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
Atlanta CBD Hotel Submarket Continuing to Push Forward
Anne Gompel, Adam Zarczynski | November 9, 2023
By Anne Gompel, MAI, CHIA and Adam Zarczynski, CHIA With the busiest airport in the world and a lower cost of doing business than peer regions, Metro Atlanta is the key inland distribution hub of the Southeast. Metro Atlanta is home to 17 Fortune 500 corporations like The Home Depot, Coca-Cola, Delta Air Lines, and UPS. It also sustains a diverse economy centered around technology, healthcare and health tech, logistics, advanced manufacturing, and now electric vehicles and clean tech. For the 10th consecutive year Area Development Magazine has ranked Georgia the number one state for business. Atlanta's strong economy has been spurred by...
U.S. Hotel Profitability Reflects Gains in Corporate Demand and Groups
CoStar Group | November 8, 2023
WASHINGTON – 8 November 2023 – A recent increase in U.S. hotel labor costs reflects a normalizing business mix and significant gains in group demand, according to September year-to-date P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2023 YTD per-available-room metrics (% change from September 2022 YTD) GOPPAR: US$75.74 (+6.2%) TRevPAR: US$208.34 (+8.6%) EBITDA PAR: US$52.95 (+5.1%) LPAR (Labor Costs): US$69.36 (+13.1%) “September labor costs were higher than the summer months even though overall dema...
Latin America’s Hotel Construction Pipeline Surges in Q3 2023 With New Projects and Construction Start Initiatives
Lodging Econometrics | November 8, 2023
November 8, 2023 – PORTSMOUTH, NH – In the Latin America Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report the total construction pipeline stands at 579 projects/95,144 rooms at the close of Q3 2023. The region’s pipeline project counts are up slightly, at 6% year-over-year (YOY) by projects and 5% YOY by rooms. At the Q3 close, there were 93 new project announcements (NPAs), accounting for 415,416 rooms, marking the largest number of new project and room announcements in Latin America since Q2 2017. Similarly, construction starts are the highest they’ve been since Q3 2019, standing at 54 projects/9,43...
The Continued Recovery of the New Orleans Lodging Market
Lauren Hock | November 7, 2023
By Lauren Hock New Orleans consistently ranks among the top leisure destinations in the United States due to its reputation for food, drink, and music; the preserved Vieux Carré (French Quarter); and its innate culture of hospitality. In 2020, New Orleans’s most popular event, Mardi Gras, was held on February 25, but the city shut down on March 20 as COVID-19 infection rates began to increase. Thus, Jazz Fest and other conventions, events, and festivals for the rest of that year were canceled. After stay-at-home orders were lifted, New Orleans was one of few cities on the Gulf Coast to impose capacity limits and enforce vaccination ...
Anchorage, Alaska: Hotel Market Trends and Conversions to Housing
Breanna S. Smith | November 6, 2023
By Breanna S. Smith Prior to the pandemic, the Anchorage hospitality market was in a period of expansion. The market was historically reliant on natural resource (oil and gas) extraction. Demand increases in the years prior to 2020 were supported by the market’s popularity as a tourism destination, largely centered around the cruise industry, and growth in the transportation industry. However, similar to trends across the nation, the COVID-19 pandemic resulted in substantial declines within the tourism industry beginning in March 2020. While much of the state’s commercial business remained essential, tourism was substantially affected,...
U.S. Hotel Results for Week Ending 28 October
CoStar Group | November 2, 2023
WASHINGTON – 2 November 2023 – U.S. hotel performance decreased from the previous week but showed positive year-over-year comparisons, according to CoStar’s latest data through 28 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 22-28 October 2023 (percentage change from comparable week in 2022): Occupancy: 66.0% (+0.7%) Average daily rate (ADR): US$160.89 (+3.9%) Revenue per available room (RevPAR): US$106.16 (+4.6%) Among the Top 25 Markets, Minneapolis saw the largest year-over-year lift in occupancy (+12.7% to 64.5%). New York City...
