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
STR: Canada Hotel Results for Week Ending 26 December
STR | December 31, 2020
HENDERSONVILLE, Tennessee—STR data for 20-26 December 2020 showed Canada’s hotel industry with lower occupancy compared to the previous week. 20-26 December 2020 (percentage change from comparable week in 2019): Occupancy: 17.7% (-56.1%) Average daily rate (ADR): CAD113.18 (-30.5%) Revenue per available room (RevPAR): CAD20.01 (-69.5%) Occupancy for previous weeks came in at 23.5% (19 December), 24.6% (12 December), and 24.7% (5 December). For the week ending with 26 December, British Columbia recorded the highest occupancy level (22.4%) among the provinces. Among the major markets, Vancouver (24.5%) posted th...
China Much Closer to Recovering ADR Than Europe and the U.S.
STR | December 23, 2020
In April 2020, as part of the significant economic damage caused by COVID-19, hotel average daily rate (ADR) in China, Europe, and the United States dropped 40% below pre-pandemic levels. Since that point, rates in all three regions have improved, but hotels in China are much closer to reaching pre-pandemic ADR. Demand has steadily (and slowly) increased since April A deeper dive into the data reveals that growth in ADR is likely driven by parallel growth in demand. In China, for example, demand started to recover only a few months after its low point and has increased consistently since March. By September 2020, demand had ...
Increased Privacy and Flexibility to Characterize Lodging Industry in 2021
GlobalData | December 22, 2020
Increased privacy and flexibility are two of the stand-out trends that leading data and analytics company GlobalData notes will shape the lodging industry in 2021, alongside longer stays, improved hygiene procedures and more no-touch technology. As 2020 draws to a close, Travel & Tourism Analyst Ralph Hollister offers his view on these trends. Hollister notes: “Hotels that cannot provide more secluded spots or offer increased booking flexibility could be at risk of losing out even further in 2021. Rate plans to accommodate longer stays need to be offered, whilst the marketing of no-touch technology and incr...
STR: U.S. Hotel Performance for November 2020
STR | December 21, 2020
HENDERSONVILLE, Tennessee—The U.S. hotel industry showed lower performance from the month prior, according to November 2020 data from STR. November 2020 (percentage change from November 2019): Occupancy: 40.3% (-34.5%) Average daily rate (ADR): US$90.92 (-27.7%) Revenue per available room (RevPAR): US$36.67 (-52.6%) Each of the three key performance metrics declined from the previous month. Among the Top 25 Markets, Oahu Island, Hawaii, reported the lowest November occupancy level (22.6%), which represented a 72.4% decline in year-over-year comparisons. The market showed the highest ADR ($167.49), however, which was do...
STR: Canada Hotel Results for Week Ending 12 December
STR | December 17, 2020
17 December 2020, HENDERSONVILLE, Tennessee — STR data for 6-12 December 2020 showed Canada’s hotel industry with flat occupancy compared with the previous week. 6-12 December 2020 (percentage change from comparable week in 2019): Occupancy: 24.6% (-56.6%) Average daily rate (ADR): CAD106.23 (-27.9%) Revenue per available room (RevPAR): CAD26.13 (-68.7%) Occupancy for previous weeks came in at 24.7 (5 December), 25.7% (28 November), and 27.8% (21 November). For the week ending with 12 December, British Columbia recorded the highest occupancy level (28.2%) among the provinces. Among the major markets, Vancouver�...
STR: U.S. Hotel Results for Week Ending 12 December
STR | December 17, 2020
17 December 2020, HENDERSONVILLE, Tennessee — U.S. weekly hotel occupancy remained relatively flat from the previous week, according to the latest data from STR through 12 December. 6-12 December 2020 (percentage change from comparable week in 2019): Occupancy: 37.8% (-37.4%) Average daily rate (ADR): US$85.88 (-31.7%) Revenue per available room (RevPAR): US$32.49 (-57.3%) Aggregate data for the Top 25 Markets showed lower occupancy (35.6%) but higher ADR (US$90.81) than all other markets. Among the Top 25 Markets, Tampa/St. Petersburg, Florida (47.6%) saw the highest occupancy level. Markets with the lowest occupa...
