Table of Contents
Introduction
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- Key points
- Definitions
- Hotel companies
- Key terms and abbreviations
Data Sources
Economic Outlook
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- Current outlook for GDP growth
- The risk of falling property prices
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- Figure 1: Real GDP, (% change from previous year), 2006-08
- Long-term growth prospects
- Purchasing power parity of little relevance
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- Figure 2: Chinese household income by income bracket, 2006 & 2025
- Consumption to lag overall growth
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- Figure 3: Real private consumption expenditure (% change from previous year), 2006-08
- Interest rates
- Short term
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- Figure 4: Trend & outlook for short-term interest rates*, 2006-08
- Long term
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- Figure 5: Outlook for long-term interest rates, 2007-08
- Surging oil prices
- Exchange rate outlook
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- Figure 6: Outlook for exchange rates (vis à vis the US dollar), 2003-06
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- Figure 7: Average exchange rates against the Euro, 2006-08
- Outlook for spending on travel and tourism to 2017
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- Figure 8: Travel & tourism expenditure worldwide, 2007-17
Hotel Capacity Worldwide
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- Figure 9: Estimated number of rooms in hotels and similar establishments worldwide, 2001-06
- Africa
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- Figure 10: Trend in the number of rooms in hotels and similar establishments in selected African countries, 2002-06
- South Africa
- Americas
- Caribbean
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- Figure 11: Trend in the number of rooms in hotels and similar establishments in selected Caribbean destinations, 2002-06
- Central & South America
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- Figure 12: Trend in the number of rooms in hotels and similar establishments in selected Latin American countries, 2002-06
- Argentina
- Brazil
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- Figure 13: Hotel and room capacity in Brazil, 2003-06*
- North America
- Canada
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- Figure 14: Capacity breakdown and supply and demand trends for upscale hotels by major Canadian city and province, year ending July 2007
- Mexico
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- Figure 15: Trend in the number of rooms in hotels and similar establishments in Mexico, 2002-06
- Figure 16: Hotel capacity in Mexico by grade, 2005
- US
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- Figure 17: Hotel property/room breakdown by location, rate category and size, 2005
- Figure 18: Supply growth in the US hotel market, 2004-09*
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- Figure 19: Hotel room pipeline in the US by stage of development, April 2007
- Figure 20: Hotel room pipeline by category – number of rooms under construction, December 2004
- Asia-Pacific
- Australia
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- Figure 21: Hotel, motel and serviced apartment room capacity in Australia, December 2006
- China
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- Figure 22: Number of rooms in hotels and similar establishments in China, 2000-05
- Figure 23: Hotels in Mainland China by grade at end 2006
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- Figure 24: Profile of Mainland Chinese hotel sector, 2005
- Hong Kong
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- Figure 25: Hong Kong hotel room supply, 2002-11
- Macao
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- Figure 26: Long-term projection of hotel projects in Macao, 2007
- Japan
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- Figure 27: Number of rooms in hotels and similar establishments in Japan, 2001-05
- Thailand
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- Figure 28: Trend in the number of rooms in hotels and similar establishments in Thailand, 2001-04
- Figure 29: Geographical distribution of Thai hotel & guesthouse capacity, 2006
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- Figure 30: Thai hotel & guesthouse capacity by size, 2004 & 2006
- Other East Asian countries
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- Figure 31: Trend in the number of rooms in hotels and similar establishments in selected East Asian countries, 2002-06
- South Asia
- India
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- Figure 32: Hotels belonging to the FHRAI, 2002-06
- Future capacity expansion
- Budget hotels
- The long-term outlook
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- Figure 33: New hotel capacity by market segment) projected to enter the market over the period 2006-11, by major urban market
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- Figure 34: New room supply by major Indian destination, 2006-11
- Pakistan and Sri Lanka
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- Figure 35: Trend in the number of rooms in hotels and similar establishments in Pakistan & Sri Lanka, 2002-06
- Europe
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- Figure 36: Chain hotel capacity in the 27 EU countries by star grade, 2006-07*
- Alpine region
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- Figure 37: Trend in the number of rooms in hotels and similar establishments in Austria & Switzerland, 2002-06
