economic outlook
The Middle East Hotel Construction Pipeline Continues to Decline
Lodging Econometrics | November 23, 2020
November 23, 2020 – PORTSMOUTH, NH - According to the latest published Construction Pipeline Trend Report for the Middle East, analysts at Lodging Econometrics (LE) state at the end of the third quarter of 2020, the hotel construction pipeline in the Middle East declined again to 579 projects/168,042 rooms. The Middle East’s pipeline is down 7% by projects and 6% by rooms year-over-year (YOY). This is the fifth consecutive quarter the pipeline has declined since reaching its cyclical peak by projects in Q2 2019. Projects currently under construction stand at 359 projects/117,274 rooms, down slightly from the peak projects and rooms ...
STR: U.S. Hotel Results for Week Ending 14 November
STR | November 19, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy slipped further from previous weeks, according to the latest data from STR through 14 November. 8-14 November 2020 (percentage change from comparable week in 2019): Occupancy: 43.2% (-32.7%) Average daily rate (ADR): US$90.58 (-28.6%) Revenue per available room (RevPAR): US$39.11 (-52.0%) After ranging between 48% and 50% occupancy from mid-July into the later portion of October, the last three weeks have produced levels of 44.4%, 44.1% and 43.2%. Aggregate data for the Top 25 Markets showed lower occupancy (39.7%) but higher ADR (US$96.31) than all other markets....
STR: Canada Hotel Results for Week Ending 14 November
STR | November 19, 2020
HENDERSONVILLE, Tennessee—STR data for 8-14 November 2020 showed slightly lower occupancy from the previous week for Canada’s hotel industry. 8-14 November 2020 (percentage change from comparable week in 2019): Occupancy: 27.8% (-53.5%) Average daily rate (ADR): CAD110.36 (-25.9%) Revenue per available room (RevPAR): CAD30.70 (-65.5%) Occupancy for previous weeks came in at 29.4% (7 November), 29.2% (31 October), and 31.1% (24 October), respectively. For the week ending with 14 November, Nova Scotia recorded the highest occupancy level (35.0%) among the provinces. Among the major markets, Vancouver (29.0%) saw the ...
STR: U.S. Hotel Performance for October 2020
STR | November 18, 2020
HENDERSONVILLE, Tennessee—The U.S. hotel industry showed slightly lower performance from the month prior, according to October 2020 data from STR. October 2020 (percentage change from October 2019): Occupancy: 48.3% (-30.1%) Average daily rate (ADR): US$97.61 (-26.8%) Revenue per available room (RevPAR): US$47.13 (-48.8%) Occupancy remained flat from the previous month, while the ADR and RevPAR levels came in lower than September. More recently, November weekly data showed that occupancy reached its lowest level since the week of June 14-20. Among the Top 25 Markets, Oahu Island, Hawaii, reported the lowest October occ...
Hospitality Data Alert: Top U.S. Thanksgiving Destinations by Hotel Occupancy
Amadeus Hospitality | November 18, 2020
Based on hotel bookings for the week of November 22-28, Amadeus sees potential improvement in Thanksgiving holiday forward-looking occupancy compared to Labor Day As Americans approach what is traditionally the busiest travel day of the year – the day before Thanksgiving – many people want to know if it will maintain its status, albeit under very different circumstances as COVID-19 cases continue to rise again. Amadeus, a global leader in travel technology, with its unique ability to track forward-looking occupancy in major markets around the world, is seeing a positive trend in U.S. hotel bookings the week of Thanksgiving. While overa...
Survey: 71% of Hotels Won’t Survive Another Six Months Without Further Government Covid Relief
AHLA | November 18, 2020
WASHINGTON (November 18, 2020) – With a resurgence of COVID-19 and renewed travel restrictions enacted in many states, a new survey of American Hotel & Lodging Association (AHLA) members shows that the hotel industry will continue to face devastation and significant job loss without additional relief from Congress. Seven in ten hoteliers (71%) said they won’t make it another six months without further federal assistance given current and projected travel demand, and 77% of hotels report they will be forced to lay off more workers. Without further government assistance (i.e. second PPP loan, expansion of Main Street Lending Program)...
Lodging Recovery in Boston & Cambridge Driven by Leisure Demand as Market Faces Increases to Supply
Sebastian J. Colella | November 17, 2020
By Sebastian Colella November 17, 2020 - As the United States faces a growing number of COVID-19 cases, surpassing 10 million in early November, lodging markets across the country continue to face unprecedented declines in demand. Through October, the Boston & Cambridge lodging market has experienced some of the steepest declines in demand and revenue across the country’s top-25 markets according to STR. Now operating in the winter season, historically the slowest demand period for the Boston & Cambridge market, increasing case numbers have resulted in further restrictions to travel, gatherings, and businesses which were eased o...
2020 U.S. Hotel Forecast Slightly Upgraded; Full Recovery Still Unlikely Until 2024
STR | November 13, 2020
With leisure demand stronger than anticipated in the fall, STR and Tourism Economics slightly upgraded the final 2020 U.S. hotel forecast just released during the virtual NYU Hospitality Conference. Regardless of the short-term upgrade, the forecast for 2021 remains functionally unchanged and full recovery in revenue per available room (RevPAR) is unlikely until 2024. “Even with the encouraging vaccine news of this week, this pandemic and the subsequent economic impact will continue to limit hotel demand generators into the second half of next year,” said Amanda Hite, president of STR. “Business demand won’t return at a substantial...
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