Hotel construction and planning activity declined globally at the end of the second quarter, according to data from hospitality industry analytics provider STR.
The four regions of Europe, the Americas, Asia Pacific, and the Middle East and Africa recorded a drop in hotel pipeline activity in June, compared with the same month last year, the data showed. STR did not provide an explanation.
The total number of hotel rooms under contract declined most in Europe, by 7.4 per cent, and the least in the Middle East and Africa, at just 0.6 per cent, the London-based company said.
Global capital investment in travel and tourism fell by about a quarter, to $805 billion in 2020, from $1.07 trillion in 2019, as the Covid-19 pandemic devastated the industry, according to data from the World Travel and Tourism Council. Investments in the sector declined a further 6.9 per cent in 2021 to reach $750bn.
Investment in hotels represents a key component of overall investment and the development of the broader travel and tourism sector.
In Europe, the number of rooms under construction declined 12.6 per cent to 207,315 rooms, while those under final planning dropped 15.2 per cent to 150,164 rooms, STR data showed.
Germany and the UK led Europe in terms of total rooms under construction, with 40,729 and 28,612 rooms, respectively.
In the EU, the travel and tourism sector’s recovery could be put at "serious risk" if almost 1.2 million jobs stay unfilled during a labour shortage this summer, the WTTC and European Travel Commission said in a separate report.
Europe's air transport and accommodation segments are not expected to fill about one vacancy in five, representing a 21 per cent and 22 per cent staff shortage respectively, WTTC said.
In the Americas, the total number of hotel rooms under contract declined 5.8 per cent year on year to 739,777 properties in June, STR data showed.
The number of hotel rooms under construction in the region decreased 16.9 per cent to 202,250 rooms during the period. Those under final planning dropped 14.4 per cent to 208,583 rooms.
"The US holds the majority of rooms in construction in the region. After the US, Mexico (14,909) and Canada (7,232) have the highest number of rooms in construction in the region," STR said.
The US hotel industry has been recovering and reported its highest monthly room rates on record in June, STR said in a separate report. The average daily rate climbed 15.3 per cent to $155.04.
The country also reported an all-time high hotel room revenue, a key measure for a hotel’s top-line performance, which rose 10.3 per cent to $108.64. Occupancy was the highest since August 2019, standing at 70.1 per cent.
In Asia Pacific, the total number of hotels rooms under contract fell 1.2 per cent annually to 917,719 in June, STR data showed.
The region's hotel rooms under construction rose 2.1 per cent to 486,412 rooms, while those under final planning contracted 29 per cent to128,808 rooms.
"Among countries in the region, China has the most rooms in construction (308,062), followed by Vietnam (31,161)," STR said.
The Middle East and Africa recorded the softest drop in hotel pipeline activity globally, according to STR.
The region has posted a broad recovery in hotel performance in most markets during the first half of 2022, according to a Mena hotels market report by Colliers.
Hotel rooms under construction in the region slipped 6.2 per cent to 127,397 rooms, while those in final planning dropped 18 per cent to 37,143 rooms, STR data showed.
"Saudi Arabia (37,654) and United Arab Emirates (31,671) lead in construction activity," STR said.
In the UAE, the impact of Expo 2020 hosted in Dubai has had a positive effect on all markets in the country, while the Fifa World Cup to be hosted by Qatar later this year is expected to result in overspill demand to key transit centres, such as Dubai and Abu Dhabi, Colliers said.
In Saudi Arabia, growing consumer confidence has benefited the Riyadh and Jeddah markets, according to the Colliers report. Meanwhile, the return of pilgrim demand has improved the outlook for the Makkah and Madinah markets.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Why are you, you?
Why are you, you?
From this question, a new beginning.
From this question, a new destiny.
For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
separated by history.
To return the many to the one.
A great story unites us all,
beyond colour and creed and gender.
The lightning flash of art
And the music of the heart.
We reflect all cultures, all ways.
We are a twenty first century wonder.
Universal ideals, visions of art and truth.
Now is the turning point of cultures and hopes.
Come with questions, leave with visions.
We are the link between the past and the future.
Here, through art, new possibilities are born. And
new answers are given wings.
Why are you, you?
Because we are mirrors of each other.
Because together we create new worlds.
Together we are more powerful than we know.
We connect, we inspire, we multiply illuminations
with the unique light of art.
Ben Okri,
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Read more about the coronavirus
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
more from Janine di Giovanni
SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
Memory: 64/256GB storage; 8GB RAM
Main camera: 12MP wide, f/1.8, Smart HDR
Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps
Audio: Stereo speakers
Biometrics: Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
Finish: Space grey, starlight, pink, purple, blue
Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)
