Source: Hotel News Now “5 things to know” November 07, 2014
1. Hotel companies scurried during 2014 to cater to the up-and-coming millennial generation. Brands, such as Marriott International’s rollout of Moxy, have been trying to capture this increasingly traveling demographic.
2. Employment gains in the United States exceeded 200,000 for a ninth straight month in October and the jobless rate unexpectedly fell to a six-year low, indicating companies are optimistic the U.S. economy will withstand a slowdown in some overseas markets.
3. Wynn Resorts and MGM Resorts International officially have been awarded Massachusetts’s first two resort casino licenses, following unanimous votes Thursday by the state’s Gaming Commission.
4. The U.S. hotel industry continued its streak of strong performance in October, posting an increase in revenue per available room of between 9% and 11%, according to preliminary data from STR, parent company of HNN. Occupancy, meanwhile, was up between 4% and 6%.
5. The Green Street Commercial Property Price Index inched higher in October. Property appreciation has been strong recently and values in all major property real estate types are now above the levels reached in 2007—with the exception of hotels.