HNN recaps 5 things to know from 2010 with stories and videos as part of its look back at 10 years of the hotel industry.
GLOBAL REPORT—After two tough years, things were starting to look up for some in the hotel industry in 2010 while others predicted more hard times ahead.
A more optimistic tone started to emerge from the Industry Real Estate Finance Advisory Council in January at the Americas Lodging Investment Summit.
“I am shocked at the last eight to nine weeks that I have had no bad news, and I’m seeing an increasing amount of good news,” said Laurence Geller, president and CEO of Strategic Hotels & Resorts. “(At the) Four Seasons (Washington) D.C., I am astonished at the level of business and the level of spending that’s coming back. I’m pleased with what I’m seeing in group pace for the entire portfolio.
IREFAC members seemed optimistic, but other panelists at ALIS in 2010 predicted there wouldn’t be any type of recovery until group business returned.
“The biggest surprise for us was the unbelievable decline in group declines and cancellations,” said Ed Walter, then-president and CEO of Host Hotels & Resorts. “That’s one of the things we typically count on to prop up our performance.”
In Europe for the same month, occupancy increased 5% year over year, average daily rate increased 3.3% and RevPAR increased 4.8%.
In November, STR revised its 2010 outlook based on increased occupancy. Occupancy predictions were bumped up from 0% to +5.3%, ADR went from -3.2% to -0.1% and RevPAR from -3.2% to +5.4%.
Read through the stories below to revisit more industry news from 2010.