Market Reports
Baird/STR Hotel Stock Index Up 9.3% in November
STR | December 11, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index increased 9.3% in November to a level of 6,119. "Hotel stocks rose sharply in November and snapped a three-month losing streak; performance generally tracked the benchmarks,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Lower interest rates primarily drove the gains during the month, particularly for real estate stocks, and overall investor sentiment improved. Year to date, the hotel REIT sub-index turned positive and is now +7.6%, while the hotel brand sub-index at +30.6% continues to be a relative outperformer.” “As exp...
Sacramento Growth Continues
Brandon Conner | December 11, 2023
By Brandon Conner, John Berean Situated between Sacramento’s Central Business District and River District, the 244-acre Sacramento Railyards is one of the nation’s largest urban infill projects and will nearly double the size of Downtown Sacramento upon completion. In August 2020, LDK Ventures broke ground on The A.J., a 345-unit residential complex and the first project within the Sacramento Railyards. The development is expected to feature 10,000 residential units, 1,100 hotel units, and several million square feet of office space. Other major projects within the Railyards may include an 18-acre Kaiser Permanente medical center ...
U.S. Hotel Results for Week Ending 2 December
CoStar Group | December 7, 2023
WASHINGTON – 7 December 2023 – As expected, U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 2 December. 26 November through 2 December 2023 (percentage change from comparable week in 2022): Occupancy: 54.2% (-1.6%) Average daily rate (ADR): US$144.88 (+0.8%) Revenue per available room (RevPAR): US$78.54 (-0.8%) Among the Top 25 Markets, New York City saw the largest year-over-year increases in occupancy (+6.8% to 83.5%) and RevPAR (+17.2% to US$319.18) Las Vegas posted the largest ADR lift (+11.2% to US$232.94). Due to the Miami Art Week/Art Base...
International Visitors Spent Nearly $19 Billion in the United States in October 2023
National Travel and Tourism Office (NTTO) | December 7, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in October 2023: International visitors spent $18.9 billion on travel to, and tourism-related activities within, the United States, an increase of 23 percent compared to October 2022 and the highest level of monthly spending since December 2019 (before the onset of reported COVID-19 cases). In fact, monthly U.S. travel and tourism exports are within $1.9 billion of their highwater mark set back in March 2018 when international visitors spent an appreciable $20.8 billion experiencing the United States. Conversely, Americans spent a record-setting $18.4 b...
Major Markets Driving U.S. Hotel Profitability Gains
CoStar Group | December 6, 2023
WASHINGTON – 6 December 2023 – Improvement in group demand across the Top 25 Markets drove U.S. hotel revenue and profit growth, according to October P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. October 2023 per-available-room metrics (% change from October 2022) GOPPAR: US$97.45 (+3.7%) TRevPAR: US$240.74 (+4.0%) EBITDA PAR: US$69.60 (-1.2%) LPAR (Labor Costs): US$74.48 (+5.9%) The industry saw its largest year-over-year increases in GOPPAR and TRevPAR since March 2023. “The Top 25 Markets have showed an...
Notable Resort Developments in Telluride
Katy Black | December 6, 2023
By Katy Black, Ryan Mark Over the past decade, Telluride has gained popularity as a secluded resort destination during both the summer and winter months. However, when compared to other mountain resort destinations throughout the region, Telluride has few luxury-resort lodging options. With the Madeline Telluride becoming an Auberge Resort in late 2017, followed by an extensive renovation and repositioning in 2021/22, the Madeline is essentially the only traditional, high-end lodging option in Telluride. The Town of Mountain Village, which is located within the Telluride Ski Resort, is seeking to improve Telluride’s position as a...
The Bahamas Achieves Unprecedented Tourism Success With Record-Breaking Eight Million Visitors
The Bahamas | December 5, 2023
NASSAU, Bahamas, Dec. 5, 2023 -- The Bahamas Ministry of Tourism, Investments & Aviation is proud to announce a historic achievement in tourism, with the country welcoming a record-breaking eight million annual visitors this year. This remarkable success stands as a testament to the unified efforts, strategic planning, and visionary initiatives championed not only by the Ministry of Tourism but strengthened by the invaluable support of key stakeholders like the Nassau/Paradise Island Promotion, The Bahamas Out Islands Promotion Board and The Bahamas Hotel & Tourism Association. The Hon. I. Chester Cooper, Deputy Prime Ministe...
HVS Global Hotel Industry: 2023 Recap and 2024 Outlook
HVS | December 5, 2023
As 2023 draws to a close, regional HVS leaders across the globe take a look back at how the global hotel industry fared this year and opine on the outlook for next year. While the U.S. experienced muted 2023 RevPAR growth relative to 2022 gains, most other global markets recorded extraordinary RevPAR growth, well above 10%, primarily fueled by strong ADR gains. While transaction activity cooled across the Americas and Europe, the Asia Pacific saw a significant strengthening as this region’s markets moved beyond pandemic-era restrictions. United States By Rod Clough, President – Americas As 2023 ends, we look back on a year where hot...
