Hospitality Heroes of 2023: Leading Amidst Market Shifts

Hospitality Heroes of 2023: Leading Amidst Market Shifts

By Author

Published on December 27, 2023

As 2023 winds down, it's time to look back at a year that was both challenging and rewarding for the hotel industry. Despite some financial turbulence, the sector saw its fair share of success stories, with certain companies not just surviving but thriving.

The Year in Review: A Mixed Bag for Hotels

The hotel industry globally maintained a steady ship with an occupancy rate hovering near 63%. This was a slight decrease from 2019's 66%, but not too shabby considering the circumstances. Average Daily Rates (ADR) inched up by about 5%, touching around $155 USD.

Interestingly, group room nights bounced back impressively, somewhat offsetting the decline in domestic leisure travel. However, the transactions market hit a bit of a cold patch. The surge in federal funds rate, from less than 1% in early 2022 to 5.25-5.5% by late summer 2023, alongside some early-year bank failures, shook the investment world. This led to a 35% drop in transaction volume compared to the previous year.

image

Regional Insights

  • United States: The U.S. saw a bit of softening in hotel fundamentals during the second quarter, as more Americans traveled abroad and international arrivals slowly recovered. However, modest growth in Revenue per Available Room (RevPAR) is expected in late 2023 and early 2024, thanks to improved business and group travel.

  • Caribbean: The region kept its momentum, with significant increases in visitor arrivals. New hotel projects are on the horizon for 2024, signaling investor confidence in the Caribbean market.

  • Europe: Driven by pent-up consumer demand, Europe's hotel sector showed signs of recovery, especially in the luxury and upscale segments. However, investment remained cautious due to higher debt finance costs.

  • Asia-Pacific: Domestic tourism made a comeback, but international visitors were slower to return. The Chinese market played a crucial role in boosting Hotel ADR in most areas.

image

2023's Standout Performers

  • Marriott International Inc.: Leading the pack with a 22% year-over-year revenue increase to $23.541 billion, Marriott's diverse portfolio played a significant role in its resilience.

  • MGM Resorts International: Garnering $15.38 billion in revenue, a 22.15% increase, MGM benefited from its combination of resort and gambling services.

  • Caesars Entertainment Corp: Marking an 8.81% increase in revenue to $11.524 billion, Caesars' strategic expansion and entertainment offerings paid off.

  • Hilton Worldwide Holdings: Hilton's global presence and diverse brands helped it achieve a 23.33% revenue jump to $10.070 billion.

  • Hyatt Hotels Corp: With a focus on customer experience and expansion, Hyatt saw a 22.61% increase in revenue, reaching $6.595 billion.

  • Las Vegas Sands Corp: A staggering 114.3% increase in revenue to $8.574 billion, thanks to its entertainment diversification.

  • Galaxy Entertainment Group: A monumental 374% jump in net revenue to $9.7 billion, Galaxy leveraged its focus on the Asian market.

Looking Ahead to 2024

The outlook for 2024 in the hotel industry is cautiously optimistic. A slow start is expected, but momentum should build towards a strong finish. The U.S. might dodge a recession, and with potential Fed rate cuts, transaction activity could see an uptick in the hotel sector and beyond. The key will be adaptability and strategic positioning in an ever-evolving market landscape.


Alisha Shirodkar Rejoins Tamarind Global as Vice President – Strategy

Alisha Shirodkar Rejoins Tamarind Global as Vice President – Strategy

By Nishang Narayan

Published on October 18, 2024

Tamarind Global, a renowned full-service luxury agency specializing in hospitality, travel, and events, has announced the appointment of Alisha Shirodkar as Vice President – Strategy. In her second stint with the company, Alisha will play a pivotal role in driving the company's growth strategy, expanding business prospects, and enhancing immersive marketing across various channels.

Alisha brings a wealth of experience from her diverse career in the hospitality and travel industry. A graduate in Finance and Marketing from NYU Stern, she previously worked with Hindustan Unilever in the Skin Care category, where she honed her marketing expertise. During her first tenure at Tamarind Global, Alisha played a key role in Marketing and Event Planning. Additionally, she co-founded the popular waffle brand The Belgian Waffle Co., serving as its Chief Marketing Officer, and is currently the Co-Founder and CEO of gourmet retail startup Hotchaa.

image

Speaking on her return, Alisha said, “I am excited to join the Tamarind Global family again, especially in this leadership role which will help me test my mettle a notch higher. The company has always held a special place in my career journey, and I'm excited to contribute to its next growth phase. With Tamarind's robust ethos backed by an enthusiastic team, I look forward to amplifying our brand's reach, tapping new potential markets, and elevating the company's success through the travel, hospitality, and events sectors.”

In her new role, Alisha will focus on leveraging Tamarind Global’s legacy, credibility, and vast industry expertise to achieve significant growth across business verticals. She aims to broaden the company's audience reach and solidify its brand presence as India’s leading luxury service provider. Under her leadership, Tamarind Global is set to strengthen its marketing and digital capabilities, ensuring it remains at the forefront of industry trends.