- Switzerland
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- Figure 38: Hotels and health spas according to size of establishment, 2006
- Figure 39: Swiss hotel and cure establishment by major canton, 2006
- Benelux
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- Figure 40: Trend in the number of rooms in hotels and similar establishments in Belgium & the Netherlands, 2002-06
- Eastern Europe
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- Figure 41: Trend in the number of rooms in hotels and similar establishments in selected Eastern European countries, 2002-06
- Moscow
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- Figure 42: Russian hotel capacity in the pipeline, 2007
- Eastern Mediterranean
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- Figure 43: Trend in the number of rooms in hotels and similar establishments in Eastern Mediterranean countries, 2002-06
- France
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- Figure 44: French hotels by grade, location and affiliation at end 2006
- Figure 45: French hotel rooms by grade, location and affiliation at end 2006
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- Figure 46: French hotel capacity in the pipeline, 2007
- Germany
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- Figure 47: Breakdown of registered lodging capacity in Germany, July 2007
- Figure 48: German hotel capacity in the pipeline, 2007
- Italy
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- Figure 49: Italian hotel capacity by region, 2006
- Figure 50: Italian hotel capacity by grade, 2004
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- Figure 51: Italian hotel capacity in the pipeline, 2007
- Nordic area
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- Figure 52: Trend in the number of rooms in hotels and similar establishments in Nordic countries, 2002-06
- Portugal
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- Figure 53: Trend in the number of rooms in hotels and similar establishments in Portugal, 2002-06
- Figure 54: Hotel room capacity by region in Portugal, 2005
- Spain
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- Figure 55: Spanish lodging capacity by principle region, September 2007
- Figure 56: Breakdown of available hotel capacity by grade, 2002 & 2007
- Figure 57: Spanish hotel capacity in the pipeline, 2007
- UK
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- Figure 58: Hotels registered with tourist boards in the UK*, 2003/04
- London accommodation supply
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- Figure 59: London hotel supply change by grade, 2002-06
- UK hotel pipeline
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- Figure 60: UK hotel capacity in the pipeline, 2007
- Middle East
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- Figure 61: Trend in the number of rooms in hotels and similar establishments in selected Middle Eastern countries, 2002-06
- Figure 62: Middle East hotel pipeline by country, 2007-10
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Chain Penetration by Region
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- Figure 63: Estimated branded rooms by region, 2007
- Americas
- Canada
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- Figure 64: Top Three hotel groups in Canada, 2006
- Figure 65: CHI hotels in Canada by brand, 2007
- Latin America
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- Figure 66: Hotel penetration in Brazil, 2003-06
- Accor
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- Figure 67: Accor’s hotel capacity in Latin America & the Caribbean, by affiliation structure, at end June 2007
- Figure 68: Accor’s hotel capacity in Latin America & the Caribbean, by brand, at end 2006
- Sol Meliá
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- Figure 69: Sol Meliá hotel properties by country in Latin America and the Caribbean, end 2006
- CHI
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- Figure 70: CHI hotels by brand in Mexico and Central & South America, 2006
- Atlantica
- Grupo Posadas
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- Figure 71: Geographical distribution of Grupo Posadas hotel capacity by brand, September 2007
- Figure 72: Distribution of Grupo Posadas hotel capacity by country and type of location, September 2007
- Recent development and pipeline
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- Figure 73: Grupo Posadas’s pipeline by brand and region, September 2007
- US
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- Figure 74: Top 25 hotel brands in the US ranked by number of rooms, March 2007
- The fastest-growing brands
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- Figure 75: The ten fastest rowing hotel brands in the US between March 2006 and March 2007
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- Figure 76: Brand introductions, 2007
- Figure 77: Brand introductions, 2006
- Figure 78: Brand introductions, 2005
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- Figure 79: US pipeline of major multi-brand chains by lodging segment, October 2007
- New brands are gaining a following
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- Figure 80: New brand US pipeline, October 2007
- The effects of the ‘credit crunch’ may be felt in a quarter or two
- Asia
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- Figure 81: Top ten hotel chains in Asia* ranked by number of rooms at end 2006
- China
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- Figure 82: The leading hotel chains in China ranked by rooms, 2007
- Accor
- Hilton
- Hyatt
- InterContinental Hotels Group (IHG)
