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1、Research Hotels&HospitalityGlobal lodging has turned a corner in 2022Global Hotels Asset Management ReportGlobal|20222|Global Hotels Asset Management Report 2022 Jones Lang LaSalle IP,Inc.All rights reserved.The global lodging industry has turned a corner in 2022,with operating performance improving
2、 significantly over 2020 and moving closer to pre-pandemic levels.Each regions recovery profile has varied and has been influenced by the severity of COVID-19 travel restrictions,with the Americas,Middle East and Europe leading the way.Countries like the UK and the U.S.reached peak RevPAR levels ove
3、r the summer months since the pandemic started,as the desire to travel and indulge in experiences drove lodging demand to new heights.As of YTD September 2022,U.S.RevPAR was up 6.4%over the same period in 2019.Prognosticators expect full-year 2022 U.S.RevPAR to exceed 2019 levels by 7.7%.In the UK,U
4、AE and Qatar,RevPAR is up 2%to 18%compared to YTD September 2019.Asia-Pacifics performance continues to be held back by remaining COVID-19 travel restrictions.Nevertheless,Hong Kong,Macau and Japan announced easing border restrictions starting in October.As we move to the end of the year,concerns ov
5、er a recession in the U.S.,the ongoing Ukraine/Russia war,economic and political volatility in Europe and geopolitical tensions between the U.S.and China,coupled with uncertainty surrounding lodging demands full recovery,create a complex operating environment for hotels at all levels.Owners and oper
6、ators will need to embrace a defensive approach to asset management,remaining razor focused on their operating structures as they continue to navigate the challenges of running a hotel during such unprecedented times.As such,the role that hotel asset managers play continues to be critical,with hotel
7、 owners requiring strategic management of their hotel portfolios.ExecutivesummaryAs we navigate the 2023 budget season with a focus on optimizing profitability and mitigating operational risks,there are four recommendations we urge hotel owners to consider:1.Transform labor strategy to attract and r
8、etain top talent2.Push rates judiciously and keep disciplined cost-management solutions employed during the pandemic3.Understand the evolving nature of lodging demand and intentionally drive ancillary revenue to optimize profit4.Capital expenditures should aim to protect market share and enhance pro
9、perty value3|Global Hotels Asset Management Report 2022 Jones Lang LaSalle IP,Inc.All rights reserved.22%6%27%9%30%6%APAC visitorspendAPAC T&TemploymentlevelsAmericas visitorspendAmericas T&TemploymentlevelsEMEA visitorspendEMEA T&TemploymentlevelsTransform labor strategy to attract and retain top t
10、alentIts no surprise that attracting and retaining talent across the hotels and hospitality industry has been disconcerting and remains top of mind for owners and operators.With lodging demand and visitation levels across most regions roaring back,travel and tourism employment levels have not kept u
11、p.At year-end 2021,visitation levels across each region grew at three to five times the rate at which employment levels grew.One of the major reasons for this phenomenon is that many former hospitality workers left the industry after the pandemic for industries perceived to be less volatile.A survey
12、 released in October 2022 by the American Hotel Lodging Association reported that 87%of hotels indicated that they were experiencing a staffing shortage.The tight labor market has pushed the cost of labor up excessively.In fact,our asset management team shared that payroll costs today have increased
13、 between 6%and 11%year-over-year in Europe,20%in Brazilwhere unionized labor and inflation have further exacerbated the cost of laborand between 15%and 20%in Singapore.1.2021 change in visitor spend and travel&tourism employment levelsy-o-yannual changeSources:JLL Research,WTTC4|Global Hotels Asset
14、Management Report 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Given the current operating environment,there are no easy or quick solutions to the industrys workforce issues,but there are a few initiatives that owners and operators can implement to help improve their hotels labor strategy.Be o
15、pen to hiring talent without a hotels&hospitality background While it is true that the pre-pandemic hospitality workforce has shrunk,people are more open than ever to switching jobs and even transitioning to a new industry.When hiring,owners and operators should be open to interviewing candidates wi
16、th atypical backgrounds and experiences,where appropriate,and evaluate for a set of skills that can help an individual succeed in a specific role.An applicant that can demonstrate strong problem-solving skills,critical thinking,high emotional intelligence and a knack for relationship building presen