Market Snapshot: Asia Pacific 2023
Hok Yean CHEE | October 31, 2023
By Hok Yean CHEE Transactions in the Asia Pacific In 2022, transaction activity in the Asia Pacific remained steady with a 4% increase in transaction volumes, achieving a transaction volume of approximately USD13.3 billion worth of hospitality assets. While some larger markets may have experienced slowed transaction volumes in the past fiscal year, most notably South Korea and China, other markets are making gains, including both Australia and Japan. Both countries registered increases in the past fiscal year (3Q 2022 to 2Q 2023) in transaction volumes of over a billion USD. Ongoing market conditions including interest rate hikes, slower th...
Canada’s Pipeline Remains Robust – Early Planning Stage Shows Significant Increase
Lodging Econometrics (LE) | October 31, 2023
October 31, 2023 – PORTSMOUTH, NH – In the Q3 2023 Hotel Construction Pipeline Trend Report for Canada by Lodging Econometrics (LE), analysts report that the total construction pipeline in Canada stands at 275 projects/37,780 rooms, up 5% by projects and 8% by rooms year-over-year (YOY). In the third quarter, Canada had 22 new project announcements with 2,816 rooms. Hotel projects presently under construction in Canada at Q3 stand at 56 projects/8,228 rooms, up 4% and 18% YOY, respectively. Projects scheduled to start construction in the next 12 months stand at 101 projects/11,548 rooms at Q3, while projects in the early planning stag...
New Memphis Hotels Raise the Bar for Rate While Extending Occupancy Recovery
Marc Greeley | October 30, 2023
By Marc Greeley The last eight years were an active period for Downtown Memphis hotel development. Prior to 2015, no new hotels had opened in Memphis since 2010, most of which were in the midscale or upper-midscale chains. Beginning in 2015, Memphis experienced notable supply growth, and although some of this development was in suburban areas, several new downtown hotels opened between 2015 and 2019, including the Hilton Garden Inn; Central Station Hotel, Curio Collection by Hilton; Moxy Hotel; and ARRIVE Memphis. Moreover, during this period, some existing hotels were renovated and repositioned to higher-tier products, including the ...
The Dallas Market Maintains Grasp on the Greatest Number of Projects in the U.S. Hotel Construction Pipeline at Q3 2023
Lodging Econometrics (LE) | October 30, 2023
October 30, 2023 – PORTSMOUTH, NH – As seen in the third quarter United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the top five markets with the largest hotel construction pipelines by projects at Q3 2023 are led by Dallas, with an all-time high of 189 projects/21,840 rooms, followed by Atlanta, with 140 projects/17,775 rooms, and Nashville, with 122 projects/16,046 rooms. Next is Phoenix, with 119 projects/16,455 rooms, and the Inland Empire, with 117 projects/11,784 rooms. At the Q3 close, New York City continues to have the greatest number of projects under construction, with 46 projects/8,386 rooms. ...
Global Business Travel Industry Sees Rebound in 2023 With Shifting Challenges and Opportunities for 2024
GBTA | October 30, 2023
Latest GBTA Business Travel Outlook Poll reveals positive recovery sentiment, emerging forecasts, industry priorities and potential barriers for the year ahead The majority of professionals in the global business travel industry say the sector has reached near-full recovery this year since the pandemic days of 2019. But even as business travel has rebounded, the industry is looking ahead at key areas poised for change and impact in 2024, with an emphasis around travel cost management strategies, sustainability, the transformation of retailing models, and the integration of emerging technologies. This is according to the latest GBTA Bus...
U.S. Hotel Results for Week Ending 21 October
CoStar | October 26, 2023
WASHINGTON – 26 October 2023 – U.S. hotel performance increased from the previous week and showed improved year-over-year comparisons, according to CoStar’s latest data through 21 October. 15-21 October 2023 (percentage change from comparable week in 2022): Occupancy: 69.0% (-0.8%) Average daily rate (ADR): US$165.32 (+3.8%) Revenue per available room (RevPAR): US$114.04 (+2.9%) Among the Top 25 Markets, Seattle saw the largest year-over-year lift in occupancy (+8.5% to 76.1%). Las Vegas posted the highest increases in ADR (+20.3% to US$257.42) and RevPAR (+23.5% to US$229.57). Miami saw the steepest RevP...
