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Description

Description

Travel and Tourism Analyst is a series of insightful, informative reports on specialised areas of the tourism industry.

Each report offers an objective and detailed study covering one of the following five sectors:

  • Accommodation – everything from luxury hotels to 'glamping'
  • Transport – from air travel and car hire to the cruise industry, rail and coach travel
  • Niche Markets – key emerging or established sectors of the industry eg ecotourism, festival tourism
  • Outbound Markets – detailed profiles of the world's tourism origin countries
  • Technology – the evolution of the industry online and new technological developments

What's included

What's included

Table of contents

Table of contents

  1. Introduction

      • Definitions
        • Hotel companies
          • Abbreviations
          • Data Sources

            • Economic Outlook

                • The risk of a ‘double-dip’
                  • Commodity prices on the rise again
                    • Figure 1: Forecasted GDP growth by region and major country, 2007-10
                  • Outlook for interest rates
                    • Figure 2: Interest rate trend and forecast, 2007-10
                  • Outlook for exchange rates
                    • Figure 3: Nominal exchange rates (in relation to the US dollar), 2007-10
                  • Outlook for spending on travel and tourism to 2019
                      • Figure 4: Travel and tourism expenditure worldwide, 2009-19
                  • Hotel Capacity by Region

                      • Figure 5: Number of rooms in hotels and similar establishments worldwide, 2003-08
                      • Figure 6: Hotel capacity worldwide, 2009
                    • Africa
                      • Figure 7: Number of rooms in hotels and similar establishments in selected African countries, 2003-07*
                    • Pipeline
                      • Figure 8: Trend in African hotel pipeline, 2008-09
                    • South Africa
                      • Americas
                        • Caribbean
                          • Figure 9: Number of rooms in hotels and similar establishments in selected Caribbean destinations, 2003-07*
                        • Pipeline
                          • Figure 10: Hotel construction pipeline in selected Caribbean countries, 2008
                        • Central & South America
                          • Figure 11: Number of rooms in hotels and similar establishments in selected Latin American countries, 2003-07*
                        • An acceleration in capacity growth over 2008-11
                          • Construction pipeline down 27% from peak
                            • Argentina
                              • Figure 12: Number of tourist establishments in Argentina, by region, June 2009
                              • Figure 13: Number of rooms in tourist accommodation in Argentina, by region, June 2009
                            • Brazil
                              • Figure 14: Hotels affiliated to the ABIH*, by state, 2007**
                              • Figure 15: Room capacity of hotels affiliated to the ABIH*, by state, ranked by number of rooms, 2007**
                            • North America
                              • Canada
                                  • Figure 16: Canadian hotel capacity/pipeline, by chain-scale segment, June 2008 versus June 2009
                                  • Figure 17: Capacity breakdown/supply and demand trends for quality hotels, by major Canadian city and province, YTD July 2009
                                • Mexico
                                  • Figure 18: Trend in the number of rooms in hotels and similar establishments in Mexico, 2002-07*
                                  • Figure 19: Hotel capacity in Mexico, by grade, 2006*
                                • US
                                  • Figure 20: US hotels volume 2003-08
                                  • Figure 21: US hotel room capacity breakdown, by class, type of hotel and size, 31 December 2008
                                  • Figure 22: Hotel room pipeline in the US broken down, by stage of development, August 2008 versus August 2009
                                • Outlook to 2011
                                  • Growth held back by lack of financing
                                    • Cancellations at a record high
                                      • Pipeline overview
                                        • Figure 23: Supply growth* in the US hotel market, 2006-11
                                      • Asia-Pacific
                                        • Australia
                                          • Figure 24: Trend in Australian hotel capacity, December 2007-June 2009
                                        • China
                                          • Figure 25: Number of rooms in hotels and similar establishments in China, 2002-07*
                                        • Pipeline
                                          • Hong Kong
                                            • Figure 26: Hong Kong hotel room supply, 2008-13
                                          • Macao
                                            • Figure 27: Macao’s hotel capacity, 2008-09
                                          • Japan
                                            • Figure 28: Number of rooms in hotels and similar establishments in Japan, 2003-07*
                                          • Thailand
                                            • Figure 29: Thai hotel and guesthouse capacity, by size, 2006 and 2008
                                          • Other East Asian countries
                                              • Figure 30: Number of rooms in hotels and similar establishments in selected East Asian countries, 2003-07*
                                            • South Asia
                                              • India
                                                • Figure 31: Trend in Indian hotel capacity, 2004-09
                                                • Figure 32: Indian hotels, by grade, 2008
                                                • Figure 33: Existing and proposed new branded hotel room capacity projected to open over the period 2009-13, by major urban market and by market segment
                                              • Pakistan and Sri Lanka
                                                • Figure 34: Number of rooms in hotels and similar establishments in Pakistan and Sri Lanka, 2003-07*
                                              • Europe
                                                • Figure 35: Chain hotel capacity in the 27 EU countries, by star grade, 2008* and 2009*
                                              • Pipeline
                                                • Figure 36: Trend in European hotel pipeline, 2008-09
                                              • Alpine region
                                                • Figure 37: Number of rooms in hotels and similar establishments in Austria and Switzerland, 2003-07*
                                              • Switzerland
                                                • Figure 38: Hotels and health spas according to size of establishment, 2008
                                                • Figure 39: Swiss hotel and cure establishment, by major canton, 2008
                                              • Benelux
                                                • Figure 40: Number of rooms in hotels and similar establishments in Belgium and the Netherlands, 2003-07*
                                              • Eastern Europe
                                                • Figure 41: Number of rooms in hotels and similar establishments in selected Eastern European countries, 2003-07*
                                              • Eastern Mediterranean
                                                • Figure 42: Number of rooms in hotels and similar establishments in Eastern Mediterranean countries, 2003-07*
                                              • France
                                                • Figure 43: French hotels, by grade, location and affiliation at 1 January 2008
                                                • Figure 44: French hotel rooms, by grade, location and affiliation at 1 January 2008
                                              • Germany
                                                • Figure 45: Breakdown of registered lodging capacity in Germany, July 2008
                                              • Italy
                                                • Figure 46: Trend in Italy’s hotel capacity, 2004-07*
                                                • Figure 47: Italian hotel capacity, by grade, 2007*
                                              • Nordic area
                                                • Figure 48: Number of rooms in hotels and similar establishments in Nordic countries, 2003-06*
                                              • Portugal
                                                • Figure 49: Portugal’s hotel capacity, by region and as a proportion of total tourist accommodation, 31 July 2007*
                                              • Spain
                                                • Figure 50: Breakdown of available hotel capacity, by grade, September 2007 and September 2009
                                                • Figure 51: Spanish lodging capacity, by principal region, September 2009
                                              • UK
                                                • Figure 52: Number of hotels and similar establishments in the UK, 2004-09
                                              • London accommodation supply
                                                • Figure 53: London hotel supply change, by grade, 2002-06*
                                              • Middle East
                                                • Figure 54: Number of rooms in hotels and similar establishments in selected Middle Eastern countries, 2003-06*
                                              • Pipeline
                                                • Figure 55: Trend in Middle East hotel pipeline, 2009
                                            • The Top Ten Chains Worldwide