17、ts significant potential and could end up being a great fit.Pairing this recruiting strategy with a well-thought-out and intentional training program will help push new hires past their respective learning curves and create an opportunity for hotel owners and operators to usher in a new era of hotel
18、 and hospitality personnel with a transformed perspective.Invest in automation software or technology that improves efficiency of back-of-house tasks Itd be wise to invest in automation software that can be leveraged for anything ranging from HR processes to accounting and in-room dining requests.Di
19、fferent technological platforms can be used across the HR department to expedite the screening process early in the recruiting process and help control for biases.Personality tests can be leveraged for an initial screening of important skills that suggest whether an individual will succeed in the ro
20、le theyve applied for.Automation software can also be used beyond the check-in and check-out process to satisfy in-room orders via a mobile device,streamline administrative tasks,manage housekeeping schedules and improve internal communications.These changes can help reduce current employee workload
21、 and create additional capacity to ultimately empower employees to focus on the most impactful and high-touch guest interactions,which typically result in higher employee service levels and a better guest experience.Implement creative pay or work structures to attract and retain employees Following
22、the onset of COVID-19,working arrangements have become more flexible for many professionals.Due to the in-person nature and manual labor required in hotel operations,it can be challenging to offer these same benefits to hotel staff.However,implementing daily pay solutions by partnering with a capabl
23、e technology platform will allow owners and operators to empower employees by giving them access to their pay as they earn it.Moreover,owners and operators could implement different work structures to allow for a shift from six to five or five to four days a week.Collectively,these creative solution
24、s can help the lodging industry attract and retain new talent to better compete with the gig economy.5|Global Hotels Asset Management Report 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Push rates judiciously and keep disciplined cost-management solutions employed during the pandemicUnlike in
25、other downturns,the global lodging industry preserved some level of rate integrity during the worst of the pandemic.As such,when demand recovered quicker than expected,many hotel operators were in a position to push rates beyond levels observed in 2019.As of YTD September 2022,all regions,with the e
26、xception of Asia-Pacific,posted rates above those achieved during the same period in 2019.Demand in Asia-Pacific has been restricted to the domestic market,making it more challenging to increase rates.In the midst of the industrys recovery,inflationary concerns across most parts of the world threate
27、n the boost in profitability many hotels would stand to see from higher ADRs.Continuing to increase rates is a simple solution for hotels to implement when operating in an inflationary environment,but charging higher rates bears a greater responsibility to offer the highest level of service and prod
28、uct.Given the labor issues the industry is facing,owners and operators will have to delicately balance their leaner staffing models with the ability to provide a memorable experience worth the rates being charged.2.Inflationary growth 2022F vs.YTD Sep.2022 ADR YOY changes y-o-y annual changeSources:
29、JLL Research,STR,Oxford Economics27.3%9.4%20.2%4.3%23.2%22.0%14.6%10.9%Middle East/AfricaAmericasEuropeAsia PacificInflation 2022FYTD Sep.22 ADR6|Global Hotels Asset Management Report 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Another way for hotel owners and operators to offset some of the
30、inflationary pressure is to forensically analyze operational expenses and identify potential saving opportunities.Some strategies that can be implemented to better manage expenses and operate more efficiently include:Energy&WaterOutsource energy audits and examine lighting,HVAC,insulation and refrig
31、eration systems to identify areas where energy consumption can be reduced.Conduct similar process for water usage.Transition to energy-efficient light bulbs(compact fluorescent or LED).Train staff to turn off lights,TVs,heating and cooling in empty rooms.Use timers in bathroom heat lamps.Install occ
32、upancy sensors for lighting.According to the U.S.Department of Energy,clogged HVAC filters can increase energy consumption by 15%.Maintaining systems will minimize energy consumption,extend equipment life and reduce the possibility of a breakdown.LaborOptimize labor scheduling to forecast high and l
