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
STR: Canada Hotel Performance Highest Since September 2022
STR | June 21, 2023
HENDERSONVILLE, Tennessee—Canada’s hotel industry reported its highest performance since September 2022, according to STR’s May 2023 data. May 2023 (year-over-year percentage change) Occupancy: 69.2% (+9.3%) Average daily rate (ADR): CAD197.10 (+15.0%) Revenue per available room (RevPAR): CAD136.32 (+25.7%) “Canada’s hotel room demand exceeded the pre-pandemic comparable for the seventh consecutive month,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the parent company of STR. “To put the country’s 3% demand growth from 2019 into perspective, the metric ...
Indisputable Success – The UAE
Maria Quintero | June 21, 2023
By Maria Quintero, Hala Matar Choufany Throughout the last decade, the UAE has established itself as a leading regional and international tourism destination. Over 22 million international visitors in 2022 - almost on par with pre-pandemic levels - along with the UAE’s game-changing infrastructure, year-round sunshine, top-class tourism attractions, and rich cultural heritage, reinstated the country’s positioning as one of the strongest business and leisure markets in the world. As of 2022, UAE, the second largest economy in the Arab world, ranked at the top of the Travel & Tourism Development Index in the MENA region and among ...
STR: U.S. Hotel Performance for May 2023
STR | June 20, 2023
HENDERSONVILLE, Tennessee—The U.S. hotel industry reported higher performance from the month prior, according to May 2023 data from STR. May 2023 (percentage change from May 2022): Occupancy: 64.8% (-0.2%) Average daily rate (ADR): US$156.25 (+3.8%) Revenue per available room (RevPAR): US$101.31 (+3.7%) Among the Top 25 Markets, New York City experienced the highest occupancy level (84.0%), which was up 3.6% year over year. Performance was helped by NYU’s commencement at Yankee Stadium and Taylor Swift’s Eras Tour. Markets with the lowest occupancy for the month included Minneapolis (59.1%) and Houston (60.2%...
Travel and Tourism Industry Deal Activity Plummets by 41% YoY in January-May 2023, Reveals GlobalData
GlobalData | June 19, 2023
The travel and tourism industry has witnessed a massive 41% year-on-year (YoY) decline in deal activity from 475 deals announced during January-May 2022 to 282* during the first five of months of 2023, reveals GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The decline in deal activity in the industry indicates dampened sentiments and cautious approach of investors. The ongoing uncertainties and impact of the geopolitical tensions, inflation and recession fears have forced deal makers to adopt a more conservative approach.” All the deal types under coverage registered decli...
Are Concerts “Running the World?”: A Look at How Beyoncé’s Renaissance World Tour Has Impacted Europe Hotel Performance
STR | June 19, 2023
Okay, hotels, “now let’s get in formation”, because major concert tours seem to be boosting performance all around the world. In May and June 2023, the stage was Europe for Beyoncé’s Renaissance World Tour, which featured 19 shows across 14 European cities. Let’s just say that the hotel industry is likely “crazy in love” after the impact Beyoncé had on the region. Feeling the music after our recent Taylor Swift tour analysis, we took a quick look at Beyoncé’s impact on actualized performance in the U.K. and Sweden, as well as forward bookings in five active Forward STAR markets. United Kingdom Four U.K...
Beyond the PGA Championship: Exciting Happenings in Rochester
Christian Cross | June 16, 2023
By Christian Cross Having recently attended the 105th PGA Championship and worked on nearly half a dozen projects in the Rochester area over the past several months, I want to highlight the upcoming events and projects in this busy market. Tourism Highlights Rochester benefits from its location at the base of Lake Ontario, and as Visit Rochester brands the city, it is “the western gateway, or the ‘front door,’ to the majestic Finger Lakes region.” (My previous article on the Finger Lakes lodging market can be found here.) In addition, a number of tourism and leisure attractions in the area create demand for local hotels, i...
Israel Hotel Market Overview 2023 – Recovery in Progress!
Russell Kett | June 16, 2023
By Russell Kett, Charles Carpentier In the past year, Israel’s hotel sector has continued to demonstrate its resilience and its ability to withstand the impact of COVID-19, similar to the way it has bounced back from so many previous adversities. The domestic tourism market has been a saviour – achieving growth in excess of 2019’s levels by the end of 2022 – and there are now signs that international visitation is recovering strongly, and we are confident that, barring any unforeseen challenges, this could have recovered to 2019 levels by the end of 2023. Israelis have an unquenchable thirst for travel, and the opportunities cre...
Group Demand Sentiment Trends Upward, Energy/Utility Costs and Airlift Capacity Remain Top Challenges Among Industry Experts
STR | June 15, 2023
In Q4 2022, STR launched the Hospitality Industry Sentiment (HIS) survey, a new quarterly study of travel industry professionals. With the second edition of this survey completed in Q1 2023, new insights and sentiment trends reveal a subtly shifting landscape in hospitality experts’ opinions and experiences. The relative strength of post-pandemic leisure demand trails off slightly between the first and second iterations of our survey. Group demand, however, is trending upward to help offset this — and so is the strength of internal travel. Fewer respondents indicated that “increased guest spending” was a current boost f...
