The increasing concern over the COVID-19 implications on the travel and tourism sector coupled with a challenging economic outlook for the GCC region will have a major impact on the recovery of the hotel sector. Although COVID-19 has challenged our fundamental forecasting approach that typically relies on predictable market trends and metrics, we share our assumptions pertaining to what the recovery model may look like for select cities in the GCC and the likely impact on EBITDA.
While the pandemic is anticipated to prolong, hotels should start to draw up plans in preparation for a recovery. In the meanwhile, it is the perfect time to relook into operational strategies, cost-saving initiatives, refurbishment, marketing distribution channels, staff training and technology upgrade.
In Focus: Singapore 2020 provides an overview of Singapore’s tourism landscape and hotel market performance, infrastructure development, revitalising and repurposing hotels, hotel transactions and investment in 2019, outlook and crisis management.
Albeit often not the winter weather, the lower cost of living, numerous leisure and recreational attractions, and the presence of Fortune 500 companies drives the appeal of the Twin Cities. While 2018 was a record year for the metro hospitality market, 2019 was less profitable for many of the roughly 370 hotels in the hub of the nation’s friendliest state.
In 2018, Amazon announced the locations for its coveted HQ2. Along with this announcement, the company also disclosed a new Center for Operational Excellence to be built in Downtown Nashville, bringing with it 5,000 new high-paying jobs. But how will this impact the local lodging industry, especially amid a massive number of new hotels flooding the market?
Orlando has long been distinguished as an iconic vacation destination by continuing its ranking as the No. 1 destination in the United States, according to Visit Florida. Since 2013, Orlando has reigned as the nation’s “Most Visited Tourist Destination.” With multiple factors driving Orlando’s appeal, hotel investors and developers are curious as to what is on the horizon for the hospitality market in Central Florida.
Kalispell and Whitefish act as gateways to Glacier National Park and have benefited from recent tourism growth and developments throughout the region. These two cities, as well as the national park, are the largest drivers of economic growth for Flathead County.
A few major cities in Oregon, including the state’s capital, are located along Interstate 5, a major corridor that spans the length of the West Coast. Salem, Eugene, and Medford are prominent stops and growing tourism destinations along this route.