International Visitors Spent Nearly $20.1 Billion Traveling Within the United States in March
National Travel and Tourism Office (NTTO) | May 23, 2024
CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE Group, Inc. | May 16, 2024
Market Reports
Brooklyn Continues to Blossom in the Post-Pandemic Period
Patricia Shih | January 29, 2024
By Patricia Shih The Brooklyn hotel industry has been experiencing post-pandemic recovery due in part to strong leisure demand, an increase in meeting and group business, and the gradual return of commercial demand. Additionally, the New York City Department of Homeless Services and related entities have been utilizing many hotels as temporary shelters for homeless residents and migrants/asylum seekers. While the Brooklyn new supply pipeline is substantially smaller than that of Manhattan, the borough has recently experienced supply changes, some examples of which are listed below. The 216-key Moxy Brooklyn Williamsburg opened in M...
Las Vegas Forecasted for Highest Hotel ADR in Super Bowl History
STR | January 29, 2024
HENDERSONVILLE, Tennessee—Las Vegas hotel average daily rate (ADR) is forecasted to reach $573 for 9-11 February 2024, which would be the highest level for any Super Bowl weekend on record, according to STR. The market is projected for a Friday through Sunday night occupancy of 87.9%. That level combined with an ADR of US$573 would result in revenue per available room (RevPAR) of US$504. For comparison, the Formula One Vegas Grand Prix that took place in November 2023 produced an actualized ADR of US$502, netting a RevPAR of US$390 over the Thursday through Saturday period. “The Super Bowl’s unique volume of demand, driven by not...
85% of Global Markets Recovered RevPAR Last Year
CoStar Group | January 26, 2024
Analysis by Eddie Yeung Note: All financial figures presented in US$. STR's global “bubble chart” update for 2023 shows 85% of markets with revenue per available room (RevPAR) higher than 2019. In terms of top-line performance, that means most markets have recovered from the significant declines caused by the pandemic. Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, France, Switzerland, Ireland, and Greece led in RevPAR on an actual basis. Most of the above countries maintained relatively high levels in both average daily rate (ADR) and occupancy throughout the year. Ireland led all ...
Canada’s Record-High Hotel ADR Outpaced Inflation in 2023
CoStar Group | January 25, 2024
WASHINGTON – 25 January 2024 – Canada’s hotel average daily rate (ADR) and revenue per available room (RevPAR) were the highest for any year on record, according to CoStar’s 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 2023 (percentage change from 2022): Occupancy: 65.7% (+7.7%) Average daily rate (ADR): CAD200.08 (+9.7%) Revenue per available room (RevPAR): CAD131.48 (+18.3%) “Canada hotel room rate growth outpaced inflation in 2023, further cementing the hotel sector’s reputation as a strong hedge against the metric,” said La...
U.S. Hotel Results for Week Ending 20 January
CoStar Group | January 25, 2024
WASHINGTON – 25 January 2024 – U.S. hotel performance decreased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 20 January. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 4-20 January 2024 (percentage change from comparable week in 2023): Occupancy: 52.2% (-3.8%) Average daily rate (ADR): US$142.27 (+1.6%) Revenue per available room (RevPAR): US$74.31 (-2.2%) Among the Top 25 Markets, Seattle saw the largest year-over-year occupancy increase (+9.6% to 54.1%). Atlanta...
Hotel Industry Outlook 2024: Moving Steadily Forward
Anne R. Lloyd-Jones | January 25, 2024
By Anne R. Lloyd-Jones, McKenna Luke The U.S. lodging industry ended 2023 at 63.0% occupancy, a slight increase over 2022’s 62.7%. Strong growth in the first quarter was offset by modest declines in the latter three quarters, as outbound international travel increased and inbound international travel remained muted, particularly from APAC sources. The group segment continued to post strong year-over-year gains; business travel also improved, albeit at a more modest pace. Overall, ADR increased by 4.3% in 2023, supported by strong growth in the first quarter of the year. ADR growth faltered in the summer months, attributable to lower leis...
STR, TE Maintain Projections in First U.S. Hotel Forecast of 2024
STR | January 24, 2024
HENDERSONVILLE, Tennessee—STR and Tourism Economics made minimal adjustments to growth projections in the first U.S. hotel forecast of 2024 just released at the Americas Lodging Investment Summit (ALIS). For 2024, growth in average daily rate (ADR) was raised by 0.1 percentage points, while occupancy and revenue per available room (RevPAR) were unchanged from the previous forecast. For 2025, growth projections for each of the key performance metrics were downgraded due to the long-term, average trends beginning to stabilize: occupancy (-0.1 ppts), ADR (-0.3 ppts) and RevPAR (-0.5 ppts). “U.S. ADR and RevPAR reached record ...
Hotel Pipeline Down for Most of the World at the End of 2023
CoStar Group | January 22, 2024
WASHINGTON – 22 January 2024 – With substantial volume in the planning phases, the Americas was the only world region to show an increase in overall hotel pipeline activity, according to year-end data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Construction activity was down in every world region except Asia Pacific. December 2023 (% change in comparison with December 2022): Europe In construction: 171,354 (-9.7%) Final Planning: 111,255 (-20.9%) Planning: 178,580 (+16.3%) Total Under Contract: 461,189 (-4.7%) Among countrie...
