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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.
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.
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.
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By Manu Vardhan Kannan
Published on February 23, 2025
Tarek Beheiry, a seasoned hospitality professional with over 20 years of experience across Asia, Africa, and Australasia, has been appointed General Manager of INNSiDE by Meliá Bangkok Sukhumvit. Leading the 208-room hotel, which rises 34 floors above Bangkok's vibrant On Nut district, Beheiry will oversee operations, ensuring a seamless guest experience. The hotel features a stunning transparent infinity pool, a rooftop tapas bar, and co-working spaces, catering to both business and leisure travelers.
This role marks Beheiry’s debut with Spanish hospitality giant Meliá Hotels International, which has been expanding its footprint in Asia. He previously served as Regional General Manager of Ennismore New Zealand and held leadership roles at SO/ Auckland and Mondrian Seoul Itaewon. In Thailand, he managed W Koh Samui and held key positions at Sofitel Bangkok Sukhumvit and Pullman Bangkok Hotel G. His career began with Sofitel across Egypt, Australia, and Singapore before he transitioned to a general management role at Hotel G Singapore in 2017. He holds a Bachelor's degree in Tourism and Hotel Management from Helwan University, Cairo.
“With his extensive experience in lifestyle hotels and resorts, Tarek is a collaborative and dynamic leader. He aligns perfectly with the spirit of INNSiDE by Meliá Bangkok Sukhumvit,” said Ignacio Martin, Managing Director Asia Pacific at Meliá Hotels International.
Since its launch in July 2023, INNSiDE by Meliá Bangkok Sukhumvit has made a significant impact in the hospitality sector. Beheiry aims to maintain its leading position by focusing on exceptional service, facilities, and unique guest experiences. Part of a global collection of 48 urban and beach hotels, INNSiDE by Meliá is known for its blend of work and leisure experiences. With a strong presence in Southeast Asia, including Kuala Lumpur and Yogyakarta, the brand continues to grow internationally.
For bookings and inquiries, visit melia.com, email reservation.innside.sukhumvit@melia.com.
About Meliá Hotels International: Founded in 1956 in Palma de Mallorca, Spain, Meliá Hotels International operates over 400 hotels across 40+ countries under nine distinct brands. Recognized for its commitment to sustainability and excellence, Meliá is a leading force in the global hospitality industry.
About INNSiDE by Meliá: INNSiDE by Meliá offers a collection of urban and beach hotels catering to modern travelers. Focused on sustainability and unique local experiences, the brand operates in top lifestyle destinations across Europe, Asia, and the Americas. Currently, there are 38 INNSiDE properties worldwide, with further expansion planned.
By Nishang Narayan
Published on February 22, 2025
Meluha The Fern, Mumbai, has reinforced its leadership team with the appointment of Ameet Wagh as Director of Sales and Marketing and Clint Rodrigues as Director of Food & Beverage.
Ameet Wagh, a seasoned sales professional, brings over two decades of experience in the hospitality industry. Before joining Meluha The Fern, he served as Vice President of Sales & Marketing at Fidato Hotels. His career journey began at Sterling Resorts, and he has held key positions with renowned hospitality brands like InterContinental Hotels, Sarovar Hotels, Pride Hotels, and Sun and Sand Hotels. Known for his expertise in revenue management, online sales, and strategic alliances, Wagh has successfully driven room revenues and hotel performance across various segments.
Clint Rodrigues joins as the Director of Food & Beverage, bringing extensive expertise in F&B operations. He previously worked with Park Inn by Radisson Bournemouth, UK, and has held leadership roles at The Resort (Chalet Hotels Ltd.) and Holiday Inn (IHG Hotels) in Mumbai. Having started his career at JW Marriott Mumbai, Rodrigues has developed strong skills in strategic planning, cost control, and revenue maximisation. In his new role, he will oversee the hotel’s F&B operations, including Tiara, the 24-hour coffee shop; Vandal, the lounge bar; and Parabola.
With these key appointments, Meluha The Fern is set to enhance its guest experience, operational efficiency, and market presence in Mumbai’s hospitality sector.
Indian Hotels Company (IHCL), India’s largest hospitality company, has announced the opening of Taj Mussoorie Foothills, Dehradun. Speaking about the launch, Puneet Chhatwal, Managing Director & CEO, IHCL, said, "We are delighted to expand Taj’s presence in Uttarakhand with the opening of Taj Mussoorie Foothills in the capital city of Dehradun. IHCL will have a multi-brand presence in the city, and with the recently opened Delhi-Dehradun Expressway enhancing connectivity, Dehradun has evolved into a commercially significant hub. Its proximity to Mussoorie, Rishikesh, and Haridwar makes it an attractive destination for leisure, adventure, and spiritual tourism."
Located in the tranquil foothills of the Himalayas, Taj Mussoorie Foothills is a luxurious retreat that blends contemporary elegance with nature’s beauty. The 115-key hotel, including 16 exquisitely designed suites, provides a serene escape with breathtaking views.
The hotel features an array of dining options, including Vista, an all-day dining restaurant offering global and Indian flavors, House of Nomad, a sophisticated gastro pub, Tropics, a poolside dining venue, and Emperor Lounge, a space for high tea and handcrafted beverages.
With four versatile banqueting spaces ranging from 1,200 sq. ft. to 8,000 sq. ft., along with well-equipped meeting rooms, the property is an ideal venue for weddings, conferences, and social gatherings.
Guests can rejuvenate at the J Wellness Spa, which offers signature therapies. Additional facilities include dedicated pet-friendly amenities, a kids’ activity zone, a walking track with accessibility features, and EV charging stations. The hotel also offers exclusive curated experiences, such as the Malsi Nature Forest Walk, a trek to Shikhar Falls, and a wildlife safari at Rajaji National Park.
Naveen Tomar, General Manager, Taj Mussoorie Foothills, Dehradun, shared his excitement about the launch, stating, "Taj Mussoorie Foothills is designed to offer guests an immersive experience in the lap of nature. From curated experiences to bespoke services, we look forward to creating unforgettable stays for our guests."
Often called the ‘Doon Valley’, Dehradun is known for its scenic beauty and pleasant climate. While it serves as a gateway to Mussoorie, the city itself boasts attractions such as Robber’s Cave and Sahastradhara.
With this latest addition, IHCL now has 17 hotels in Uttarakhand, including 7 under development.
The Indian Hotels Company Limited (IHCL) brings together a portfolio of world-class brands, including Taj, SeleQtions, Vivanta, Ginger, and Tree of Life. The company, founded by Jamsetji Tata, opened its first hotel, The Taj Mahal Palace, Bombay, in 1903. Today, IHCL operates 362 hotels, with 125 under development, spanning 14 countries and over 150 locations worldwide.
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