European Hotel Values Rise 3% in 2022 in What Proved a Mixed Year for the Sector
March 23, 2023
Hotel values across Europe rose around 3% in 2022 with Paris, London, Zürich, Amsterdam and Rome remaining those with the highest valued hotels, according to our annual European Hotel Valuation Index (HVI) published this week. During 2022, hotel values benefitted from a number of factors including strong improvement in RevPAR and the recovery of ancillary revenues. Despite this, high inflation, an increasing cost of debt and the looming threat of recession limited the recovery of values, leaving them below their 2019 peak. ‘The pandemic year of 2020 witnessed hotel values plummet by around 15%, although they rallied by around 5...
2023 Hotel Performance Outlook for Denver
Katy Black | March 22, 2023
By Katy Black With occupancy nearing the 70% mark and ADR levels approximately 4% above 2019 levels, the Denver lodging market achieved a RevPAR level in 2022 that was approximately $5 below 2019 levels. In line with the top 25 major metropolitan areas in the U.S., ADR has led the way in the recovery, with occupancy remaining below prior peaks. Compared to the overall statistics for the top 25 major metropolitan areas, Denver has recovered more from an occupancy perspective but less from an ADR perspective. For the major markets, ADR is up $15 from 2019, on average, while Denver’s ADR only increased $5. As a result of slower ADR growt...
STR: U.S. Hotel Performance for February 2023
STR | March 21, 2023
HENDERSONVILLE, Tennessee—The U.S. hotel industry reported higher performance from the month prior, according to February 2023 data from STR. February 2023 (percentage change from February 2019): Occupancy: 60.0% (-2.8%) Average daily rate (ADR): US$152.01 (+17.7%) Revenue per available room (RevPAR): US$91.22 (+14.3%) Among the Top 25 Markets, Tampa experienced the highest occupancy level (82.7%), which was down 2.7% from the market’s 2019 benchmark. Markets with the lowest occupancy for the month included Chicago (50.1%) and St. Louis (52.7%). San Francisco reported the steepest decline in occupancy when com...
Travel and Tourism Industry Deal Activity Sinks by 60.4% YoY in February 2023, Reveals GlobalData
GlobalData | March 20, 2023
The global travel and tourism industry, which has been struggling to rebound from the COVID-19 pandemic induced slowdown, is facing another setback with a significant drop in deal activity. The industry, which relies heavily on investment and strategic partnerships, saw a steep year-on-year (YoY) 60.4% decline in deal activity in February 2023, reveals GlobalData, a leading data and analytics company. An analysis of GlobalData’s Financial Deals Database reveals deal volume in the industry more than halved from 111 deals* announced during February 2022 to 44 deals announced during February 2023. Aurojyoti Bose, Lead Analyst at G...
International Visitors Spent $14.7 Billion on Travel to U.S. in January 2023
NTTO | March 20, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in January 2023: International visitors spent more than $14.7 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 64 percent compared to January 2022 and marking the twenty-second consecutive month of year-over-year gains (when compared to the same month, previous year). Americans spent more than $15.8 billion traveling abroad, more than any single month prior to the pandemic, yielding a balance of trade deficit of nearly $1.1 billion for the month. This was the third time in the past 6 months that trave...
STR: Riyadh Hotels Post Highest February Occupancy Since 2008
STR | March 17, 2023
LONDON – Riyadh’s hotel occupancy was its highest for a February since 2008, according to preliminary data from STR. Occupancy: 75.5% Average daily rate (ADR): SAR801.46 Revenue per available room (RevPAR): SAR605.06 Each of the three key performance metrics came in significantly higher than the pre-pandemic comparables from 2019: occupancy (+23.4%), ADR (+34.0%) and RevPAR (+65.3%). According to daily data, the market recorded occupancy over 90% for three consecutive days from 6-8 February, helped by the International Conference and Exhibition for Science. Further STR analysis can be found here....
STR: Madrid Hotel Industry Reported Higher Performance in February
STR | March 17, 2023
LONDON – Aligned with historical trends for the market, Madrid’s hotel industry reported higher performance from the month prior, according to preliminary February 2023 data from STR. Occupancy: 64.5% Average daily rate (ADR): EUR127.89 Revenue per available room (RevPAR): EUR82.50 The market’s ADR and RevPAR levels surpassed the 2019 comparables, +26.0% and +10.2%, respectively, while occupancy remained lower than the pre-pandemic comparable (-12.5%). Daily data shows Wednesday, 22 February (81.7%) and Saturday, 25 February (85.4%) as the only two days of the month with occupancy above the 80% mark, helped by ARCO M...
HVS Las Vegas Casino and Hotel Market Outlook 2023
Shannon Okada | March 17, 2023
By Shannon S. Okada Las Vegas’s 38.8 million total visitors in 2022 was roughly 91.3% of 2019 levels and only 4.1 million below the peak number of visitors in 2016. Gaming revenue for Clark County in 2022 was $12.8 billion, a new record for the market. Statistics from the Las Vegas Convention and Visitors Authority reflect 43.6 million total occupied room nights for Las Vegas in 2022, 20.6% more than in 2021. Occupied room nights, as well as total occupancy (79.2%), continued to lag 2019 performance, but the market’s ADR ($170.98) and RevPAR ($135.42) reached record levels in 2022. This article examines the latest trends and de...
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