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: U.S. Hotel Results for Week Ending 20 May
STR | May 25, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance increased from the previous week and showed improved comparisons year over year, according to STR‘s latest data through 20 May. 14-20 May 2023 (percentage change from comparable week in 2022): Occupancy: 67.5% (-1.5%) Average daily rate (ADR): US$158.53 (+3.6%) Revenue per available room (RevPAR): US$106.98 (+2.1%) The U.S. occupancy level was the second highest for any week this year. Among the Top 25 Markets, Washington, D.C., saw the highest year-over-year increases in each of the three key performance metrics: occupancy (+9.3% to 83.2%), ADR (+16.2% to US$220.58) ...
STR: Canada Hotel RevPAR Above $100 for Three Consecutive Months
STR | May 25, 2023
HENDERSONVILLE, Tennessee—Canada’s hotel revenue per available room (RevPAR) came in above CAD100 for the third consecutive month, according to STR’s April 2023 data. April 2023 (year-over-year percentage change) Occupancy: 62.7% (+9.3%) Average daily rate (ADR): CAD178.80 (+14.8%) Revenue per available room (RevPAR): CAD112.16 (+25.5%) “Canada’s hotel room rates continued to be the main driver of top-line recovery,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the parent company of STR. “In April, inflation was stronger than the Bank of Canada expected...
Healthy Outlook for Europe Hotels: Corporate Demand Recovering, Leisure Travel Remains Resilient
May 24, 2023
Analysis by: Robin Rossmann, Will Anns Europe hotel performance caused some reason for concern during the first quarter of 2023, but momentum points to healthy performance ahead for gateway cities and secondary markets thanks to recovering corporate demand as well as resilient leisure travel. Solid overall since the last wave of COVID Despite slow Q1 performance, hotels showed better yield percentage change than other forms of commercial real estate in Europe, such as office, retail and industrial space. Additionally, when expanding performance out to a 10-month view, top-line and bottom-line metrics trended well in nominal and real (inf...
CBRE Hotels Again Raises Outlook for 2023, Expects Strong Growth Through Summer
CBRE Group, Inc. | May 24, 2023
Dallas – May 24, 2023 – CBRE is again raising its forecast for hotel performance this year, as stronger-than-expected demand and more modest supply growth drive occupancy gains. CBRE has revised its forecast for 2023 revenue per available room (RevPAR) to $97.89, up 6.0% year-over-year, and an increase of $0.43 from its previous forecast. The positive revision is predicated on a 65-basis-point (bps) increase in expected occupancy compared with the previous forecast issued in February 2023. Average daily rate (ADR) is now expected to increase by 3.7% in 2023, down from the previous forecast of 4.2%, owing to slightly lower inflation exp...
PwC: US Hospitality Directions: May 2023
PwC Hospitality Directions | May 22, 2023
Increasing economic headwinds to impact hotel performance for balance of this year and into 2024 Despite worries of recession, bank failures, and a liquidity crisis affecting the macro economy, US hotels continue to outperform expectations. In Q1 2023, US hotels exceeded Q1 2019 (pre-pandemic) RevPAR levels by 13.0 percent, based on data from STR. Room rates continue to be the primary driver in this performance recovery. While occupancy in Q1 2023 was still down 2.1 points from the same period in 2019, ADR increased 17.0 percent. Leisure travel continues to be strong, even though growth levels are slowing, and individual business travel ...
STR: U.S. Hotel Performance for April 2023
STR | May 22, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance for April 2023 produced mix year-over-year comparisons, according to STR. April 2023 (percentage change from April 2022): Occupancy: 64.4% (-1.4%) Average daily rate (ADR): US$155.77 (+3.4%) Revenue per available room (RevPAR): US$100.39 (+1.9%) Among the Top 25 Markets, New York recorded the highest occupancy level (82.6%), which was up 5.3% from the market’s 2022 benchmark. The largest year-over-year gains in the metric were seen in Minneapolis (+8.2% to 56.2%), Chicago (+7.0% to 63.4%), Houston (+7.0% to 63.4%) and Washington, D.C. (+6.3% to 73.7%). Washi...
