The Americas
CBRE Hotel Brand Performance 2024 Report: focus on navigating slower RevPAR growth
According to the latest Hotel Brand Performance Report 2024 from commercial real estate services leader, CBRE, slowing RevPAR growth and maturation of the US hotel industry is driving brand proliferation to attract new customers. The average number of brands per brand family tracked by CBRE increased to 25 in 2023 from 13 in 2013. RevPAR growth fell to 1.5% between 2018 and 2023 from 3% between 2013 and 2018.
Given that year-to-date 2024 RevPAR growth is lower than it was a year ago, CBRE believes “the slowdown is more reflective of increasing competition from alternative lodging sources rather than a lagging pandemic recovery.” To maximize profits, it says, owners and developers must pick an attractive chain scale and an outperforming brand. Selecting a brand that outperforms the average has become increasingly difficult. Only 30% of brands delivered above-average RevPAR growth over the past five years, down from the 52% of brands with above-average RevPAR from 2013 to 2018.
US October job growth stagnates, including in the restaurant sector
While September was a strong hiring month for restaurants, says the U.S. Bureau of Labor Statistics, October job growth stalled both nationwide across sectors and for the restaurant industry. The US’ national unemployment rate also remained at 4.1% for the second month in a row. It has stalled above 4% since May 2024, and has been slowly rising past the pre-pandemic unemployment rate of 3.5% over the past five months. In October, the restaurant and bar industries added 3,700 jobs says the latest data, with the sector’s employment rate at 3.7%. The restaurant and bar industries had a seasonally adjusted employment rate 10 times higher in September, with 39,300 jobs added.
Asia Pacific
Cordis dives into Shanghai SeaWorld
Hong-Kong headquartered Langham Hospitality Group (LHG) has opened Cordis, Shanghai, SeaWorld, its third property in China’s financial hub and second under the Cordis Hotels and Resorts brand in the city. Located next to Shanghai’s cruise terminal, which is the largest in Asia, the new hotel is part of the Shanghai SeaWorld complex, an urban tourism and cultural center developed by China Merchants Group (CMG). The property houses 274 rooms and suites, along with amenities including a 20-metre indoor pool with river views, a fitness center, and dining options such as the Michelin-starred Cantonese restaurant Ming Court.
“Cordis, Shanghai, SeaWorld not only strengthens our offering in China’s top commercial and financial centre but also furthers our aim to elevate the brand’s presence in key gateway cities,” said LHG CEO Bob van den Oord, highlighting the ongoing collaboration with CMG.
Cordis, Shanghai, SeaWorld
Little Caesars enters Cambodia QSR market
Global pizza chain Little Caesars has announced it will open its first restaurant in Cambodia on 10 November 2024. The new operation, located in Koh Pich, will be Little Caesars 29th foray into overseas markets. According to the chain, the number of international franchise brands entering Cambodia has increased by more than 30% across the past five years, reflecting the country’s appeal as an emerging market for international restaurant brands. A second restaurant in Phnom Penh is already planned to open in early 2025, in addition.
Europe, Middle East and Africa (EMEA)
Middle East and North Africa’s 50 Best Restaurants to return to Abu Dhabi in 2025
Following the success of previous editions of Middle East and North Africa’s 50 Best Restaurants, the MENA event program is set to return to the capital of the UAE to reveal a new ranking in 2025. The fourth edition of the listing will be announced on Tuesday 28 January 2025.
“The largest emirate is an emerging global gastronomic hotspot, home to a vibrant culinary scene, world-class hospitality academies and diverse dining concepts,” said 50 Best in statement. After a hiatus from the live awards ceremony in 2024, the 2025 in-person events programme will provide an opportunity for the food world to gather, exchange knowledge and explore different cuisines, culminating in the awards ceremony.
UK family pub brand Farmhouse Inns offers grandparents free carvery to tackle loneliness
Carvery experts Farmhouse Inns has launched a new ‘Grand Day Out’ initiative, offering grandparents and elderly relatives a free carvery meal throughout the month of November. To claim the free meal, the customer just needs to purchase any kid’s meal or junior carvery and say the codeword ‘A Grand Day Out’ at the till.
The initiative was launched after new national research revealed the extent to which Britain’s older generation feel isolated, with a view of uniting families around the dinner table to enjoy a hearty carvery. The study found that nearly half (43%) of UK residents aged 65 and over experience feelings of loneliness up to five times a week, with almost a quarter (24%) admitting they’ve gone multiple days without seeing anyone within the last year.
Michael Jones
