October 21, 2009 |
While hotels across the country continue to struggle with slumping occupancy rates and sliding revenue, industry data released Tuesday show signs of improvement in several regions, including Southern California. The hotel occupancy rate nationwide dropped 5.4 percentage points to 59.8% in the first week of October, compared with the same period last year, while revenue per available room fell 12% to $59.28, according to Smith Travel Research Global, an industry research firm. The numbers are the latest in a series of reports chronicling one of the worst slumps in decades for the hotel industry.
February 7, 2011
Blackstone Group agreed to buy a majority stake in Strategic Hotels & Resorts Inc.'s Hotel del Coronado to help restructure the debt on the Southern California resort that was the backdrop of the film "Some Like it Hot. " Strategic Hotels formed a joint venture with Blackstone Real Estate Advisors and KSL Resorts, an affiliate of Kohlberg Kravis Roberts & Co., investing an undisclosed amount of cash into the luxury hotel and converting a portion...
September 17, 2012 |
In the end, one group of Americans can proclaim both the Republican and the Democratic conventions a success: hotel owners. The Republican National Convention in Tampa, Fla., and the Democratic National Convention in Charlotte, N.C., combined to generate $46 million in hotel revenue, according to a report issued Monday by Smith Travel Research. Despite the threat of Hurricane Isaac, the Republican National Conventions in late August pushed hotel occupancy levels in Tampa to an average of 81%, while the Democrats who met in early September increased occupancy in Charlotte to 92%, according to the report.
February 3, 2013 |
For the ninth consecutive year, Moscow hotels ranked as the most expensive in the world for business travelers, followed by Lagos, Nigeria, and New York City. The ranking, based on an annual survey by U.K.-based Hogg Robinson Group, a travel, expense and data management firm, concluded that hotel rates around the globe grew by an average of 1.4% last year, compared to a 1% increase in 2011. (In the U.S., hotel rates jumped 4.2% in 2012, to an average of $106 per night, according to STR, formerly known as Smith Travel Research.)
September 4, 2010 |
The nation's hotel industry, already struggling to pull out of its worst slump in decades, is now suffering from another loss in revenue because of the booming popularity of cellphones and laptop computers. In the past, hotel operators could expect to collect extra money by charging guests for in-room phone calls and on-demand movies. But today most guests check into a hotel packing cellphones and laptop computers that are linked to the Internet and loaded with movies, games and music.
August 5, 2009 |
The Hotel Bel-Air, a storied Mission-style landmark frequented by Hollywood's elite, will close for nearly two years for a multimillion-dollar face lift that will put hundreds of staffers out of work. The massive renovation, beginning Oct. 1, will include upgrades for all 91 rooms and suites, the hotel's Champagne Bar, its restaurant and private dining rooms. When it is finished in mid-2011, the hotel will boast 12 new villas and a spa with seven treatment rooms.