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
CoStar Group Launches the Next Generation of STR
CoStar Group | May 3, 2023
WASHINGTON -- CoStar Group (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, announced today the launch of STR Benchmarking, a transformational market share product for the global hotel industry. STR Benchmarking represents the next generation of STR, with the company’s hotel data benchmarking, analytics and marketplace insights integrated into CoStar’s industry-leading information, analytics, and data-driven news platform. Acquired by CoStar Group in 2019, STR is the leader in the hotel benchmarking space with a sample of 77,000 partici...
U.S. Hotel TRevPAR Highest On Record in March
STR | May 2, 2023
HENDERSONVILLE, Tennessee—U.S. hotel total revenue per available room (TRevPAR) was the highest for any month on record, according to STR‘s March 2023 P&L data release. March 2023 per-available-room metrics (% change from March 2022) GOPPAR: US$95.12 (+14.5%) TRevPAR: US$238.22 (+17.5%) EBITDA PAR: US$71.07 (+14.4%) LPAR (Labor Costs): US$74.43 (+23.4%) “Revenues and profits improved for a second consecutive month with each of the key profit-and-loss metrics showing double-digit growth year over year,” said Raquel Ortiz, STR’s director of financial performance. “The increase in TRevPAR prevent...
Asia Pacific Hotel Performance Continues to Recover; ADR Still Pushing Gains Around the World While Occupancy Continues to Lag
May 1, 2023
STR’s global “bubble chart” update through 15 April 2023 shows continued improvement in the Asia Pacific region and more than half of global markets with better than 20% growth in revenue per available room (RevPAR) versus 2019. Gains continue to be driven by average daily rate (ADR) while occupancy trails pre-pandemic comparables in most corners of the world. Among all countries with room supply of more than 50,000 rooms, Israel, Switzerland, Singapore, Saudi Arabia, and France led in RevPAR on an actual basis. For Singapore, this most recent period was its fourth consecutive 28-day period in the top RevPAR group, as the country has...
STR: Coronation, Eurovision Driving Hotel Bookings in Key U.K. Markets
STR | April 27, 2023
LONDON – Multiple events in the U.K., including the King’s coronation and Eurovision, are driving hotel occupancy on the books in both London and Liverpool, according to STR’s Forward STAR data. King Charles III’s coronation London’s hotel occupancy on the books (as of 24 April) shows May highs during the coronation weekend: Friday, 5 May (67.7%) and Saturday, 6 May (66.8%). At this time last year, bookings were slightly below these levels, at 58.8% and 61.9%, respectively. The actual levels for the comparable dates reached 75.4% and 80.1%, respectively. “As we approach the historic coronation of His Majes...
STR: U.S. Hotel Results for Week Ending 22 April
STR | April 27, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance increased from the previous week, according to STR‘s latest data through 22 April. 16-22 April 2023 (percentage change from comparable week in 2022): Occupancy: 67.2% (+2.3%) Average daily rate (ADR): US$155.76 (+4.2%) Revenue per available room (RevPAR): US$104.64 (+6.6%) Helped by group demand, which was the third highest of the pandemic-era, the occupancy and RevPAR levels were the second highest of the year, behind the week ending 18 March. Among the Top 25 Markets, Chicago saw the highest year-over-year increases in each of the key performance metrics: occupancy ...
Boise’s Rise: Small Big City in the Convention Landscape
Lauren Reynolds | April 27, 2023
By Lauren Reynolds, Eileen L. Bosworth The Boise Centre is Idaho's largest convention center, offering roughly 86,000 square feet of meeting space. Boise generally competes with two other regional markets for convention business: the Spokane Convention Center in the state of Washington and the Salt Palace Convention Center in Salt Lake City, Utah, which also features a brand-new, 700-room convention hotel. While remaining somewhat competitive in the 400-to-500 person or less group segment, Boise predominantly thrives in the small-to-midsize convention group segment due to its lack of a major convention hotel. Although group demand...
STR: Canada Hotel Occupancy Reached Five-Month High in March
STR | April 25, 2023
HENDERSONVILLE, Tennessee—Canada’s hotel occupancy was its highest since October 2022, according to STR’s March 2023 data. March 2023 (percentage change from 2019) Occupancy: 62.6% (+4.2%) Average daily rate (ADR): CAD177.72 (+19.6%) Revenue per available room (RevPAR): CAD111.23 (+24.6%) "Canada's hotel performance continued on its upward trajectory in March, with key metric indices showing accelerated growth compared to the first two months of the year," said Laura Baxter, CoStar Group's director of hospitality analytics for Canada. CoStar Group is the parent company of STR. “Notably, the ADR increase against...
HVS Monday Musings: Indian Hotel Sector – Brand Signings in 2022
Mandeep S. Lamba | April 24, 2023
By Mandeep S Lamba, Dipti Mohan Driven by the strong recovery in demand, hotel companies accelerated their growth plans in 2022, resulting in an over 33% rise in brand signings by keys compared to the previous year. During the year, 166 new hotels with 14,885 rooms were signed, while 90 hotels with 5,702 rooms were rebranded. Domestic hotel operators signed more properties (75% of the total signings by properties) than their international counterparts, with an average key count of 68 keys during the year. Like domestic chains, international hotel operators have also begun signing smaller properties than they traditionally did, as they c...