Louis D'Souza, Director of Tamarind Global, expressed his enthusiasm, stating, “We are pleased to welcome Alisha back to the Tamarind family. Her undisputed strategic insights backed by her innovative thought process integrally make her the ideal leader to drive the company's success through the upcoming times of growth. Alisha’s deep understanding of the industry combined with her hands-on experience in building brands will help us to position Tamarind Global better on the global canvas.”

image

Alisha's appointment comes at a crucial time as the sectors Tamarind Global operates in, including luxury travel, hospitality, and events, are rapidly growing. With Tamarind's expertise, strong industry relationships, and operational strengths, the company is well-positioned to seize new opportunities and expand its digital and marketing capabilities. Alisha’s leadership is expected to propel Tamarind Global into its next phase of growth, further establishing it as a top player in the luxury services industry.


The Leela Gandhinagar Appoints Prakash Shah as Director of Engineering

The Leela Gandhinagar Appoints Prakash Shah as Director of Engineering

By Nishang Narayan

Published on October 18, 2024

The Leela Gandhinagar has announced the appointment of Prakash Shah as its new Director of Engineering. In his new role, Mr. Shah will be responsible for overseeing the hotel’s engineering operations, as well as the Mahatma Mandir Convention and Exhibition Centre, which is managed by The Leela Gandhinagar.

With over 32 years of experience in the hospitality industry, Mr. Shah has an extensive background, having worked with prominent hotel brands such as Oberoi, Taj, Accor, and Radisson Hotels. His most recent position was as Corporate Head of Engineering at Radisson Blu MBD Hotel, where he oversaw engineering and maintenance operations across multiple properties.

Mr. Shah’s vast expertise includes hotel pre-opening setups, project handovers, and facility management. He has led numerous initiatives in procurement, contract management, and ensuring compliance with statutory requirements. Additionally, he has been at the forefront of energy conservation efforts, leveraging cutting-edge systems and technologies to optimize operational efficiency.

Vikas Sood, General Manager of The Leela Gandhinagar, expressed his enthusiasm for Mr. Shah’s appointment, saying, "We are excited to welcome Prakash Shah as our new Director of Engineering. His vast experience and expertise in engineering, combined with his commitment to energy conservation and sustainable practices, align perfectly with The Leela Gandhinagar's values of excellence and innovation. We are confident his leadership will further elevate our engineering standards and operational efficiency."

image

Commenting on his new role, Prakash Shah said, "I am thrilled to join The Leela Gandhinagar and I look forward to contributing to the exceptional standards of engineering and sustainability that are integral to this iconic property. It is a privilege to be part of such a prestigious brand, and I am keen to lead the team in further enhancing the guest experience through engineering excellence."

Mr. Shah holds a diploma in electrical engineering and a certificate in electrical service technology from the Technical Examination Board in Gujarat. His commitment to excellence and energy conservation makes him an ideal fit for The Leela Gandhinagar, known for its innovative approach to hospitality and sustainability.

The Leela Gandhinagar is confident that with Mr. Shah at the helm of its engineering department, the hotel will continue to set benchmarks in operational efficiency and guest satisfaction.


Join the Breast Cancer Awareness Talk Show at Eros Hotel

Join the Breast Cancer Awareness Talk Show at Eros Hotel

By Nishang Narayan

Published on October 18, 2024

In a meaningful initiative to raise awareness during Breast Cancer Awareness Month, Eros Hotel, Nehru Place, is hosting an informative talk show on breast cancer awareness. The event, scheduled for October 21st, 2024, will be held at the Lyutens Lounge from 3:00 PM to 4:00 PM.

The talk show will be hosted by Ms. Rekha Gulabani, a dedicated representative of the Indian Cancer Society, who has been actively working to spread awareness about breast cancer prevention, early detection, and support for those affected.

Eros Hotel aims to bring the community together in this critical effort to educate and inspire people about the importance of breast cancer awareness. With breast cancer being one of the most common cancers affecting women worldwide, this event provides an essential platform to learn, engage, and take action.

The hotel invites guests, local residents, and supporters to join this impactful event. Together, we can make a difference by promoting awareness and early detection, which could potentially save lives.

image

Event Details:

  • Date: October 21st, 2024
  • Time: 3:00 PM - 4:00 PM
  • Venue: Lyutens Lounge, Eros Hotel, Nehru Place

In the words of the Eros Hotel team:
"We are excited to welcome our guests to this vital event and hope that by uniting in this mission, we can contribute to raising awareness and supporting a cause that touches many lives."

This Breast Cancer Awareness Month, let’s stand together, learn, and take action to support those impacted by breast cancer and work toward a future where early detection and effective treatment become a reality for everyone.

For more information and participation details, please contact the Eros Hotel team at Nehru Place.

Stay up-to-date with the latest Hospitality news and trends in the Hospitality industry!

Subscribe to Hospitality news e-magazine for free and never miss an issue.

By clicking subscribe for free you agree to the Terms & Conditions and acknowledge our Privacy Policy.

Advertise With Us

We have various options to advertise with us including Events, Advertorials, Banners, Mailers, etc.