Swinging Success? Unraveling the Impact of Golf on Resort Performance Post Pandemic
Krish Vipani | October 26, 2023
By Krish Vipani Without a doubt, leisure sports picked up in popularity during the COVID-19 pandemic- especially golf. According to the National Golf Foundation, 67% of golfers credited their increased play in the late summer of 2020 to having “fewer alternative ways to spend leisure time”. Not only did existing golfers increase their time on the course, but the National Golf Foundation also reports 25.6 million golfers on the course in 2022, a 1.3 million increase from 2019. Moreover, the National Golf Foundation reports an average of 21.1 rounds of golf played per golfer in 2021. This is the greatest average number of rounds per play...
Hotel Performance Standouts During Beyonce’s World Tour
CoStar | October 25, 2023
Analysis by M. Brian Riley Concerts and major events have always been important revenue opportunities for hotels, but 2023 has felt like the “year of the concert” with major tour generating headlines and lifting performance all over the world. In the U.S., much of the attention went toward Taylor Swift’s The Eras Tour, which STR previously estimated added $208 million in U.S. room revenue. More recently though, there has been another female pop star rocking the economy – and in many markets, hotel performance. Beyoncé’s Renaissance World Tour generated a projected U.S. economic impact of $4.5 billion, according ...
Connecticut’s Post-COVID Climb
Kilian O’Brien | October 24, 2023
By Kilian O'Brien The onset of COVID-19 in March 2020 had devastating effects for the tourism industry across the country, and the state of Connecticut experienced the third-largest decline in travel, tourism, and outdoor recreation employment from Q2 2019 to Q2 2020. Connecticut was quick to rebound, however, with 2022 occupancy levels only slightly below those of 2019 and average daily rate (ADR) levels far surpassing those of 2019. The upcoming renovation of the XL Center in Hartford, Connecticut’s “Find Your Vibe” campaign, and the state’s current hotel development pipeline are all indicators of Connecticut’s recovery and s...
China Hotel Performance Jumped During Eight-Day-Long Golden Week
CoStar Group | October 23, 2023
Analysis by Jesper Palmqvist and Kelsey Fenerty A later Mid-Autumn Festival created a longer holiday period than last year, combining with National Day festivities to provide impressive improvement in China’s hotel performance. Growth across the country As usual, China created another long national holiday by adjusting working days, leading to a holiday period of 30 September through 7 October before a return to work on the weekend of 8-9 October. Mainland China hotel occupancy over the eight-day holiday period averaged 65.1% and peaked on 2 October (83.1%). Most of the growth came from outside the Tier 1 markets (Be...
Canada Hotel Performance Remained on Upward Trajectory in September
CoStar Group | October 23, 2023
WASHINGTON – 23 October 2023 – Canada’s hotel industry continued a stretch of year-over-year performance growth, according to CoStar’s September 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2023 (percentage change from September 2022): Occupancy: 75.3% (+1.5%) Average daily rate (ADR): CAD222.02 (+8.1%) Revenue per available room (RevPAR): CAD167.14 (+9.7%) “Although economists are predicting an economic downturn, Canada’s hotel sector remains on solid footing,” said Laura Baxter, CoStar Group’s director of hospita...
Qatar – Beyond the World Cup
Maria Quintero | October 23, 2023
By Maria Quintero The 28-day soccer event was a major success for Qatar. A cumulative of 3.4 million football fans attended the tournament and average occupancy across stadiums was recorded as 96.3%. The country welcomed 1.18 million international visitors, representing 412% and 318% year-on-year increase throughout November and December. Hotels and resorts achieved the highest-ever performance, registering a marketwide ADR of QAR 2,112 and RevPAR of QAR 1,281 in December 2022, a 328% and 286% year-on-year increase, respectively. Nonetheless, months after Argentina cheerfully lifted the trophy, for some, the uncertainty remains: what ...
