ninety-six percent of respondents, who ranged in age from younger than 35 to more than 50 years old, believed travel and tourism stimulates the economy, while 77% felt “the more people experience other countries and cultures, the more peace will spread.”
“I believe we are entering a “Golden Age of Travel,” where opportunities to do business and travel abroad are opening up like never before,” said Arne Sorenson, Marriott’sCEO-elect and current president, pointing to the number of international arrivals, which have doubled during the past 10 years and will reach 1 billion in 2012, according to theU.N. World Tourism Organization.
Travel opens up your mind, your heart and your wallet. This survey shows it is also a powerful form of soft diplomacy in the world today,” he said.
Optimism appeared to be the dominating sentiment among attendees of this year’s Americas Lodging Investment Summit in Los Angeles.
Improving industry fundamentals, an influx of foreign capital and the possibility of distressed sales have dealmakers expecting an active transactions year in 2012, writes HotelNewsNow.com’s Shawn A. Turner.
Read “Deal experts optimistic in 2012.”
A downpour that coincided with the start of ALIS didn’t dampen the realistic optimism among attendees, writes STR’s Jan Freitag in a HotelNewsNow.com blog. STR is the parent company of HotelNewsNow.com.
Read what else Freitag had to say in his wrap of us ALIS “It never rains in Southern California ...”
The U.S. economy grew at its fastest pace in more than a year and a half during the final three months of 2011, signaling a sturdier recovery took hold despite troubles in other parts of the world, reports the Wall Street Journal.
The nation’s gross domestic product grew at an annual rate of 2.8% between October and December, the Department of Commerce said Friday. That is up from 1.8% growth in the third quarter and 1.3% in the second quarter. It was the fastest pace since the second quarter of 2010.
One encouraging sign was consumers continued to step up spending, as more Americans got jobs, their disposable incomes rose and price increases eased. Consumer spending, which accounts for more than two-thirds of demand in the economy, rose by 2% during the fourth quarter compared with 1.7% in the third and 0.7% in the second quarter. The increase in spending came as Americans continued to dip into their savings, as the personal savings rate slipped a bit.
A Cheaphotels.org survey revealed New England Patriots and New York Giants fans looking to stay in Indianapolis for the Super Bowl will have to spend big bucks for a hotel room.
In center city Indianapolis where the football showdown will take place on 5 February, hotels are sold out. This situation opened the door for accommodations in the outside neighborhoods to hike their rates exorbitantly on the limited few remaining hotel rooms that are still available, according to the report.
At the America's Best Value Inn, which is located in the East Indianapolis neighborhood, a room that regularly goes for US$66 per night is increasing to US$990 Super Bowl weekend. That figure represents a 1,400% cost increase.
Percentage wise, the Knights Inn Indianapolis is boasting an even bigger increase of 1,759%. Situated close to the Indianapolis airport, this accommodation will be charging US$725 to spend the night over Super Bowl weekend instead of its usual US$39.
Pebblebrook Hotel Trust this week released its outlook for 2012, which assumes continued improvement in economic activity and positive business travel trends.
“We continued to experience healthy demand growth in travel, from both business and leisure, throughout the fourth quarter, allowing Pebblebrook and the industry to increase occupancies and push pricing,” Jon Bortz, chairman, president and CEO of Pebblebrook, said in a news release. “We expect that 2012 will be a very good year for the overall hotel industry, with the continuation of these positive trends. We’re forecasting U.S. industry (revenue per available room) to increase between 6% and 8% over 2011. Our portfolio, comprised of high-quality hotels located in major gateway cities, should benefit from this strong recovery in travel and outperform the industry. For our portfolio, we’re forecasting RevPAR to increase 8% to 10%.”
The real-estate investment trust is estimating U.S. GDP to increase between 2% to 2.25%.
Compiled by Stephanie Wharton.