hotel demand
CBRE Hotels Again Raises Outlook for 2023, Expects Strong Growth Through Summer
CBRE Group, Inc. | May 24, 2023
Dallas – May 24, 2023 – CBRE is again raising its forecast for hotel performance this year, as stronger-than-expected demand and more modest supply growth drive occupancy gains. CBRE has revised its forecast for 2023 revenue per available room (RevPAR) to $97.89, up 6.0% year-over-year, and an increase of $0.43 from its previous forecast. The positive revision is predicated on a 65-basis-point (bps) increase in expected occupancy compared with the previous forecast issued in February 2023. Average daily rate (ADR) is now expected to increase by 3.7% in 2023, down from the previous forecast of 4.2%, owing to slightly lower inflation exp...
From Globetrotters to First Timers, Travelers Are Seeing the World in 2023
AAA | April 3, 2023
WASHINGTON, DC (April 3, 2023) — International trips are on the rise this year. According to AAA booking data, international travel is up more than 200% compared to 2022. Hotel bookings are seeing the biggest jump, up more than 300% over last year. The spike in demand is driving up airfares. Ticket prices for international trips are up more than 30%. “Travelers are making up for lost time and willing to spend more to see the world,” said Paula Twidale, Senior Vice President of Travel at AAA. “If you do your homework and rely on travel experts, like AAA travel advisors, there are deals to be had. But the key is giving yours...
New STR Survey Reveals Top Hospitality Industry Challenges and Strengths
STR | February 16, 2023
HENDERSONVILLE, Tennessee – Labor-related issues and energy/utility costs are among the top challenges on the mind of global hotel and travel industry professionals, while leisure demand and increased guest spending are seen as the biggest strengths, according to a new survey from STR. The Hospitality Industry Sentiment survey is STR’s first longitudinal study of hotel and travel industry professionals, with initial findings captured between 29 November and 11 December 2022 from 200 respondents across the globe. “While respondents cited similar challenges around the globe, professionals in North America indicated that labor sup...
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: U.S. Hotel Results for Week Ending 16 July
STR | July 21, 2022
HENDERSONVILLE, Tennessee—After two consecutive weeks of lower demand around the Fourth of July holiday, U.S. hotel performance bounced back from the previous week, according to STR‘s latest data through 16 July. 10-16 July 2022 (percentage change from comparable week in 2019*): Occupancy: 72.0% (-7.4%) Average daily rate (ADR): US$157.23 (+14.9%) Revenue per available room (RevPAR): US$113.28 (+6.4%) Among the Top 25 Markets, San Diego reported the only occupancy increase over 2019 (+1.0% to 89.9%). San Diego (89.9%), Oahu Island (87.2%) and Seattle (85.8%) led the major markets in absolute occupancy for th...
Hotel Demand Races Upwards Around Formula 1 Events
STR | April 26, 2022
Formula 1 has an ever-growing fan base, including many hoteliers who are currently witnessing a surge in occupancy on the books because of an upcoming Grand Prix in their city. Utilizing STR’s Forward STAR, we review five markets set to host a race over the course of this year, including Miami, one of our newest Forward STAR markets in North America. Through STR’s historical database, we also look at the actualized impact from a recent F1 event in Australia. North America While not at the level of Europe or the Middle East, Formula 1 is growing in popularity throughout North America. One way of observing this growth is through the risin...
Majority of U.S. Now Within 10% of 2019 Hotel Demand
STR | June 22, 2021
The last four weeks (ending Saturday, 12 June) continued to show a solid return to normalcy as we compare 2021 state-level weekly room demand against the comparable levels from 2019. As a reminder, STR currently benchmarks recent performance against 2019 performance levels rather than a pandemic impacted 2020. Twenty-six (26) states showed demand totals within a 10% margin of the corresponding period of 2019. Collectively, eight of those states actually sold more rooms for the 4-week period than they did 2019. Demand gains are widespread and, so far in 2021, most states (28) have had at least one week that surpassed a comparable week from ...
Demand in Most States Within 15% of 2019
STR | May 24, 2021
U.S. room demand continues to push toward the comparable levels of 2019. As a reminder, 2019 is being used as the recovery benchmark due to the heavy pandemic impact in 2020. For the 4-week period ending 15 May, 29 states experienced room demand totals within a 15% margin of the comparable period in 2019. Recalling that overall U.S. room demand dropped by greater than 80% during the worst weeks of this recession, there is evidence of widespread improvement as all but five markets during the past month registered a 30% (or less) deficit in recent rooms sold from 2019 levels. STR’s latest 51-chart demand map shows that many markets are ...
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