- Jin Jiang
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- Figure 83: The Jin Jiang upscale pipeline, 2007
- Jinling Hotels & Resorts
- Shangri-La
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- Figure 84: Shangri-La in China, 2006
- Starwood
- Wyndham
- Budget hotel expansion
- India
- Indian Hotels Company/Taj
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- Figure 85: Growth in Taj hotel capacity & revenues, 2004-07
- Taj’s pipeline
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- Figure 86: Taj pipeline: new-builds, 31 March 2007
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- Figure 87: Taj pipeline: management contracts, 31 March 2007
- ITC WelcomGroup
- Leela Hotels
- Oberoi
- Sarovar Hotels & Resorts
- Japan
- IHG’s tie up with ANA hotels yields 12,000 rooms
- JAL Hotels to be spun off
- The big luxury brands are moving into Tokyo
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International Chains
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- Chain penetration in Africa & Middle East
- Africa
- South Africa
- Tunisia
- Middle East
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- Figure 88: Market share of major chains by Middle Eastern country, 2007
- Rotana
- Chain penetration in Australia
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- Figure 89: The top Australian hotel operators at end December 2006
- Chain penetration in Europe
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- Figure 90: Estimated chain penetration of total rooms in selected European countries, 2007
- The top ten hotel groups
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- Figure 91: Chain hotel capacity in the 27 EU countries by star grade 2006-07*
- Accor
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- Figure 92: Accor’s European portfolio by brand, 31 December 2006
- Figure 93: Accor’s budget pipeline by European country, 2007
- Best Western
- CHI
- Hilton
- IHG
- Marriott
- NH Hoteles
- Rezidor
- Sol Meliá & other Spanish resort operators
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- Figure 94: The 50 top brands in the 27 EU countries by room capacity, 2006-07*
- Chain penetration by country in Europe
- Austria
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- Figure 95: The five leading hotel brands in Austria by number of rooms, at 1 January 2007
- Belgium
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- Figure 96: The five leading hotel brands in Belgium by number of rooms, at 1 January 2007
- Finland
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- Figure 97: The five leading hotel brands in Finland by number of rooms, at 1 January 2007
- France
- Louvre Hotels
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- Figure 98: The ten leading hotel brands in France by number of rooms, at 1 January 2007
- B&B Hotels
- Germany
- Accor and Dorint
- Maritim
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- Figure 99: The five leading hotel brands in Germany by number of rooms, at 1 January 2007
- Motel One
- Sol Meliá
- Greece
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- Figure 100: The five leading hotel brands in Greece by number of rooms, at 1 January 2007
- Hungary
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- Figure 101: The five leading hotel brands in Hungary by number of rooms, at 1 January 2007
- Ireland
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- Figure 102: The five leading hotel brands in Ireland by number of rooms, at 1 January 2007
- Italy
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- Figure 103: The five leading hotel brands in Italy by number of rooms, at 1 January 2007
- The Netherlands
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- Figure 104: The five leading hotel brands in the Netherlands by number of rooms, at 1 January 2007
- Poland
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- Figure 105: The five leading hotel brands in Poland by number of rooms, at 1 January 2007
- Portugal
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- Figure 106: The five leading hotel brands in Portugal by number of rooms, at 1 January 2007
- Figure 107: The five leading hotel brands in Spain by number of rooms, at 1 January 2007
- Russia
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- Figure 108: International chain presence in Russia and CIS, September 2007
- Hilton has big plans
- A Copthorne in Moscow
- Sweden
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- Figure 109: The five leading hotel brands in Sweden by number of rooms, at 1 January 2007
- UK
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- Figure 110: The five leading hotel brands in the UK by number of rooms, at 1 January 2007
- Figure 111: Leading UK budget hotel brands, 2007
- Chain penetration in India
- Accor
- 100 Formule 1
- 15 Ibis hotels
- Midscale hotels: Novotel and Mercure
- Best Western/Cabana
- Carlson Hotels Worldwide
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- Figure 112: Carlson’s pipeline, August 2007
- CHI
- easyHotel
- Hilton
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- Figure 113: Current Hilton-DLF joint-venture pipeline in India, 2007
- IHG
- Marriott International
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- Figure 114: Marriott’s current pipeline in India, 2007
- Premier Travel Inn/Emaar
- Starwood Hotels & Resorts
- Wyndham Hotels & Resorts
Hotel Performance by Region
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- Africa & Middle East
- Africa
- South Africa
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- Figure 115: South African hotel performance, first half 2007
- Middle East
