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Stay up to date with the latest trending hotel news stories that will impact your hotel Revenue Strategy.
Continuing with the recovery being felt by the hospitality industry across much of the world right now, Airbnb has posted its best quarter, breaking records for both revenue and profit.
Its net income increased by 280% year over year to $834 million, with a revenue of $2.2 billion - both company records.
In a shareholder letter, Airbnb said: “This summer, we reached a major milestone of 1 billion cumulative guest arrivals as more people got vaccinated and travel restrictions were relaxed.” It went on: “Host earnings reached a record $12.8 billion in the quarter, and active listings continued to grow.”
Full story: Skift
Melia Hotels International has posted its figures for Q3 2021 and it’s safe to say they’re pretty good. Both revenues and EBITDA have increased from the same time last year, by +161.7% and +329.1% respectively, with revenue almost doubling from Q2 to Q3.
This is particularly impressive when added to the fact that revenue already doubled from Q1 to Q2 this year.
The company’s success has been attributed to a combination of factors: strict cost control, optimization of rates, and digital strength.
Melia’s Q3 report also shows that the net result increased by +64.6% up to September.
Gabriel Escarrer Jaume, Melia’s Executive Vice President and Chief Executive Officer said: “The 3rd quarter of 2021 confirms the road to recovery seen towards the end of the 2nd quarter, with a solid but irregular summer season and moderately positive estimates for the 4th quarter, mainly based on a recovery in international travel and the evolution of the Corporate Travel and MICE segments. Meliá's leadership in resort hotels and bleisure - urban leisure - also allowed us to benefit from their speedier recovery, offsetting a weaker performance in large cities over the period."
Full story: Hospitality Net
The 2021 European Revenue Strategy Forum (RSF) took place in London on November 1, with industry leaders imparting insights into what’s going on in the world of Revenue Management and what the future holds.
The event, entitled Strategy Before Forecast: Open Up Your Revenue, was kicked off by keynote speaker David McCandless, Data Journalist and Founder of Information is Beautiful, with his keynote speech Data is Beautiful looking at the beauty of data and the power of visualization.
“Turning your data into something visual is more effective,” McCandless said. “The data and the idea becomes alive.”
Other highlights from the event included a panel discussion The Cloud: Empowering Innovation delivered by John Lingos-Webb, Senior Director of Global Partnerships and Alliances for Duetto, with panelists Richard Oram, Senior Director, Product Enablement for Oracle; Ben Thomas, Chief Commercial Officer for Penta Hotels; and Jon Davis, Chief Technology Officer for The Ivy Collection, and the discussion revolved around the importance of cloud migration for the hospitality industry.
Full story: Hospitality Net
Data released by Knowland, provider of data-as-a-service insights on meetings and events for the hospitality industry, shows that the volume of October U.S. group meetings went up by 30.4% from September 2021.
For the second month in a row, the data shows that average attendees per event are stronger than in 2019.
Kristi White, chief product officer, Knowland, said, “October continued the strong growth we’ve seen since the beginning of the summer. The Top 25 Markets continue their dominance as the biggest growth markets, however, there were significant shifts in the top markets which is a positive as growth spreads within the Top 25. Finally, there was a substantial uptick in corporate events. While some of this increase is related to shifting seasonality, it is also a sign of corporate events recovering at a faster pace.”
Full story: Lodging Magazine
Continuing with the trend of good news this month, Expedia Group has posted impressive figures for net income and adjusted EBITDA for Q3 2021. The figures almost match numbers from the same period in 2019.
Net income in Q3 2021 was $362 million. It was $409 million in Q3 2019. This is up by 181% compared to Q3 last year when it was $304 million. Adjusted EBITDA for Q3 2021 was $855 million compared to $912 million in Q3 2019.
Peter Kern, vice chairman and CEO of Expedia Group commented: “We are very pleased with the quarter we had in Q3, nearly matching our adjusted net income and EBITDA from 2019. But for [the coronavirus Delta variant], this would have been our most profitable quarter ever.”
Full story: Phocuswire
STR's latest full-year 2021 forecast for the hotel industry shows that despite leisure demand going beyond pre-pandemic levels and hoteliers managing to hold rates through the industry downturn, there is still a ‘long way to go to get back to prior 2019 numbers’.
During the ‘Prognosticating Post-Pandemic: The U.S. Hotel Forecast’ panel at the 2021 Hotel Data Conference, STR President Amanda Hite said that 2021 will end with business transient travel at 70% of what was recorded in 2019.
She added that the year-over-year growth numbers are significant but only because hotel performance was so bad in 2020 because of the pandemic.
The forecast for hotels in the U.S. predicts that occupancy will grow 31.5% year over year to 51.7% and the average daily rate will increase 12% to $115.50, leading to a revenue-per-available-room increase of 47.3% to $63.16.
Hite commented: “It has been phenomenal to watch the revenue management that's happening over the last quarter with the demand that's been out there.”
Full story: CoStar
The recent International Hotel Investment Forum (IHIF) in Berlin saw several leaders join together for the “Global CEOs: The Only Way Is Up – Hospitality Leadership in a Brave New World” panel, during which they disclosed their opinions on the lessons learned through the pandemic and the survival tactics needed for businesses to continue.
Federico J. González, CEO of Radisson Hotel Group, said companies have no choice but to adopt more ‘relevant innovation’ to survive.
He said: “Renovation internally is how you optimize, how you reduce costs, how you bring flexibility to the company….Innovation towards the consumers with better brands, more focused brands, and avoiding proliferation of empty words … when talking about our brands and promises.”
Patrick Pacious, president and CEO at Choice Hotels International, commented on how his business had been pushed by COVID-19 to be more focused. He said: “When you have no guests, you recognize who your customer is. For us, it’s our franchisees. We have 20-year agreements with them, and they’re asking us to bring them business when there are no guests,” he said. “Owners are having to make up the beds. They’re having to man the front desk because we’ve got a labor shortage that was true in the pandemic and it’s gotten even worse as demand has come back. Focusing on that franchisee has always been core to what we do. But we’ve gotten better at it.”
Full story: Hotel Management
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