U.S. Hotel Performance for December 2023
CoStar Group | January 22, 2024
WASHINGTON – 22 January 2024 – As expected due to the holiday season, the U.S. hotel industry reported lower performance results month over month, according to December 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. December 2023 (percentage change from December 2022): Occupancy: 52.6% (-1.8%) Average daily rate (ADR): US$151.13 (+2.1%) Revenue per available room (RevPAR): US$79.42 (+0.3%) Among the Top 25 Markets, New York City experienced the highest occupancy level (86.6%), which was up 4.3% year over year. M...
U.S. Hotels Posted Record-High ADR and RevPAR in 2023
CoStar Group | January 18, 2024
WASHINGTON – 18 January 2024 – The U.S. hotel industry posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 2023 (percentage change from 2022): Occupancy: 63.0% (+0.6%) ADR: US$155.62 (+4.3%) RevPAR: US$97.97 (+4.9%) The country’s occupancy level was its highest since 2019. Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+8.8% to 81.6%), ADR ...
Planning Phases of U.S. Hotel Pipeline Reflect Confidence in Travel
CoStar Group | January 18, 2024
WASHINGTON – 18 January 2024 – Activity in the planning phases of the U.S. hotel pipeline remain up, while rooms in construction decreased after two months of gains, according to CoStar’s December 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. U.S. Hotel Pipeline December 2023 (percentage change from December 2022) In construction: 152,114 rooms (-4.5%) Final Planning: 255,039 rooms (+19.7%) Planning: 318,597 rooms (+32.7%) “The number of rooms in construction fell in December following a nearly 7% increase in October that held steady...
December 2023 International Air Passenger Travel to and from the United States
APIS/I-92 Program | January 18, 2024
Air Passenger Enplanements Up 15.4% Year Over Year in December 2023 Air Passenger Travel Between the United States and Europe Up 9.9% in December 2023 Data recently released by the National Travel and Tourism Office (NTTO) show that in December 2023: U.S.-international air traffic passenger enplanements1 totaled: 21.630 million in December 2023, up 15.4% compared to December 2022, with enplanements reaching 102.5% of pre-pandemic December 2019 volume. Originating Non-Stop Air Travel in December 2023 Non-U.S. citizen air passenger arrivals to the United States from foreign countries totaled: 5.201 million in D...
New Forecast Predicts United States will Continue to Struggle for International Inbound, Domestic Business Travel
U.S. Travel Association | January 18, 2024
United States Trailing Global Competitors; National Leadership Increasingly Critical WASHINGTON (January 18, 2024)—The U.S. Travel Association today released its biannual forecast for travel to and within the United States through 2027, showing international inbound travel and domestic business travel will continue to remain below pre-pandemic levels in 2024. The forecast, prepared by Tourism Economics, was released just days after U.S. Travel revealed the findings of a global competitiveness report conducted by Euromonitor International. The report found the U.S. ranked 17th out of 18 top markets for travel due to decades of underinves...
Little Rock, Arkansas: New Developments and Opportunities for Hotels
Kathleen D. Donahue | January 17, 2024
By Kathleen D. Donahue Little Rock is experiencing growth, both recent and potential. Propelled by average rate growth, hotel RevPAR in Little Rock continued to improve in 2023, with occupancy meeting or exceeding prior pandemic levels at most hotels. In addition to a recovery trend in both business travel and group demand, tourism and leisure demand in the Natural State experienced significant growth after the pandemic. There is a push for a resurgence in Downtown Little Rock, focusing on enhancements to the River Market District, including creating a revamped meeting and group destination. A deck park, similar to Dallas’ Klyde Wa...
Sydney Hotels Posted Record-High Room Rates in December
CoStar Group | January 16, 2024
WASHINGTON – 16 January 2024 – Helped by New Year’s Eve, Sydney’s hotel industry recorded its highest monthly average daily rate (ADR) on record, according to December preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. December 2023 (year-over-year % change): Occupancy: 77.1% (+9.9%) Average daily rate (ADR): AUD313.27 (+4.8%) Revenue per available room (RevPAR): AUD241.66 (+15.3%) According to the daily data, Sydney hotels achieved their highest occupancy level on New Year’s Eve (94.0%), followed by Saturday, 2 Decem...
France to Keep Its Crown as Most Popular Destination for International Visitors, Reveals WTTC
World Travel & Tourism Council | January 15, 2024
New data shows arrivals on brink of sector high Seat capacity to surpass pre-pandemic levels Nice surges as a key destination Paris, France: Latest flight booking data from the World Travel & Tourism Council (WTTC) and its knowledge partner ForwardKeys, shows France is set to keep its pole position as the world’s most popular destination for international arrivals this year. The research reveals a positive outlook for France's inbound travel, with arrivals set to almost reach pre-pandemic highs this year. During her participation at the Destination France event taking place in Chantilly and hosted by President Macron, ...