                                                • Figure 56: The ten biggest branded hotel chain management and franchise companies worldwide, 2009
                                              • InterContinental Hotels Group
                                                  • Figure 57: IHG’s different business model characteristics, 2009
                                                • Hotels by region, brand and business model
                                                  • Americas
                                                    • Figure 58: The Americas’ hotel capacity, by business model at end 2008
                                                    • Figure 59: The Americas’ hotel capacity and pipeline, by brand at end 2008
                                                  • Expansion in the Americas
                                                    • Over half the pipeline in the Americas
                                                      • Holiday Inn and Holiday Inn Express
                                                        • Crowne Plaza and Hotel Indigo
                                                          • Extended stay and timeshare
                                                            • Expansion in Brazil
                                                              • Europe, Middle East & Africa
                                                                • Figure 60: Europe, Middle East and Africa hotel capacity, by business model at end 2008
                                                              • Strong growth for Russia
                                                                • Figure 61: Europe, Middle East and Africa hotel capacity and pipeline, by brand at end 2008
                                                              • Asia Pacific
                                                                • Figure 62: Asia-Pacific hotel capacity by business model at end 2008
                                                                • Figure 63: Asia-Pacific hotel capacity and pipeline, by brand at end 2008
                                                              • IHG expansion in India
                                                                • IHG’s Indian partners
                                                                  • Holiday Inn management contracts favoured
                                                                    • Wyndham
                                                                      • Only 26% of EBITDA comes from hotels
                                                                        • Franchise structure
                                                                          • Figure 64: Wyndham Worldwide’s hotel capacity and performance, by geographical region, 31 December 2008
                                                                        • Wyndham’s hotel brands
                                                                          • Wyndham Hotels and Resorts
                                                                            • Days Inns Worldwide
                                                                                • Figure 65: Wyndham Worldwide’s hotel capacity and performance, by brand, 31 December 2008
                                                                                • Figure 66: Competitive landscape for Wyndham’s brands, 2009
                                                                              • Hawthorn Suites repositioned
                                                                                • Ramada expands in Canada
                                                                                  • 20 Ramada Encores planned for South Korea
                                                                                    • Ramada and Days Inn expanding in Japan
                                                                                      • Ramada to be Moldova’s first internationally branded hotel
                                                                                        • Marriott International
                                                                                          • Figure 67: Marriott’s hotel capacity, by brand and business model, 2009
                                                                                        • A halt to timeshare development
                                                                                          • A permanent exit from luxury residence development
                                                                                            • But plans to return to timeshare eventually
                                                                                              • Hilton
                                                                                                • Hilton’s new mid-market extended-stay brand
                                                                                                  • Hilton Garden Inn targeting 60 new hotels in 2009
                                                                                                    • Figure 68: Hilton Garden Inns scheduled to open outside the US in late 2009 and 2010
                                                                                                  • Canada a hotbed of growth
                                                                                                    • Growth through conversions
                                                                                                      • Hilton expanding in South America
                                                                                                        • Hampton brand adapted for local market
                                                                                                          • Current pipeline
                                                                                                            • New deals
                                                                                                              • The Denizen that wasn’t
                                                                                                                • The return of documents triggered the lawsuit
                                                                                                                  • Federal grand jury investigation
                                                                                                                    • Accor
                                                                                                                      • Accor hotel brands
                                                                                                                        • Standardised versus non-standardised
                                                                                                                          • Extended stay
                                                                                                                            • Adagio set to quadruple its room count?
                                                                                                                              • Figure 69: Structure of Accor’s brand portfolio, 2009
                                                                                                                            • Luxury and upscale
                                                                                                                              • Sofitel legend
                                                                                                                                • So by Sofitel
                                                                                                                                  • Pullman guests needn’t bring their laptops
                                                                                                                                    • MGalley, ‘The art of staying’
                                                                                                                                      • Midscale
                                                                                                                                        • Mercure
                                                                                                                                          • Suitehotel
                                                                                                                                            • Economy
                                                                                                                                              • Ibis
                                                                                                                                                • all seasons
                                                                                                                                                  • Etap Hotel, Formule 1 & F1
                                                                                                                                                    • Motel 6
                                                                                                                                                      • A new build prototype for Motel 6
                                                                                                                                                          • Figure 70: Accor’s hotel portfolio, by brand and geographical location, 31 December 2008
                                                                                                                                                        • Accor’s Brazilian partner
                                                                                                                                                          • A strategic partnership
                                                                                                                                                            • Mercure’s Asian expansion
                                                                                                                                                              • Accor’s expansion in Indonesia
                                                                                                                                                                • Accor has big plans for India
                                                                                                                                                                  • Ibis
                                                                                                                                                                    • Novotel
                                                                                                                                                                      • Sofitel
                                                                                                                                                                        • Aerocity
                                                                                                                                                                          • Lavasa
                                                                                                                                                                            • Pullman brand targeted
                                                                                                                                                                              • Expansion plan in Middle East
