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Global Hospitality Report (July 5, 2016)

A Dual to the Death or a Dual in the Crown? | Current Trends in Hotel Branding 
By Nicole Perreten and Sophie Perret

Pioneered by AccorHotels 30 years ago, the concept of dual-brand hotels is now growing steadily across both Europe and the US as operators look to gain additional market share by appealing to a broader cross section of customers.

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The HVS Hotel Valuation Index Reflects Stable Value Trend Expected in St. Louis  

Several major developments, the continued expansion of area business, and a burgeoning tech start-up industry are positively affecting the greater St. Louis economy and hotel demand. Meanwhile, the supply base of existing hotels has been pared down and revitalized. The combination of these trends has buoyed area hotel values in recent years. In fact, hotel supply has decreased overall since 2011, as older, obsolete properties, such as the former 700-room Millennium, exited the market. Supply levels dipped slightly in 2015, but are expected to begin increasing in 2016 with the recent and ongoing development of multiple limited- and select-service hotels in several suburban submarkets; however, supply growth in the urban core is likely to remain in check, with only a handful of relatively small boutique hotels currently on the drawing board. Thus, as demand fundamentals remain positive, the market should continue to realize positive RevPAR growth. From a valuation standpoint, however, the anticipated operational gains are expected to be somewhat offset by anticipated trends in the capital markets. Further value appreciation is expected to be held in check in the near term, as interest rates and capitalization rates have begun to rise.

READ MORE ABOUT THE 2016 ST. LOUIS HOTEL VALUATION INDEX AND 70 MARKETS NATIONWIDE.
HVS Key Takeaways: Boutique Hotel Investment Conference 2016 
By Susan Furbay

The conference keyed in on ways for independent hotels to gain ground in today’s market, from financing avenues to booking channels. Changes in consumer behavior, with tastes favoring the hotel “experience” more than price or brand, were a highlight.

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Crown Wins Approval for Sydney Casino Aimed at Asian Gamblers 

Australian mogul, James Packer has finally won the approval for a six-star luxury hotel and casino complex on Sydney harbor, aimed at Asian high-rollers. The billionaire's controversial project had been revised several times since it won support from the state government in 2013. Work on the project is expected to begin shortly and is slated for completion by early 2021. The New South Wales state government legislated to site the Crown Sydney Hotel Resort on foreshore land, previously reserved for a public park. To be located in Barangaroo, on the northwestern edge of Sydney's central business district, the casino was awarded a 99-year gambling licence. The NSW Planning Assessment Commission however ordered a number of amendments to this A$1.5billion (US$1.1 billion) project, which include increasing public areas around this 71-storey building and widening the western harborside promenade at Bangaroo South, in order to ensure that the proposed development comprises adequate open public spaces while also achieving the government's goal to support a high-end tourist and gaming facility on the site. The establishment of this casino is expected to attract Asian high net worth travelers to Sydney and create more than 1000 jobs.

HVS APAC HOSPITALITY NEWSLETTER.
Impact of BREXIT on the European Hotel Sector 

A word from HVS London’s chairman, Russell Kett, on the UK’s momentous decision to leave the EU: “With the dust starting to settle following last week’s historic EU referendum vote, with 52% of the UK voting to withdraw from the EU, a number of issues and opportunities are beginning to emerge. From a political perspective, the UK government is slowly organising itself to initiate the formal process, commencing with the invocation of Article 50 of the Lisbon Treaty, but this is complicated by the Conservative Leadership elections, for which nominations closed yesterday. The new leader – and Prime Minister – will however not be known until 9 September leaving a summer of uncertainty whilst political manoeuvring will doubtless continue, not least by those who would really prefer the UK to remain within a somewhat watered-down version of the EU."

READ MORE ON HOW THIS MAY IMPACT HOTELS IN THE HVS EMEA HOSPITALITY NEWSLETTER.

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