The International Air Transport Association (IATA) announced that passenger traffic fell in February 2021, both compared to pre-COVID levels (February 2019) and compared to the immediate month prior (January 2021).
The devastating impact of the COVID-19 pandemic on global tourism has carried on into 2021, with new data showing an 87% fall in international tourist arrivals in January as compared to 2020. The outlook for the rest of the year remain cautious as the World Tourism Organization (UNWTO) continues to call for stronger coordination on travel protocols between countries to ensure the safe restart of tourism and avoid another year of massive losses for the sector.
Travel & Tourism sector’s contribution to GDP plunged a staggering 49.1% in 2020. Job retention schemes look to have saved millions of jobs - but the threat remains. Swift action could see lost jobs and GDP contribution return by 2022
Hyatt continues to expand brand presence of independent hotels in Canada with new hotel joining JdV by Hyatt brand and another slated to join later this year
IHG Hotels & Resorts’ premium voco Hotels brand has officially reached the milestone of 50 signed and open hotels in more than 20 countries across the globe – marking IHG’s fastest ever global expansion.
More than 100 countries, alongside international organizations and leading business groups have agreed to adopt harmonized standards for assisting tourists caught up in emergency situations. The Committee for the Development of an International Code for the Protection of Tourists has agreed on the text of the first two Chapters of the Code, containing seven key principles for a landmark legal code aimed at restoring confidence in international travel in the wake of the COVID-19 pandemic.
The Kessler Collection is making history as the first U.S. luxury hotel group to accept cryptocurrency as a form of payment, and the first in the world to partner with BitPay, the worlds largest provider of Bitcoin and cryptocurrency payment services.
Gloria Guevara, President & CEO, WTTC states: “This incredible stimulus package will be welcomed by Travel & Tourism businesses across the U.S., many of whom are struggling to survive. This package promises a much-needed boost while the COVID-19 pandemic continues to ravage the sector.”
One in three destinations worldwide are now completely closed to international tourism. According to the latest data from the World Tourism Organization (UNWTO), the emergence of new variants of the COVID-19 virus has prompted many governments to reverse efforts to ease restrictions on travel, with total closures to tourists most prevalent in Asia and the Pacific and Europe.
VICI Properties Inc. (NYSE: VICI) announced it has entered into definitive agreements to acquire from Las Vegas Sands Corp. (NYSE: LVS) (“LVS”) all of the land and real estate assets associated with the Venetian Resort Las Vegas and the Sands Expo and Convention Center, located in Las Vegas, Nevada, for 4.0 billion in cash, representing a 6.25% cap rate.
Hyatt Hotels Corporation (NYSE: H) announced the global growth of its independent collection brands, including recent openings and development plans through 2025 across The Unbound Collection by Hyatt, Destination by Hyatt and JdV by Hyatt brands.
Extended Stay America, Inc. (“ESA”) and ESH Hospitality, Inc. (NASDAQ:STAY) today announced consolidated results for the three months and full year ended December 31, 2020.
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Global tourism suffered its worst year on record in 2020, with international arrivals dropping by 74% according to the latest data from the World Tourism Organization (UNWTO). Destinations worldwide welcomed 1 billion fewer international arrivals in 2020 than in the previous year, due to an unprecedented fall in demand and widespread travel restrictions. This compares with the 4% decline recorded during the 2009 global economic crisis.
Cambria Hotels, an upscale brand franchised by Choice Hotels International, continues its rapid expansion across the country with the opening of the Cambria Hotel Rock Hill – University Center. The six-story, 110-room hotel is the brands sixth to enter South Carolina, joining properties in Charleston, Fort Mill, Greenville, Mount Pleasant and Summerville. The Cambria Hotel Rock Hill – University Center is among four hotels opening in the first quarter of 2021 for the brand, in addition to hotels in Orlando, Florida; Fort Lauderdale Beach, Florida, which opened this January; and Washington, D.C., which opened last week.
The International Air Transport Association (IATA) released new analysis showing that the airline industry is expected to remain cash negative throughout 2021. Previous analysis (November 2020) indicated that airlines would turn cash positive in the fourth quarter of 2021. At the industry level, airlines are now not expected to be cash positive until 2022.
Hersha Hospitality Trust, owner of high-quality hotels in urban gateway markets and regional resort destinations, announced results for the full year and fourth quarter ended December 31, 2020.
The franchise companies with the largest construction pipelines at the end of the third quarter of 2020 are Marriott International with 1,390 projects/184,450 rooms, followed by Hilton Worldwide with 1,351 projects/155,626 rooms, and InterContinental Hotels Group (IHG) with 873 projects/89,375 rooms.
McKibbon Hospitality has announced the addition of five hotels to its management portfolio.Owned by Hospitality Investors Trust (HIT), the five Hilton properties include Hampton Inn Boca Raton, Hampton Inn & Suites Boynton Beach, Hampton Inn Boca Raton-Deerfield Beach, Hampton Inn Palm Beach Gardens, and Hampton Inn West Palm Beach-Florida Turnpike.
Consistent and harmonized travel protocols, enhanced safety measures and the protection of jobs and livelihoods are the main ingredients needed for the restart of tourism. The Sixth meeting of the UNWTO Global Tourism Crisis Committee reminded participants of the need to work together as the only means of advancing the sustainable recovery of the sector.
Casai, an emerging markets hospitality brand that offers living spaces suited for the nomadic generation, has announced a $48 million Series A including $23 million in equity funding and up to $25 million in debt financing from TriplePoint Capital.
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