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...
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