Global Hotel Industry Faces Mixed Fortunes Amid Rising Costs and Varied Demand
HotStats | August 3, 2023
Knowland Reports Meetings and Events Growth for June at 30.3 Percent
Knowland | July 12, 2023
Market Reports
U.S. Hotel Results for Week Ending 10 February
CoStar Group | February 15, 2024
WASHINGTON – 15 February 2024 – U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 10 February. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 4-10 February 2024 (percentage change from comparable week in 2023): Occupancy: 56.2% (-2.7%) Average daily rate (ADR): US$160.96 (+6.8%) Revenue per available room (RevPAR): US$90.40 (+3.9%) Among the Top 25 Markets, Oahu Island saw the largest increase in occupancy (+8.0% to 82.9%). In its Super Bowl host...
Coldplay Concerts Drove Singapore Hotel Performance in January, Taylor Swift Up Next in March
CoStar Group | February 15, 2024
WASHINGTON – 15 February 2024 – Helped by Coldplay’s World of the Spheres Tour, Singapore hotels saw healthy performance growth, according to preliminary January data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. January 2024 (year-over-year % change): Occupancy: 72.8% (+9.6%) Average daily rate (ADR): SGD334.46 (+3.3%) Revenue per available room (RevPAR): SGD243.55 (+13.2%) Singapore posted its highest daily occupancy levels toward the end of the month, helped by six Coldplay performances that took place between 23-31 January. The ma...
Bakersfield’s Vibrant Growth & Developments Ahead
Aidan Martin | February 15, 2024
By Aidan Martin The $600-million Hard Rock Hotel & Casino Tejon project, which broke ground on December 14, 2023, promises to inject vitality into the Bakersfield suburb of Mettler. Phase I encompasses 150,000 square feet of gaming space, multiple dining options, and a 2,800-seat event venue. Phase II will include a 400-room hotel and additional dining and entertainment amenities. Phase I is slated to open in October 2025, with Phase II following 20 months later. Though situated 30 minutes from Bakersfield, this project is poised to become a prominent leisure demand generator for the region. In October 2023, plans were approved to...
CBRE Hotels Expects RevPAR Growth in 2024 Fueled by Higher Rates and Stronger Demand
CBRE Group, Inc. | February 15, 2024
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China’s Hotel Construction Pipeline Ends 2023 With Record-Breaking Project and Room Counts
Lodging Econometrics (LE) | February 14, 2024
February 14, 2024 – PORTSMOUTH, NH – According to the latest China Construction Pipeline Trend Report from Lodging Econometrics (LE), China's total hotel construction pipeline reached a new all-time high by projects for the second quarter in a row at Q4 2023. With a 6% year-over-year (YOY) increase in projects and a 2% YOY increase in rooms, the country’s total pipeline ended the year at 3,788 projects with 691,772 rooms. Projects currently under construction encompasses an impressive 2,644 projects/473,921 rooms, reflecting a 1% increase by projects YOY, while projects scheduled to start construction in the next 12 months are up 4% ...
PwC’s Manhattan Lodging Index: Q4 2023
PwC’s Manhattan lodging index | February 12, 2024
The rate of growth in occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), while strong, continued to decelerate as the market moves on a path towards stabilization. Lower-priced hotels benefited from the customer's level of rate fatigue being felt in the market, with ADR growth levels for midscale properties triple that of higher-priced hotels in Q4. 2023 RevPAR experienced a year-over-year increase of 16.5 percent, with Q3 seeing an increase of 13.6 percent and Q4 being up 11.5 percent. “The Manhattan hotel market maintained an occupancy level above 80 percent in each month of the final three quarter...
U.S. Hotel Results for Week Ending 3 February
CoStar Group | February 8, 2024
WASHINGTON – 8 February 2024 – U.S. hotel performance decreased slightly from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 3 February. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 28 January through 3 February 2024 (percentage change from comparable week in 2023): Occupancy: 55.2% (-0.1%) Average daily rate (ADR): US$147.99 (+1.9%) Revenue per available room (RevPAR): US$81.69 (+1.7%) Among the Top 25 Markets, Seattle saw the largest increases in occupancy (+19.3% to 60.1%) and R...
Orlando Hotel Market: Recovery and Evolution
Donald C. Stephens Jr. | February 7, 2024
By Donald C. Stephens, Jr. Orlando, nicknamed the City Beautiful, was one of the first of the top 20 U.S. hotel markets to recover from the pandemic. As average hotel rates and revenue now exceed historic peaks, demand continues to ramp up. Orlando hosted 74 million visitors in 2022, a 25% increase over 2021, representing 98% of the 2019 level while maintaining its leadership position as America’s most visited destination. With back-to-back double-digit visitor growth, local officials expect the visitor count to surpass 80 million by 2025. The economic impact of tourism in Orlando was estimated at $87.6 billion for 2022. ...
