Globally we're up 20% on volume, room nights and average daily rate, ahead of where we were the same time last year. For 2026, we're projecting a 13% increase in room nights and rates.
The North American traveler is really the lion's share of our business, and that's showing a very positive momentum both for international outbound and domestic. From a destination perspective, Europe is the largest region -- two-thirds of our portfolio is there -- and it's going to top a billion dollars of revenue in 2025.
We continue to see a lot of demand for the old favorites -- Italy, France, Switzerland, the U.K. -- but we're also starting to see some demand further afield, in Asia, Africa and the Middle East. We're feeling optimistic about the desire of the luxury traveler to keep going, making travel a part of who they are.
Across the broader industry, however, you see this bifurcation. The luxury end is seeing really strong results. On the lower end of the spectrum, you're seeing contraction. I would expect that to continue into 2026. We're 100% five-star, 90% independent and 80% family-led. That's exactly what the today's luxury traveler is looking for.
We are ardent supporters of travel advisors; they are vital to our success. We reorganized our sales team to better serve advisors and have invested in tools, technology and resources.
Specifically, we just launched a dedicated experience behind a login for travel advisors that provides them with information about our portfolio and curated content based on what our strategic travel advisor group told us they need. It includes the ability to see their bookings and send out PDF itineraries to their clients.
We'll have ongoing enhancements. We're also developing a dedicated loyalty program for travel trade partners, both at the agency level and individual advisor level. And we're going to expand our luxury event for our top advisor partners.
We have nine hotels scheduled to open in 2026, and that may grow to 40 before the year is out. One of the most exciting is the Hotel Imperial in Kyoto, Japan. It shares the grounds with a museum of, and school for, geishas, so a unique cultural experience can be facilitated by the hotel. It's amazing.
Also in Asia, there's a great hotel in Shanghai opening called Yan Garden. Super cool. All its buildings are handcrafted, and the architecture reflects different eras in Chinese history. There are very few artisans who can build like this, so it's taken a significant time to be completed, but it's extraordinary.
And we'll be welcoming back the Hotel Raphael [on the] Champs Elysees, Paris. They have undergone a massive renovation to be one of the most sustainable hotels in Paris.
This interview was conducted by Arnie Weissmann for our annual Preview issue.