STR: U.S. Hotel Results for Week Ending 10 June
STR | June 15, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance jumped from the previous week, while year-over-year comparisons were mixed, according to STR‘s latest data through 10 June. 4-10 June 2023 (percentage change from comparable week in 2022): Occupancy: 69.4% (-1.6%) Average daily rate (ADR): US$157.69 (+0.5%) Revenue per available room (RevPAR): US$109.38 (-1.2%) Among the Top 25 Markets, Oahu Island saw the only double-digit occupancy lift over 2022 (+13.0% to 84.8%). Washington, D.C., posted the only double-digit gain in ADR (+12.0% to US$201.34) and the largest RevPAR increase (+18.7% to US$160.05). The steepest R...
Baird/STR Hotel Stock Index Declined 2.6% in May to a Level of 5,287
STR | June 15, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index declined 2.6% in May to a level of 5,287. "Hotel stocks were mixed in May – the Hotel REITs increased slightly and outperformed the real estate benchmark by 400 bps, while the Global Hotel Brands declined and underperformed the S&P 500’s marginal gain by 380 bps,” said Michael Bellisario, senior hotel research analyst and director at Baird. “While macroeconomic concerns have subsided recently, investors are incrementally focused on normalizing customer and geographic demand trends and slower year-over-year RevPAR growth, particularly related ...
STR: Jeddah Hotels Report Highest Occupancy Since 2016
STR | June 14, 2023
LONDON – Helped by the Arab League Summit, Jeddah’s hotel industry posted its highest monthly occupancy since August 2016, according to preliminary May 2023 data from STR. May 2023 (year-over-year % change) Occupancy: 79.9% (+21.9%) Average daily rate (ADR): SAR924.32 (+3.9%) Revenue per available room (RevPAR): SAR738.80 (+26.6%) While room rates were lower than the month prior, Jeddah’s RevPAR was its highest since September 2019. When looking at daily data, Jeddah reported its highest occupancy level on Wednesday, 17 May (at 90.6%). Room rates were the highest (SAR1,440.69) on Thursday, 18 May, the night before t...
STR: London Hotel RevPAR Highest Since October 2022
STR | June 14, 2023
LONDON – London’s hotel industry reported its highest revenue per available room (RevPAR) since October 2022, according to preliminary May 2023 data from STR. May 2023 (year-over-year % change) Occupancy: 80.5% (+3.5%) Average daily rate (ADR): GBP204.52 (+18.9%) Revenue per available room (RevPAR): GBP164.54 (+23.1%) May was the first month this year with the market’s ADR above GBP200. In addition, the occupancy level was London’s highest since November 2022. London’s occupancy peaked on 23 and 27 May (92.5%), which was one of the three bank holiday weekends in the U.K., leading to extended vacation travel. T...
ITA Data Release: International Visitors Spent $17.3 Billion in April 2023 Up Nearly 26% Compared to April 2022
International Trade Administration | June 14, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in April 2023: International visitors spent more than $17.3 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 26 percent compared to April 2022 and marking the twenty-fifth consecutive month of year-over-year gains (when compared to the same month, previous year). Conversely, Americans spent a record-setting $17.2 billion traveling abroad, yielding a balance of trade surplus of $83 million for the month—reversing a trend of seven consecutive months of balance of trade deficits for U.S. travel and tou...
U.S. Hotel Performance Enchanted by Taylor Swift’s “The Eras Tour”
STR | June 12, 2023
Analysis by M. Brian Riley The hotel industry knows concerts “all too well,” as they have long been one of the top catalysts for high occupancy nights and premium room rates. That dynamic has been center stage over the last three months, as Taylor Swift’s “The Eras Tour” added $98.2 million in room revenue to the U.S. hotel industry. Remaining tour dates over the rest of the summer are also leading to spikes in bookings. Methodology The U.S. leg of the tour began in mid-March and will conclude in August. To measure the impact at the tour’s halfway point, STR analyzed hotel performance for the nights of the first 28 shows ...
STR: U.S. Hotel Results for Week Ending 3 June
STR | June 8, 2023
HENDERSONVILLE, Tennessee—As expected with the Memorial Day holiday, U.S. hotel performance decreased from the previous week, according to STR‘s latest data through 3 June. 28 May through 3 June 2023 (percentage change from comparable week in 2022): Occupancy: 61.6% (-2.3%) Average daily rate (ADR): US$150.28 (+1.3%) Revenue per available room (RevPAR): US$92.55 (-1.0%) Among the Top 25 Markets, Las Vegas saw the highest year-over-year occupancy lift (+9.5% to 73.5%). Washington, D.C., posted the only double-digit gain in ADR (+10.7% to US$174.53). Boston reported the largest RevPAR increase (+18.6% to US$176.93...
