Business Travel Trends in the USA and Canada

GBTA projects that Canadian business travel spending would reach $25.9 billion USD in 2024, indicating 13.5% annual growth, exceeding both worldwide (11.8%) and US (9.2%) growth forecasts.

Other significant GBTA research findings for the Canadian business travel industry included

59% of Canadian travel purchasers anticipate to spend more money on business travel in 2024. Nearly 65% of Canadian travel buyers expect their organization to take more business trips this year than last, while 18% expect the same number of business trips. When asked about problems, Canadian customers and suppliers ranked financial worries first, citing growing travel costs, overall economic circumstances, and business budgets that aren't keeping up with demand.

Shamin rooms plans to build two rooms and two restaurants next to the Henrico Sports & Events Center, the next phase of a major redevelopment at the former Virginia Center Commons mall site in Glen Allen, Virginia. The company plans to build a four-story Residence Inn and a five-story Home2 Suites. The hotels, the 21st and 22nd Shamin Hotels in Henrico County, are set to open in 2026. The restaurant operators have yet to be announced.

Autograph Collection Hotels has announced the launch of Hacienda del Mar Los Cabos, Autograph Collection. The resort has 270 rooms and suites; the Cactus SPA, which includes a gym and personal training facilities, a steam room, sauna, and showers; a Kid's Club; an outdoor children's pool; babysitting services; souvenir boutique shops; tour services; outdoor hot tubs; five sparkling pools; various restaurants; four bars; a convention center and eight event rooms totaling 31,073 square feet; and an exclusive golf course.

Marriott's Sheraton Suites Galleria Atlanta has completed its $12 million refurbishment. The refurbishment improved all aspects of the guest experience

The guest rooms now have new carpets, beds, bedding, furnishings, artwork, and upgraded bathrooms. The lobby and restaurant have been refurbished and modernized, with plenty of seating. The hotel is situated near The Battery and Truist Park. Highline Hospitality Partners owns the hotel, while StepStone Hospitality manages it.

In Ohio, the Cincinnati City Council signed a development agreement with Keystone Hotel Group to convert the Chong Building, two buildings with a one façade covering 614-616 Race Street, into a Home2 Suites by Hilton. The Cincinnati Center City Development Corp. currently owns the land, which it will sell to Keystone for $3.25 million. By summer 2027, the Chong Building will be home to 109 hotel rooms. Keystone intends to add four stories to 614 Race Street and two stories to 616 Race Street. The Home2 Suites project is anticipated to cost $28 million.

The City Commission approved a hotly fought plan to add eating, shopping, offices, and hundreds of more hotel rooms to the TradeWinds Resort in St. Pete Beach, Florida. The project, led by 1754 Properties, will be built in four phases, will take 20 years to complete, and is expected to cost approximately $500 million. The plan calls for 629 additional hotel rooms distributed across three buildings, a two-story beachfront restaurant, a 12th floor rooftop viewing deck open to the public with a glass-floor balcony and food and beverage options, three new outdoor pools, and three new public beach access points.

Hotel Sector Stock Index Performance April 20-26, 2024

What am I looking at? The ST200's performance includes stocks in the hotel and short-term rental sectors. The index covers publicly traded companies from several global industries, such as international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares.

The Skift Travel 200 (ST200) aggregates the financial performance of roughly 200 travel companies valued more than a trillion dollars into a single figure. Learn more about the financial performance of hotels and short-term rentals.

Soho House & Co. Inc. has hired Eric Deardorff as director, effective immediately. Deardorff has over 35 years of financial and general leadership expertise, including roles as CEO at Garrad, Nicole Farhi, BLK DNM, and Wolsey, as well as CFO at Waterworks. Deardorff qualifies as an independent director. Deardorff has also been named Chair of the Company's Audit Committee, starting immediately, succeeding Mark Ein, who has served as Chair since July 2021. Mr. Ein will continue to serve as a director of the company.

Colliers hired Bradley Burwell as an Executive Vice President to join the firm's rapidly expanding Hospitality Practice Group, which is part of U.S. Capital Markets

Burwell's new position will require him to collaborate with group leader Mark Owens. Burwell formerly led CBRE's New York hotel team before joining Colliers.

International News

Following the successful debut of its new brand, SIRO, Kerzner International Holdings Limited has announced the signing of two more SIRO hotels.The location, which includes 120 keys and a cluster of SIRO-branded houses, 14 of which will be independent villas, is part of Palmilla Reserve, a new master planned development.

The Abu Dhabi sovereign wealth fund hopes to breathe new life into Madrid's famous Reina Victoria, often known as the bullfighters' hotel. The Abu Dhabi Investment Authority, which has owned the building since last year, is working with Accor to bring its brand The Hoxton to Madrid. In this way, Melia would lose control of its management, which it has had for decades. This asset is the crown jewel in ADIA's Spanish portfolio, which it bought last year. Equity Inmuebles owned 17 Melia-operated hotels, which the Emirati fund acquired.

The launch of a new flagship Sheffield city center hotel including a rooftop bar and restaurant has been postponed. The new Radisson Blu hotel in Sheffield, UK, was set to welcome its first guests on June 10. Sheffield City Council has stated that the 154-bedroom hotel's opening date has been pushed back to later in June. The property will include comprehensive meeting and event facilities.

The Address, in Sligo, Ireland, has undergone major renovations. It is the seventh hotel to debut under The Address Collective's renowned brand. Following a €8 million investment, the newly renovated 61-bed hotel boasts five restored storeys, a wellness spa with gym, plunge pool, heated loungers, Himalaya salt rock sauna, steam room, secret garden outdoor hot tub, and two treatment rooms. The property is owned by Brian and Ciara McGettigan.