Here is your weekly industry news round-up. Check out the short snippets here and follow below for more details.
- Summer vacations are a top priority for travelers
- Technavio forecasts boom in hospitality robots
- ATM 2024 breaks record with 46,000+ attendees
- Park Hotels announces tender offer results
- Barceló invests $400M in global expansion
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Tripadvisor: Travelers are placing high priority on summer vacations
According to the annual Summer Travel Index released by Tripadvisor, travelers worldwide continue to prioritize summer vacations. Ninety-five per cent of respondents are planning to travel as much (51 percent) or more (44 percent) than last summer, despite some concern about economic headwinds. Over a quarter (26 percent) of U.S. travelers are planning to spend $5,000 or more on their getaways.
Hospitality robots market to grow by $471.77M by 2028
Hospitality robots redefine service with efficiency. Technavio forecasts a USD 471.77 million expansion by 2028, boasting a 14.19% CAGR. According to Technavio, the global market for hospitality robots is projected to expand by USD 471.77 million between 2024 and 2028. This market is anticipated to experience a compound annual growth rate (CAGR) of 14.19% throughout the forecast period.
ATM 2024 sees a record 46,000+ attendees
More than 46,000 industry professionals from over 160 countries – including 33,500 visitors – attended the 31st edition of Arabian Travel Market (ATM), which concluded last week in Dubai, UAE. Organisers of the event have revealed this figure is a 15% year-on-year increase in attendees compared to its 30th edition last year. This number sets a new record for the show, in which the team illustrates the “strength, resilience and momentum” of the global travel and tourism sector.
Park Hotels reports tender offer outcomes
Park Hotels & Resorts announced today the expiration and final results of the previously announced cash tender offer initiated by its subsidiaries: Park Intermediate Holdings LLC, PK Domestic Property LLC, and PK Finance Co-Issuer Inc. (collectively, the “Issuers”). The Tender Offer was for any and all of their outstanding 7.500% Senior Notes due 2025. It expired at 5:00 p.m., New York City time, on May 13, 2024 (the “Expiration Time”).
Barceló Hotel Group’s $400M expansion plan
Barceló Hotel Group, the leading Spanish hospitality management company, reveals its 2024 global expansion strategy with a robust pipeline of new property openings in new and existing key source markets, totalling an investment of over $400 million. In 2024, Barceló Hotel Group will extend its presence in the Middle East, Africa and Türkiye (MEAT) region, with a slated line-up of property openings annually.
That’s all folks!