hotel performance
U.S. Hotel Results for Week Ending 20 July
CoStar Group | July 25, 2024
WASHINGTON – 25 July 2024 – The U.S. hotel industry reported higher performance results than the previous week and positive comparisons year over year, according to CoStar’s latest data through 20 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 14-20 July 2024 (percentage change from comparable week in 2023): Occupancy: 73.5% (+1.0%) Average daily rate (ADR): US$165.91 (+2.4%) Revenue per available room (RevPAR): US$122.02 (+3.4%) The U.S. RevPAR level was the highest for any week on record. Among the Top 25 Markets, Houston saw the high...
The Americas and Asia Pacific Show Growth in Hotel Pipeline Activity
CoStar Group | July 19, 2024
WASHINGTON – 19 July 2024 – Two of the world regions, the Americas and Asia Pacific, showed a year-over-year increase in hotel pipeline activity at the end of the second quarter, according to June 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. June 2024 (% change in comparison with June 2023): Europe In construction: 165,858 rooms (-2.4%) Final Planning: 93,241 rooms (-20.9%) Planning: 160,651 rooms (+8.0%) Total Under Contract: 419,750 rooms (-3.8%) Among countries in the region, Germany (27,302) led in construction act...
The Road to Hotel Profitability: Adopting Flow Through + Flex Metrics
HotStats | July 17, 2024
When measuring hotel profitability, two key metrics stand out: flow through and flex. Flow through measures the percentage of additional profit from each extra dollar of revenue, while flex gauges the ability to save profit during revenue shortfalls. These metrics provide crucial insights into financial performance, offering a comprehensive framework for operational analysis. "Understanding flow through and flex is essential for any hotel aiming to optimize profitability and navigate economic fluctuations effectively," says Lisa Martin, Regional Director for Hotel Finance, at Davidson Hospitality. Integrating these metrics into your ana...
STR, TE Downgrade U.S. Hotel Forecast
STR | June 3, 2024
NEW YORK – STR and Tourism Economics made significant downward adjustments to the 2024-25 U.S. hotel forecast just released at the 46th Annual NYU International Hospitality Industry Investment Conference. The latest revision reflects lower-than-expected performance thus far in 2024 as well as lessened growth projections for the remainder of the year. For 2024, projected gains in average daily rate (ADR) and revenue per available room (RevPAR) were downgraded 1.0 percentage points and 2.1 ppts, respectively. Occupancy for the year is now expected to decline after the previous forecast projected year-over-year growth in t...
RNC and DNC: How Political Conventions Impact Host Market Hotel Performance
CoStar Group | May 31, 2024
Analysis by M. Brian Riley We are less than two months away from the first political party conventions to determine America’s 2024 presidential nominees, with the Republican National Convention (RNC) scheduled first in Milwaukee (15-18 July), and the Democratic National Convention (DNC) taking place in Chicago a month later (19-22 August). Each party’s convention draws thousands of appointed delegates along with a host of officials and attendees, not to mention a legion of external media. Typically, these four day-long events begin on a Monday and end with a Thursday speech by the party nominee. This summer quadrennial tradition con...
HotStats Shares Insights From 2023-2024 Hotel Management Sentiment Survey
HotStats | May 28, 2024
With the first quarter of the year behind us, our recent sentiment survey provides a snapshot of the current state of the hotel industry and a glimpse into what 2024 might hold. Benefiting from insights from hotel managers across various regions, the survey sheds light on performance expectations, operational challenges, and future forecasts. Although respondents to our 2023-24 sentiment survey painted a diverse picture of the hotel industry's performance, a general pattern of optimism emerged. The majority of hoteliers (65%) felt that they outperformed their expectations last year whereas only 35% felt that they fell short. This dispa...
Venice Market Pulse
Lorenzo Gullotta | May 24, 2024
By Lorenzo Gullotta, Giammarco Pignocchi, Ezio Poinelli The resurgence of travel activity in Venice following the years afflicted by the COVID-19 pandemic has not only been a sign of recovery but also an indicator of evolving trends within the city's tourism sector. In line with what was observed in other Italian cities, Venice's hotel market experienced an unprecedented surge in the post-pandemic era. While overall occupancy rates remain below pre-pandemic levels, the upper upscale and luxury market segments appear to have fully rebounded. This recovery, along with a significant increase in average rates, has resulted in a notably positi...
U.S. hotel performance for April 2024 Shows Mixed Performance
CoStar Group | May 21, 2024
WASHINGTON – 21 May 2024 – The U.S. hotel industry reported mixed performance results from the previous month, but positive comparisons year over year, according to April 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. April 2024 (percentage change from April 2023): Occupancy: 65.2% (+1.2%) Average daily rate (ADR): US$157.31 (+0.8%) Revenue per available room (RevPAR): US$102.51 (+2.0%) Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+2.8% to 84....