Can We Prevent an Industry Crisis?
Good Morning Hospitality
03/27/23
•40m
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Sustainability is a word that gets thrown around for better or worse but in this episode, the full Good Morning Hospitality crew hops on the broadcast to share thoughts and insights about financial sustainability within the industry and how companies that focus on 2021 revenues as a benchmark are more than likely to have a brutal wake up call.
Wake up with us every Monday morning at 7am PST and 10am EST - this is the one morning show you don't want to miss!
Industry News:
- Placemaker raises $65M (Link)
- STR Wealth Conference - was awesome & excited for 2024! (Wil)
- Expedia & Kayak are first with ChatGPT plugins (link)
- Interesting Acquisition by Steller (Link)
AirDNA’s Fact of the Week:
Is it already time to book your summer vacation?!
The short answer is yes. Get those flights now! But when it comes to short-term rentals, on average, guests saved about 9% by booking two weeks in advance instead of more than six months in advance. And if you’re a host looking to shore up your occupancy, consider lowering your prices as the date gets closer.
Show Notes:
- HFM Merch Store! 10% off for GMH listeners that use this link
- TravelNet joins GMH as an official sponsor! Click this link to check out their special offer for our listeners!
- AirDNA also joins GMH as a sponsor! Register for a free account, then search the market you want to purchase and enter the discount code: GMH20 at check-out!
—
Good Morning Hospitality is part of the Hospitality.FM podcast network and a Hospitality.FM production.
This show is structured to cover industry news within all of travel/hospitality and is recorded live every Monday morning 7am PST/10am EST so make sure you tune in during our live show on our social media or YouTube and join the conversation!
Thank you to all of the Hospitality.FM Partners that help make this show possible and if you have any press you want covered during the show, fill out this form!
Previous Episode
One Breaking News announcement and a podcast episode later, we're thrilled to see our show continue to grow as a leading news source for the hospitality industry. In this episode we invited Tim Rosolio who is the Vice President of Vacation Rental Success at Expedia Group (Vrbo) to discuss their moat as a platform as Brian Chesky, CEO of Airbnb, recently shared their interest in sponsored listings on their platform. Something Vrbo is already utilizing on their platform.
Industry News:
- Airbnb wants to deepen the moat (link)
- Mint House Appoints Lee as New CEO (Link)
- Operto Closes Series B Funding at $25M and Sam Shank joins their Board
AirDNA’s Fact of the Week:
Where are folks going for Spring Break? Here are the top 5 most popular destinations during March/April 2023 and their growth in demand from 2022.
The top 5 U.S. markets based on bookings for March/April 2023 are:
- Orlando, FL (-12%)
- Phoenix/Scottsdale, AZ (+40%)
- Gatlinburg/Pigeon Forge, TN (+17%)
- Panama City, FL (+14%)
- Miami, FL (+3%)
Top 5 U.S. Markets where demand has grown the most in March/April 2023 compared to 2022 are:
- Jersey City/Newark, NY (+41%)
- Phoenix/Scottsdale, AZ (+40%)
- Minneapolis, MN (+38%)
- The Hamptons, NY (37%)
- Chicago, IL (+35%)
Cape Cod and The Hamptons are the markets where ADR has grown the most year over year, at 43% and 28% respectively.
Show Notes:
- HFM Merch Store! 10% off for GMH listeners that use this link
- TravelNet joins GMH as an official sponsor! Click this link to check out their special offer for our listeners!
- AirDNA also joins GMH as a sponsor! Register for a free account, then search the market you want to purchase and enter the discount code: GMH20 at check-out!
Next Episode
STR Consolidation & Hoteliers Underestimate Merging into STR’s
April 3, 2023
•35m
The question of consolidation comes back up in regards to the short-term/vacation rental sector of hospitality while in almost the same sentence, we're seeing hoteliers and brands think that it would be easy for them to fully merge into the str/vacation rental sector based on their current standards within their properties.
Join us on Good Morning Hospitality as we share out insights and opinions on the above. Jump into the conversation with us since this is a live broadcast and we highly encourage audience engagement!
And make sure you're properly caffeinated 😉 ☕️
Industry News:
- Kayak exits it’s hotel business but says they’ll still focus on tech (link)
- Hospitality Vendors launching ChatGPT features/integrations (link)
- OYO cuts IPO filing in half (link)
- Airbnb looks at new revenue streams (link)
AirDNA’s Fact of the Week:
Occupancy levels continue to decline throughout the U.S. for short-term rentals. In February, occupancy declined -1.8% YOY to 55.8%, but was still up 2.3% vs. 2019.
Occupancy fell in 31 of the 50 largest short-term rental markets.Phoenix/Scottsdale, although the third-highest demand growth market with a growth rate of 60.3% YOY, had the largest drop in occupancy at -13.6% YOY. Phoenix/Scottsdale has been a top growth market in the past year, and undoubtedly, additional supply was motivated to become available as hosts attempted to take advantage of the Super Bowl.
Show Notes:
- HFM Merch Store! 10% off for GMH listeners that use this link
- TravelNet joins GMH as an official sponsor! Click this link to check out their special offer for our listeners!
- AirDNA also joins GMH as a sponsor! Register for a free account, then search the market you want to purchase and enter the discount code: GMH20 at check-out!
—
Good Morning Hospitality is part of the Hospitality.FM podcast network and a Hospitality.FM Original.
This show is structured to cover industry news within all of travel/hospitality and is recorded live every Monday morning 7am PST/10am EST so make sure you tune in during our live show on our social media channels or YouTube and join the conversation, live!
Thank you to all of the Hospitality.FM Partners that help make this show possible and if you have any press you want covered during the show, fill out this form!
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