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- Figure 116: Four- and five-star hotel performance by major city in the Middle East, 2005-06
- Figure 117: Year-to date performance in major Middle Eastern hotel markets, June 2007
- Profitability in Middle Eastern hotels
- Americas
- Canada
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- Figure 118: Hotel performance by major city and province in Canada, year-to-date July 2006 vs year-to-date July 2007
- Latin America & the Caribbean
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- Figure 119: Latin American and Caribbean hotel performance by region – year to date, June 2006 vs June 2007
- Figure 120: Latin American and Caribbean hotel performance by country – year to date, June 2006 vs June 2007
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- Figure 121: Latin American and Caribbean hotel performance by major city – year to date, June 2006 vs June 2007
- Valuation trends
- European hotels have offered the best currency-adjusted returns
- Asian hotel values
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- Figure 122: Trend in the per room value of upscale hotels in major Asian cities (ranked by 2006 value), 2000-06
- European hotel values
- Outlook clouded by financing concerns
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- Figure 123: Trends in the per room value of upscale hotels in major European cities (ranked by 2006 value), 2000-06
- Mexico
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- Figure 124: Upscale Mexican hotel performance – year to date, June 2006 vs June 2007
- Figure 125: Hotel performance in the main tourist destinations, 2000-06
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- Figure 126: Performance by major tourism destination, 2004-05
- US
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- Figure 127: Year-on-year percentage change in key performance indicators for the US hotel market, 2004- May 2007
- Performance by category
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- Figure 128: US hotel performance by category – year to date, July 2006 vs July 2007
- Performance by region and city
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- Figure 129: US hotel performance by region – year to date, July 2006 vs July 2007
- New York is a winner
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- Figure 130: Operating performance by principal US city for the 12 months to end August 2007
- Atlanta is flagging
- Performance by type of location
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- Figure 131: US hotel performance by type of location – year to date, July 2006 vs July 2007
- Hotel values in the US
- Slowing growth is forecasted
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- Figure 132: Trend in the indexed value per room in major US cities, 2000-06*
- Asia Pacific
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- Figure 133: Upscale hotel performance trend by major Asia-Pacific region, country & city, year-to-date, June 2006 vs June 2007
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- Figure 134: Hotel performance of selected markets across Asia Pacific – year-to-June 2007 compared to the prior year period
- Australia
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- Figure 135: Tourist accommodation performance key Australian markets, year to date December 2006
- Figure 136: Upscale hotel performance trend in Australia and in Sydney, year-to-date June 2006 vs June 2007
- Brisbane
- Cairns
- Gold Coast
- Melbourne
- Perth
- Sydney
- India
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- Figure 137: Indian Hotel performance by grade, 2005-06
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- Figure 138: Trend in occupancy* by major Indian city/destination, 2000-07
- Figure 139: Trend in ADR* by major city/destination, 2000-07
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- Figure 140: Trend in RevPAR* by major city/destination, 2000-07
- Hotel profitability
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- Figure 141: Common-size income summary for the Indian hotel sector, 2001-06
- North East Asia
- Hong Kong
- Shanghai
- Vietnam
- Singapore and Manila
- Europe
- Hotel performance in Europe by star grade
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- Figure 142: Chain hotel performance in EU countries* by star grade, year-to-end August 2007 compared to the prior year period
- Recent performance by country in Europe
- Italy has the highest rates
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- Figure 143: Chain hotel performance by selected country in the EU, year-to-end August 2007 compared to the prior year period
- Hotel performance in Europe by major city
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- Figure 144: Key European city performance, six months year-on-year to end June 2007
- France
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- Figure 145: Chain hotel performance in France by star grade, year-to-end August 2007 compared to the prior year period
- Germany
- Spain
- UK
- Scottish cities outperform provincial average
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- Figure 146: UK hotel performance* year-to-date end August 2007, compared to prior year period
- UK forecast
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- Figure 147: Forecast performance for UK hotels, 2007-08, September 2007
Hotel Property Financing and Management
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- Securitisation – a major source of hotel financing
- Origins of the current ‘credit crunch’
- Tighter lending conditions
- Construction loans – a silver lining?