HVS Market Pulse: Wyoming & Montana
Katy Black | December 17, 2020
By Katy Black, Lauren Reynolds Travel certainly looked different in the United States for 2020. The limitation of international travel, the postponement of events and festivals, remote working, virtual learning, and the closure or strict capacity limitations at several attractions have steered travelers to seek the great outdoors, particularly in more remote locations. Thus, the scene in the late summer and early fall was far from desolate in the three major national parks in Wyoming and Montana; in fact, Yellowstone, Glacier, and Grand Teton National Parks experienced an increasing number of visitors through the end of the summer, wit...
COVID-19’s Impact on the Seattle Lodging Market
HVS | December 16, 2020
December 16, 2020 -- Amid a worldwide pandemic, the lodging industry is facing a downturn that is greater than the past two lodging-market declines combined. During the Great Recession, Metro Seattle occupancy fell roughly seven points from 68.1% in 2008 to 61.6% in 2009; this year, we forecast occupancy to drop from the 2019 benchmark of roughly 74% to 37%, reflecting a 50-point correction. Average rate declined from $127 in 2008 to $112 in 2009, an 11% drop; this year, we forecast ADR to fall 36% ($161 to $104). 2020 Major Factors Virtually all significant corporate travel dissipated in 2020 given the widespread impact of the virus....
Outlook for the Latin American Hotel Industry
HVS | December 15, 2020
By Richard J. Katzman , Maxim Gómez, Patricia Badiuk, Lorea Arnoldi, Alonso Buitrón, and Rod Clough The COVID-19 pandemic and resulting restrictions on domestic and international travel, economic activity, and individual movement are having an unprecedented impact on the lodging and tourism industry in Latin America and worldwide. While government authorities across the region work to manage restrictions and phased reopening plans, uncertainty prevails over the duration of the global pandemic. What started as a health crisis with tragic consequences for victims of COVID-19 morphed over the course of the year into a deep economic downtu...
US Hotel Industry Forecast Adjusts in Response to COVID-19 Winter Surge and Anticipation of Vaccines
CBRE Group, Inc. | December 14, 2020
Dallas – December 14, 2020 – The recent surge in COVID-19 infections has dampened expectations for U.S. hotel performance through the first half of 2021, but news of effective vaccines has bolstered projections of U.S. lodging industry recovery beginning in earnest during the second half of next year, according to CBRE’s latest hotel forecast. According to the recently released Q3 2020 edition of Hotel Horizons®, CBRE Hotels Research is forecasting an average national occupancy level of 44.4 percent during the first half of 2021. This measure increases to 55.7 percent during the year’s second half. “The increased spread of th...
STR: U.S. Hotel Results for Week Ending 5 December
STR | December 10, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy increased slightly from the previous week, according to the latest data from STR through 5 December. 29 November through 5 December 2020 (percentage change from comparable week in 2019): Occupancy: 37.4% (-37.9%) Average daily rate (ADR): US$86.21 (-33.1%) Revenue per available room (RevPAR): US$32.23 (-58.4%) With slightly higher demand after Thanksgiving, occupancy improved after several weeks of lowering levels. With a tougher year-over-year comparable, however, the country’s RevPAR decline was its worst since late June. Aggregate data for the Top 25 Market...
STR: Canada Hotel Results for Week Ending 5 December
STR | December 10, 2020
HENDERSONVILLE, Tennessee — 10 December 2020 — STR data for 29 November through 5 December 2020 showed Canada’s hotel industry with slightly lower occupancy compared to the previous week. 29 November through 5 December 2020 (percentage change from comparable week in 2019): Occupancy: 24.7% (-58.3%) Average daily rate (ADR): CAD106.07 (-28.1%) Revenue per available room (RevPAR): CAD26.19 (-70.0%) Occupancy for previous weeks came in at 25.7% (28 November), 27.8% (21 November), and 27.8% (14 November). For the week ending with 5 December, British Columbia recorded the highest occupancy level (28.3%) among the prov...
