room rates
Why Rate Parity Still Has To Be “The Law of the Land” in Hospitality?
HFTP | July 22, 2024
By Max Starkov, Hospitality & Online Travel Tech Consultant 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 one reason for its existence: it made revenue management and management of di...
Weekend Events Drove Dublin Hotel Rates Past €300
CoStar Group | July 3, 2024
Boosted by three large-scale events during the final weekend of June, Dublin hotel average daily rate (ADR) eclipsed EUR300 for just the second time this year and sixth time in history, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. Taylor Swift headlined the busy weekend in Dublin with three performances from Friday-Sunday (28-30 June) at the Aviva Stadium. Swift’s tour overlapped with Dublin Pride, which took place on Saturday as well as the All-Ireland GAA quarterfinals on Saturday and Sunday. The market’s ho...
Hotel Lawyer: New Federal Junk Fee Law – The No Hidden FEES Act of 2023 (HR 6543)
Mark S. Adams | June 14, 2024
By Jim Butler and the Global Hospitality Group® Note: If you are a consumer with a Junk Fee issue, please do NOT contact us! We do not represent consumers against hotels, restaurants, or other business owners. We are part of the fabric of the hospitality industry and are committed to informing, educating, and assisting the industry. We represent business owners, helping them to understand and comply with applicable laws and defending them from consumer charges. HR 6543: The US Congress wants in on Junk Fee regulation for hotels Over the past several weeks, we have written about recent major regulatory developments concerning Junk F...
It’s Still a Seller’s Market, But Don’t Get Greedy
Lynn Zwibak | May 2, 2024
By Lynn Zwibak In response to the post-pandemic demand surge and faced with constricted inventory due to labor shortages, rising supply costs, and other challenges, hoteliers pushed their prices back to pre-pandemic levels in record time. It was understandable that hoteliers would push rates - a hotel's goal is to maximize revenue and profit, and they had a lot of missed opportunities to make up for. People were so happy to be traveling again that they paid. Sources predict that hotels' pricing power will remain strong. However, we don't need a pandemic recovery to fall into the trap of overpricing. Why do we do this? Misjudg...
Paris Hotel Bookings Pacing Above 60% for Summer Olympic Period
Costar Group | April 16, 2024
WASHINGTON – 16 April 2024 – Paris hotel bookings for the 2024 Summer Olympics are pacing above 60%, according to CoStar’s latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. The 60% range for the event period (26 July – 11 August) is up from 50% three months ago. For context, the weeks leading up to the opening ceremony show occupancy on the books in just the 20% range. The current highest booking level (63.8%) in the host city is on Saturday, 27 July, the day of 14 gold medal events. Saturday, 3 August, the day of 28 gold medal event...
Jeddah Room Rates Jumped During Formula One
CoStar Group | April 10, 2024
WASHINGTON – 10 April 2024 – Helped by the annual Saudi Arabian Grand Prix, Jeddah’s hotel industry reported performance growth across the metrics, according to March preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. March 2024 (year-over-year % change): Occupancy: 66.3% (+2.2%) Average daily rate (ADR): SAR929.94 (+3.2%) Revenue per available room (RevPAR): SAR616.63 (+5.5%) Jeddah hosted the 2024 Saudi Arabian Grand Prix between 7-9 March, which drove daily performance in the market. Occupancy was the highest on Wed...
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 ...