room rates
Canada Hotel Room Rates Driven by Groups in February
CoStar Group | March 21, 2024
WASHINGTON – 21 March 2024 – Canada’s hotel industry reported a third consecutive month of occupancy declines but continued growth in average daily rate (ADR), according to CoStar’s February 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. February 2024 (percentage change from 2023): Occupancy: 58.0% (-1.6%) Average daily rate (ADR): CAD181.55 (+3.8%) Revenue per available room (RevPAR): CAD105.37 (+2.2%) Group ADR growth (+7.9%) was the strongest among the segments. “Both transient and group occupancy declined, down 2.4% and 1.2%, ...
Record-High Room Rates in Melbourne, Sydney Driven by the Eras Tour
CoStar Group | March 12, 2024
WASHINGTON – 12 March 2024 – Boosted by Taylor Swift’s Eras Tour, the hotel industries in both Sydney and Melbourne posted their highest average daily rate (ADR) for any month on record, according to February preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Melbourne February 2024 (year-over-year % change): Occupancy: 78.1% (+8.5%) Average daily rate (ADR): AUD244.80 (+11.4%) Revenue per available room (RevPAR): AUD191.18 (+20.9%) Melbourne’s daily occupancy levels remained above the 70.0% mark throughout the month ...
European Hotel Values See Modest Rise in 2023 but Fail to Reach Pre-Pandemic Levels, Reveals Latest HVS Valuation Index
HVS | March 11, 2024
11 March 2024, London: Hotel values across Europe remained steady in 2023 buoyed by the consolidation of the post-pandemic recovery and a steady desire to travel keeping average room rates strong, according to the annual European Hotel Valuation Index (HVI) published this week by global hotel consultancy HVS. These influences combined to offset the impact of a number of geopolitical challenges including the war in Ukraine, the war between Israel and Hamas and the shaky Chinese economy as well as increasing operating costs and high interest rates. The result was a modest uplift in hotel values of around 1% across Europe keeping them...
Top 5 Hotel & Lodging Market Trend Predictions
Sean Skellie | March 1, 2024
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Colorado: Aspen 2nd Priciest President’s Day Destination in the US, Survey Reveals
Cheaphotels.org | February 16, 2024
DENVER, Feb. 16, 2024 -- The Colorado ski resort town of Aspen is the second most expensive destination in the US for overnight stays on President's Day weekend this year, according to a survey by Cheaphotels.org. The survey compared hotel rates in destinations across America for February 16-19 – the dates for this year's Presidents Day weekend. Only well-located hotels rated at least 3 stars were considered for the survey. In Aspen, situated in Colorado's Rocky Mountains, travelers will have to spend $674 per night for the most affordable double room, the survey shows. The only destination with a higher minimum rate is Wailea...
CBRE Hotels Expects RevPAR Growth in 2024 Fueled by Higher Rates and Stronger Demand
CBRE Group, Inc. | February 15, 2024
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Getting Rates Above $750 Then Above $1000 Per Night
Adam and Larry Mogelonsky | January 24, 2024
By Adam and Larry Mogelonsky In the realm of luxury properties, charging around the $500 per night price range has come to be expected for any brands around the world since the pandemic, but the pursuit of rates exceeding $750 or $1,000 per night is now a strategic objective. But with great rate comes great expectations. Ergo, owners and operators in this space understand that guests paying in this premium range demand more than just the basics. Guest expectations for this $500 to $750 range encompass not only a remarkable lobby and well-appointed rooms but also enhanced services and upgraded amenities. Premium dining and spa services a...
Why Rate Parity Still Has To Be “The Law of the Land” in Hospitality?
Max Starkov | November 14, 2023
By Max Starkov There was a recent discussion on LinkedIn about the need for maintaining rate parity in hospitality and its implications. Just to clarify for the non-revenue management folks here, Rate Parity traditionally means maintaining the same publicly available rate for the same room/same stay across all public distribution channels i.e. channels available to any member of the public that is not a loyalty member or member of some guest appreciation or reward program. Rate Parity is not a new online policy specifically designed for the OTAs. It existed long before the “commercial internet" came into being and there was only ...
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