Paris Hotels Already 50% Booked for Summer Olympics
CoStar Group | February 6, 2024
WASHINGTON – 6 February 2024 – Paris’ hotel occupancy on the books is already topping 50% for the 2024 Summer Olympics, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Paris’ highest booking levels fall during the weekend of 2-3 August, with both nights at 59.2%. At this time last year, the comparable levels for those nights were 5.0% and 4.5%, respectively. Also of note, the Olympics impact is reflected in hotel bookings across the entire Ile-de-France region. The highest levels are seen on Saturday, 3 August (44.9%) and Sund...
A Focus on Sports in Naples Attracts a Younger Demographic
Hannah McManus | February 5, 2024
By Hannah McManus The Paradise Coast Sports Complex, Naples’ premier sports and special-events venue, opened in December 2020 and has been ramping up operations and expanding since. The 180-acre venue features eight multi-use fields (for soccer, lacrosse, and football), a stadium, and six sand volleyball courts as athletic facilities. Event, entertainment, and recreational spaces at the complex include the Great Lawn and Great Lawn Amphitheater, the Factory outdoor fitness facility with the MoveStrong obstacle course, and the Cove beer and wine bar. Phase III of development is currently underway. A ninth field and eleven diamond fields ...
ITA Forecasts More Than 15% Increase of International Visitors to the United States in 2024
the International Trade Administration | February 5, 2024
WASHINGTON – The International Trade Administration (ITA) today released the U.S. government’s official forecast of international visitation to the United States. ITA’s National Travel and Tourism Office (NTTO) forecasts the total volume of international visitation to the United States to increase to 77.7 million in 2024, up 10.4 million, or 15.4% from 67.3 million visitors in 2023. NTTO also estimates international visitation to reach 85.2 million in 2025, surpassing pre-pandemic 2019 visitation of 79.4 million. Additionally, according to NTTO’s forecast, the United States is on track to reach 91 million visitors in 2026, excee...
U.S. Hotel Profitability Gains Led by Full-Service Chains, Major Markets
CoStar Group | February 2, 2024
WASHINGTON – 2 February 2024 – Improvement in group business, especially across the Top 25 Markets and upper-upscale chains, drove growth in U.S. hotel revenues and profits, according to 2023 P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 2023 per-available-room metrics (% change from 2022) GOPPAR: US$75.83 (+8.2%) TRevPAR: US$211.49 (+9.6%) EBITDA PAR: US$53.05 (+7.6%) LPAR (Labor Costs): US$71.56 (+13.2%) “Total industry revenues and profits were well beyond 2022 levels as pricing power continued to outweigh the impac...
U.S. Hotel Results for Week Ending 27 January
CoStar Group | February 1, 2024
WASHINGTON – 1 February 2024 – U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 27 January. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 21-27 January 2024 (percentage change from comparable week in 2023): Occupancy: 56.2% (-0.3%) Average daily rate (ADR): US$149.76 (+5.1%) Revenue per available room (RevPAR): US$84.13 (+4.8%) Among the Top 25 Markets, Las Vegas saw the largest year-over-year increases in each of the three key performance metrics...
Boston/Cambridge Lodging Market – 2023 Year End Review
Rachel Roginsky | January 31, 2024
By Rachel Roginsky The Boston/Cambridge lodging market ended 2023 at 76.4% occupancy, a 6.8% variance over 2022’s 69.6%. This 6-point increase in occupancy is a result of the market accommodating 8.6% more rooms in 2023 compared to the prior year; 0.6% more rooms occupied as compared to 2019. Seasonality appears to be in sync with what we typically expect for the Boston market. Peak season, May through October, monthly occupancies ranged between 84% and 89%, averaging 86%. The three-month shoulder season, March, April and November, market occupancy averaged 75%. December through February, our slow season, market occupancy averaged 58% in...
Downtown Baltimore Is Poised for Comeback
Caroline Dioso | January 30, 2024
By Caroline Dioso According to STR, average hotel rates in the Baltimore Central Business District through year-to-date September 2023 have surpassed 2019 levels by nearly $18, caused by stable demand levels and the impact of inflation. Occupancy has yet to rebound to pre-pandemic levels, but the return-to-office efforts and investment in leisure demand generators should support the ongoing recovery. Although the city is currently in a transitional phase, financial commitments and plans from stakeholders, as described below, should position Baltimore for a resurgence as a destination to live and visit. Originally opened as a shopping c...
Nearly 50% of Latin America’s Hotel Construction Pipeline Now Under Construction
Lodging Econometrics | January 30, 2024
January 30, 2024 – PORTSMOUTH, NH According to the Q4 2023 Latin America Construction Pipeline Trend Report from Lodging Econometrics (LE), projects and room counts in the region’s total construction pipeline each increased by 11% each year-over-year (YOY) to stand at 594 projects and 97,679 rooms at the close of the quarter. At Q4, projects currently in the under construction stage account for nearly half of the projects and rooms in Latin America’s total pipeline. Projects under construction stand at 238 projects/42,644 rooms, up 7% by projects and 6% by rooms YOY. Projects scheduled to start construction in the next 12 months a...
