revpar
Almost Half of Global Hotel Markets Recovered RevPAR With Challenging 2023 Ahead
STR | January 26, 2023
STR’s global bubble chart update for 2022 shows resilient performance and plenty of momentum to face a challenging 2023 ahead. Almost half of the STR-defined markets around the world fully recovered revenue per available room (RevPAR) to 2019 levels. Among the 64 countries with room supply of more than 50,000 rooms, Jamaica, Israel, Cyprus, Switzerland, and Singapore were the top five performers on an absolute RevPAR basis in 2022. In most regions, performance was driven more by hotel prices while occupancy lagged pre-pandemic levels. Israel led all countries with an average daily rate (ADR) of more than US$300. On the downs...
STR: Most Global Regions Showed Full RevPAR Recovery in 2022
STR | January 25, 2023
LONDON—Among the global regions, Asia saw the only decline in revenue per available room (RevPAR) from 2019, according to 2022 data from STR. “While most global regions were impacted by omicron in early 2022, top-line performance recovery made big waves in the latter half of the year,” said Robin Rossmann, STR’s managing director. “The industry’s resilience has been underpinned by significant pent-up leisure travel over the summer along with the return of corporate demand, as the nature and length of this business travel has evolved. Unlike previous downturns, room rates have been the key driver of recovery as each of the glob...
STR: U.S. Hotel ADR and RevPAR Reached Record Highs in 2022
STR | January 20, 2023
HENDERSONVILLE, Tennessee—The U.S. hotel industry reported average daily rate (ADR) and revenue per available room (RevPAR) that were the highest for any year on record, according to 2022 data from STR. 2022 (percentage change from 2019): Occupancy: 62.7% (-4.9%) Average daily rate (ADR): US$148.83 (+13.6%) Revenue per available room (RevPAR): US$93.27 (+8.1%) Despite climbing back above the 60% mark, the country’s occupancy level remained below the pre-pandemic comparable. Among the Top 25 Markets, Oahu Island reported the highest occupancy level (75.4%), which was still down 10.5% from the market’s 2019 benchmar...
STR: London Hotel Performance Remained Steady in December
STR | January 11, 2023
LONDON – London hotel average daily rate (ADR) and revenue per available room (RevPAR) came in higher than the 2019 comparable for an eighth consecutive month, according to preliminary December 2022 data from STR. Occupancy: 76.8% Average daily rate (ADR): GBP206.87 Revenue per available room (RevPAR): GBP158.89 London’s ADR and RevPAR levels were up 31.0% and 25.1%, respectively, from the pre-pandemic comparables. Like the rest of the year, occupancy remained below the 2019 comparable (-4.5%). Daily data for December shows London’s highest occupancy levels were recorded on Saturday, 3 December (93.4%), and Wednesda...
The Lag in Food and Beverage Recovery
Robert Mandelbaum | December 12, 2022
By Robert Mandelbaum, Andrew Hartley According to CBRE’s September 2022 Hotel Horizons® forecast for the overall U.S. lodging industry, rooms revenue per-available-room (RevPAR) will exceed 2019 annual levels in 2022. This is driven by the accelerated recovery of average daily rate (ADR) which first occurred during the third quarter of 2021. Unfortunately for the owners and operators of full-service, convention, and resort hotels, food and beverage (F&B) revenue is lagging in recovery and yet to return to pre-COVID levels. This can be attributed to a combination of the following factors: Health regulations The lag in ...
STR, TE Maintain ADR and RevPAR Forecast in the Last Revision of 2022
STR | November 22, 2022
HENDERSONVILLE, Tennessee—STR and Tourism Economics adjusted occupancy slightly downward but maintained previous projections for average daily rate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2022. Revenue per available room (RevPAR) remains on track for full recovery this year on a nominal basis but not until 2025 when adjusted for inflation. The updated forecast lowered occupancy by less than a percentage point for 2022. “As expected, group business travel has been much more aligned with pre-pandemic patterns, specifically in October when group demand hit a pandemic-era high,” sa...
Six Essential Steps Hospitality Leaders Can Take to Improve M&E Performance
IDeaS | November 21, 2022
If you asked a hotelier to tell you last night’s room occupancy, average daily rate (ADR), and revenue per available room (RevPAR), they could probably give you the answer in a heartbeat. But what happens when you ask them about meeting space utilization, revenue per available square foot, or other key metrics pertaining to meetings and events (M&E)? More likely than not, the hotelier would need some time to find the answer. But considering that M&E accounts for about 20 to 30% of revenue for the average hospitality organization, hoteliers should pay just as much attention to M&E as they do guest rooms. If not, the...
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...
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