Market Reports
Fewer Global Markets Recording RevPAR Growth, Japan a Big Exception
CoStar Group | April 26, 2024
Analysis by Eddie Yeung Note: All financial figures presented in US$. STR's global "bubble chart" update for the four weeks ending 6 April 2024 shows 60% of markets with year-over-year growth in revenue per available room (RevPAR). That volume was noticeably less than the 77% of markets with growth in our last update, showing more of the world has reached a normalization period. China contributed the most to the decline against 2023 levels, with 90% of its markets experiencing lower performance compared to last year. This further underscores the slowdown in the country's economy. When excluding China, 67% of global markets recorded ...
Wyndham Hotels & Resorts Reports Strong First Quarter Results
Wyndham Hotels & Resorts | April 26, 2024
PARSIPPANY, N.J., April 26, 2024 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2024. Highlights include: Global RevPAR grew 1% in constant currency and ancillary revenues grew 8% compared to first quarter 2023. System-wide rooms grew 4% year-over-year. Opened over 13,000 rooms, representing a year-over-year increase of 27%. Awarded 171 development contracts, an increase of 8% year-over-year. Development pipeline grew 1% sequentially and 8% year-over-year to a record 243,000 rooms. Entered upscale extended stay segment through a strategic relationship with WaterW...
Hilton Reports First Quarter Results
Hilton | April 26, 2024
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton," "the Company," "we," "us" or "our") (NYSE: HLT) today reported its first quarter 2024 results. Highlights include: Diluted EPS was $1.04 for the first quarter, and diluted EPS, adjusted for special items, was $1.53 Net income was $268 million for the first quarter Adjusted EBITDA was $750 million for the first quarter System-wide comparable RevPAR increased 2.0 percent, on a currency neutral basis, for the first quarter compared to the same period in 2023 Approved 29,800 new rooms for development during the first quarter, bringing Hilton's development pipeline to a record...
ITA Data Release: February 2024 International Inbound Visitor Spending
National Travel and Tourism Office | April 26, 2024
Data recently released by the National Travel and Tourism Office (NTTO) show that in February 2024: International visitors spent more during the month of February 2024 than during any other February recorded since the United States started measuring these exports in 1960; indeed, international visitors spent a record-setting $20.4 billion on travel to, and tourism-related activities within, the United States during February, an increase of more than 25 percent compared to February 2023 and the highest level of monthly spending for any February recorded. In fact, monthly U.S. travel and tourism exports are within $436 million of their hi...
U.S. Hotel Performance Showed Mixed Results for Week Ending 20 April
CoStar Group | April 25, 2024
WASHINGTON – 25 April 2024 – U.S. hotel performance showed mixed results from the previous week, according to CoStar’s latest data through 20 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 14-20 April 2024 (percentage change from comparable week in 2023): Occupancy: 66.8% (-0.3%) Average daily rate (ADR): US$158.60 (+1.5%) Revenue per available room (RevPAR): US$105.94 (+1.2%) Among the Top 25 Markets, Philadelphia reported the largest year-over-year increases in occupancy (+14.3% to 72.1%) and RevPAR (+23.2% to US$114.11). Washington,...
THE PLAYERS Championship’s Impact on Jacksonville Hotels in 2024
Angela Lahti | April 24, 2024
By Angela Lahti Each year, Ponte Vedra Beach in the greater Jacksonville, Florida, area hosts THE PLAYERS Championship at TPC Sawgrass. The event, often referred to as “golf’s fifth major,” is an annual tournament on the PGA Tour and offers the largest purse of any regular-season PGA Tour event. A University of North Florida study completed in 2015 estimated the total economic impact of the event in Duval and St. Johns counties at over $40 million. The 2024 edition, held March 11–17, marked the event’s 50th anniversary; a record-setting $25-million purse was offered, with $4.5 million claimed by this year’s winner, Sco...
U.S. Hotel Development Kicks Off Q1 2024 With Growth and Record-Highs
Lodging Econometrics (LE) | April 24, 2024
April 24, 2024 – PORTSMOUTH, NH As seen in the Q1 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the first quarter, there are 6,065 projects with 702,990 rooms in the pipeline. This new all-time high represents a 9% year-over-year (YOY) increase in projects and a 7% YOY increase in rooms compared to last year. The details can be seen directly within the stages of the pipeline, which all saw YOY growth in Q1. Presently, there are 1,144 projects comprising 141,336 rooms under construction, marking a 9% increase in projects and a 1% increase in rooms YOY. Projects slated to start construc...
Canada Hotels Record First Transient Occupancy Increase in Four Months
CoStar Group | April 23, 2024
WASHINGTON – 23 April 2024 – After four consecutive months of year-over-year declines, Canada’s hotel industry reported a marginal lift in transient occupancy, according to CoStar’s March 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. March 2024 (percentage change from 2023): Occupancy: 61.0% (-2.1%) Average daily rate (ADR): CAD185.23 (+3.9%) Revenue per available room (RevPAR): CAD112.99 (+1.7%) Transient, according to CoStar, includes rooms sold to individuals or groups occupying less than 10 rooms per night. “The slight increa...