Brooklyn Continues to Blossom in the Post-Pandemic Period
Patricia Shih | January 29, 2024
By Patricia Shih The Brooklyn hotel industry has been experiencing post-pandemic recovery due in part to strong leisure demand, an increase in meeting and group business, and the gradual return of commercial demand. Additionally, the New York City Department of Homeless Services and related entities have been utilizing many hotels as temporary shelters for homeless residents and migrants/asylum seekers. While the Brooklyn new supply pipeline is substantially smaller than that of Manhattan, the borough has recently experienced supply changes, some examples of which are listed below. The 216-key Moxy Brooklyn Williamsburg opened in M...
Las Vegas Forecasted for Highest Hotel ADR in Super Bowl History
STR | January 29, 2024
HENDERSONVILLE, Tennessee—Las Vegas hotel average daily rate (ADR) is forecasted to reach $573 for 9-11 February 2024, which would be the highest level for any Super Bowl weekend on record, according to STR. The market is projected for a Friday through Sunday night occupancy of 87.9%. That level combined with an ADR of US$573 would result in revenue per available room (RevPAR) of US$504. For comparison, the Formula One Vegas Grand Prix that took place in November 2023 produced an actualized ADR of US$502, netting a RevPAR of US$390 over the Thursday through Saturday period. “The Super Bowl’s unique volume of demand, driven by not...
85% of Global Markets Recovered RevPAR Last Year
CoStar Group | January 26, 2024
Analysis by Eddie Yeung Note: All financial figures presented in US$. STR's global “bubble chart” update for 2023 shows 85% of markets with revenue per available room (RevPAR) higher than 2019. In terms of top-line performance, that means most markets have recovered from the significant declines caused by the pandemic. Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, France, Switzerland, Ireland, and Greece led in RevPAR on an actual basis. Most of the above countries maintained relatively high levels in both average daily rate (ADR) and occupancy throughout the year. Ireland led all ...
Canada’s Record-High Hotel ADR Outpaced Inflation in 2023
CoStar Group | January 25, 2024
WASHINGTON – 25 January 2024 – Canada’s hotel average daily rate (ADR) and revenue per available room (RevPAR) were the highest for any year on record, according to CoStar’s 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 2023 (percentage change from 2022): Occupancy: 65.7% (+7.7%) Average daily rate (ADR): CAD200.08 (+9.7%) Revenue per available room (RevPAR): CAD131.48 (+18.3%) “Canada hotel room rate growth outpaced inflation in 2023, further cementing the hotel sector’s reputation as a strong hedge against the metric,” said La...
U.S. Hotel Results for Week Ending 20 January
CoStar Group | January 25, 2024
WASHINGTON – 25 January 2024 – U.S. hotel performance decreased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 20 January. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 4-20 January 2024 (percentage change from comparable week in 2023): Occupancy: 52.2% (-3.8%) Average daily rate (ADR): US$142.27 (+1.6%) Revenue per available room (RevPAR): US$74.31 (-2.2%) Among the Top 25 Markets, Seattle saw the largest year-over-year occupancy increase (+9.6% to 54.1%). Atlanta...
Hotel Industry Outlook 2024: Moving Steadily Forward
Anne R. Lloyd-Jones | January 25, 2024
By Anne R. Lloyd-Jones, McKenna Luke The U.S. lodging industry ended 2023 at 63.0% occupancy, a slight increase over 2022’s 62.7%. Strong growth in the first quarter was offset by modest declines in the latter three quarters, as outbound international travel increased and inbound international travel remained muted, particularly from APAC sources. The group segment continued to post strong year-over-year gains; business travel also improved, albeit at a more modest pace. Overall, ADR increased by 4.3% in 2023, supported by strong growth in the first quarter of the year. ADR growth faltered in the summer months, attributable to lower leis...
STR, TE Maintain Projections in First U.S. Hotel Forecast of 2024
STR | January 24, 2024
HENDERSONVILLE, Tennessee—STR and Tourism Economics made minimal adjustments to growth projections in the first U.S. hotel forecast of 2024 just released at the Americas Lodging Investment Summit (ALIS). For 2024, growth in average daily rate (ADR) was raised by 0.1 percentage points, while occupancy and revenue per available room (RevPAR) were unchanged from the previous forecast. For 2025, growth projections for each of the key performance metrics were downgraded due to the long-term, average trends beginning to stabilize: occupancy (-0.1 ppts), ADR (-0.3 ppts) and RevPAR (-0.5 ppts). “U.S. ADR and RevPAR reached record ...
Hotel Pipeline Down for Most of the World at the End of 2023
CoStar Group | January 22, 2024
WASHINGTON – 22 January 2024 – With substantial volume in the planning phases, the Americas was the only world region to show an increase in overall hotel pipeline activity, according to year-end data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Construction activity was down in every world region except Asia Pacific. December 2023 (% change in comparison with December 2022): Europe In construction: 171,354 (-9.7%) Final Planning: 111,255 (-20.9%) Planning: 178,580 (+16.3%) Total Under Contract: 461,189 (-4.7%) Among countrie...
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