                                                                                                                                                                                • Accor is reducing its ownership of hotels
                                                                                                                                                                                  • 158 Formule 1s sold
                                                                                                                                                                                    • Figure 71: Hotel portfolio, by ownership structure and brand at 31 December 2008
                                                                                                                                                                                  • Accor to become pure-play hotel company
                                                                                                                                                                                    • Choice Hotels
                                                                                                                                                                                      • Choice brands
                                                                                                                                                                                        • Choice’s US hotel portfolio
                                                                                                                                                                                          • Choice’s CRS generate a third of franchisee room revenues
                                                                                                                                                                                            • Figure 72: Choice’s US franchise system, 2004-08
                                                                                                                                                                                          • 70% of Choice properties are conversions
                                                                                                                                                                                            • Figure 73: Capacity and performance, by Choice brand in the US, 2004-08
                                                                                                                                                                                          • Growth focus by brand
                                                                                                                                                                                            • Figure 74: Growth in Choice properties in the US, by brand and broken down between conversions and new-builds, 2007-08
                                                                                                                                                                                          • International operations
                                                                                                                                                                                            • Only 26,000 loyalty programme members in Europe
                                                                                                                                                                                              • Over 1,000 corporate contracts signed in 2009
                                                                                                                                                                                                • Brands targeted for expansion
                                                                                                                                                                                                  • Choice’s international portfolio
                                                                                                                                                                                                    • Figure 75: Choice’s international franchise system*, 2004-08
                                                                                                                                                                                                    • Figure 76: Choice’s ex-US hotel portfolio, by brand, 2008
                                                                                                                                                                                                  • Starwood Hotels & Resorts
                                                                                                                                                                                                    • St Regis and the Luxury Collection
                                                                                                                                                                                                      • W
                                                                                                                                                                                                        • Westin
                                                                                                                                                                                                          • Le Méridien
                                                                                                                                                                                                            • Sheraton
                                                                                                                                                                                                              • Four Points
                                                                                                                                                                                                                • Figure 77: Distinction between Sheraton and Four points, 2009
                                                                                                                                                                                                              • Aloft
                                                                                                                                                                                                                • Element
                                                                                                                                                                                                                  • Figure 78: Starwood’s lodging capacity, by brand and type, 31 December 2008
                                                                                                                                                                                                                • Half of capacity still in North America
                                                                                                                                                                                                                  • Figure 79: Starwood’s hotel portfolio, by region, 31 December 2008
                                                                                                                                                                                                                • The move to ‘asset-light’
                                                                                                                                                                                                                  • Figure 80: Starwood’s hotel portfolio, by type of business model, 31 December 2008
                                                                                                                                                                                                                • The move to fee-based earnings
                                                                                                                                                                                                                  • Figure 81: Source of Starwood’s EBITDA*, by business model, 2004-08
                                                                                                                                                                                                                • Starwood’s lodging portfolio by brand, region and business model
                                                                                                                                                                                                                  • Figure 82: Starwood’s hotel portfolio, by brand, region and business model, 30 June 2009
                                                                                                                                                                                                                • 90,000 rooms in the pipeline
                                                                                                                                                                                                                  • Starwood signs 50 new deals YTD in 2009
                                                                                                                                                                                                                    • Starwood to double China presence by 2012
                                                                                                                                                                                                                      • Carlson/Rezidor
                                                                                                                                                                                                                        • Carlson’s hotel brands
                                                                                                                                                                                                                          • Radisson
                                                                                                                                                                                                                            • Park Plaza
                                                                                                                                                                                                                              • Country Inns & Suites
                                                                                                                                                                                                                                • Park Inn
                                                                                                                                                                                                                                  • Carlson’s lodging portfolio by brand, region and business model
                                                                                                                                                                                                                                    • Figure 83: Carlson’s hotel portfolio, by brand, region and business model, October 2009