U.S. Group Business Delivers Higher Q1 Performance Year-Over-Year According to Hospitality Group and Business Performance Index by Knowland and Amadeu
KNOWLAND | April 23, 2024
Larger events and other business segment improvements promote stability ARLINGTON, Va. — April 23, 2024 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, and Amadeus, a leading technology provider for the travel industry, today present the metrics from the companies’ Hospitality Group and Business Performance Index (the “Index”). Beginning with the first quarter of 2024, the Index now focuses on year-over-year (YOY) performance. This first report shows the group health index is 102.3 percent YOY and six of the top 25 U.S. markets have achieved 110 percent compared ...
U.S. Hotel Performance for March 2024
CoStar Group | April 22, 2024
WASHINGTON – 22 April 2024 – The U.S. hotel industry reported higher performance results from the previous month, but mixed comparisons year over year, according to March 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. March 2024 (percentage change from March 2023): Occupancy: 63.7% (-2.5%) Average daily rate (ADR): US$159.79 (+0.4%) Revenue per available room (RevPAR): US$101.81 (-2.2%) Among the Top 25 Markets, Miami experienced the highest levels in each of the three key performance metrics: occupancy (+2.3% to 83.5%), ADR...
Events Driving Hotel Performance in Adelaide; Bookings During LIV Golf at 72%
CoStar Group | April 22, 2024
WASHINGTON – 22 April 2024 – A number of large-scale events have boosted hotel performance in Adelaide, with further jumps expected for upcoming events, according to recent data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. January through early April During the Santos Tour Down Under (12-21 January), hotel occupancy reached 78.1%, while revenue per available room (RevPAR) increased 11.4% year over year to AUD179.18. A three-week period of the Adelaide Festival (1-17 March), alongside Adelaide Fringe (16 February through 17 March), drov...
U.S. Hotel Results for Week Ending 13 April
CoStar Group | April 18, 2024
WASHINGTON – 18 April 2024 – Helped by the total solar eclipse, U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 13 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 7-13 April 2024 (percentage change from comparable week in 2023): Occupancy: 65.8% (+2.8%) Average daily rate (ADR): US$160.20 (+2.9%) Revenue per available room (RevPAR): US$105.48 (+5.8%) Among the Top 25 Markets, Philadelphia reported the largest year-over-year increase in occupancy (+23.2% to 77.0%) and RevPAR (+45.7% to US$1...
Paris Hotel Bookings Pacing Above 60% for Summer Olympic Period
Costar Group | April 16, 2024
WASHINGTON – 16 April 2024 – Paris hotel bookings for the 2024 Summer Olympics are pacing above 60%, according to CoStar’s latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. The 60% range for the event period (26 July – 11 August) is up from 50% three months ago. For context, the weeks leading up to the opening ceremony show occupancy on the books in just the 20% range. The current highest booking level (63.8%) in the host city is on Saturday, 27 July, the day of 14 gold medal events. Saturday, 3 August, the day of 28 gold medal event...
U.S. Hotel Construction Activity Rose in March, First Increase in Nine Months
CoStar Group | April 16, 2024
WASHINGTON – 16 April 2024 – The volume of U.S. hotel rooms under construction grew year over year for the first time since June 2023, according to CoStar’s March 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. U.S. Hotel Pipeline March 2024 (percentage change from March 2023) In construction: 156,525 rooms (+1.5%) Final Planning: 263,316 rooms (+9.8%) Planning: 324,522 rooms (+39.5%) “While the number of rooms in construction has grown, that figure remains below what was seen prior to the pandemic,” said Isaac Collazo, STR’s VP, a...
HVS Las Vegas Casino and Hotel Market Outlook 2024
Shannon S. Okada | April 16, 2024
By Shannon S. Okada Las Vegas continues to evolve, with billions of dollars being spent on the development of new world-class venues in recent years. The market hosted 40.8 million visitors in 2023, exceeding the 40.0 million visitor threshold for the first time since 2019. Gaming revenue for Clark County in 2023 was $13.5 billion, which set a market record for the second straight year. In 2023, occupied room nights, as well as total occupancy (83.5%), continued to lag 2019 performance; however, like gaming revenue, the market’s ADR ($191.29) and RevPAR ($159.73) for 2023 reached record levels for the second year in a row. As Las Vegas l...
Hotel Pipeline Activity Down Globally, Except in The Americas
CoStar Group | April 15, 2024
WASHINGTON – 15 April 2024 – The Americas is the only world region that showed a year-over-year increase in pipeline activity at the end of the first quarter, according to March 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. March 2024 (% change in comparison with March 2023): Europe In construction: 172,499 rooms (-6.8%) Final Planning: 99,744 rooms (-25.3%) Planning: 160,404 rooms (+3.1%) Total Under Contract: 432,647 rooms (-8.8%) Among countries in the region, Germany (28,500) led in construction activity, closely fo...