How Major Sporting Events Are Spurring Growth in the GCC
Hala Matar Choufany | May 19, 2023
The UAE, KSA and Qatar have been major players in shaping the region’s tourism industry, helping to reposition the region to accommodate millions of tourists who are seeking alternative experiences. The race to reach world-class status did not stop at state-of-the-art buildings, modern legislation, FDIs and ease of setting up businesses in a stable environment. The desire to differentiate these destinations and offer exceptional tourist experiences was witnessed at the Expo 2020 event in Dubai, as well as Qatar being awarded the 2022 World Cup and the Kingdom of Saudi Arabia securing the Olympic Asian Winter Games in 2029. Such events have ...
Successful May Day Another Sign of China’s Hotel Performance Recovery
STR | May 18, 2023
With long-held COVID restrictions in the rearview, China’s hospitality industry has embarked on a rapid journey to normalcy, which has been fairly successful thus far. Business demand, especially in Tier 1 cities, is hugely important and launched its comeback following the Lunar New Year holiday. Leisure travel, while prevalent on weekends, typically stands out during a select set of longer holidays, including Lunar New Year in the first quarter of the year, May Day in the second quarter, school holidays in the third quarter, and Mid-Autumn Festival and National Day in the fourth quarter. In 2023, the May Day holiday ran on...
STR: Jakarta Hotels Post Highest Room Rates Since 2018
STR | May 18, 2023
LONDON – Jakarta’s hotel industry posted its highest monthly average daily rate (ADR) since August 2018, according to preliminary April 2023 data from STR. April 2023 (year-over-year % change) Occupancy: 45.0% (-1.7%) Average daily rate (ADR): IDR1,015,991.89 (+32.9%) Revenue per available room (RevPAR): IDR456,808.80 (+30.6%) When looking at daily data, Jakarta hotels reported their highest occupancy level on Wednesday, 12 April (at 59.4%). Overall, the market’s daily occupancy levels fluctuated between 30-60% throughout the month, with only one day falling below the 30% mark – Wednesday, 19 April (at 29.7%). Mor...
STR: U.S. Hotel Results for Week Ending 13 May
STR | May 18, 2023
HENDERSONVILLE, Tennessee—U.S. weekly hotel performance produced mixed year-over-year comparisons, according to STR‘s latest data through 13 May. 7-13 May 2023 (percentage change from comparable week in 2022): Occupancy: 65.1% (-2.0%) Average daily rate (ADR): US$154.90 (+3.4%) Revenue per available room (RevPAR): US$100.81 (+1.3%) Worsened comparisons than the week prior were expected and normal given seasonal slowing and the negative side of the Mother’s Day calendar shift. Among the Top 25 Markets, Philadelphia saw the only double-digit increase in occupancy (+13.3% to 73.2%) as well as the highest jumps i...
The Strong Rebound of Newport, Rhode Island, America’s First Resort City
Raymond Parejo | May 18, 2023
By Raymond Parejo Newport, Rhode Island, became America’s first resort city in the 1720s, as wealthy passengers traveled by ship from the southern colonies and the Caribbean to escape the summer heat and humidity. Among the significant historical attractions in the city, which boasts more standing buildings constructed before 1830 than any other American community, are the legendary Newport mansions that served as summer homes for the likes of Cornelius Vanderbilt in the early 20th century. Newport’s modern-day economy continues to be fueled by the seasonal tourist trade. Newport County, which comprises Newport, Middletown, Portsmout...
STR: Dubai April Hotel Occupancy Peaked During Eid al-Fitr
STR | May 16, 2023
LONDON – Dubai’s hotel industry saw its saw highest April 2023 occupancy levels during the Eid-al Fitr holiday period, according to preliminary data from STR. April 2023 (year-over-year % change) Occupancy: 71.4% (+21.3%) Average daily rate (ADR): AED751.19 (-4.7%) Revenue per available room (RevPAR): AED536.32 (+15.6%) The market’s highest occupancy level was recorded on Saturday, 22 April (90.1%) – the only day of the month the metric surpassed the 90% mark. Daily RevPAR for the month also reached its highest level on this date, at AED707.03. Peak ADR for the month occurred from 4-11 April, with the metric comin...