                                                                                                                                                                                                                                  • Carlson signed 23 deals in Q1/2009
                                                                                                                                                                                                                                    • Radisson Blu
                                                                                                                                                                                                                                      • Country Inns & Suites
                                                                                                                                                                                                                                        • Park Inn
                                                                                                                                                                                                                                          • Carlson plans to double China presence in three years
                                                                                                                                                                                                                                            • Second- and third-tier cities in focus
                                                                                                                                                                                                                                              • Rezidor
                                                                                                                                                                                                                                                • Leases and management contracts
                                                                                                                                                                                                                                                  • Figure 84: Rezidor hotels in operation, by region, 30 June 2008/09
                                                                                                                                                                                                                                                  • Figure 85: Rezidor rooms in operation, by region, 30 June 2008/009
                                                                                                                                                                                                                                                • Strong growth even in a recession
                                                                                                                                                                                                                                                  • Figure 86: Rezidor hotels and rooms in development, by brand and region at 30 June 2009
                                                                                                                                                                                                                                                • 11 new contracts signed in Q2/2009
                                                                                                                                                                                                                                                  • Figure 87: Rezidor’s business development, Q2/ & H1/2009
                                                                                                                                                                                                                                                • Hyatt
                                                                                                                                                                                                                                                  • Hyatt’s brand portfolio
                                                                                                                                                                                                                                                    • Park Hyatt
                                                                                                                                                                                                                                                      • Grand Hyatt
                                                                                                                                                                                                                                                        • Hyatt Regency
                                                                                                                                                                                                                                                          • Hyatt Summerfield Suites
                                                                                                                                                                                                                                                            • Hyatt Place
                                                                                                                                                                                                                                                              • Andaz
                                                                                                                                                                                                                                                                • Figure 88: Hyatt’s hotel portfolio, by brand and region, 2009
                                                                                                                                                                                                                                                              • Hyatt also in the timeshare business
                                                                                                                                                                                                                                                                • Hyatt has gone public
                                                                                                                                                                                                                                                                  • Hyatt’s revenue down 19% in first-half 2009
                                                                                                                                                                                                                                                                    • Pritzker family infighting a risk factor?
                                                                                                                                                                                                                                                                      • TUI Hotels & Resorts
                                                                                                                                                                                                                                                                        • Figure 89: TUI Hotels & Resorts portfolio, 31 December 2008
                                                                                                                                                                                                                                                                      • RIU
                                                                                                                                                                                                                                                                        • Classic
                                                                                                                                                                                                                                                                          • ClubHotel
                                                                                                                                                                                                                                                                            • Palace
                                                                                                                                                                                                                                                                              • Luca
                                                                                                                                                                                                                                                                                • 1,000 rooms to open in Cuba
                                                                                                                                                                                                                                                                                  • Grupotel
                                                                                                                                                                                                                                                                                    • Robinson
                                                                                                                                                                                                                                                                                      • Iberotel
                                                                                                                                                                                                                                                                                        • Grecotel
                                                                                                                                                                                                                                                                                          • Magic Life
                                                                                                                                                                                                                                                                                            • Dorfhotels
                                                                                                                                                                                                                                                                                              • Sensimar – TUI’s new hotel concept
                                                                                                                                                                                                                                                                                              • The Ten Biggest Brands Worldwide