U.S. Hotel Results for Week Ending 6 April
CoStar Group | April 12, 2024
WASHINGTON – 12 April 2024 – U.S. hotel performance showed mixed results from the previous week but positive comparisons year over year, according to CoStar’s latest data through 6 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 31 March through 6 April 2024 (percentage change from comparable week in 2023): Occupancy: 64.1% (+4.7%) Average daily rate (ADR): US$156.96 (+2.1%) Revenue per available room (RevPAR): US$100.59 (+6.9%) Among the Top 25 Markets, Philadelphia reported the largest year-over-year occupancy lift (+17.5% to 66.1%) and t...
Waterparks Maintain Momentum in 2024 Amid Growth and New Opportunities
David J. Sangree | April 11, 2024
By David J. Sangree March 2024 – In 2023, waterpark owners and operators saw a more competitive market as attendance levels remained similar to 2022 while ticket pricing growth was more subdued. This occurred due to increased competition from a variety of additional attractions and entertainment venues in the post-pandemic economy. In 2023, 16 indoor waterpark openings and expansions added 480,000 square feet of indoor waterpark space while twelve new outdoor waterparks opened. New growth is forecasted for indoor and outdoor waterparks in 2024 as several large-scale projects will open that will alter the waterpark landscape. These projec...
Six Nations, St. Patrick’s Day Drove Dublin Hotel Occupancy in March
CoStar Group | April 10, 2024
WASHINGTON – 10 April 2024 – Dublin’s hotel occupancy was helped by the Six Nations Men’s 2024 championship and St. Patrick’s Day festivities, according to March 2024 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. March 2024 (year-over-year % change): Occupancy: 81.0% (+0.2%) Average daily rate (ADR): EUR164.04 (-5.5%) Revenue per available room (RevPAR): EUR132.81 (-5.3%) The market’s highest daily occupancy level was seen on Saturday, 16 March (98.6%)—the night of the final round of the Six Nations champi...
Eras Tour Led to March Records for Singapore Hotels
CoStar Group | April 10, 2024
WASHINGTON – 10 April 2024 – The host of six Taylor Swift concerts, Singapore’s hotel industry posted its highest March average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. March 2024 (year-over-year % change): Occupancy: 79.1% (+5.1%) Average daily rate (ADR): SGD358.91 (+12.7%) Revenue per available room (RevPAR): SGD284.03 (+18.5%) Historically, Q1 and Q2 daily occupancy levels are lower post-Chinese New Year and prior to events pick...
Jeddah Room Rates Jumped During Formula One
CoStar Group | April 10, 2024
WASHINGTON – 10 April 2024 – Helped by the annual Saudi Arabian Grand Prix, Jeddah’s hotel industry reported performance growth across the metrics, according to March preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. March 2024 (year-over-year % change): Occupancy: 66.3% (+2.2%) Average daily rate (ADR): SAR929.94 (+3.2%) Revenue per available room (RevPAR): SAR616.63 (+5.5%) Jeddah hosted the 2024 Saudi Arabian Grand Prix between 7-9 March, which drove daily performance in the market. Occupancy was the highest on Wed...
The Dynamic Demand Base Powering the Knoxville Lodging Market
Marc Greeley | April 8, 2024
By Marc Greeley Knoxville’s prime location, unique blend of attractions, academic institutions, and natural beauty has always made it a popular destination for tourists and business travelers. The city’s proximity to the Great Smoky Mountains National Park has benefited the market and region, as this is the most visited national park by a significant margin. Historically, the market mirrored many college towns, with a sturdy base of corporate demand fueled by businesses associated with and benefiting from the University of Tennessee, Knoxville. But over the last several years, growth at the university, the city’s location as a con...
Travel & Tourism Set to Break All Records in 2024, Reveals WTTC
The World Travel & Tourism Council | April 4, 2024
Global GDP impact predicted to exceed $11 trillion in 2024 Unprecedented job numbers expected in the sector New York, U.S.: The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion. According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770BN over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide. As the global sector soars past its ...
U.S. hotel results for week ending 30 March
CoStar Group | April 4, 2024
WASHINGTON – 4 April 2024 – As expected ahead of the Easter holiday, U.S. hotel performance decreased from the previous week, according to CoStar’s latest data through 30 March. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 24-30 March 2024 (percentage change from comparable week in 2023): Occupancy: 62.3% (-5.6%) Average daily rate (ADR): US$157.14 (-0.7%) Revenue per available room (RevPAR): US$97.83 (-6.3%) Among the Top 25 Markets, New York City reported the largest year-over-year increases in each of the three key performance metrics: occu...
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