- Real estate investment trusts (REITs)
- REIT valuation parameters
- Hotel REITs in Canada
- Canadian Hotel Income Properties (CHIP)
- InnVest
- Legacy Hotels
- Royal Host
- Hotel REITs in France
- Foncière des Murs
- A Hotel REIT in Hong Kong
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- Figure 148: Performance of Regal REIT’s hotel portfolio, 2003-06
- Hotel REITs in Japan
- Two hotel J-REITs
- Singapore – CDL Hospitality Trusts
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- Figure 149: CDL Hospitality REIT hotel portfolio, 2007
- Hotel REITs in the UK?
- US hotel REITs
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- Figure 150: US hotel REIT characteristics, end September 2007
- Host Hotels and Resorts, Inc
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- Figure 151: Host’s portfolio by brand, February 2007
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- Figure 152: Host’s portfolio by type of location, September 2007
- Hospitality Properties Trust
- Private equity
- Blackstone
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- Figure 153: Blackstone funds’ major hotel acquisitions, 2004-07
- Carlyle
- Colony Capital
- Partnership with Kingdom Holdings
- Morgan Stanley
- Asset management
Distribution Channels
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- Figure 154: Reservations by channel for major hotel chains, Q2 2007
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- Figure 155: Reservations by channel for major hotel chains, Q2 2007
- Trends in spending by hotels on web-marketing
- Key findings
- Internet marketing ROI
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- Figure 156: What hoteliers believe are the best Internet marketing strategies, 2007
- Budget allocations differ across industry segments
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- Figure 157: Breakdown of budgeted hotel spending on Internet distribution by category, 2007
- Budget allocations differ between the US and internationally
- US vs international hotels
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- Figure 158: Budget allocations for hotel Internet marketing – the US compared tothe rest of the world, 2007
- Internet marketing budget allocations trends 2007
- Web 2.0 – here to stay or a flash in the pan?
- aloft enters and then exits ‘Second Life’
- Web 2.0 presents risks as well as opportunities
- Targeted advertising via Web 2.0
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Spas & Wellness
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- Figure 159: Spa-goers worldwide by gender and country, 2006
- Definitions
- Preferred treatments by country
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- Figure 160: Top treatments received in past 12 months by country, 2007
- Current trends in treatment
- Spas as profit centres?
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- Figure 161: Rate premium for US luxury hotels with spas as compared to those without, 1997-2007
- Spa revenue analysis
- Profitability
- Luxury spas in developing countries can be very profitable
- Physical attributes
- Construction costs
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Environment and Sustainable Development
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- Eco-branding
- The International Hotels Environment Initiative
- 1 Hotel & Residences
- LEED standards
- Fairmont
- Motel 6
- Government action required
- Energy-Star – a step in the right direction
- In-room energy management systems
In-house Technology and Design Features
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- On-property entertainment
- Hilton’s ‘Sight+Sound’ rooms
- Hyatt’s music offering
- Hotel design
- Design hotels
- Marriott and Hyatt play catch-up in the boutique segment
- Marriott and Ian Schrager
- Hyatt’s ANdAZ
- Budget hotel design
- CitizenM
- easyHotel
- Motel One
- YOTEL
What Next?
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- Optimism reigns
- Rising hotel rates predicted
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- Figure 162: Forecast hotel rate* rises by region, for 2008
- Asia-Pacific
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- Figure 163: Forecast hotel rate* rises in Asia-Pacific, for 2008
- Figure 164: Forecast hotel rate* rises in Latin America & Caribbean, for 2008
- Europe
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- Figure 165: Forecast hotel rate* rises in Europe, for 2008
- North America
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- Figure 166: Forecast hotel rate* rises in North America, for 2008
- What could go wrong?
- Growth forecasts being cut
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