COP28 and New Year’s Eve Boosted Dubai Hotel Performance in December
CoStar Group | January 15, 2024
WASHINGTON – 15 January 2024 – Helped by COP28 and New Year’s Eve, Dubai’s hotel industry reported its highest monthly average daily rate (ADR) on record, according to preliminary December data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. December 2023 (year-over-year % change): Occupancy: 79.2% (+3.5%) Average daily rate (ADR): AED1,060.61 (+19.0%) Revenue per available room (RevPAR): AED839.98 (+23.2%) The RevPAR level was the highest since January 2015. According to the daily data, Dubai saw its highest occupancy level on Ne...
London Hotel Performance Jumped During Holiday Season
CoStar Group | January 15, 2024
WASHINGTON – 15 January 2024 – Helped by the holiday travel season, London hotels posted significant performance levels, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. December 2023 (year-over-year % change): Occupancy: 80.5% (+5.7%) Average daily rate (ADR): GBP208.90 (+2.0%) Revenue per available room (RevPAR): GBP168.07 (+7.8%) The ADR and RevPAR levels were the highest for any December on record in the market, while occupancy was the highest for any December since 2018. According to daily d...
Baird/STR Hotel Stock Index Jumped 10.5% in December, Ended Year Up 38.4%
Baird | January 12, 2024
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index jumped 10.5% in December to a level of 6,760. For 2023, the stock index was up 38.4%. “Hotel stocks – like the broader market – finished 2023 on a high note as the ‘soft landing’ narrative and lower interest rate outlook continued to boost investor sentiment and valuation multiples,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Both the hotel brands and hotel REITs were up more than 10% in December and outperformed their respective benchmarks. For the year, the hotel REITs’ 19% gain more than doubled the return of re...
International Visitors Spent $19.0 Billion in the United States in November 2023
National Travel and Tourism Office | January 12, 2024
International Visitors Spent $19.0 Billion in the United States in November 2023 Data recently released by the National Travel and Tourism Office (NTTO) show that in November 2023: International visitors spent $19.0 billion on travel to, and tourism-related activities within, the United States, an increase of more than 21 percent compared to November 2022 and the highest level of monthly spending since December 2019 (before the onset of reported COVID-19 cases). In fact, monthly U.S. travel and tourism exports are within $1.8 billion of their highwater mark set back in March 2018 when international visitors spent an appre...
U.S. Hotel Results for Week Ending 6 January
CoStar Group | January 11, 2024
WASHINGTON – 11 January 2024 – U.S. hotel performance decreased from the previous week, while year-over-year comparisons improved, according to CoStar’s latest data through 6 January. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 31 December 2023 through 6 January 2024 (percentage change from comparable week in 2023): Occupancy: 46.8% (-0.7%) Average daily rate (ADR): US$152.17 (+7.2%) Revenue per available room (RevPAR): US$71.28 (+6.4%) Among the Top 25 Markets, New Orleans saw the largest year-over-year increases in each of the three key pe...
Stunning New Research Ranks United States Nearly Dead Last in Competition for Global Travelers
U.S. Travel Association | January 11, 2024
Due to slow recovery and declining U.S. global travel market share, U.S. Travel Association commissioned Euromonitor International to assess the competitiveness of the U.S. relative to other top countries for global travel. The U.S. ranked 17th out of 18 countries analyzed, stemming from decades of underinvestment and a lack of focus and coordination from the federal government. Inefficiencies in the U.S. travel system threaten the economy. One example: The U.S. risks losing 39 million visitors and $150 billion in spending over the next 10 years due to excessive visitor visa wait times (Tourism Economics). U.S. Travel launch...
Resilience Renewed: The Transformation of Portland’s Hotel Market
Eileen Bosworth | January 10, 2024
By Eileen Bosworth In 2023, Portland's hotel demand faced setbacks from public safety concerns and absorption of new hotel supply. However, initiatives like the Hotel Security District and a government task force addressing homelessness signaled change. The opening of the Ritz-Carlton Hotel & Residences and several upcoming events contribute to a cautiously optimistic 2024 outlook. Although Portland hoteliers’ hopes for 2023 were high due to a more robust convention calendar at the Oregon Convention Center (OCC) and a positive outlook for leisure demand in the summer, the year was challenging for the metro area. The difficulties...
San Diego Seizes Top Spot for Year-Over-Year Growth in Group Business for December
KNOWLAND | January 10, 2024
Pharmaceutical and Charity/Non-Profit industries lead in four out of the five top markets ARLINGTON, Va. — Jan. 10, 2024 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, released the top market performance numbers for December, citing San Diego as having the highest meeting volume improvement with 29.2 percent year-over-year (YoY) growth. Coming in a close second was San Francisco, where event volume increased 21.5 percent, a positive sign the industry is bouncing back in the cities by the bay. This data is sourced from Knowland’s sales intelligence platform and desig...