STR: Canada Hotel Results for Week Ending 28 November
STR | December 3, 2020
HENDERSONVILLE, Tennessee—STR data for 22-28 November 2020 showed Canada’s hotel industry with slightly lower occupancy from the previous week. 22-28 November 2020 (percentage change from comparable week in 2019): Occupancy: 25.7% (-56.6%) Average daily rate (ADR): CAD106.57 (-26.2%) Revenue per available room (RevPAR): CAD27.36 (-68.0%) Occupancy for previous weeks came in at 27.8% (21 November), 27.8% (14 November), and 29.4% (7 November). For the week ending with 28 November, British Columbia recorded the highest occupancy level (29.2%) among the provinces. Among the major markets, Vancouver (27.3%) saw the...
STR: U.S. Hotel Results for Week Ending 28 November
STR | December 3, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy fell to its lowest level since late May, according to the latest data from STR through 28 November. 22-28 November 2020 (percentage change from comparable week in 2019): Occupancy: 36.2% (-28.5%) Average daily rate (ADR): US$92.49 (-17.8%) Revenue per available room (RevPAR): US$33.49 (-41.2%) TSA checkpoint counts increased sharply with more than 6 million passengers during both the week before and of Thanksgiving. However, that increased air travel volume did not translate to more hotel rooms sold as weekly demand (13.2 million) and occupancy fell to their lowest lev...
Significant Spike in Daily COVID-19 Cases Expected to Prolong Recovery of the US Lodging Industry
PwC US | December 1, 2020
US Hospitality Directions: November 2020 Continued political uncertainty leading up to the presidential inauguration, the speed of the business traveler's return after a vaccine, and the length and severity of a resurgence of the virus in Q4 and into 2021 are impacting lodging's recovery in the US. In our May edition, we had assumed the then consensus view that the daily number of new COVID-19 cases in the US peaked in late April. We now know this did not occur, and that the current daily number is over four times that level. This has significantly impacted the recovery timeline. We currently expect annual occupancy for US hotels this year t...
Austin to Experience a 10% Increase in Hotel Room Supply Over the Next 12 Months
HotelMarketData | December 1, 2020
HotelMarketData (HMD) Index indicates over 4,000 new hotel rooms under construction to become available in the Austin region by the end of Q4 2021 01-December-2020 – Chicago, IL – Austin, Texas anticipates a 10% increase in the supply of hotel rooms by the end of the fourth quarter of 2021. The total supply will increase from 40,676 currently available to over 44,790 available rooms as 26 hotels are slated to open in the Austin region over the next 12 months. According to the HMD Index, which provides real-time supply and construction pipeline data for the US hotel industry, the supply of luxury rooms within Austin is expected to ...
Short-Term Rentals Outperformed Hotels in Select U.S. Markets During October
STR | November 30, 2020
HENDERSONVILLE, Tennessee—Short-term rentals in three key U.S. cities showed substantial month-to-month performance growth and posted higher occupancy than hotels in the market, according to October 2020 data from STR. Building on STR’s world-leading hotel performance database, Philadelphia, Nashville and Miami are the first three U.S. markets where the company has expanded its benchmarking offerings via a pilot study. Included in STR’s short-term rental sample are both multifamily and single-family short-term rentals. October 2020 short-term rental performance, month-over-month comparisons Philadelphia Occupancy: 70.9% (...
U.S Flips to Positive Hotel Profit as Europe Backslides
HotStats | November 30, 2020
The U.S. in October shed the ignominy of being the only global region to have not recorded a positive month of profitability since the start of the COVID-19 pandemic. The country finally reached gross operating profit per available room (GOPPAR) above $0, but at $5.43, it was still down 95.5% compared to the same time last year. And though the U.S. climbed back into the black, Europe regressed, backsliding to €-5.06 after two consecutive positive months, as the Middle East and Asia-Pacific remained above water. Even so, positive momentum heading into the fourth quarter is threatened to be upended by escalating COVID cases combined wit...
