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Canada Hotels Record First Transient Occupancy Increase in Four Months
CoStar Group | April 23, 2024
WASHINGTON – 23 April 2024 – After four consecutive months of year-over-year declines, Canada’s hotel industry reported a marginal lift in transient occupancy, according to CoStar’s March 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. March 2024 (percentage change from 2023): Occupancy: 61.0% (-2.1%) Average daily rate (ADR): CAD185.23 (+3.9%) Revenue per available room (RevPAR): CAD112.99 (+1.7%) Transient, according to CoStar, includes rooms sold to individuals or groups occupying less than 10 rooms per night. “The slight increa...
U.S. Hotel Performance for March 2024
CoStar Group | April 22, 2024
WASHINGTON – 22 April 2024 – The U.S. hotel industry reported higher performance results from the previous month, but mixed comparisons year over year, according to March 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. March 2024 (percentage change from March 2023): Occupancy: 63.7% (-2.5%) Average daily rate (ADR): US$159.79 (+0.4%) Revenue per available room (RevPAR): US$101.81 (-2.2%) Among the Top 25 Markets, Miami experienced the highest levels in each of the three key performance metrics: occupancy (+2.3% to 83.5%), ADR...
Events Driving Hotel Performance in Adelaide; Bookings During LIV Golf at 72%
CoStar Group | April 22, 2024
WASHINGTON – 22 April 2024 – A number of large-scale events have boosted hotel performance in Adelaide, with further jumps expected for upcoming events, according to recent data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. January through early April During the Santos Tour Down Under (12-21 January), hotel occupancy reached 78.1%, while revenue per available room (RevPAR) increased 11.4% year over year to AUD179.18. A three-week period of the Adelaide Festival (1-17 March), alongside Adelaide Fringe (16 February through 17 March), drov...
U.S. Hotel Results for Week Ending 13 April
CoStar Group | April 18, 2024
WASHINGTON – 18 April 2024 – Helped by the total solar eclipse, U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 13 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 7-13 April 2024 (percentage change from comparable week in 2023): Occupancy: 65.8% (+2.8%) Average daily rate (ADR): US$160.20 (+2.9%) Revenue per available room (RevPAR): US$105.48 (+5.8%) Among the Top 25 Markets, Philadelphia reported the largest year-over-year increase in occupancy (+23.2% to 77.0%) and RevPAR (+45.7% to US$1...
HVS Las Vegas Casino and Hotel Market Outlook 2024
Shannon S. Okada | April 16, 2024
By Shannon S. Okada Las Vegas continues to evolve, with billions of dollars being spent on the development of new world-class venues in recent years. The market hosted 40.8 million visitors in 2023, exceeding the 40.0 million visitor threshold for the first time since 2019. Gaming revenue for Clark County in 2023 was $13.5 billion, which set a market record for the second straight year. In 2023, occupied room nights, as well as total occupancy (83.5%), continued to lag 2019 performance; however, like gaming revenue, the market’s ADR ($191.29) and RevPAR ($159.73) for 2023 reached record levels for the second year in a row. As Las Vegas l...
U.S. Hotel Results for Week Ending 6 April
CoStar Group | April 12, 2024
WASHINGTON – 12 April 2024 – U.S. hotel performance showed mixed results from the previous week but positive comparisons year over year, according to CoStar’s latest data through 6 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 31 March through 6 April 2024 (percentage change from comparable week in 2023): Occupancy: 64.1% (+4.7%) Average daily rate (ADR): US$156.96 (+2.1%) Revenue per available room (RevPAR): US$100.59 (+6.9%) Among the Top 25 Markets, Philadelphia reported the largest year-over-year occupancy lift (+17.5% to 66.1%) and t...
Six Nations, St. Patrick’s Day Drove Dublin Hotel Occupancy in March
CoStar Group | April 10, 2024
WASHINGTON – 10 April 2024 – Dublin’s hotel occupancy was helped by the Six Nations Men’s 2024 championship and St. Patrick’s Day festivities, according to March 2024 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. March 2024 (year-over-year % change): Occupancy: 81.0% (+0.2%) Average daily rate (ADR): EUR164.04 (-5.5%) Revenue per available room (RevPAR): EUR132.81 (-5.3%) The market’s highest daily occupancy level was seen on Saturday, 16 March (98.6%)—the night of the final round of the Six Nations champi...
Eras Tour Led to March Records for Singapore Hotels
CoStar Group | April 10, 2024
WASHINGTON – 10 April 2024 – The host of six Taylor Swift concerts, Singapore’s hotel industry posted its highest March average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. March 2024 (year-over-year % change): Occupancy: 79.1% (+5.1%) Average daily rate (ADR): SGD358.91 (+12.7%) Revenue per available room (RevPAR): SGD284.03 (+18.5%) Historically, Q1 and Q2 daily occupancy levels are lower post-Chinese New Year and prior to events pick...
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