U.S. Hotel Results for Week Ending 25 November
CoStar Group | December 1, 2023
WASHINGTON – 1 December 2023 – As expected due to the Thanksgiving holiday, U.S. hotel performance fell from the previous week, according to CoStar’s latest data through 25 November. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 19-25 November 2023 (percentage change from comparable week in 2022): Occupancy: 49.4% (-1.4%) Average daily rate (ADR): US$138.29 (+0.9%) Revenue per available room (RevPAR): US$68.32 (-0.6%) Among the Top 25 Markets, Oahu Island saw the largest year-over-year increases in occupancy (+9.4% to 76.3%) and RevPAR (+16.3% ...
HVS ANAROCK Hotels & Hospitality Overview, November 2023
Akash Datta | December 1, 2023
By Akash Datta, Dipti Mohan, Dhwani Gupta Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry. Key highlights include: In October 2023, India witnessed a notable 11% increase in domestic air passenger traffic compared to the corresponding period in the previous year. The onset of the ICC Men's Cricket World Cup in the country significantly bolstered hotel occupancy in various markets hosting the matches. Consequently, national hotel occupancy rates for October 2023 exceeded pre-pandemic levels by 1-3 pp. The heigh...
Revenge Travel Is Here to Stay, Visa Study Reveals
Visa Inc. | November 30, 2023
SAN FRANCISCO--Today Visa (NYSE: V) announced the results of its 2023 U.S. edition of the Visa Global Travel Intentions Study, revealing emerging trends in consumer behaviors and preferences for outbound and inbound cross-border travel. Travel has surged post-COVID and there are no signs of retreating, despite rising costs. According to U.S. Travel Association’s recent Travel Price Index1, travel costs have increased 4.4%, and while most Americans surveyed by Visa (73%) notice an increase in costs, only 6% of travelers plan to cancel or delay their plans. U.S. Outbound Traveler Insights: Prioritizing days away for leisure: American...
Charleston, SC: Making & Preserving History
Courtney Vris | November 29, 2023
By Courtney Vris Europeans first settled in the city that would become Charleston over 350 years ago.[1] Charleston’s rich history is one of the drivers of its thriving tourism sector, which tallied 7.68 million visitors in 2022. In the hospitality industry, Charleston continues to make history, while local initiatives are also making strides to preserve it. Demand Peaks & Historic Milestones The global renown of Charleston as a tourist destination continued in 2023 with its rank as the #1 city in the United States for the eleventh year in a row, according to Travel + Leisure readers. In 2023, Charleston gained a spot among Tra...
U.S. Hotel Performance for October 2023
CoStar Group | November 22, 2023
WASHINGTON – 22 November 2023 – The U.S. hotel industry reported mixed performance results from the previous month, according to October 2023 from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. October 2023 (percentage change from October 2022): Occupancy: 65.8% (-1.8%) Average daily rate (ADR): US$161.56 (+3.0%) Revenue per available room (RevPAR): US$106.38 (+1.2%) Among the Top 25 Markets, New York City experienced the highest occupancy level (86.8%), which was up 3.0% year over year. Markets with the lowest occupancy for the month in...
Canada Hotels Recorded Double-Digit RevPAR Growth in October
CoStar Group | November 22, 2023
WASHINGTON – 22 November 2023 – Following seasonal patterns, Canada’s hotel performance fell month over month, but continued a stretch of year-over-year growth, according to CoStar’s October 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. October 2023 (percentage change from October 2022): Occupancy: 68.1% (+2.2%) Average daily rate (ADR): CAD196.25 (+8.8%) Revenue per available room (RevPAR): CAD133.57 (+11.2%) “Following three months of single-digit, year-over-year growth, RevPAR grew double-digits for the first time since June,” ...
Canadian Lodging Outlook Quarterly 2023-Q3
HVS | November 22, 2023
HVS and STR are pleased to provide you with the quarterly report of the Canadian Lodging Outlook. Each report includes occupancy (Occ), average daily rate (ADR), and revenue per available room (RevPAR) for six major markets. Source: STR Source: STR If you would like detailed hotel performance data for all of Canada, STR offers the Canadian Hotel Review, which is available by annual subscription. For further information, please contact: [email protected] or +1 (615) 824-8664 ext. 3504. HVS Canada performs major portfolio appraisals and single-asset consulting assignments and valuations from coast to coast. Our professional team ...
STR, TE Upgrade U.S. ADR and RevPAR Forecast
STR | November 20, 2023
HENDERSONVILLE, Tennessee—STR and Tourism Economics lifted year-over-year growth projections for average daily rate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2023. For 2023, growth in RevPAR was raised by 0.3 percentage points, due to a 0.6ppt lift in ADR growth. Recent RevPAR trends demonstrate that rate continues to be the primary driver of performance. Occupancy was downgraded slightly (by 0.2ppts). For 2024, the growth projections for each of the key performance metrics remained flat from the previous forecast due to the above long-term average trends beginning to stabilize. ...
