Highgate | January 23, 2023
Highgate, a company involved in hotel management, investment, technology, and development, has announced the launch of HG Portugal, as well as the relaunch of the Dorsett City London Hotel. HG Portugal opens with a portfolio of 18 hotels in several Portuguese markets, including Lisbon, Algarve, and Porto.
The portfolio includes hotels under the Hilton and IHG brand families and many notable independent hotels, such as Salgados Palace, Cascade Resort, and Sao Rafael Atlantico. In addition, the portfolio spans urban full-service hotels, waterfront luxury resorts, lifestyle boutique hotels, and large convention facilities, all drawing from core competencies across Highgate's global footprint.
Highgate has selected Alexandre Solleiro as Chief Executive Officer of HG Portugal as part of its efforts to build a best-in-class operating capability in Portugal. Alexandre Solleiro brings more than 30 years of hospitality leadership expertise in Portugal, and he is supported by a dedicated leadership team from all disciplines. The team will leverage Highgate's existing resources and platforms in Europe, the Caribbean, the United States, and Latin America while also bringing specialized Portugal-based experience.
Highgate brings global experience as an owner/operator in leisure destination markets and lifestyle, branded, and city-center hotels to the Portugal market. It adds unique value to its managed hotels via a platform designed to optimize distribution, operational efficiencies, and hotel concept development.
The launch of HG Portugal follows the October 2021 announcement of two portfolio additions in the UK market: Grosvenor House Suites in London's Mayfair District and the Dorsett City London Hotel. As part of a more extensive repositioning, Highgate will also begin running the Dorsett City London Hotel using a relaunched concept on March 1, 2023.
Arash Azarbarzin, Chief Executive Officer of Highgate, stated, "The launch of HG Portugal complements Highgate's recent re-entry into the UK management space, furthering the application of our proven business towards strategic global opportunities." He added, "Honed over the last 30 years, we will apply our innovative approach to operations, distribution, food and beverage, branding, and positioning during a remarkable moment for Portugal, as more travelers are discovering its magnificence as a prime destination."
(Source – PR Newswire)
New York-based Highgate is a leading hospitality management and investment company. It is a prominent figure in the US gateway markets, which include Boston, Honolulu, Miami, San Francisco, and New York. It is also expanding its presence in Europe using properties in Barcelona and London. Highgate offers professional guidance at every stage of the hospitality property cycle, from development and planning to disposition or recapitalization. Highgate is a trusted partner for major hotel brands and top ownership groups, with an executive team comprised of some of the industry's most experienced hotel management leaders.
DESTINATION AND TOURISM,COMMERCIAL TRAVEL
Pacaso | November 09, 2022
Pacaso, the leading technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, announces new partnerships with Alto, an elevated on-demand rideshare company, and Surf Air, a regional air travel company working to accelerate the adoption of green aviation, to offer families effortless travel options to their Pacaso second homes. The alignment with two premium travel services strengthens Pacaso's commitment to deliver simple and turnkey ownership experiences.
The new partnership will offer all Pacaso homeowners a six-month Alto membership. Alto members lock in priority booking at busiest Members-only times, save an average of 30% on every app ride, are able to schedule rides in advance, and receive access to members-only perks and rewards.
The holiday season can be synonymous with stress and at Pacaso we're committed to making things easier for our owners, this time of year and always, and that includes how families travel to their Pacaso second home," said Pacaso Chief Marketing Officer Whitney Curry. "Every minute in your second home counts, so we're excited to have curated several offerings that help owners get home faster and in style.
"We built Alto with consistency at its core to take the guesswork out of rideshare and ensure our Members get a clean, safe, elevated experience on every ride, Alto's professional employee drivers, luxury fleet of SUVs, and thoughtful amenities provide a welcome escape from the hectic holiday season and we're excited to extend this service to Pacaso's homeowners."
