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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...
PwC’s Manhattan Lodging Index: Q4 2021
PwC’s Manhattan lodging index | February 22, 2022
Manhattan Lodging Overview Increases in occupancy, ADR and revenue per available room (“RevPAR”) accelerated across Manhattan during the fourth quarter, as vaccination levels increased across the city during second half of the year and the city continued to reopen following the depths of the pandemic. Fourth quarter RevPAR experienced a year-over-year increase of 389.1 percent, heavily weighted to performance during the last two months of the year. “While RevPAR continued to rebound throughout 2H 2021, November and December showed the most significant year-over-year increases. However, omicron’s impact on hotel metrics in Manhatta...
Significant Spike in Daily COVID-19 Cases Expected to Prolong Recovery of the US Lodging Industry
PwC US | December 1, 2020
US Hospitality Directions: November 2020 Continued political uncertainty leading up to the presidential inauguration, the speed of the business traveler's return after a vaccine, and the length and severity of a resurgence of the virus in Q4 and into 2021 are impacting lodging's recovery in the US. In our May edition, we had assumed the then consensus view that the daily number of new COVID-19 cases in the US peaked in late April. We now know this did not occur, and that the current daily number is over four times that level. This has significantly impacted the recovery timeline. We currently expect annual occupancy for US hotels this year t...
Unprecedented Closures Continue to Impact Manhattan Hotels
PwC | September 14, 2020
Manhattan Lodging Overview The COVID-19 pandemic continued to severely impair Manhattan hotels in the second quarter, as travel restrictions and business closures remained the new normal. With over 60,000 hotel rooms currently closed, widespread cancellation of group travel, and heightened economic uncertainty, second quarter revenue per available room (“RevPAR”) experienced a year-over-year decline of 81.6%. This represents the largest decline in RevPAR in modern history for the market. Six months since the start of the COVID-19 pandemic, Manhattan’s lodging sector continues to experience record closures. As of early September, app...
PwC Hospitality Directions US: January 2019
Hospitality Directions | January 30, 2019
Our US lodging outlook remains stable, driven by a continued increase in consumer spending; increasing, albeit decelerating business investment; and relatively strong consumer confidence. Despite near-term risks, solid economic fundamentals support decelerating RevPAR growth in 2019. Fourth quarter lodging fundamentals came in just below expectations, with year-over-year RevPAR growth of 2.4 percent, driven by an average daily rate increase of 2.0 percent. Despite concerns over the impact from the trade tensions with China and rising construction/labor costs, the US lodging industry ended 2018 on solid footing, with occupancy reachin...
Africa’s Hotel Sector Offers Potential for Further Growth Over the Next Five Years – PwC Report
PwC | July 5, 2018
South African hotel room revenue is expected to expand to R21.8 billion in 2022, up 5.6%, compounded annually, from R16.6 billion in 2017 JOHANNESBURG, South Africa, July 5, 2018/ -- Africa's hotel sector has the potential for further growth over the next five years. An increase in the number of foreign and domestic travellers, as well as an expansion in a number of hotel chains on the continent reinforces the hotel sector's untapped potential for business growth. These are some of the highlights from a report issued today by PwC (www.PwC.com) on Africa's hotel sector. PwC's eighth edition of the Hotels outlook: 2018-2022 includes infor...
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