33、ow periods of staffing.Cross-train associates.Food&BeverageWith F&B cost of sales up 30%in some parts of the world,review menus and focus on dishes that can be made with locally sourced items to reduce reliance on imported goods/ingredients.Review event management system to examine menu requirements
34、 for each day and prepare prep sheets for cooks so that they avoid overpreparing.Scrutinize end-of-meal plates to determine appropriate portions to serve and avoid waste.Sales&MarketingLeverage sales&marketing CRM to streamline steps associated with event booking and F&B coordination as a way to cre
35、ate more capacity for S&M associates.Identify partnerships that enhance the hotels connection to the community and draws in local demand.GuestsHave guests opt in to daily housekeeping.Hotels have operated in an extremely disruptive environment over the past two years,and those that have embraced a d
36、isciplined cost-management strategy are winning the recovery.7|Global Hotels Asset Management Report 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Understand the evolving nature of lodging demand and intentionally drive ancillary revenue to optimize profitOver the past two years,leisure demands
37、 resilience has driven the lodging industrys recovery.In 2022,weve seen business travel and group demand return,but both are expected to remain below pre-COVID-19 levels this year and next.Tighter corporate travel budgets,environmentally friendly corporate strategies favoring virtual meetings and th
38、e prevalence of working remotely have influenced the recovery profile of these segments.While many see the aforementioned factors as impediments to global lodging demands full recovery,particularly with global business travel spend not expected to return to pre-COVID levels until 2026,we argue that
39、the way demand has evolved since the pandemic presents hotel owners and operators opportunities to capitalize on new or additional ancillary revenue,which can directly impact the bottom line.3.Global business travel spend(in billions)y-o-y changeSources:JLL Research,GBTA,Skift$1,431$661$697$933$1,15
40、8$1,299$1,399$1,47220022F2023F2024F2025F2026F-53.8%5.5%33.8%24.2%12.2%7.7%5.2%8|Global Hotels Asset Management Report 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Examples of how hotel owners and operators can drive ancillary revenue opportunities by having a thorough understanding
41、of demand in todays environment include:Social group demandweddingshas returned at a quicker pace than corporate group demand and for many hotels now represents an outsized proportion of overall demand.Operators that recognize this change can identify underutilized spaces in their hotel to reimagine
42、 for the use of wedding ceremonies or receptions.Corporate groups that are hosting internal meetings or retreats are returning with slightly different needs and expectations relative to pre-COVID.With hybrid working arrangements more commonplace,when teams are coming together,they are looking for th
43、oughtful experiences as a way to have more meaningful in-person interactions with their colleagues.Owners and operators can respond to this trend by offering culinary classes,wine tastings or group fitness classes on property for an additional fee.With the growing trend of working remotely,many hote
44、l spaces can be repurposed for the use of digital nomads,who can also make use of once-obsolete hotel business centers.Owners and operators could benefit from offering this type of service by charging a daily use fee or from additional F&B revenue,as remote workers are likely to take advantage of th
45、e convenience of being able to order food or grab-n-go options typically available in a hotel.Pushing F&B revenues is a great alternative to supporting profit margin growth for hotels wherepushing rates further is not possible.Adopt variable pricing model for ancillary services,such as spa treatment
46、s,overnight and daily parking and golf tee times.Variable pricing is used in other industries where consumer acceptance is high,including ridesharing apps(Uber/Lyft).In essence,the pricing of a service is determined by the level of demand.Prices rise as demand rises,with prices dropping as demand dr
47、ops.Collectively,these initiatives sharpen an operators focus on optimizing a hotels total profitability.As such,when defining success,operators should shift from a focus on RevPAR to a focus on gross operating profit per available room(GOPPAR),which tells a more complete story of the hotels perform
48、ance.9|Global Hotels Asset Management Report 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Capital expenditures should aim to protect market share and enhance property valueIn 2022,the lodging industry saw many hotels prioritize deferred maintenance,but with brands looking to push property-impr