Seasonal Momentum Shifting in U.S. Hotel Performance
STR | April 21, 2023
The top hotel markets in this STR U.S. bubble chart update show a seasonal momentum shift from traditional winter/spring break hotspots to a broader range of destinations with increasingly travel-friendly climates. For the four weeks ending 15 April 2023, recovery growth across a range of industry indicators took a small backstep, with occupancy (64.1%) falling 0.7 percentage points (ppts) from the prior month. Recent occupancy indicators were also down year over year (-0.2 ppts) as well as from 2019 (-5.1 ppts). However, these drops are not a serious concern given calendar impacts. The four-week period included the extended E...
STR: U.S. Hotel Results for Week Ending 15 April
STR | April 21, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance increased from the previous week, and year-over-year comparisons reflected the positive side of the Easter calendar shift, according to STR‘s latest data through 15 April. 9-15 April 2023 (percentage change from comparable week in 2022): Occupancy: 64.2% (+3.7%) Average daily rate (ADR): US$155.33 (+4.7%) Revenue per available room (RevPAR): US$99.67 (+8.6%) Among the Top 25 Markets, Minneapolis saw the highest year-over-year increase in occupancy (+17.4% to 54.5%). Washington, D.C., showed the most substantial ADR (+22.5% to US$200.99) and RevPAR (+38.1% to US$146.7...
STR: U.S. Hotel Performance for March 2023
STR | April 20, 2023
HENDERSONVILLE, Tennessee—The U.S. hotel industry reported higher performance from the month prior, according to March 2023 data from STR. March 2023 (percentage change from March 2019): Occupancy: 65.3% (-4.0%) Average daily rate (ADR): US$158.17 (+19.1%) Revenue per available room (RevPAR): US$103.35 (+14.4%) Among the Top 25 Markets, Tampa experienced the highest occupancy level (84.0%), which was down 3.8% from the market’s 2019 benchmark. Markets with the lowest occupancy for the month included Minneapolis (53.3%), Detroit (58.6%) and Philadelphia (58.6%). San Francisco reported the steepest decline ...
STR: Eid al-Fitr Boosts Hotel Bookings in Key Middle East Markets
STR | April 20, 2023
LONDON – Key markets in the Middle East are showing a spike in hotel occupancy on the books during Eid al-Fitr, according to STR’s Forward STAR data. “While typically slower during Ramadan, leisure travel within the Middle East is set to resume during Eid,” said Kostas Nikolaidis, STR’s account executive, Middle East & Africa. “Many countries offer paid holidays for three to five days post-Ramadan, which is where we typically see spikes in occupancy. This year, however, Qatar announced an 11-day holiday, further extending the length of travel time available to celebrate the end of the Holy Month.” When loo...
Portsmouth, NH Shakes Off Pandemic-Era Rust & Shows Promise for Future
Erich Baum | April 20, 2023
By Erich Baum As recently as the 1980s, Portsmouth, New Hampshire, was a rowdy military town with empty storefronts. Construction of the Sheraton Harborside (completed in 1988) required subsidies to pencil out, and another twenty years passed before the Hilton Garden Inn followed, without help from the public. In the years since, the downtown hotel market has continued to mature, adding affiliates of Residence Inn by Marriott in 2010 and Hampton Inn in 2014, followed by an AC by Marriott, which had the bad luck to open in January 2020. Three years and one pandemic later, the AC by Marriott has been absorbed, and the market thri...
The Minneapolis-St. Paul MSA: A Lagging Recovery
Tanya Pierson | April 19, 2023
By Tanya J. Pierson Coming out of past recessions, the diverse employment base has benefited the Minneapolis-St. Paul market. Major employers within the medical technology, consumer goods, healthcare, higher-education, financial, and consumer goods industries and sectors have historically generated a sufficient level of hotel demand. The natural beauty of the area attracts outdoor enthusiasts, its central U.S. location makes it a convenient destination for conventions, and the Mall of America draws visitors from around the world. Unfortunately, in 2021 and early 2022, leisure demand was the only segment to show a strong recovery, with ...
STR: U.S. Hotel Pipeline Shows Confidence in Business Travel
STR | April 18, 2023
HENDERSONVILLE, Tennessee—Upper upscale hotels, the property types most associated with business travel, are well represented in the U.S. development pipeline. The volume of projects in the segment points to confidence in the future of business travel, according to STR. “Upper upscale saw the slowest recovery, but a steady climb in performance and the business travel indicators have supported developer confidence in the segment,” said Isaac Collazo, STR’s VP, analytics. “The more than 23,000 upper upscale rooms in construction right now represent 3.4% of the segment’s existing supply. That is well above the long-term...
