NYC analysis compares Airbnb, STR pricing data: A deep dive into New York City using STR data and publicly available Airbnb data reveals new insights about the peer-to-peer booking platform and its place among the accommodations landscape. For one, not all Airbnb units are created equal; of the 27,000 units available in New York City, approximately 8,600 compete most directly with hotels, writes STR’s Jan Freitag. More notable: In three out of four boroughs where information is available, the average Airbnb listing is higher than the average hotel rate.
“Airbnb is here to stay (regulations and zoning permitting),” Freitag writes. “New York hoteliers have to be aware of the ubiquity of the offering across all geographic areas and price points.”
U.S. CMBS delinquency rate declines in July: The delinquency rate for U.S. commercial real estate loans in CMBS inched down 3 basis points in July and is now 5.42%, according to Trepp. Over the past 27 months, the delinquency rate has fallen 23 times. The rate is now 62 basis points lower than the year-ago level and 33 basis points lower year to date. The lodging delinquency rate improved by 5 basis points to 3.7%. Lodging remains the best performing major property type, according to Trepp.
And the top loyalty program is …: U.S. News & World Report released its annual ranking of top travel rewards programs, and once again Marriott Rewards tops the list in the hotels category. Rounding out the top five are Wyndham Rewards, Best Western Rewards, Club Carlson and IHG Rewards Club. U.S. News & World Report’s methodology for ranking loyalty programs factors in added benefits, number of paid nights required to earn a free stay and ease of using the program.
More Chinese travelers using OTAs: Chinese online travel agent Ctrip reported 6% year-over-year growth in the second quarter, according to its financial results. Travel Daily Asia reports the company saw a 55% increase in hotel reservations booked on its site, a 60% rise in airline tickets booked and a 106% rise in other transport tickets. Hotel revenues reached record-high revenues for the company of more than CNY1 billion ($16 million).
Wyndham goes big in South Korea: Wyndham Hotel Group is poised to grow its South Korean footprint by more than 200% over the next three years, after it signed 12 new franchise agreements in the region. According to MarketWatch, the new set of hotels includes properties in the Ramada, Days Inn and Howard Johnson brands. The move is part of the company’s plan to grow in Southeast Asia and the Pacific Rim.
Article source: www.hotelnewsnow.com