-Alto CEO, Will Coleman
Additionally, Pacaso owners will enjoy special membership perks with Surf Air that they can use to save an average of two hours of travel time when flying to their second home. With Surf Air, flyers have the ability to access seats on a scheduled flight network across California and the ability to charter a variety of private aircraft with Surf Air's On Demand service with guaranteed availability, no blackout dates, and no initiation fee.
With a comprehensive list of in-home essentials, a variety of family-friendly features, and inviting indoor and outdoor living spaces, each Pacaso home is designed to facilitate memorable moments for owners without any hassle. Pacaso strategically applies customer-driven insights and owner feedback to create best-in-class second homes, making it easier for families to prepare for their stays and focus on spending quality time together. For homeowners seeking welcoming spaces to make connections and create traditions, Pacaso provides the most seamless way to enjoy second home ownership.
Pacaso owner membership perks with both Surf Air and Alto begin from the sign up date. For more information about Pacaso, please visit www.pacaso.com.
Pacaso® is a technology-enabled marketplace that modernizes real estate co-ownership to make owning a second home possible and enjoyable for more people. Pacaso curates luxury listings with premium amenities and high-end contemporary interior design, offers ⅛ to ½ ownership with integrated ﬁnancing, and, after purchase, professionally manages the home and supports seamless resale. Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso operates in top second home destinations around the world. Pacaso has been certiﬁed as a Great Place to Work and is recognized as one of Glassdoor's 2022 Best Places to Work.
AirDNA | November 15, 2022
A new joint report from hospitality data supplier STR and short-term rental analytics provider AirDNA shows that competition between short-term rentals and hotels has accelerated in the fight for leisure guests, with the price gap tightening and rental supply falling behind in urban markets.During the pandemic, the U.S. short-term rental sector used its supply flexibility to recover faster than hotels, especially in coastal and mountain destinations, pushing rentals' market share to a record 17% of total lodging in summer 2020. Hotels retargeted towards leisure guests to reclaim demand, focusing on urban areas, pushing short-term rentals' market share back to below its pre-pandemic trajectory.
"During the pandemic, short-term rentals had an advantage over traditional hotels due to consumer perception of better COVID-19 safety, Now in 2022, hotels can compete on price and have claimed demand on key holidays where, pre-pandemic, they typically lost out on leisure travelers."
-AirDNA Vice President of Research, Jamie Lane
Hotels Lead in Cities
In large cities, short-term rental supply contracted dramatically as demand dropped off in 2020, while government subsidies helped to reduce permanent closures of hotels. As urban demand began to recover in 2022, hotels were ready to accommodate travelers, while urban rental supply remains 17% below 2019. With strict regulations limiting short-term rentals in cities like New York and San Francisco, which both lost 25% of their pre-pandemic supply levels, supply is unlikely to fully recover in these areas.
"Looking to the future, hotel supply will likely remain strongest in urban and suburban locations, with low development in coastal and rural areas due to higher barriers to entry, where short-term rentals will likely see more opportunity for growth,"
-STR's Vice President of Analytics Isaac Collazo.
A new STR survey of more than 1,000 travelers shows that value for money is an important factor for rental guests, even more than hotel guests. Despite the perception that rentals are cheaper, in 2019, hotels and comparably-sized rentals were priced around the same, except in urban locations. In large cities, hotels were priced 42.9% higher than rentals, but that gap has closed to 26.6% in 2022. Hotels are now offering lower rates than rentals in all location types except urban and coastal resorts, where the difference is 10%.
While rentals' market share is highest in coastal and mountain or lake destinations, in urban and suburban locations their share has flattened or declined. Rentals should continue to grow their market share, albeit at a slower pace than pre-pandemic, led by expansion in resorts and small towns less well-served by traditional hotels.
AirDNA helps hosts, property managers, and investors succeed in the short-term vacation rental market by turning rental data into actionable analytics. The Denver-based company has tracked the daily performance of 10 million vacation rentals in 120,000 global markets since 2014 to provide real-time market insights. Their range of online and exportable reports offer a solution for everyone in the industry to analyze trends, price rentals, identify new investment opportunities, and benchmark performance.
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces.