SEPTEMBER 2010

Single, Independent, and Eager to Travel the World A review of the international youth traveler and that travel segment’s magnitude SHIRA AMRANY, Consulting and Valuation Analyst

HVS NEW YORK 369 Willis Avenue Mineola, New York 11501 Tel: +1 516-248-8828 E-mail: samrany@hvs.com

How do we perceive and categorize travelers within the hospitality industry? Most industry veterans would argue that there are three segments. First is the typical business/corporate traveler who stays one to two nights during the week; this may include government or contract demand. Second is meeting and group demand, which typically books in advance and reserves a block of over ten rooms; such demand is often related to corporate meetings, SMERFE (social, military, ethnic, religious, fraternal, and educational) events, and local youth sporting groups. Third is the leisure segment. According to industry experts, leisure travelers typically book accommodations for the weekend or holiday periods. Motivated to visit a market based on locational attributes, such as beaches, amusement parks, museums, and activities including golf, leisure demand is more often than not perceived as families vacationing together.

However, there is a noteworthy subcategory of the leisure segment that comprises travelers who don’t exactly fit the above description: youth travelers. Contrary to family vacationers, youth travelers journey with the intent of exploration. Due to the evolution of telecommunications, social media, and travel infrastructure, destinations abroad have become more accessible and affordable, creating opportunities for today’s youth that didn’t exist for their parents at a similar age.

According to the United Nations World Tourism Organization (UNWTO),1 this niche market represents approximately 20% of international tourist arrivals and approximately 18% of worldwide international tourism receipts. As a result of this segment’s growing importance, an increasing number of government campaigns and national tourism administrations are targeting youth travelers. In their 2008 Youth Travel Matters report,2 the UNTWO stated that governments “are now taking a more active role in developing youth travel policies, products, and marketing campaigns” as opposed to 2005 when the UNWTO found that only 33% of the 151 countries and territories they surveyed collected statistics on youth/student travel. Governments from countries such as Australia and South Africa have targeted this segment since the early part of this decade, whereas France and the UK launched more recent online youth travel campaigns in 2008/2009.

In an effort to further explore this niche market, we will examine who youth travelers are (their age, intent, and preferences) and quantify their significance. Due to limited reliable data on the youth travel segment, much of this article will focus on the summary findings of the “Youth Travel Matters” study published by the UNWTO.

1 The World Tourism Organization (UNWTO) is a specialized agency of the United  Nations and “the leading international organization in the field of tourism.” Members include over 161 countries and territories and more than 390 Affiliate  Members representing the private sector, educational institutions, tourism associaĕons  and local tourism authoriĕes. 

2 “Youth Travel Matters – Understanding the Global Phenomenon of Youth Travel” was published in 2008 based on data collected by the UNWTO and WYSE Travel Confederation from 2002 to 2007. The aim of the report is to consolidate the various studies carried out by each organization in the youth travel field “to provide a comprehensive overview of the characteristics and trends in this segment.”

CUSTOMER PROFILE

Call them tourists, backpackers, or youth travelers, these individuals “travel with a purpose – to explore and to engage with cultures, and to mix their travel ambitions with study, work, volunteer placements and adventure,” wrote David Jones, the Director General of the World Youth Student and Educational (WYSE) Travel Confederation,3 and Francesco Frangialli, Secretary General of the UNWTO, in the “Youth Travel Matters” publication. They go on to explain how these travelers “tend to stay much longer and therefore spend more than the average tourist, interacting more closely with the communities that they visit and making a direct contribution to local businesses.” This report also highlights findings that as a proportion of total income, this segment spends more than any other group on international travel, indicating the high importance placed on global experience for these individuals.

Currently, the industry lacks a clear definition of who falls under the category of youth travelers. However, the WYSE Travel Confederation has come up with its definition, which includes travelers ages 16 to 29, although an argument can be made to extend this range to include those in their low 30’s. The extension of this range can be supported by the increased tendency to postpone marriage and starting a family and the consequent levels of disposable income in conjunction with individuals’ increased propensities to further themselves through sociocultural experiences.

As previously mentioned, the youth travel segment comprises individuals who desire to broaden their horizons by learning about new cultures and gaining international experience. Such travelers have also been categorized as independents with an open-minded attitude and a strong sense of adventure. International experience is believed to be beneficial to their personal development and their future employers. This point is further emphasized by a study4 conducted by Contiki Holidays,5 which found that 97% of the 18- to 35-year-old Australians who were surveyed believe travel (which may subject them to learning a new language, understanding other cultures, problem-solving, and budgeting among other things) can help them with their career or life in general. Youth travelers tend to gain such experience by taking longer trips than your typical tourist – whether during a gap year, between periods of employment, during a sabbatical from work, or just on holiday. According to New Horizons II – The

3 The WYSE Travel Confederation is a not-for-profit organization created in 2006 by “the world’s leading youth and student travel organizations, the International Student Travel Confederation (ISTC) and the Federation of Youth Travel Organizations (FIYTO).” The organization comprises over 550 members whose mission is “to increase international understanding through the promotion of travel and educational opportunities for students and youth.”

4 The Skilled Set Survey was commissioned by Contiki Holidays and conducted by Galaxy Research. The survey is a compilation of results from 509 respondents, Australians ages 18-35, who have aspirations for travel in the next three to four years. Participants were either single or double-income adults with no children at the time of the survey.

5 Contiki Holidays is a tour operator targeting individuals 18 to 35 years of age. The company “creates hassle-free vacations with an unbeatable mix of sightseeing, culture, people your own age & free time” in over 40 countries around the world.

Young Independent Traveller,6 published by WYSE Travel Confederation in 2007, the average length of a trip is just over 53 days. Figure 1 displays an estimated breakdown of the percentage of trips by length of total trips.7

Figure 1 Proportion of Total Trips by Trip Length (in days)

Attributable to the extensive length of many of their travels, youth travelers are often price sensitive and choose their accommodations accordingly. Influenced by their travel style, youth travelers may frequent a variety of accommodations. According to the New Horizons II report, hostels are the most popular form of accommodation among this group, consistent with results found in its 2002 study. The 2007 study found that over 60% of youth travelers chose to stay in some form of a hostel during their last trip; hostels typically offer both dormitory-style shared rooms and private rooms. Youth travelers also stayed in hotels, with family or friends, in guesthouses, at bed & breakfasts, in tents, in campervans, and other accommodations. Individuals booking a hostel often reserve online on sites such as hostelworld.com or hostelbookers.com. They may also utilize travel guide books such as The Lonely Planet, Frommer’s, The Rough Guides, and Fodor’s for guidance on choosing accommodation.

6 The New Horizons II study was conducted in 2002 with the support of the Association for Tourism and Leisure Education (ATLAS) and then repeated in late 2006 and early 2007. The report draws on data from over 8,500 respondents and provides insight into “various dimensions and characteristics of international youth and student travel from the point of view of those who participate in it.”

7 Estimation is visual based on Figure 28 bar chart from the New Horizons II Study, which is labeled in 5% increments.

MARKET OVERVIEW

There is sentiment that the youth travel market is not a lucrative one. Whether that’s true or not for a particular owner or operator is debatable. Less controversial is the fact that from a macro perspective, this segment represents a sizeable portion of global travel and spending.

As previously mentioned, the youth travel market represents approximately 20% of international tourist arrivals a year and approximately 18% of international tourism receipts, according to the UNWTO’s findings over the period from 2002 to 2007. This equates to an estimated average of 160 million arrivals and US$136 billion spent per year, respectively. According to the UNWTO, the youth travel market is growing faster than most other travel segments, with volume growth of 2-5% per year and expenditures recording average growth levels of 8% per year for the same 2002 to 2007 period. Overall international tourist arrivals trended similarly, recording a compounded increase of 4.8% over the same period. Applying the 20% approximation back to 2000, Figure 2 displays youth travel arrivals as an estimated proportion of the overall year-over-year total international tourist arrivals from 2000 to 2008, giving us a rough historical guide of the year-to-year magnitude of the youth travel sub-segment.

Figure 2 International Tourist Arrivals (in millions)

0

100

200

300

400

500

600

700

800

900

1000

2000 2001 2002 2003 2004 2005 2006 2007 2008

Total

Youth Traveler

Although the data published by the UNWTO in its 2007 report is not indicative of what has been going on in the global market over the past two years, the data still provides a frame of reference for comparison. 2009 figures were not included in Figure 2’s historical comparison, due to indications that the youth travel market remained fairly resilient in the wake of the economic downturn in comparison to the overall leisure market. Figures published by WYSETC in its September 2009 issue of the Youth

Travel Industry Monitor8 approximate youth travel down a marginal 0.3% in 2009 compared to a 4.0% decrease in the overall tourism industry, indicating a 0.2% proportional increase in youth travel to overall international tourism in this year. Figure 3 estimates 2009 international arrivals by applying the Youth Travel Industry Monitor percentage change estimates to the recorded 2008 international tourist arrivals figure and the 2008 youth travel tourist arrivals estimate.

Figure 3 2008 vs. 2009 International Tourist Arrivals (in millions)

184

920

178

883

0

100

200

300

400

500

600

700

800

900

1000

2008

2009

Youth Arrivals TotalArrivals

On a per-trip basis, the UNWTO estimates youth travelers spend approximately $2,600, $1,550 of which is spent at the destination (indicating that the $1,050 remainder is used toward transportation expenditures). Over the five-year period the study was conducted, youth travelers averaged 7.3 trips, equating to $18,980 spent on international travel per individual over five years, or an average of $3,796 per year.

CONCLUSION

Thanks to research conducted by the UNWTO and the WYSE Travel Confederation over the past decade, our understanding of the youth travel industry is becoming increasingly clear. Trends indicate that the youth travel market is growing steadily and may be less sensitive to trying economic times than other segments of the industry.

8 “The Youth Travel Industry Monitor – September 2009” is WYSE Travel Confederation’s fifth issue of the Youth Travel Industry

Monitor series, which reviews “the latest trends and business prospects in the youth travel industry.” This issue is based on a survey of “39 experts within the WYSE Travel Confederation community, representing a cross-section of sectors and geographic regions. Respondents were surveyed in September 2009; each answered questions regarding current market conditions for their core business area during July and August 2009.”

Whether this segment is a worthwhile one for investors looking to make high profit margins is uncertain at this time. However, the reality that this segment represents a sizeable portion of the travel industry is not something to ignore. As the future drivers of change in our industry, today’s youth will ultimately influence tomorrow’s travel trends and the look and feel of the hospitality industry.

About the Author

Shira Amrany is an analyst at HVS Consulting & Valuation in New York. She joined the company in 2009 after graduating from Cornell University’s School of Hotel Administration, having previously interned at HVS in both Consulting & Valuation and Executive Search. Since joining HVS, Shira has worked on over 20 appraisals of various hotel types across the United States.

HVS About HVS

About HVS

HVS is the world’s leading consulting and services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980 by President and CEO Steve Rushmore, MAI, FRICS, CHA, the company offers a comprehensive scope of services and specialized industry expertise to help you enhance the economic returns and value of your hospitality assets.

Steve began his career in the 1970s as a consultant in the hospitality division of a prominent New York City real estate firm. Through that experience, Rushmore noted the limited body of knowledge available to assess the value of hotels and motels, taking into consideration both the business and real estate components. Rushmore's first book, The Valuation of Hotels and Motels, quickly became the definitive work on the subject, and soon after, HVS was born. The HVS method of providing an economic study and appraisal for hotels and motels immediately became, and continues to be, the industry standard.

Over the past three decades, HVS has expanded both its range of services and its geographical boundaries. The company’s global reach, through a network of 30 offices staffed by 400 seasoned industry professionals, gives you access to an unparalleled range of complementary services for the hospitality industry:

Consulting & Valuation Convention, Sports & Entertainment Facilities Investment Banking Interior Design Asset Management & Advisory Sales & Marketing Services Hotel Management Shared Ownership Services Hotel Parking Consulting Golf Services Executive Search Eco Services Food & Beverage Services Risk Management Gaming Services

Our clients include prominent hotel owners, lending institutions, international hotel companies, management entities, governmental agencies, and law and accounting firms from North America, Europe, Asia, Latin America, and the Caribbean. Our principals literally ‘wrote the book’ on hospitality consulting, authoring numerous authoritative texts and hundreds of articles. HVS principals are regarded as the leading professionals in their respective regions of the globe. We are

HVS About HVS

client driven, entrepreneurial, and dedicated to providing the best advice and services in a timely and cost-efficient manner. HVS employees continue to be industry leaders, consistently generating a wide variety of articles, studies, and publications on all aspects of the hospitality industry.

HVS is the industry’s primary source of hotel ownership data. Our 2,000+ assignments each year keep us at the forefront of trends and knowledge regarding information on financial operating results, management contracts, franchise agreements, compensation programs, financing structures, and transactions. With access to our industry intelligence and data, you will have the most timely information and the best tools available to make critical decisions about your hospitality assets.

For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

SEPTEMBER 2010

Single, Independent, and Eager to Travel the World A review of the international youth traveler and that travel segment’s magnitude SHIRA AMRANY, Consulting and Valuation Analyst

HVS NEW YORK 369 Willis Avenue Mineola, New York 11501 Tel: +1 516-248-8828 E-mail: samrany@hvs.com

How do we perceive and categorize travelers within the hospitality industry? Most industry veterans would argue that there are three segments. First is the typical business/corporate traveler who stays one to two nights during the week; this may include government or contract demand. Second is meeting and group demand, which typically books in advance and reserves a block of over ten rooms; such demand is often related to corporate meetings, SMERFE (social, military, ethnic, religious, fraternal, and educational) events, and local youth sporting groups. Third is the leisure segment. According to industry experts, leisure travelers typically book accommodations for the weekend or holiday periods. Motivated to visit a market based on locational attributes, such as beaches, amusement parks, museums, and activities including golf, leisure demand is more often than not perceived as families vacationing together.

However, there is a noteworthy subcategory of the leisure segment that comprises travelers who don’t exactly fit the above description: youth travelers. Contrary to family vacationers, youth travelers journey with the intent of exploration. Due to the evolution of telecommunications, social media, and travel infrastructure, destinations abroad have become more accessible and affordable, creating opportunities for today’s youth that didn’t exist for their parents at a similar age.

According to the United Nations World Tourism Organization (UNWTO),1 this niche market represents approximately 20% of international tourist arrivals and approximately 18% of worldwide international tourism receipts. As a result of this segment’s growing importance, an increasing number of government campaigns and national tourism administrations are targeting youth travelers. In their 2008 Youth Travel Matters report,2 the UNTWO stated that governments “are now taking a more active role in developing youth travel policies, products, and marketing campaigns” as opposed to 2005 when the UNWTO found that only 33% of the 151 countries and territories they surveyed collected statistics on youth/student travel. Governments from countries such as Australia and South Africa have targeted this segment since the early part of this decade, whereas France and the UK launched more recent online youth travel campaigns in 2008/2009.

In an effort to further explore this niche market, we will examine who youth travelers are (their age, intent, and preferences) and quantify their significance. Due to limited reliable data on the youth travel segment, much of this article will focus on the summary findings of the “Youth Travel Matters” study published by the UNWTO.

1 The World Tourism Organization (UNWTO) is a specialized agency of the United  Nations and “the leading international organization in the field of tourism.” Members include over 161 countries and territories and more than 390 Affiliate  Members representing the private sector, educational institutions, tourism associaĕons  and local tourism authoriĕes. 

2 “Youth Travel Matters – Understanding the Global Phenomenon of Youth Travel” was published in 2008 based on data collected by the UNWTO and WYSE Travel Confederation from 2002 to 2007. The aim of the report is to consolidate the various studies carried out by each organization in the youth travel field “to provide a comprehensive overview of the characteristics and trends in this segment.”

CUSTOMER PROFILE

Call them tourists, backpackers, or youth travelers, these individuals “travel with a purpose – to explore and to engage with cultures, and to mix their travel ambitions with study, work, volunteer placements and adventure,” wrote David Jones, the Director General of the World Youth Student and Educational (WYSE) Travel Confederation,3 and Francesco Frangialli, Secretary General of the UNWTO, in the “Youth Travel Matters” publication. They go on to explain how these travelers “tend to stay much longer and therefore spend more than the average tourist, interacting more closely with the communities that they visit and making a direct contribution to local businesses.” This report also highlights findings that as a proportion of total income, this segment spends more than any other group on international travel, indicating the high importance placed on global experience for these individuals.

Currently, the industry lacks a clear definition of who falls under the category of youth travelers. However, the WYSE Travel Confederation has come up with its definition, which includes travelers ages 16 to 29, although an argument can be made to extend this range to include those in their low 30’s. The extension of this range can be supported by the increased tendency to postpone marriage and starting a family and the consequent levels of disposable income in conjunction with individuals’ increased propensities to further themselves through sociocultural experiences.

As previously mentioned, the youth travel segment comprises individuals who desire to broaden their horizons by learning about new cultures and gaining international experience. Such travelers have also been categorized as independents with an open-minded attitude and a strong sense of adventure. International experience is believed to be beneficial to their personal development and their future employers. This point is further emphasized by a study4 conducted by Contiki Holidays,5 which found that 97% of the 18- to 35-year-old Australians who were surveyed believe travel (which may subject them to learning a new language, understanding other cultures, problem-solving, and budgeting among other things) can help them with their career or life in general. Youth travelers tend to gain such experience by taking

3 The WYSE Travel Confederation is a not-for-profit organization created in 2006 by “the world’s leading youth and student travel organizations, the International Student Travel Confederation (ISTC) and the Federation of Youth Travel Organizations (FIYTO).” The organization comprises over 550 members whose mission is “to increase international understanding through the promotion of travel and educational opportunities for students and youth.”

4 The Skilled Set Survey was commissioned by Contiki Holidays and conducted by Galaxy Research. The survey is a compilation of results from 509 respondents, Australians ages 18-35, who have aspirations for travel in the next three to four years. Participants were either single or double-income adults with no children at the time of the survey.

5 Contiki Holidays is a tour operator targeting individuals 18 to 35 years of age. The company “creates hassle-free vacations with an unbeatable mix of sightseeing, culture, people your own age & free time” in over 40 countries around the world.

longer trips than your typical tourist – whether during a gap year, between periods of employment, during a sabbatical from work, or just on holiday. According to New Horizons II – The Young Independent Traveller,6 published by WYSE Travel Confederation in 2007, the average length of a trip is just over 53 days. Figure 1 displays an estimated breakdown of the percentage of trips by length of total trips.7

Figure 1 Proportion of Total Trips by Trip Length (in days)

Attributable to the extensive length of many of their travels, youth travelers are often price sensitive and choose their accommodations accordingly. Influenced by their travel style, youth travelers may frequent a variety of accommodations. According to the New Horizons II report, hostels are the most popular form of accommodation among this group, consistent with results found in its 2002 study. The 2007 study found that over 60% of youth travelers chose to stay in some form of a hostel during their last trip; hostels typically offer both dormitory-style shared rooms and private rooms. Youth travelers also stayed in hotels, with family or friends, in guesthouses, at bed & breakfasts, in tents, in campervans, and other accommodations. Individuals booking a hostel often reserve online on sites such as hostelworld.com or hostelbookers.com. They may also utilize travel guide books such as The Lonely Planet, Frommer’s, The Rough Guides, and Fodor’s for guidance on choosing accommodation.

6 The New Horizons II study was conducted in 2002 with the support of the Association for Tourism and Leisure Education (ATLAS) and then repeated in late 2006 and early 2007. The report draws on data from over 8,500 respondents and provides insight into “various dimensions and characteristics of international youth and student travel from the point of view of those who participate in it.”

7 Estimation is visual based on Figure 28 bar chart from the New Horizons II Study, which is labeled in 5% increments.

MARKET OVERVIEW

There is sentiment that the youth travel market is not a lucrative one. Whether that’s true or not for a particular owner or operator is debatable. Less controversial is the fact that from a macro perspective, this segment represents a sizeable portion of global travel and spending.

As previously mentioned, the youth travel market represents approximately 20% of international tourist arrivals a year and approximately 18% of international tourism receipts, according to the UNWTO’s findings over the period from 2002 to 2007. This equates to an estimated average of 160 million arrivals and US$136 billion spent per year, respectively. According to the UNWTO, the youth travel market is growing faster than most other travel segments, with volume growth of 2-5% per year and expenditures recording average growth levels of 8% per year for the same 2002 to 2007 period. Overall international tourist arrivals trended similarly, recording a compounded increase of 4.8% over the same period. Applying the 20% approximation back to 2000, Figure 2 displays youth travel arrivals as an estimated proportion of the overall year-over-year total international tourist arrivals from 2000 to 2008, giving us a rough historical guide of the year-to-year magnitude of the youth travel sub-segment.

Figure 2 International Tourist Arrivals (in millions)

0

100

200

300

400

500

600

700

800

900

1000

2000 2001 2002 2003 2004 2005 2006 2007 2008

Total

Youth Traveler

Although the data published by the UNWTO in its 2007 report is not indicative of what has been going on in the global market over the past two years, the data still provides a frame of reference for comparison. 2009 figures were not included in Figure 2’s historical comparison, due to indications that the youth travel market remained fairly resilient in the wake of the economic downturn in comparison to the overall leisure market. Figures published by WYSETC in its

September 2009 issue of the Youth Travel Industry Monitor8 approximate youth travel down a marginal 0.3% in 2009 compared to a 4.0% decrease in the overall tourism industry, indicating a 0.2% proportional increase in youth travel to overall international tourism in this year. Figure 3 estimates 2009 international arrivals by applying the Youth Travel Industry Monitor percentage change estimates to the recorded 2008 international tourist arrivals figure and the 2008 youth travel tourist arrivals estimate.

Figure 3 2008 vs. 2009 International Tourist Arrivals (in millions)

184

920

178

883

0

100

200

300

400

500

600

700

800

900

1000

2008

2009

Youth Arrivals TotalArrivals

On a per-trip basis, the UNWTO estimates youth travelers spend approximately $2,600, $1,550 of which is spent at the destination (indicating that the $1,050 remainder is used toward transportation expenditures). Over the five-year period the study was conducted, youth travelers averaged 7.3 trips, equating to $18,980 spent on international travel per individual over five years, or an average of $3,796 per year.

CONCLUSION

Thanks to research conducted by the UNWTO and the WYSE Travel Confederation over the past decade, our understanding of the youth travel industry is becoming increasingly clear.

8 “The Youth Travel Industry Monitor – September 2009” is WYSE Travel Confederation’s fifth issue of the Youth Travel Industry

Monitor series, which reviews “the latest trends and business prospects in the youth travel industry.” This issue is based on a survey of “39 experts within the WYSE Travel Confederation community, representing a cross-section of sectors and geographic regions. Respondents were surveyed in September 2009; each answered questions regarding current market conditions for their core business area during July and August 2009.”

Trends indicate that the youth travel market is growing steadily and may be less sensitive to trying economic times than other segments of the industry.

Whether this segment is a worthwhile one for investors looking to make high profit margins is uncertain at this time. However, the reality that this segment represents a sizeable portion of the travel industry is not something to ignore. As the future drivers of change in our industry, today’s youth will ultimately influence tomorrow’s travel trends and the look and feel of the hospitality industry.

About the Author

Shira Amrany is an analyst at HVS Consulting & Valuation in New York. She joined the company in 2009 after graduating from Cornell University’s School of Hotel Administration, having previously interned at HVS in both Consulting & Valuation and Executive Search. Since joining HVS, Shira has worked on over 20 appraisals of various hotel types across the United States.

HVS About HVS

About HVS

HVS is the world’s leading consulting and services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980 by President and CEO Steve Rushmore, MAI, FRICS, CHA, the company offers a comprehensive scope of services and specialized industry expertise to help you enhance the economic returns and value of your hospitality assets.

Steve began his career in the 1970s as a consultant in the hospitality division of a prominent New York City real estate firm. Through that experience, Rushmore noted the limited body of knowledge available to assess the value of hotels and motels, taking into consideration both the business and real estate components. Rushmore's first book, The Valuation of Hotels and Motels, quickly became the definitive work on the subject, and soon after, HVS was born. The HVS method of providing an economic study and appraisal for hotels and motels immediately became, and continues to be, the industry standard.

Over the past three decades, HVS has expanded both its range of services and its geographical boundaries. The company’s global reach, through a network of 30 offices staffed by 400 seasoned industry professionals, gives you access to an unparalleled range of complementary services for the hospitality industry:

Consulting & Valuation Convention, Sports & Entertainment Facilities Investment Banking Interior Design Asset Management & Advisory Sales & Marketing Services Hotel Management Shared Ownership Services Hotel Parking Consulting Golf Services Executive Search Eco Services Food & Beverage Services Risk Management Gaming Services

Our clients include prominent hotel owners, lending institutions, international hotel companies, management entities, governmental agencies, and law and accounting firms from North America, Europe, Asia, Latin America, and the Caribbean. Our principals literally ‘wrote the book’ on hospitality consulting, authoring numerous authoritative texts and hundreds of articles. HVS principals are regarded as the leading professionals in their respective regions of the globe. We are

HVS About HVS

client driven, entrepreneurial, and dedicated to providing the best advice and services in a timely and cost-efficient manner. HVS employees continue to be industry leaders, consistently generating a wide variety of articles, studies, and publications on all aspects of the hospitality industry.

HVS is the industry’s primary source of hotel ownership data. Our 2,000+ assignments each year keep us at the forefront of trends and knowledge regarding information on financial operating results, management contracts, franchise agreements, compensation programs, financing structures, and transactions. With access to our industry intelligence and data, you will have the most timely information and the best tools available to make critical decisions about your hospitality assets.

For further information regarding our expertise and specifics about our services, please visit www.hvs.com.