Pandemic to Prompt Rise in UK Hotel Insolvencies According to Webinar Experts
HVS | November 25, 2020
London, 25 November 2020: Hotel insolvencies caused by the pandemic are likely to increase through 2021 according to experts speaking at a global webinar held yesterday [24th November] organised by HVS, AlixPartners, Bird & Bird and EP Magazine. Since the outbreak of the Covid-19 pandemic there have been relatively few insolvency situations in the UK’s hotel sector. However, most of the speakers expected this to increase next year, while a poll of the 400+ executive delegates revealed that 77% expected levels of insolvencies to start rising in Q2-Q3 2021. Graeme Smith, managing director of AlixPartners was more upbeat as lower l...
Third-Quarter Brand Performance Update: Summer Helps Industry Gain From Q2 Shutdown Lows
Rod Clough | November 19, 2020
By Rod G. Clough Third-quarter results for public company brands showed marked improvement from the lows of the second quarter, which included widespread lockdowns, strict gathering restrictions, and extreme curtailing of corporate travel. Moreover, during this early-in-the-crisis period, the public at large was generally more willing to reduce or eliminate any travel plans and stay at home. As the summer took hold, COVID-fatigue began to sink in, and more and more travelers emerged from their homes to book vacation travel. More time could be spent outdoors, and restaurants and other leisure-related venues reopened with adjustments for COV...
Marriott International Reports Third Quarter 2020 Results
Marriott International, Inc. | November 9, 2020
Third quarter 2020 comparable systemwide constant dollar RevPAR declined 65.9 percent worldwide, 65.4 percent in North America and 67.4 percent outside North America, compared to the 2019 third quarter; Third quarter reported diluted EPS totaled $0.31, compared to reported diluted EPS of $1.16 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $0.06, compared to third quarter 2019 adjusted diluted EPS of $1.47. Third quarter 2020 impairment charges related to COVID-19 impacted reported and adjusted diluted EPS by $0.07; Third quarter reported net income totaled $100 million, compared to reported net income of $387 ...
RLJ Lodging Trust Reports Third Quarter 2020 Results
RLJ Lodging Trust | November 5, 2020
- Portfolio generated positive gross operating profit and open hotels generated positive EBITDA - Reduced monthly cash burn estimate - Maintain total liquidity of $1.2 billion BETHESDA, Md.--November 5, 2020--RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and nine months ended September 30, 2020, and is providing a hotel reopening and cash burn update in light of the ongoing COVID-19 pandemic. Highlights 96 hotels now open, representing 93% of the portfolio Total portfolio achieved 29.3% occupancy and open hotels achieved 37.1% occupancy during the third quarter Reducing monthly cash bu...
Ryman Hospitality Properties, Inc. Reports Third Quarter 2020 Results
Ryman Hospitality Properties, Inc. | November 4, 2020
NASHVILLE, Tenn., Nov. 04, 2020 -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the third quarter ended September 30, 2020. Third Quarter 2020 Highlights: Third quarter 2020 gross advanced room night bookings of approximately 669,000 room nights for all future periods, of which approximately 158,000 or 24% were unrelated to rebooking efforts Year to date through September 30, 2020 rebooked room nights of approximately 1.01 million room...
Summit Hotel Properties Reports Third Quarter 2020 Results
Summit Hotel Properties | November 4, 2020
AUSTIN, Texas, Nov. 4, 2020 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the third quarter ended September 30, 2020. "We were encouraged by the significant improvement in demand during the third quarter as our portfolio RevPAR more than doubled from the second quarter driven by improved short-term leisure demand and significant market share gains. Our monthly corporate cash burn rate has been reduced by nearly 70% which has significantly extended our liquidity runway as our disciplined focus on cost controls and refining of an already efficient operating model lead to improved hotel-level pr...
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