STR: U.S. Hotel Results for Week Ending 31 December

STR | January 6, 2023

HENDERSONVILLE, Tennessee—U.S. hotel performance came in higher than the previous week and showed improved comparisons to 2019 on the favorable side of a holiday calendar shift, according to STR‘s latest data through 31 December. 25-31 December 2022 (percentage change from comparable week in 2019*): Occupancy: 54.2% (+10.4%) Average daily rate (ADR): US$167.21 (+21.7%) Revenue per available room (RevPAR): US$90.63 (+34.3%) The comparable week three years ago covered 29 December-4 January. Among the Top 25 Markets, Norfolk/Virginia Beach reported the highest occupancy increase over 2019 (+22.9% to 48.5%). Phoe...

Salt Lake City Development Spurs Additional Investor Interest in This Emerging Hotel Market

Lauren Reynolds | January 5, 2023

By Lauren Reynolds, Ryan Mark Salt Lake City benefits from one of the busiest airports in the western U.S. and a strategic location near several landmarks and tourist attractions, including the Mighty 5. Transient demand to the city surged in 2021 as Utah became a popular drive-to leisure destination, but commercial travel continues to lag behind 2019 levels, similar to the rest of the nation. Commercial demand is expected to return fully by year-end 2023 or the beginning of 2024. Nonetheless, the city has enjoyed increases in demand as the local economy has recovered from the effects of the COVID-19 pandemic in 2020. Most notably, the ma...

ITA Data Release: October 2022 Total International Travel Volume

International Trade Administration | January 5, 2023

Data recently released by the National Travel and Tourism Office (NTTO) show that in October 2022: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 5,136,449, increased 144.9% compared to October 2021 and rose to 76.8% of the pre-COVID total visitor volume reported for October 2019, up from the prior month’s 72.7%. Overseas visitor volume to the United States of 2,456,788 increased 217.1% from October 2021. October 2022 was the nineteenth consecutive month that total non-U.S. resident international arrivals to the United States increased on a year-over-ye...

In High Demand: Florida Hotels and Resorts (Again)

Nick Plasencia | January 4, 2023

By Nick Plasencia In an article we published in February 2021, before the COVID-19 vaccines were broadly rolled out, we suggested to owners of hotels in Florida, and waterfront hotels in the Sunshine State in particular, that their assets would soon be in high demand. In the nearly two years since, new pricing records have dotted the Florida peninsula, from the Panhandle to the Keys, Tampa Bay to Jacksonville, and Orlando to South Beach. Investors have flocked to the seemingly bulletproof fundamentals of Florida’s hotel industry. While healthy deals inked in the late spring and summer 2022 have found their way to the finish line, th...

STR: Canada Hotel Performance Surpassed Pre-Pandemic Levels in November

STR | January 3, 2023

HENDERSONVILLE, Tennessee—Canada’s hotel performance came in lower than the month prior but showed improved comparisons to 2019, according to STR’s November 2022 data. November 2022 (percentage change from November 2019) Occupancy: 61.0% (+1.6%) Average daily rate (ADR): CAD169.69 (+14.8%) Revenue per available room (RevPAR): CAD104.98 (+16.6%) "Top-line performance recovery showed astounding strength in November, reinforcing that travel is still a priority despite high inflation and a dimming economic outlook," said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the paren...

STR: U.S. Hotel Results for Week Ending 24 December

STR | January 3, 2023

HENDERSONVILLE, Tennessee—U.S. hotel performance came in lower than the previous week and showed weakened comparisons to 2019 on the unfavorable side of a holiday calendar shift, according to STR‘s latest data through 24 December. At the same time, occupancy on the 24th was the highest for any Christmas Eve on record. 18-24 December 2022 (percentage change from comparable week in 2019*): Occupancy: 43.9% (-9.7%) Average daily rate (ADR): US$132.29 (+2.3%) Revenue per available room (RevPAR): US$58.04 (-7.6%) Christmas Eve occupancy came in at 43.6%, which topped the previous high established in 2021. The corresponding...

HVS Market Pulse – Recent Lodging Trends and Outlook for Atlanta, Georgia

Brett Testa | January 3, 2023

By Brett Testa Pre-Pandemic Atlanta’s rise in reputation as the event and convention hub of the southeast, a vision first ignited by the hosting of the 1996 Olympics, reached a zenith in 2019 with the hosting of Super Bowl LIII, marking Atlanta’s second time hosting the Super Bowl in the last 20 years. The data below, provided by the Atlanta Convention & Visitors Bureau, illustrate the steady growth in visitors to the city and their spending in the years preceding the COVID-19 pandemic. The August 2017 opening of the Mercedes-Benz Stadium, which hosts games for both the Atlanta Falcons football team and the Atlanta Unite...

Hotel Occupancy Slows as the Holidays Near

STR | December 22, 2022

Note: The Market Recovery Monitor will be off for the holidays during the final week of December. The next and final edition of the MRM is scheduled to run on 6 January. Beginning 13 January, the MRM will be replaced by a new series, “STR Weekly Insights.” Methodology update: This will be one of the final weekly analyses to utilize STR’s current non-participant modeling methodology and U.S. Top 25 Markets. In 2023, Las Vegas will replace Norfolk/Virginia Beach in the Top 25. Read more HERE. Key Takeaways: U.S. occupancy began the normal pre-holiday decline Skiing areas posted the highest ADR increases in the U.S...