tourism economics
New York State’s Sullivan Catskills Visitors Association Reports Remarkable Surge in Tourism Spending
the Sullivan Catskills Visitors Association | September 22, 2023
Continues to Surpass Pre-Pandemic Levels of Visitor-Generated Revenue SULLIVAN CATSKILLS — [September 22, 2023] — The Sullivan Catskills Visitors Association is thrilled to announce a significant increase in tourism spending that has invigorated the region's economy and positioned it as a premier travel destination. Sullivan County has witnessed a remarkable surge in tourism, highlighting its enduring appeal and unique offerings to visitors from near and far. According to recent data compiled by Tourism Economics, traveler spending in Sullivan County in 2022 (the most recent data available) grew 25.8 percent, an increase of 154.4 percen...
STR, TE Lower Growth Forecast for U.S. Hotels
STR | August 10, 2023
NASHVILLE—STR and Tourism Economics lowered their year-over-year growth projections in the revised 2023-24 U.S. hotel forecast just presented at the 15th Annual Hotel Data Conference. For 2023, growth in revenue per available room (RevPAR) was lowered by 0.5 percentage points, due to a 0.6ppt downgrade in occupancy growth. While that RevPAR growth remains above the long-term historical average, most of the increase was frontloaded to the early portion of the year. For 2024, the RevPAR growth projection was also lowered 0.5ppts on a 0.5ppt downgrade in occupancy. Average daily rate (ADR) was upgraded 0.1ppts for 2023 but kept flat for ...
STR, TE Lift U.S. ADR and RevPAR Forecast; Profit Growth To Be Limited
STR | June 6, 2023
NEW YORK —STR and Tourism Economics upgraded the 2023 U.S. hotel forecast just presented at the 45th Annual NYU International Hospitality Industry Investment Conference. While top-line performance advances, growing operating expenses are projected to limit profit growth over the remainder of the year. The occupancy projection for this year was lowered 0.2% from the previous forecast, but projections for average daily rate (ADR) and revenue per available room (RevPAR) were lifted 1.5% and 1.3%, respectively. For 2024, a 1.4% downgrade in occupancy coupled with a 0.7% lift in ADR meant a RevPAR downgrade of 0.6%. RevPAR, the key t...
STR, TE Make Modest Upgrade to First U.S. Hotel Forecast of 2023
STR | January 24, 2023
LOS ANGELES—STR and Tourism Economics made a modest upgrade to the 2023 U.S. hotel forecast just released at the Americas Lodging Investment Summit (ALIS). Additionally, a subsequent downward adjustment was made for 2024. The occupancy projection for this year was lower than the previous forecast by 0.1% while projections for average daily rate (ADR) and revenue per available room (RevPAR) were lifted 0.5% and 0.3%, respectively. For 2024, a 0.3% downgrade in occupancy coupled with a 0.1% lift in ADR meant a RevPAR downgrade of 0.4%. RevPAR, the key top-line performance metric, was fully recovered in 2022 on a nominal basis but w...
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...
STR, TE Lift ADR Projections Further in Revised U.S. Hotel Forecast
STR | August 11, 2022
NASHVILLE—STR and Tourism Economics adjusted occupancy downward but lifted projections once again for average daily rate (ADR) in the revised U.S. hotel forecast just presented at the 14th Annual Hotel Data Conference. 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 adds a little more than $2 to the ADR projection for both 2022 and 2023. Occupancy was lowered by less than a percentage point for each year. “Leisure demand, as expected, hit significant levels this summer, and what we are hearing in earnings call...
U.S. Travel Forecast: All Sectors Projected to Surge in Short Term, but Headwinds Are on Horizon
U.S. Travel Association | June 22, 2022
WASHINGTON (June 22, 2022)—Days after the United States repealed its Covid-19 testing requirement for inbound air travelers, U.S. Travel Association released its full biannual forecast for travel through 2026—including both travel spending and volume—which projects that all segments of travel, in spite of rising inflation, will surge in the short term due to pent-up demand and consumer savings. However, this is not expected to last, leading to slower growth in the later years of the forecast. The international component of the forecast was released earlier this month at the association’s IPW trade show. U.S. Travel estimates th...
STR, TE Upgrade Forecast to Full U.S. RevPAR Recovery in 2022
STR | June 6, 2022
NEW YORK—STR and Tourism Economics have upgraded the recovery timeline for U.S. hotel revenue per available room (RevPAR). On a nominal basis, the metric is now expected to surpass 2019 levels in 2022, according to the latest forecast just presented at the 44th Annual NYU International Hospitality Industry Investment Conference. The major factor in the revised timeline was a +$11 adjustment in 2022 average daily rate (ADR). Occupancy for the year is projected to come in under the pre-pandemic comparable, while ADR and RevPAR are forecasted at $14 and $6 higher than 2019, respectively. Previous versions of the forecast projected nomi...
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New York State’s Sullivan Catskills Visitors Association Reports Remarkable Surge in Tourism Spending
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