REITs in the Community
The Knickerbocker Hotel
In the heart of New York City, edging the bright lights of Broadway and the calm of Bryant Park, sits one of New York City’s landmark hotels, The Knickerbocker Hotel. Originally opened by John Jacob Astor IV in 1906, the Knickerbocker has undergone many name changes over the past 110 years and spent the bulk of that time functioning as an office building. It wasn’t until FelCor Lodging Trust acquired the property in 2013 and began a $115 million renovation that it was returned to its status as one of New York’s leading luxury hotels. In 2015, the historic New York City landmark was reborn in the heart of Times Square but maintained a familiar look thanks to FelCor maintaining the building’s distinctive facade.
Grand Bohemian Hotel Mountain Brook
Xenia Hotels & Resorts’ Grand Bohemian Hotel located in the Mountain Brook suburb of Birmingham, Alabama, was developed to fill a growing need in this expanding southern market. In addition to its 100 well-appointed guest rooms, the luxury boutique hotel boasts a grand ballroom and flexible meeting spaces, art gallery, spa, 24-hour fitness center, interactive cooking school, wine blending experience and tasting room, as well as a rooftop terrace and restaurant. The hotel is the first of its caliber in the state of Alabama and is located amidst the unique architectural charm of Mountain Brook while also being in close proximity to Birmingham, which is home to leading firms in the financial, medical, and automotive industries.
The hotel has 326 guest rooms and a parking garage with nearly 700 spaces. Part of the Fox Theatre Historic District and a member of Historic Hotels of America. Approximately 170 employees make up the Georgian Terrace staff. The hotel hosts approximately 100 wedding receptions per year. The guestrooms at the Georgian Terrace average more than 800 square feet.
Business Travel as of 2020
- Three in four travel managers expect business travel volume at their company will be much (17%) or somewhat (58%) higher in 2022 than it was in 2021. Another one in ten (12%) expect business travel to remain about the same as 2021, but few (5%) expect it to be lower.
- Among travel suppliers and travel management companies (TMCs), three in four expect their company's revenue in 2022 from business travel to be much (25%) or somewhat (51%) higher compared to 2021. An additional one in ten (13%) suppliers and TMCs expect their company's revenue to remain about the same as 2021.
- Six in ten (60%) suppliers/TMCs report their bookings from corporate clients decreased from the month prior. One in five (21%) characterize their bookings from corporate customers as having increased, but another one in five (19%) report their bookings remained the same.
- Two in three (64%) travel managers feel their employees are “willing” or “very willing” to travel for business in the current environment.