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Fourth Quarter 2018: “David” Hotels Continue to Dominate the “Goliaths”
No full textHotels in gateway cities continue to shine, with prices rising 25 percent year over year, compared to an 8-percent rise for hotels in non-gateway cities. Hotel financial performance is still breakeven, with operating profit similar to a hotel property’s borrowing cost, based on economic value analysis. Year over year, mortgage financing volume for hotels fell, as interest rates on Class A and Class B and C hotel deals have risen. A reading of our tea leaves suggests prices are expected to decline for the “Goliaths,” that is, large hotels, while prices moderate (at best) or decline slightly (at worst) for smaller “David” hotels. This is report number 29 of the index series.
Supplemental File: Hotel Valuation Model (HOTVAL) We provide this user friendly hotel valuation model in an excel spreadsheet entitled HOTVAL Toolkit as a complement to this report which is available for download from http://scholarship.sha.cornell.edu/creftools/1
Tailwinds on the U.S. Gulf Coast: How the Boom in U.S. Energy Production is Creating Opportunities for Real Estate Investment
No full textThe Federal Government’s commitment to deepen the Mississippi River channel and its decision to allow the exportation of crude have created many opportunities in the U.S. Gulf Coast region for private investment and development. Yet the country’s resurgence in energy production is temporarily impeded by a lack of sufficient infrastructure necessary to match supply with demand. As the glut of U.S. crude and demand for infrastructure increases, the need for industrial facilities on the Gulf Coast continues to grow. These facilities are essential to economic development along the nation’s southern energy corridor. The real estate industry’s investment in this region emphasizes the interdependence of the public and private sectors to create value
Drivers of Change in Hospitality
Full text link[Excerpt] The number of international travelers is expected to almost double by 2036, and as this number grows, so too do the demands on the hospitality industry. This is a period of unprecedented change, where advances in cloud and analytical technology meet guests who both create and share more data, and place higher demands on their hospitality experience. The outcome? A new challenge is born. The industry must accommodate growth, but crucially it must also leverage a unique opportunity to futureproof operations. Integrated technology across the hospitality ecosystem will underpin the solutions and innovative applications of tomorrow.
From the fundamental role of technology to new experiences, brand loyalty and unlocking booking capabilities – these are the core elements of hospitality that must adapt. To understand what exactly is driving change and the opportunities to be unlocked, Foresight Factory worked with Cornell University, Amadeus and InterContinental Hotels Group (IHG) to identify three emerging trends that the sector must respond to today, to meet the needs of the consumer of the future.
Central to each emerging trend are changing guest behaviors and needs. To understand the guest of the future, we conducted a survey of over 7,500 consumers across 12 markets, questioned on-the-ground travelers from Foresight Factory’s Trendspotter network, and interviewed a number of industry experts on the trends they see impacting the guest experience of tomorrow.
Each trend unpicks a different aspect of the hospitality industry that will be disrupted when operational advances begin capitalizing on new guest expectations. Expect tech that augments the human hospitality service, loyalty programs that are enriched with insights from guest data and booking processes that are built on what guests value rather than standard configurations. To define how the industry can meet these three new challenges through appropriate investment in technology, Cornell University offers unique and actionable recommendations throughout
The Evolving Relationship Between Ship Attributes and Expert Ratings of the Overall Cruise Experience from 1999 to 2019
Full text linkConsumers of hospitality products are faced with an array of choices from a variety of information sources. As a result, they can feel overwhelmed and try to simplify their purchase decisions effectively and efficiently. This is often the case in the cruise industry. Leisure cruise consumers frequently use expert reviews for guidance when comparing ships, accommodations, food, service, and entertainment. This study utilizes expert review data to analyze the relationships between ship attributes and ratings of the overall cruise experience. A novel contribution of this paper is the examination of these relationships across three different points in time (1999, 2009, and 2019) to explore the influences of product changes on expert reviews. The results show that certain ship characteristics are related to experience ratings, but their effects have changed over time. The findings allow cruise operators to focus their efforts on the ship attributes that experts deem most important for success and help cruisers better identify the “perfect” ship for their vacations
First Quarter 2019: Déjà Vu All Over Again: Reliving Groundhog Day
No full textHotels in non-gateway cities outperformed those in gateway cities for the first time since the first quarter of 2006. That said, overall hotel financial performance still stands at breakeven, with operating profit similar to a hotel property’s borrowing cost based on economic value analysis. Smaller hotels and hotels involved a repeated sale rose in price, while larger hotels continued their downward price spiral. The cost of hotel debt financing has declined, with a narrowing in the relative risk premium for hotels. A reading of our tea leaves suggests prices are expected to decline for both large and small hotels. This is report number 30 of the index series
Domestic Trek: Los Angeles, California
No full text[Excerpt] On the first day of the Baker Program’s Los Angeles trek, students visited Tustin Legacy, a 1600-acre development that is among the largest undeveloped land in Southern California. This site was constructed and commissioned shortly after Pearl Harbor as a Lighter-Than-Air (LTA) facility to patrol the Pacific coastline with manned blimps. At one point, as many as 12 blimps operated from two hangars on the site. The hangars, two of the largest wooden structures ever built, are over seventeen stories high, 1,000 feet long and 300 feet wide. Listed on the National Register of Historic Places, the hangars are the only historical remnants of the site’s prior use. Their interior and exterior features have been showcased in film and television productions over several decades