42.3 Million Americans Expected to Travel for Memorial Day Weekend
AAA | May 15, 2023
WASHINGTON, DC (May 15, 2023) AAA projects 42.3 million Americans will travel 50 miles or more from home this Memorial Day weekend*, a 7% increase over 2022. This year, 2.7 million more people will travel for the unofficial start of summer compared to last year, a sign of what’s to come in the months ahead. “This is expected to be the third busiest Memorial Day weekend since 2000, when AAA started tracking holiday travel,” said Paula Twidale, Senior Vice President of AAA Travel. “More Americans are planning trips and booking them earlier, despite inflation. This summer travel season could be one for the record books, especiall...
STR: Amsterdam Hotel ADR and RevPAR Reached Record-Highs in April
STR | May 15, 2023
LONDON – Amsterdam’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) for any month on record, according to preliminary April 2023 data from STR. April 2023 (year-over-year % change) Occupancy: 83.9% (+13.6%) Average daily rate (ADR): EUR214.51 (+30.5%) Revenue per available room (RevPAR): EUR180.07 (+48.2%) April was the first month with the market’s ADR above EUR200. In addition, the occupancy level was Amsterdam’s highest since October 2019. When looking at daily data, Amsterdam’s occupancy peaked on Saturday, 29 April (93.7%), helped by Metallica’s M72 ...
Baird/STR Hotel Stock Index Increased 1.4% in April
Baird | May 15, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index increased 1.4% in April to a level of 5,430. Hotel stocks increased in April, and the gains were driven by outperformance from the global hotel brands,” said Michael Bellisario, senior hotel research analyst and director at Baird. “RevPAR trends have remained solid in the face of growing macroeconomic uncertainties and continued banking turmoil, and first-quarter earnings generally have surprised to the upside with positive full-year estimate revisions occurring. The Hotel REITs declined more than 2% in April and underperformed the RMZ, while the global hotel b...
The Diverse Factors Driving the Austin Lodging Market
Shannon Sampson | May 15, 2023
By Shannon Sampson The Austin area has experienced unprecedented growth and success in recent years. The region boasts a strong economic framework and diverse demand generators that typically allow the city’s lodging market to recover quickly following any dips or slumps. Austin is one of the largest technology hubs in the country and is home to The University of Texas at Austin (UT Austin), as well as numerous state and federal government entities, which help the city weather recessions relatively well. Furthermore, the area is one of the most popular leisure destinations in the state. Add to that a robust convention and citywide event...
ITA Data Release: April 2023 International Air Passenger Travel
International Trade Administration | May 15, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in April 2023: U.S.-international air traffic passenger enplanements1 totaled: 19.823 million in April 2023, up 28.3% compared to April 2022, with enplanements reaching 94.1% of pre-pandemic April 2019 volume. Originating Non-Stop Air Travel in April 2023 Non-U.S. citizen air passenger arrivals to the United States from foreign countries totaled: 4.562 million in April 2023, up 26% compared to April 2022. This represents 79.8% of pre-pandemic April 2019 volume. On a related note, overseas visitor arrivals2 (with stays o...
STR: U.S. Hotel Results for Week Ending 6 May
STR | May 11, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance showed mixed results from the previous week but grew year over year, according to STR‘s latest data through 6 May. 30 April through 6 May 2023 (percentage change from comparable week in 2022): Occupancy: 65.2% (+2.0%) Average daily rate (ADR): US$157.62 (+6.4%) Revenue per available room (RevPAR): US$102.74 (+8.4%) Among the Top 25 Markets, Chicago saw the highest year-over-year increases in occupancy (+14.7% to 67.7%) and RevPAR (+36.2% to US$116.98). Of note, New York City (85.1%) and Oahu Island (80.2%) were the only two markets to report occupancy above 80%. ...