U.S. Hotel Results for Week Ending 14 October
CoStar Group | October 19, 2023
WASHINGTON – 19 October 2023 – U.S. hotel performance increased from the previous week, and year-over-year comparisons remained mixed, according to CoStar’s latest data through 14 October. 8-14 October 2023 (percentage change from comparable week in 2022): Occupancy: 68.5% (-2.3%) Average daily rate (ADR): US$164.25 (+3.2%) Revenue per available room (RevPAR): US$112.51 (+0.8%) Among the Top 25 Markets, Oahu Island saw the largest year-over-year increases in occupancy (+17.8% to 85.2%) and RevPAR (+29.7% to US$243.22). Las Vegas posted the highest lift in ADR (+14.7% to US$226.94) and the second-largest jump ...
U.S. Hotel Industry Reports Higher Performance for September 2023
CoStar Group | October 18, 2023
WASHINGTON – 18 October 2023 – The U.S. hotel industry reported higher performance results from the previous month, according to September 2023 from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2023 (percentage change from September 2022): Occupancy: 66.2% (-0.5%) Average daily rate (ADR): US$160.18 (+3.5%) Revenue per available room (RevPAR): US$106.07 (+2.9%) Among the Top 25 Markets, New York City experienced the highest occupancy level (87.6%), which was up 1.6% year over year. Markets with the lowest occupancy for the mo...
Travel and Tourism Sector Deal Activity Down by 33% YoY in Q1-Q3 2023, Finds GlobalData
GlobalData | October 16, 2023
A total of 558 deals* were announced in the travel and tourism sector globally during the first three quarters of 2023, which was a decline of 33% compared to the announcement of 833 deals during the same period in 2022, according to GlobalData, a leading data and analytics company. An analysis of GlobalData’s Financial Deals Database also revealed all the deal types under coverage, and most of the key markets recorded a considerable year-on-year decline in the announcement of deals during Q1-Q3 2023 compared to Q1-Q3 2022. For instance, mergers and acquisitions (M&A) deals volume for the travel and tourism sector declined by...
Japan Hotel Performance Recovery Accelerated During Summer Months
CoStar Group | October 13, 2023
Analysis by Shiori Sakurai July room rates stand out Even though room rates remained flat in comparison with 2019 during the first half of the year, Japan posted elevated average daily rate (ADR) of JPY18,507.46 in July. That level was 126.9% of what was seen in the comparable month of 2019. Japan’s hotel occupancy is still yet to reach full recovery, with July’s 73.4% average coming in at 88.3% of the pre-pandemic comparable. When looking at daily data, the highest occupancy level was on Saturday, 15 July (at 89.2%), which was the first day of Marine Day, a three-day-long national holiday in Japan. That occupancy level w...
Lower Room Rates Stalled Melbourne’s Performance Growth in September
CoStar Group | October 13, 2023
WASHINGTON – 13 October 2023 – Melbourne’s hotel industry reported a decline in revenue per available room (RevPAR) for just the second time this year, according to September 2023 preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2023 (year-over-year % change): Occupancy: 65.4% (+1.4%) Average daily rate (ADR): AUD212.47 (-4.5%) Revenue per available room (RevPAR): AUD138.85 (-3.2%) Even with occupancy growth, Melbourne ADR fell by more than 4.0% for the second time in three months. The market’s only other m...
U.S. Hotel Results for Week Ending 7 October
CoStar Group | October 13, 2023
WASHINGTON – 13 October 2023 – U.S. hotel performance increased from the previous week, and year-over-year comparisons were mostly positive, according to CoStar’s latest data through 7 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 1-7 October 2023 (percentage change from comparable week in 2022): Occupancy: 67.8% (-0.2%) Average daily rate (ADR): US$163.19 (+5.4%) Revenue per available room (RevPAR): US$110.68 (+5.2%) Percentage changes were positive on weekdays because of comparisons with the Yom Kippur period last year. Performance lev...