49、ovement plans,additional capital expenditures will have to be completed next year.Moreover,with guest expectations at an all-time high coupled with rising ADR,properties need to maintain a fresh look and feel to not only preserve market share but continue expanding it.As evidence,JD Powers most rece
50、nt North America hotel guest satisfaction survey revealed that the largest drop in satisfaction was in the physical productin other words,rooms not being renovated.In Europe,there has been a disproportional increase in supply entering the market and newly renovated products,which is putting pressure
51、 on capex spending to protect market share.A heightened focus on capex spending is expected in the region in 2023.Across the U.S.,a rise in capex spending is also anticipated.According to the US Lodging Industry Capital Expenditures Trend Analysis Report by Bjorn Hanson,the U.S.is expected to see ho
52、tel capital expenditures increase 70%in 2022,making up most of the decline observed during 2020.While it is encouraging to see the aggressive capital investments being made this year,many hotels are still replenishing the emergency funds drawn from the FF&E reserve over the past two years.As such,ma
53、ny properties are starting to show the physical wear and tear theyve had to absorb with little capital investments made.Now more than ever,owners and operators need to be intentional with capital investments prioritized to drive RevPAR premiums and ensure the value of the physical hotel real estate
54、is being enhanced.4.U.S.hotels change in capital expenditure spendingPercent change in capital expenditure spending Sources:JLL Research,Bjorn Hanson,Ph.D.,Clinical Professor at NYU School of Professional Studies Jonathan M.Tisch Center for Hospitality and Tourism-40%-18%-73%70%2009201020202022F10|G
55、lobal Hotels Asset Management Report 2022 Jones Lang LaSalle IP,Inc.All rights reserved.Rising interest rates,historic inflation and geopolitical volatility have had a limited negative impact on fundamentals across major markets in Europe and the U.S.Green shoots in performance across Asia-Pacific a
56、re expected as COVID-19 travel restrictions loosen in Q4 2022.Moreover,pent-up demand,particularly for business and group travel,is expected to continue fueling performance,although the composition of those two demand segments stands to look very different relative to pre-pandemic demand.As such,hot
57、el owners and operators who embrace creative solutions in attracting demand and maintaining high service levels,while managing labor issues and high operational expenses,stand to benefit from the industrys ongoing recovery.The last two years have demonstrated the industrys resilience,and now that we
58、 are on firmer footing,we expect the industrys recovery to continue,even if at a slower pace due to macroeconomic uncertainty.Final thoughtsAbout JLLJLL(NYSE:JLL)is a leading professional services firm that specializes in real estate and investment management.JLL shapes the future of real estate for
59、 a better world by using the most advanced technology to create rewarding opportunities,amazing spaces and sustainable real estate solutions for our clients,our people and our communities.JLL is a Fortune 500 company with annual revenue of$19.4 billion,operations in over 80 countries and a global wo
60、rkforce of more than 102,000 as of June 30,2022.JLL is the brand name,and a registered trademark,of Jones Lang LaSalle Incorporated.For further information,visit .About JLL ResearchJLLs research team delivers intelligence,analysis and insight through market-leading reports and services that illumina
61、te todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 400 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries,producing unrivalled local and global perspectives.Our rese
62、arch and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.2022 Jones Lang LaSalle IP,Inc.All rights reserved.The information contained in this document
63、 is proprietary to Jones Lang LaSalle and shall be used solely for the purposes of evaluating this proposal.All such documentation and information remains the property of Jones Lang LaSalle and shall be kept confidential.Reproduction of any part of this document is authorized only to the extent nece
64、ssary for its evaluation.It is not to be shown to any third party without the prior written authorization of Jones Lang LaSalle.All information contained herein is from sources deemed reliable;however,norepresentation or warranty is made as to the accuracy thereof.Contributors:Andrea GriggGlobal Hea
65、d of Asset ManagementJLL Hotels&Hospitality GroupAndrea.GXander NijnensHead of Advisory&Asset Management,Asia PacificJLL Hotels&Hospitality GroupXander.NRastko DjordjevicHead of Asset Management,EMEAJLL Hotels&Hospitality GroupRastko.DEdouard SchwobExecutive Vice President,Asset Management,AmericasJLL Hotels&Hospitality GroupEdouard.SGeraldine GuichardoGlobal Head of Research,Hotels Director,Americas Living Research JLL Hotels&Hospitality GroupGeraldine.G