                                                                                                                                                                                                                                                                                                  • Figure 90: The ten biggest hotel brands worldwide, ranked by number of rooms, 2009
                                                                                                                                                                                                                                                                                                • Geographical spread
                                                                                                                                                                                                                                                                                                  • Expansion into the BRICs
                                                                                                                                                                                                                                                                                                    • Figure 91: Top ten hotel, ranked by the number of countries in which they are present, 2009
                                                                                                                                                                                                                                                                                                  • The ten biggest consortia worldwide
                                                                                                                                                                                                                                                                                                    • Figure 92: The ten biggest consortia worldwide, end 2008
                                                                                                                                                                                                                                                                                                  • The two major consortia: Utell/Unirez and Best Western
                                                                                                                                                                                                                                                                                                    • Best Western 
                                                                                                                                                                                                                                                                                                      • Best Western Premier
                                                                                                                                                                                                                                                                                                        • Best Western Premier service standards
                                                                                                                                                                                                                                                                                                          • Figure 93: Additional service features required of Best Western Premier hotels, 2009
                                                                                                                                                                                                                                                                                                        • Cheaper than the major chain brands
                                                                                                                                                                                                                                                                                                          • Figure 94: Hotel performance, by region, 2008 versus 2009*
                                                                                                                                                                                                                                                                                                        • Asia Pacific
                                                                                                                                                                                                                                                                                                          • Oversupply in the major urban markets
                                                                                                                                                                                                                                                                                                            • Beijing suffering an Olympic hangover
                                                                                                                                                                                                                                                                                                              • Will the Shanghai 2010 World Expo make a difference?
                                                                                                                                                                                                                                                                                                                • Secondary cities faring better
                                                                                                                                                                                                                                                                                                                  • Figure 95: Hotel performance in Asia Pacific, by selected country and major local market, 2008 versus 2009*
                                                                                                                                                                                                                                                                                                                • Japan doing better than most
                                                                                                                                                                                                                                                                                                                  • Luxury under pressure
                                                                                                                                                                                                                                                                                                                    • Supply has grown in Tokyo
                                                                                                                                                                                                                                                                                                                      • To cut or not to cut
                                                                                                                                                                                                                                                                                                                        • Free upgrades
                                                                                                                                                                                                                                                                                                                          • Beauty classes
                                                                                                                                                                                                                                                                                                                            • But all to no avail
                                                                                                                                                                                                                                                                                                                              • Americas
                                                                                                                                                                                                                                                                                                                                • Figure 96: Hotel performance in the Americas, by selected country/major local market, 2008 versus 2009*
                                                                                                                                                                                                                                                                                                                              • US rates down 17% in H1/2009
                                                                                                                                                                                                                                                                                                                                • Vegas edges out New York
                                                                                                                                                                                                                                                                                                                                  • Europe
                                                                                                                                                                                                                                                                                                                                    • Figure 97: Hotel performance in Europe, by selected country and major local market, 2008 versus 2009*
                                                                                                                                                                                                                                                                                                                                  • Germany outperforming
                                                                                                                                                                                                                                                                                                                                    • Figure 98: Hotel performance, by major German city, 2008 versus 2009*
                                                                                                                                                                                                                                                                                                                                  • Growing leisure trade
                                                                                                                                                                                                                                                                                                                                    • Central & Eastern Europe
                                                                                                                                                                                                                                                                                                                                      • Bratislava
                                                                                                                                                                                                                                                                                                                                        • Bucharest
                                                                                                                                                                                                                                                                                                                                          • Budapest
                                                                                                                                                                                                                                                                                                                                            • Prague
                                                                                                                                                                                                                                                                                                                                              • Vienna
                                                                                                                                                                                                                                                                                                                                                • Warsaw
                                                                                                                                                                                                                                                                                                                                                  • Supply finally catching up with demand in Russia
                                                                                                                                                                                                                                                                                                                                                    • Figure 99: Hotel performance in Moscow and St Petersburg, 2008 versus 2009*
                                                                                                                                                                                                                                                                                                                                                  • Middle East & Africa
                                                                                                                                                                                                                                                                                                                                                    • Figure 100: Hotel performance in Middle East/Africa, by selected country and major local market, 2008 versus 2009*
                                                                                                                                                                                                                                                                                                                                                  • Dubai RevPAR to drop by at least 25%
                                                                                                                                                                                                                                                                                                                                                    • Falling hotel values
                                                                                                                                                                                                                                                                                                                                                      • Hotel values down 50% in the US
                                                                                                                                                                                                                                                                                                                                                        • Hotel values down by between 20% and 60% in Europe
                                                                                                                                                                                                                                                                                                                                                          • ‘Cap rates’ soaring
                                                                                                                                                                                                                                                                                                                                                            • Falling revenues
                                                                                                                                                                                                                                                                                                                                                              • The liquidity squeeze
                                                                                                                                                                                                                                                                                                                                                                • Mostly small deals
                                                                                                                                                                                                                                                                                                                                                                  • Leases, profit guarantees and crashing multiples
                                                                                                                                                                                                                                                                                                                                                                    • Banks have retrenched
                                                                                                                                                                                                                                                                                                                                                                      • Position in the property market
                                                                                                                                                                                                                                                                                                                                                                      • Hotel Chain and Property Management, Restructuring, Mergers and Acquisitions