Chicago Leads in U.S. Meetings and Events in May for Second Month
Knowland | June 7, 2023
Data reveals 70.4 percent year-over-year growth in U.S. meetings and events, according to Knowland ARLINGTON, Va. — June 7, 2023 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, continued its monthly monitoring of the top 25 markets to identify those that are leading the industry in meeting and event volume. Today the company announced the Chicago market led the U.S. meetings and events industry by volume for May for the second month in a row. Second place again went to Washington D.C., with Los Angeles/Long Beach in third. This data is a subset of Knowland’s sales in...
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...
HVS South America Outlook & Opportunities 2023: Clearing Skies Ahead
Fernanda L’Hopital | June 5, 2023
By Fernanda L'Hopital After several economic and political disruptions across South America, there is now greater clarity in several countries, giving rise to compelling opportunities in some urban markets and across the leisure sector. The outlook appears bright across much of the region, and I am pleased to share some of my insights below. Brazil After overcoming the impact of the Omicron variant, the Brazil hotel market began a notable recovery. The demand growth allowed average daily rate (ADR) to increase. In 2022, most of the major cities recorded a RevPAR close to the 2019 level, and those with a sound mix of corporate and leisure...
February 2023 Total International Travel Volume To and From the United States
International Trade Administration | June 5, 2023
International Visitor Arrivals to the United States Totaled 4,116,450, an Increase of 82.6% Compared to February 2022 Outbound Travel Departures from the United States by U.S. Citizens Totaled 6,169,371 in February 2023, an Increase of 46% Compared to February 2022 Data recently released by the National Travel and Tourism Office (NTTO) show that in February 2023: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 4,116,450, increased 82.6% compared to February 2022 and represents 80.8% of the pre-COVID total visitor volume reported for February 2019, down from...
STR: U.S. Hotel Results for Week Ending 27 May
STR | June 2, 2023
HENDERSONVILLE, Tennessee—As expected ahead of Memorial Day, U.S. hotel performance decreased from the previous week, according to STR‘s latest data through 27 May. Year-over-year comparisons were improved. 21-27 May 2023 (percentage change from comparable week in 2022): Occupancy: 66.8% (+0.6%) Average daily rate (ADR): US$156.63 (+2.2%) Revenue per available room (RevPAR): US$104.62 (+2.9%) Among the Top 25 Markets, Washington, D.C., saw the highest year-over-year occupancy lift (+10.5% to 76.2%). Of note, New York City registered the highest occupancy level (85.7%), helped by Taylor Swift’s Eras Tour. Detr...
U.S. Hotel Owners Eyeing Interest Coverage
Bill Grice and Robert Mandelbaum | June 1, 2023
By Bill Grice, Robert Mandelbaum According to CBRE’s February 2023 Investment Performance forecast, total revenues for the average U.S. hotel returned to 2019 levels in 2022, but the recovery of hotel profits will be delayed until later this year. Hotel franchise and management companies have benefited the most from the ongoing revenue recovery because the fees they receive are frequently earned as a percent of revenue. However, for many hotel owners, along with their lenders and investors, the lag in the return of profits has been a hardship. Afterall, it is the profits of hotel operations that enable owners to pay their debt obli...
The Experience Economy Endures: 2023 Deloitte Summer Travel Survey
Deloitte | May 30, 2023
Signs point to a busy season, as pricing pressure does not seem to deter Americans from enjoying their vacations More than two years after the rollout of COVID-19 vaccines helped relaunch the experience economy, this summer is poised to improve on an already buoyant Summer 2022. Half of Americans say they will take a leisure vacation (involving a stay in paid lodging; see figure 1) this summer, up from 46% in 2022. And they are doing so with enthusiasm, taking more international flights and adding an average of one trip to their calendar. Concerns, however, persist—50% of nontravelers say they will stay home due to financial worries. ...
Global Hotel Occupancy Rising Ahead of Summer in the Northern Hemisphere
May 30, 2023
Analysis by Eddie Yeung STR's global "bubble chart" update through 20 May 2023 shows 85% of markets with growth in revenue per available room (RevPAR) compared to 2019. That percentage represents a high mark since measurements against pre-pandemic times began. More notably, however, the gains included a more significant contribution from occupancy growth, as half of all markets surpassed their 2019 comparables. Among all countries with a room supply of more than 50,000 rooms, Israel, Singapore, Greece, Italy, and Ireland led in RevPAR on an actual basis. Among those countries, Singapore has been a mainstay on the leader board,...
NYC Leading U.S. Markets, Boston, D.C. and Alaska Join Occupancy Leaderboard
STR | May 25, 2023
Analysis by M. Brian Riley U.S. hotel performance produced an incremental gain during the four weeks ending 13 May, a period that falls in between the heavy, summer travel season and earlier year peaks that include solid leisure travel, improved demand from conventions and group bookings, and returning business travel in larger markets. At a market-level, New York City continued to hold down the top occupancy spot while markets like Boston, Washington, D.C. and Alaska joined the leaderboard. Four-weeks ending 13 May 2023: Occupancy grew 1.4 percentage points (ppts) from the previous four weeks to 66.0%. Occupancy was u...
