STR: Riyadh’s Hotel Industry Showed Improved Performance in October

STR | November 16, 2022

LONDON – Riyadh’s hotel industry showed improved performance from the month prior, according to preliminary October 2022 data from STR. Occupancy: 72.3% Average daily rate (ADR): SAR771.24 Revenue per available room (RevPAR): SAR557.28 The market’s ADR and RevPAR levels surpassed the pre-pandemic comparable, while occupancy remained slightly below October 2019 (-4.0%). Occupancy and ADR were the highest for any month since March 2022, while RevPAR was the highest since May 2011. More of STR’s analysis can be found here....

The Service Robotics Industry Will Reach $216B in 2030, Transforming the Travel and Tourism industry, but human staff will not be replaced

GlobalData | November 16, 2022

The service robotics industry is set to register a compound annual growth rate (CAGR) of 21.5% to reach $216 billion in 2030, driven by investments across consumer facing industries, including travel and tourism. The overall robotics industry is set to grow from $70 billion in 2022 to $568 billion in 2030, says GlobalData, a leading data and analytics company. GlobalData’s latest report “Robotics in Travel and Tourism,” reveals that consumer robots, logistics robots, drones, and inspection, cleaning, and maintenance robots will receive the most investment from companies across the travel and tourism value chain. Sarah Coop, Analys...

STR: Melbourne Hotels Post Best Performance of the Pandemic-Era

STR | November 15, 2022

ADELAIDE—Melbourne’s hotel performance reached a pandemic-era high, according to preliminary October 2022 data from STR. Occupancy: 69.9% Average daily rate (ADR): AUD232.07 Revenue per available room (RevPAR): AUD162.21 The market’s ADR level was the highest for any month on record, while occupancy and RevPAR were the highest since February 2020 and November 2019, respectively. While improved, occupancy remained 17.5% below the pre-pandemic comparable. More of STR’s analysis can be found here....

STR: London’s Hotel ADR and RevPAR Surpassed Pre-Pandemic Levels in October

STR | November 15, 2022

LONDON – London’s hotel average daily rate (ADR) and revenue per available room (RevPAR) came in higher than the pre-pandemic comparable, according to preliminary October 2022 data from STR. Occupancy: 83.8% Average daily rate (ADR): GBP199.95 Revenue per available room (RevPAR): GBP167.60 The market’s occupancy and RevPAR levels came in higher than the month prior, but occupancy remained 4.0% below the 2019 comparable. When looking at daily data, the market continued to show high occupancy levels on Tuesdays and Wednesdays, pointing to business demand, with the highest daily occupancy for the month (93.0%) recorded...

Ireland’s Hotel Industry Is Well-Positioned Heading Into 2023

STR | November 14, 2022

A turbulent two years due to the pandemic proved to be the ultimate test of resilience and business continuity for hotels in Ireland. This year, however, has produced a strong recovery despite a difficult start and ongoing global macroeconomic uncertainty. Hotels in Ireland have been successful in navigating the choppy waters as evidenced by the performance recorded thus far in 2022. Dublin The capital has posted strong levels of recovery with performance exceeding 2019 levels in recent months. Many events in the early part of the year were rescheduled from the previous two years. Furthermore, a strong eve...

STR: U.S. Hotel Results for Week Ending 5 November

STR | November 10, 2022

HENDERSONVILLE, Tennessee—As expected due to the Halloween calendar shift, U.S. hotel performance came in lower than the previous week and showed weakened comparisons to 2019, according to STR‘s latest data through 5 November. 30 October through 5 November 2022 (percentage change from comparable week in 2019*): Occupancy: 62.4% (-9.2%) Average daily rate (ADR): US$147.48 (+11.4%) Revenue per available room (RevPAR): US$91.99 (+1.1%) While none of the Top 25 Markets showed an occupancy increase over 2019, Tampa came closest to its pre-pandemic comparable (-1.0% to 72.4%). Miami posted the largest ADR increase ov...

2022 BDNY Conference Location Spotlight: New York City Hotel Development

Lodging Econometrics (LE) | November 10, 2022

November 10, 2022 – PORTSMOUTH, NH As Lodging Econometrics (LE) prepares to attend the 2022 Boutique Design New York (BDNY) conference in New York City, LE releases the latest on hotel development for the New York City market. LE also has available hotel development information on any market in the United States or any other market in the world. At the close of the third quarter of 2022, LE analysts report that the New York City market has a total of 102 projects/17,805 rooms in the construction pipeline, the fourth largest pipeline by rooms of any market in the U.S. (behind the Dallas market, with 174 projects/20,676 rooms, the Los Ang...

Q3 2022 Major U.S. Hotel Sales Survey

Daniel Lesser | November 9, 2022

By Daniel Lesser Economists, politicians, and business leaders are split on whether the U.S. economy is heading for a recession, is already in one, or will merely experience a slowdown. With continued supply chain disruptions, geopolitical conflicts (most notably the war in Ukraine), and the Fed’s determination to continue increasing the federal funds interest rate, there is tremendous uncertainty around inflation and where the economy is heading. Mixed signals abound, however U.S. gross domestic product (GDP) increased for the first time this year in the third quarter, expanding at a higher-than-expected 2.6 percent annually. Unemployme...