The Covid-19 pandemic has forced us to question the way our economy and society have operated for centuries. The pandemic coupled with severe climate change is making us rethink age-old operating models, forcing many industries to reoptimize their operations. This holds true for the hotel industry as well.
Most hotels measure payroll as a percentage of revenue or, as it is commonly referred to, labor cost percentage. This is not helpful. Why, you ask? Well, first of all, if sales magically increase because of an increase in the average room rate or average cover, your labor cost will automatically improve. Did anyone actually do anything better with the payroll?
U.S. hotel occupancy declined 29.2% to 50% during the week of 4-10 October. ADR fell 25.9% to $97.67 and RevPAR dropped 47.5% to $48.85.
Canadian hotel occupancy fell 54% to 32.2% during the week of 4-10 October. ADR decreased 27.9% to 115.03 Canadian dollars ($86.82) and RevPAR dropped 66.8% to CA$37.09 ($27.99).
Each year, HVS researches and compiles development costs from our database of actual hotel construction budgets. This source provides the basis for our illustrated total development costs per room/per product type.
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Hotels in Dubai, United Arab Emirates, reported occupancy fell 37.6% to 45.4% in September, according to preliminary STR data. ADR declined 20.8% to 284.15 Emirati dirhams ($77.37), while RevPAR dropped 50.6% to 129.03 Emirati dirhams ($35.13).
STRs Forward STAR data shows that Australias short-term hotel performance will remain similar to recent months with regional areas outperforming capital cities.
Research provides data on issues industry needs to address to hasten recovery