                                                                                                                                                                                                                                                                                                                                                                        • Financial distress
                                                                                                                                                                                                                                                                                                                                                                          • Three major chains in default
                                                                                                                                                                                                                                                                                                                                                                            • Golden Tulip declares voluntary bankruptcy
                                                                                                                                                                                                                                                                                                                                                                              • Tripped up by lease contracts?
                                                                                                                                                                                                                                                                                                                                                                                • Golden Tulip was a management buyout
                                                                                                                                                                                                                                                                                                                                                                                  • The bankruptcy’s second stage
                                                                                                                                                                                                                                                                                                                                                                                    • Golden Tulip acquired by Starwood Capital
                                                                                                                                                                                                                                                                                                                                                                                      • Golden Tulip complements Starwood Capital’s portfolio
                                                                                                                                                                                                                                                                                                                                                                                        • Looking to the future
                                                                                                                                                                                                                                                                                                                                                                                          • 15% growth is targeted
                                                                                                                                                                                                                                                                                                                                                                                            • Extended Stay Hotels in Chapter 11
                                                                                                                                                                                                                                                                                                                                                                                              • Extended Stay financed by CMBS
                                                                                                                                                                                                                                                                                                                                                                                                • Senior debt holders offered a new package
                                                                                                                                                                                                                                                                                                                                                                                                  • No plans to shrink capacity
                                                                                                                                                                                                                                                                                                                                                                                                    • Red Roof Inn defaults on US$367-million mortgage debt
                                                                                                                                                                                                                                                                                                                                                                                                      • Hotel mortgages jeopardise CMBS ratings in the US
                                                                                                                                                                                                                                                                                                                                                                                                        • 1,060 distressed hotels in the US
                                                                                                                                                                                                                                                                                                                                                                                                          • CMBS contain 5-15% of hotel debt
                                                                                                                                                                                                                                                                                                                                                                                                            • Huge wave of maturities in 2010
                                                                                                                                                                                                                                                                                                                                                                                                              • Lenders do not really want to foreclose
                                                                                                                                                                                                                                                                                                                                                                                                                • Industry close to ‘capitulation’
                                                                                                                                                                                                                                                                                                                                                                                                                  • Defaults up 125% in California
                                                                                                                                                                                                                                                                                                                                                                                                                    • Recently financed hotels particularly vulnerable
                                                                                                                                                                                                                                                                                                                                                                                                                      • St Regis Monarch Beach foreclosed
                                                                                                                                                                                                                                                                                                                                                                                                                        • Bay Area hotels hit hard
                                                                                                                                                                                                                                                                                                                                                                                                                          • US$2.8 billion invested in 2005-07
                                                                                                                                                                                                                                                                                                                                                                                                                            • More defaults to follow
                                                                                                                                                                                                                                                                                                                                                                                                                              • Luxury hotels vulnerable
                                                                                                                                                                                                                                                                                                                                                                                                                                • The vultures are circling
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Bargains are cropping up
                                                                                                                                                                                                                                                                                                                                                                                                                                    • alltours buying hotels
                                                                                                                                                                                                                                                                                                                                                                                                                                      • A global phenomenon?
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Bulgaria – 300 hotels into foreclosure?
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Norway – 25 hotels bankrupt
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Trends in Distribution

