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PwC 2024 AI Business Predictions
PwC | February 22, 2024
Technological advances, surging investments and the competition for talent are all working toward one thing: In 2024, artificial intelligence (AI) will start to fundamentally change how business gets done. It will impact how companies grow revenue, conduct everyday operations, engage customers and employees, build new business models, and more. Seventy-three percent of US companies have already adopted AI in at least some areas of their business, according to our 2023 Emerging Technology Survey — and generative AI (GenAI) is leading the way. One year after ChatGPT hit the market, more than half of the companies we surveyed (54%) have i...
PwC’s Manhattan Lodging Index: Q4 2023
PwC’s Manhattan lodging index | February 12, 2024
The rate of growth in occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), while strong, continued to decelerate as the market moves on a path towards stabilization. Lower-priced hotels benefited from the customer's level of rate fatigue being felt in the market, with ADR growth levels for midscale properties triple that of higher-priced hotels in Q4. 2023 RevPAR experienced a year-over-year increase of 16.5 percent, with Q3 seeing an increase of 13.6 percent and Q4 being up 11.5 percent. “The Manhattan hotel market maintained an occupancy level above 80 percent in each month of the final three quarter...
Economic Headwinds and Geopolitical Tensions Will Likely Impact Hotel Performance Through 2024 According to PwC
Hospitality Directions | November 13, 2023
Leisure demand, while still strong, began to soften in the back half of this year for US hotels, as other parts of the world continued to reopen their vacation destinations and leisure travelers began to once again feel safe traveling abroad. Increases in individual business travel and group business have not yet been able to fully offset this softening. As a result, occupancy levels have declined in each of the past seven months, relative to comparable 2022 levels, and are expected to continue to be down during the remainder of this year and through at least the first quarter of 2024. Room rate growth had played a significant role in the ini...
PwC Report: Hospitality Tech Investment Pays Off
PWC HOSPITALITY DIRECTIONS | August 23, 2023
The hotel business ecosystem is exceptionally complex: Brands, owners and operators all strive to maintain profitability in an inherently low-margin, highly competitive sector. The goal? To satisfy investors while also meeting — ideally, exceeding — guest expectations. Hotels also need to attract and maintain skilled talent in the constrained late-pandemic labor market. Facing rising wages and a diminished worker pool, more than 70% of hotel executives are turning to technology tools to automate a portion of their operations and boost employee efficiency.1 PwC experience corroborates the benefits of technology investments. One bran...
PwC: US Hospitality Directions: May 2023
PwC Hospitality Directions | May 22, 2023
Increasing economic headwinds to impact hotel performance for balance of this year and into 2024 Despite worries of recession, bank failures, and a liquidity crisis affecting the macro economy, US hotels continue to outperform expectations. In Q1 2023, US hotels exceeded Q1 2019 (pre-pandemic) RevPAR levels by 13.0 percent, based on data from STR. Room rates continue to be the primary driver in this performance recovery. While occupancy in Q1 2023 was still down 2.1 points from the same period in 2019, ADR increased 17.0 percent. Leisure travel continues to be strong, even though growth levels are slowing, and individual business travel ...
PWC US Hospitality Directions: November 2022
PwC Hospitality Directions | November 21, 2022
Through Q3 2022, the US hotel industry has exceeded 2019 (pre-pandemic) RevPAR levels by 6.4 percent, based on data from STR. The recovery narrative continues to be centered around room rates. While occupancy through Q3 2022 was 3.8 points below the same period in 2019, ADR had increased 12.8 percent. Following over two years of travel constraints, the US government significantly eased restrictions earlier this summer. As of June 12, 2022 air passengers were no longer required to get tested for COVID-19 (no more than 24 hours in advance), show a negative test result, or show documentation of recovery from the virus, before boarding a fligh...
Manhattan Lodging Index: Q2 2022
PwC | August 29, 2022
Manhattan Lodging Overview Increases in occupancy, ADR and revenue per available room (“RevPAR”) continued to accelerate across Manhattan during the first half of 2022. Q2 RevPAR experienced a year-over-year increase of 166.8 percent, with the strongest gains in April, which experienced a year-over-year increase of 220.4 percent. Q1 RevPAR was also up 135.7 percent from the same period in 2021. “Manhattan hotels are finally experiencing a sustaining recovery. While RevPAR was still down 11.7% in 1H 2022 from the same period in 2019, it was a significant improvement from a year ago, when RevPAR during 1H was down 57.2% from the same pe...
Strength in Average Daily Rate Now Expected to Drive 2022 RevPAR Above 2019 Levels
PwC Hospitality Directions | May 23, 2022
Despite an initial pullback in the recovery timeline caused by a surge in infections from a new omicron variant of the COVID-19 virus in December and January, continued improvement in top-line metrics for US hotels is expected for the remainder of this year and next. While leisure travel continued to drive much of lodging’s demand in Q1, individual business travel and group business have started to emerge as we head into the warmer months. Strong leisure business is expected to cause demand compression over the summer, driving room rates and resultant RevPAR levels to new highs. If tensions ease in Ukraine and immunity levels continue to in...
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