(188 Total References)
"Part of the issue is that ...
"Part of the issue is that business travellers are cancelling more than they did previously," Dr. Bjorn Hanson, clinical professor at New York University's School of Professional Studies, Preston Robert Tisch Center for Hospitality, Tourism and Sports Management, told the Times. [The New York Times]
A newly published study by Bjorn ...
A newly published study by Bjorn Hanson of the Preston Robert Tisch Center for Hospitality and Tourism at the NYU School of Professional Studies predicts that a record-setting $6 billion will be spent in 2014 by the U.S. lodging industry on capital expenditures for remodeling and improving both guest rooms...
A newly published study by Bjorn Hanson of the Preston Robert Tisch Center for Hospitality and Tourism at the NYU School of Professional Studies predicts that a record-setting $6 billion will be spent in 2014 by the U.S. lodging industry on capital expenditures for remodeling and improving both guest rooms and public spaces.
says the spending increase is driven by deferred upgrades and improvements going back all the way to 2009 (no surprise there).
Although over 12 percent of demand ...
Although over 12 percent of demand for hotel rooms in Manhattan is for extended-stay lodging, only 3 percent of the borough's supply of hotel rooms is in this category, said Bjorn Hanson, divisional dean of the Preston Robert Tisch Center for Hospitality, Tourism and Sports Management at New York University.
had tried to make the hotel "work as rental apartments or condominiums, but the numbers didn't make sense."
also said the greatest undersupply in extended-stay housing is for what he
called "upper upscale" accommodations, which have higher development costs and higher rates than those of Hyatt Place, Residence Inn, Extended Stay America and others.
"Silver Suites is targeted at upper upscale demand," Mr. Hanson
I also had the good fortune ...
I also had the good fortune to hear the fascinating presentation made by Bjorn Hanson, principal of PricewaterhouseCoopers LLP (retiring effective June 30, 2008), which informed much of what I had heard from my friends at STR.
Bjorn Hanson, principal of PricewaterhouseCoopers LLP (retiring effective June 30, 2008), also gave us an update of his version of this data, and Bjorn was kind enough to share his graphics with me.
Demand Elasticity and Correlation to Real GDP
and economists speak of the "elasticity" of demand.
Then, as you can see from the chart, everything changed in 2002 after 9-11 when the correlation plunged to .2 in 2002, rose to .5 in 2003, got to 1.01 in 2004, and has wobbled a bit the past few years, but still at a very high level of correlation or direct relationship. (Bjorn says that any correlation higher than .05 is statistically significant.)
Here is another of Bjorn Hanson's
charts that illustrates the relationship a different way.
But Bjorn Hanson
team at PwC
have also noted a meaningful correlation of the price of gasoline and the demand for room nights.
And to put this into a practical context, Bjorn
says that if real gasoline prices had remained at the levels they held in the fourth quarter of 2006, then occupancy in 2007 would have been more than .2 occupancy points higher.
WiredHotelier.com - Industry News - Audio Interview w/ Bjorn Hanson, Ph.D., PricewaterhouseCoopers leader of the Hospitality & Leisure Practice - Follow up to the PwC Study: 'Traveler Concerns Regarding Safety, Security and Inconvenience Outweigh Economic
Audio Interview w/ Bjorn Hanson, Ph.D., PricewaterhouseCoopers leader of the Hospitality & Leisure Practice - Follow up to the PwC Study: 'Traveler Concerns Regarding Safety, Security and Inconvenience Outweigh Economic Concerns.'
According to a recent PwC study, even as the dust settles in Iraq and domestic terror threats are on the decline, travelers are still very concerned about safety and security.
Those issues are even more worrisome than the economy, which seems to be on the mend.
PwC's Dr. Bjorn Hanson explains PwC's new study and answers related questions in this streaming audio interview from New York City.
Bjorn Hanson is the Global Hospitality Industry Managing Partner for PricewaterhouseCoopers.
is well known for his
consulting and econometric and statistical research.
holds Certified Real Estate Counselor (CRE), Certified Fraud Examiner (CFE) and Food Service Consultants International (FSCI) professional designations.
is an author and frequent speaker who has been quoted in almost every major business periodical and industry journal including: Financial Times
, Newsweek, Forbes, Fortune, U.S. News & World Report
, The Wall Street Journal
(US, European and Asian editions), Barron's
, and The New York Times
and has appeared numerous times on CNN
, CNNfn, CNBC, FOXfn, WCBS, PBS and other television and radio systems.
He has served as International President of the Cornell Society of Hotelmen and was the Cornell Hotelie of the Year in 1994.
He has served as a Visiting Assistant Professor at Cornell and in addition to having been an adjunct faculty member at NYU for 16 years, he is the Chair of the Executive Board for New York University's Center for Hospitality, Tourism and Sports Management and The Center for Hospitality Research Advisory Board.
Dr. Hanson holds a bachelor's from Cornell University, School of Hotel Administration, an MBA from Fordham University, and a Ph.D. from New York University.