                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 101: Breakdown of online reservations, by channel for the overall hotel industry in the US, 2003-10
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Trend in major chain distribution channels
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 102: Share of bookings, by CRS* channel for 30 major chains worldwide, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 103: Internet source breakdown for major hotel brands, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                            • The ‘merchant model’
                                                                                                                                                                                                                                                                                                                                                                                                                                              • How does the MM work?
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Inventory management
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • MM conditions
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 104: Typical merchant model conditions for major online travel agents, 2009
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Is Expedia trying to squeeze hoteliers?
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Expedia pulled Choice’s inventory
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Expedia accounts for 3% of Choice bookings
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • ‘Take it or leave it’
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Choice’s action plan
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Finally an agreement in the last hour
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Best Western voices support for Choice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Hotels the ‘Golden Goose’ of the OTAs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Revenue from air travel drying up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Hotels generate 60% of OTA fees
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Dynamic packaging
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Other revenue sources of minor importance
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The bottom line
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Small groups and independents particularly vulnerable
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Trends in spending by hotels on web-marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • The Third Benchmark Survey on Hotel Internet Marketing
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Key findings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Sources of bookings
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Budgeting for hotel Internet marketing in a recession
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • How money spent is correlated to expected return
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 105: Breakdown of Internet marketing expenditure, 2006-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 106: What hoteliers believe are the highest return Internet marketing strategies, 2007-09
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Outlook for social media
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 107: Web 2.0 initiatives planned for 2009 compared to 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Hotels can tweet too
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Promotion through wacky offers
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • A steep discount, but no bed
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • ‘Retweeting’ can spread the word fast
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • A mass communication tool
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Many uses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Soliciting customer advice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Follow customers’ opinions in real time
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • @HyattConcierge
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • The bottom line?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Spas and Wellness