CBRE Hotels Expects RevPAR Growth Recovery Following Summer Slowdown
CBRE Group, Inc. | November 16, 2023
Dallas – November 16th, 2023 – CBRE is forecasting revenue per available room (RevPAR) growth to recover in 2024 as inbound international travel further improves and sector-specific headwinds moderate. CBRE’s forecasts 3.0% RevPAR growth in 2024, driven by a 40 basis-point (bps) occupancy improvement and a 2.3% average daily rate (ADR) increase. RevPAR in 2024 is expected to be 14% greater than 2019 levels. CBRE’s baseline forecast anticipates 0.8% average GDP growth and 2.9% average inflation in 2024. Given the strong correlation between GDP and RevPAR growth, stronger or weaker economic growth will directly impact lodging indu...
European Business Travel Spending Is Forecast to Reach $450 Billion USD by 2027
GBTA | November 15, 2023
Expected spending on business travel across Europe continues to steadily increase due to pent-up demand, hybrid work environments, the return of travel and meetings and more stable economic conditions, according to GBTA Business Travel Index™ Outlook regional analysis After a slower regional rebound over the last few years, business travel spending in Europe is expected to surpass its pre-pandemic spending level of $391.9 billion USD in 2025, when spending is forecast to reach $414.9 billion. This is later than the forecast for global business travel recovery, which is expected to reach $1.5 trillion in 2024 − and grow to nearly $1.8 t...
International Travel to the U.S. Increased 23.5% in August 2023 Compared to August 2022
NTTO | November 15, 2023
In August 2023, International Visitor Arrivals to the United States Totaled 6,990,896, an Increase of 23.5% Compared to August 2022 U.S. Citizen Outbound Travel Departures from the United States Totaled 8,871,121 in August 2023, an Increase of 17.2% Compared to August 2022 Data recently released by the National Travel and Tourism Office (NTTO) show that in August 2023: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 6,990,896, increased 23.5% compared to August 2022 and reached 86% of the pre-COVID total visitor volume reported for August 2019, up from the p...
Boston/Cambridge Lodging Market – Outlook Is for Positive Growth for 2024
Rachel J. Roginsky | November 15, 2023
By Rachel Roginsky After spending the last 32 years tracking and analyzing the Boston/Cambridge (“the City”) lodging market, Pinnacle Advisory Group (“Pinnacle”) is quite comfortable forecasting top line (occupancy and ADR) revenue for the City. But projecting the future with precision can be complicated. Here’s our perspective on the City’s lodging market for 2024: • Convention and Group Demand – This segment of demand comprises approximately 23% of total demand in the City. According to Signature Boston, the Boston Convention and Exhibition Center will generate approximately 500,000 room nights in 2024, which will be a...
The Role of Profitability Data in a Comprehensive Hotel Benchmarking Experience
STR | November 14, 2023
Hotel owners and operators are best positioned for success when they measure their business from every angle. That is why no benchmarking experience can be considered comprehensive without frequent insight into the bottom line. Those hoteliers who benchmark with STR find the data sets and analytics needed to cover the full hotel lifecycle, with monthly profitability features providing vital intelligence for building and executing investment and operational strategies. The end result? Improved operational efficiency and maximum hotel profitability. The metrics Derived from nearly 150 data points across P&L statements, key metrics ar...
Riyadh Hotel ADR and RevPAR Reached Record Highs in October
CoStar Group | November 14, 2023
WASHINGTON – 14 November 2023– Riyadh’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) level on record, according to October 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. October 2023 (year-over-year % change): Occupancy: 77.5% (+8.0%) Average daily rate (ADR): SAR1,055.28 (+38.3%) Revenue per available room (RevPAR): SAR818.05 (+49.3%) Riyadh’s hotel performance was helped by the World Combat Games, held 20-30 October and the Future Investment Initiative...
Madrid Hotels Post Highest ADR and RevPAR on Record in October
CoStar Group | November 14, 2023
WASHINGTON – 14 November 2023 – Madrid’s hotel average daily rate (ADR) and revenue per available room (RevPAR) reached the highest monthly levels on record, according to October 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. October 2023 (year-over-year % change): Occupancy: 81.9% (+2.0%) Average daily rate (ADR): EUR204.35 (+23.1%) Revenue per available room (RevPAR): EUR167.26 (+25.6%) The market’s occupancy level was the highest for any month since October 2019. According to the daily data, Madrid saw...
55.4 Million Americans Expected to Travel for Thanksgiving
AAA | November 13, 2023
WASHINGTON, DC (November 13, 2023) – AAA projects 55.4 million travelers will head 50 miles or more from home over the Thanksgiving holiday travel period*. This year’s Thanksgiving forecast is an increase of 2.3% over last year and marks the third-highest Thanksgiving forecast since AAA began tracking holiday travel in 2000. The top two years were 2005 and 2019, respectively. “For many Americans, Thanksgiving and travel go hand in hand, and this holiday, we expect more people on the roads, skies, and seas compared to 2022,” said Paula Twidale, Senior Vice President of AAA Travel. “Travel demand has been strong all year, and AAA�...
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