Travel Trends and Supply Changes for the Hawaii Lodging Market
John Berean | May 10, 2023
By John Berean Hawaii enacted some of the strictest travel measures in the United States in response to the COVID-19 pandemic. A mandatory two-week quarantine was enforced in March 2020 for all travelers arriving to the Hawaiian Islands; this quarantine applied not only to out-of-state visitors, but also to local interisland travel. As a result, a majority of hotels and resorts suspended operations. In October 2020, a Safe Travels program was introduced, easing the quarantine for inbound travelers contingent upon a negative COVID-19 test result within three days prior to arrival. This policy, in addition to the outdoor living and lifest...
ITA Data Release: March 2023 International Air Passenger Travel
International Trade Administration | May 9, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in March 2023: U.S.-International air traffic passenger enplanements (1) totaled: 19.687 million in March 2023, up 41.7% compared to March 2022, with enplanements reaching 92.3% of pre-pandemic March 2019 volume. Originating Non-Stop Air Travel in March 2023 Non-U.S. Citizen Air Passenger Arrivals to the United States from foreign countries totaled: 4.285 million in March 2023, up 48.2% compared to March 2022. 82.4% of pre-pandemic March 2019 volume. On a related note, overseas visitor arrivals (2) (with stays of 1-night ...
ITA Data Release: International Visitors Spent $16.8 Billion in March 2023
ITA | May 8, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in March 2023: International visitors spent nearly $16.8 billion on travel to, and tourism-related activities within, the United States, an increase of more than 49 percent compared to March 2022 and marking the twenty-fourth consecutive month of year-over-year gains (when compared to the same month, previous year). Conversely, Americans spent a record-setting $17.4 billion traveling abroad, yielding a balance of trade deficit of $572 million for the month. Prior to July 2021 the United States never recorded a monthly trade deficit for travel and touris...
Key Asia Pacific Hotel Markets Surpassed 2019 Profitability Levels in March
STR | May 5, 2023
LONDON—Further supporting recovery around the region, a majority of Asia Pacific’s key hotel markets surpassed their 2019 levels in gross operating profit per available room (GOPPAR), according to STR’s March 2023 P&L data release. Bali’s March GOPPAR reached US$52.92, which was 227.6% of the pre-pandemic comparable. In February, the market reported GOPPAR at US$41.90, which was 121% of the 2019 level. New Delhi followed with a GOPPAR of US$82.40, which was 164.4% of the 2019 comparable. The GOPPAR level was slightly lower than February (US$101.71). While improved over February, Hong Kong’s GOPPAR was just 76....
Dallas Hotel Development: A Success Story Amid the Pandemic Recovery
Kathleen Donahue | May 5, 2023
By Kathleen Donahue Within the hotel and lodging sector, Dallas’s popularity with visitors and its ability to attract new businesses have contributed to an unhesitating redemption. In the wake of the COVID-19 pandemic, revenue per available room (RevPAR) in the greater Downtown Dallas area for 2022 rebounded to levels similar to 2019; however, the year-to-date period ending February 2023 shows RevPAR exceeding prior peak levels, as illustrated in the Kalibri Labs data below. Historical Lodging Metrics – Aggregate Downtown and Dallas Airport Submarkets Source: Kalibri Labs As occupancy levels remained below pre-pandemic level...
STR: U.S. Hotel Results for Week Ending 29 April
STR | May 4, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance showed mixed results from the previous week but remained up year over year, according to STR‘s latest data through 29 April. 23-29 April 2023 (percentage change from comparable week in 2022): Occupancy: 66.6% (+0.1%) Average daily rate (ADR): US$156.14 (+5.5%) Revenue per available room (RevPAR): US$104.01 (+5.6%) Among the Top 25 Markets, Boston saw the highest year-over-year occupancy increase (+15.3% to 75.6%). Of note, New York City (87.8%), Las Vegas (81.5%), and San Francisco (81.1%) were the only three markets to report occupancy above 80%. Helped by t...