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 108: Summary of key hotel spa benchmark ratios, by major region, 2008
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • American spas most efficient
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • 38% of hotel spa visits from non-residents
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Luxury hotel spa trends
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Average prices rose by 25% in 18 months
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Retail doing better, however
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Salon services trending down
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Room rate followed spa revenue trend
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Marriott launches 'mini-treatments'
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • So SPA at Sofitel London St James
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • So SPA at Sofitel Marseille Vieux Port
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Six more openings on the drawing board
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • A murky outlook for business travel
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Leisure leads the way
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • US RevPAR to grow again only in 2011
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • 2011 RevPAR growth seen at 7.3%
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Luxury taking the biggest hit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 109: Forecasted year-on-year percentage change in RevPAR*, by US hotel chain scale, 2009-10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Midscale w/o F & B resisting best
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Will Hilton be broken up?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • More consolidation ahead?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • NH acquires Hesperia

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  About the report

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  This report will give you a complete 360-degree view of your market. Not only is it rooted in robust proprietary and high-quality third-party data, but our industry experts put that data into context and you’ll quickly understand:

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Consumer

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    What They Want. Why They Want It.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Competitors

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Who’s Winning. How To Stay Ahead.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Market

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Size, Segments, Shares And Forecasts: How It All Adds Up.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Innovations

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    New Ideas. New Products. New Potential.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Opportunities

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Where The White Space Is. How To Make It Yours.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • The Trends

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    What’s Shaping Demand – Today And Tomorrow.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

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