Madrid vs. Barcelona: Competition for Tourism and Hotel Demand
STR | April 17, 2023
Madrid and Barcelona are in an intense competition to attract travelers to their hotels. Madrid, the landlocked Spanish capital, is a popular business and MICE (Meetings, Incentives, Conferences, and Exhibitions) destination, while Barcelona is a coastal city known for its beaches and is the capital of Catalonia. Before the pandemic, Barcelona suffered from overtourism, while Madrid is trying to attract more tourists. Both cities rely heavily on event and MICE-driven demand, which is evident in their occupancy index. Barcelona's occupancy recovery has generally outpaced Madrid's, but not by much. Madrid, on the other hand, has be...
Hotel Performance Recovery in China: A Temporary Setback Due to Qing Ming
STR | April 13, 2023
China's hotel industry showed strong recovery in the first quarter of 2023, with domestic travel for both leisure and corporate purposes maintaining a V-shaped trajectory across the country and segments, including provincial and capital levels. As a result, hotel profitability has improved due to the return of demand, a sharp increase in hotel rates, and the industry's ability to manage the new reality of rising costs in labor, energy and logistics. Unfortunately, this year's Qing Ming, also known as Tomb-Sweeping Day, which fell on a Wednesday (5 April), created a sudden stop to the growth recovery. The national holiday runs off...
Bogotá Hotel Industry Reported Highest RevPAR on Record in March
STR | April 13, 2023
LONDON – Helped by an increase in business travel, Bogotá’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary March 2023 data from STR. Occupancy: 69.8% Average daily rate (ADR): COP 406,329.13 Revenue per available room (RevPAR): COP 283,530.04 The market’s occupancy level was its highest since November 2022. Daily data shows five days with the metric above the 80% mark, with the highest level reported on Wednesday, 22 March (85.3%), further pointing to recovery in business demand. More of STR’s analysis can be found here....
STR: U.S. Hotel Results for Week Ending 8 April
STR | April 13, 2023
HENDERSONVILLE, Tennessee—Affected by both the Easter and Passover calendar shift, U.S. hotel performance reflected lower year-over-year comparisons from the previous week, according to STR‘s latest data through 8 April. 2-8 April 2023 (percentage change from comparable week in 2022): Occupancy: 61.3% (-7.4%) Average daily rate (ADR): US$153.30 (+0.8%) Revenue per available room (RevPAR): US$94.00 (-6.7%) Among the Top 25 Markets, New York City saw the highest year-over-year increases in occupancy (+6.3% to 82.2%) and RevPAR (+19.4% to US$232.80). Houston showed the most substantial ADR growth year over year (+15.5...
Berlin Hotel Performance Increased in March
STR | April 13, 2023
LONDON – Aligned with seasonal trends, Berlin’s hotel industry reported higher levels of occupancy and revenue per available room (RevPAR) month over month, according to preliminary March 2023 data from STR. Occupancy: 67.6% Average daily rate (ADR): EUR112.14 Revenue per available room (RevPAR): EUR75.86 The ADR and RevPAR levels surpassed the 2019 comparables by 16.5% and 2.7%, respectively. Occupancy remained 12.0% lower than the pre-pandemic comparable. The market reported three days of daily occupancy above 80%: Wednesday, 29 March (83.5%), Tuesday, 28 March (82.6%), and Wednesday, 22 March (81.7%). The higher occ...
Destination Los Angeles: A Look at the Future of the Hotel Market
Kirsten Smiley | April 13, 2023
By Kirsten Z. Smiley, Aidan Martin In 2022, the Los Angeles market showed a significant rebound, as ADR well exceeded 2019 levels, although occupancy still trailed pre-pandemic levels. While concerns about COVID began to fade, business travel had yet to fully recover, and international travel was hit by flight shortages and a visa backlog. Regardless, ADR growth was fueled by inflation, the influx of high-quality new hotels that opened in the last few years, and Super Bowl LVI held in February 2022. Recent Los Angeles Hotel Metrics Source: STR Mega Events The 2022 Super Bowl was held at the new SoFi Stadium in February, dur...
STR: Melbourne Hotel Occupancy Reached 36-Month High in March
STR | April 12, 2023
LONDON – Melbourne’s hotel occupancy was its highest for any month since February 2020, according to preliminary March data from STR. Occupancy: 77.3% Average daily rate (ADR): AUD245.13 Revenue per available room (RevPAR): EUR189.47 The market’s ADR and RevPAR levels were its highest for any month on record, while occupancy remained 9.8% below the pre-pandemic comparable. Occupancy improvement has been somewhat limited by new supply growth (+5.3% over 2022). Daily data shows that the market recorded its highest occupancy level (90.7%) on Friday, 31 March – the first day of the Australian Grand Prix race weekend. The...
Baird/STR Hotel Stock Index Down 3.4% in March
Baird | April 12, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index dropped 3.4% in March to a level of 5,355. "Hotel stocks declined in March as investors digested the potential impacts from the recent banking turmoil, including the likely intermediate-term effects on economic growth,” said Michael Bellisario, senior hotel research analyst and director at Baird. “The global hotel brands declined slightly during the month and underperformed the S&P 500 on heightened macroeconomic concerns and the likely constraints on new-construction financing that could affect the companies’ net-unit-growth outlooks. Hotel RE...
Gen-Z Places High Value on Travel and Is Ready to Experience the World
StudentUniverse | April 12, 2023
Waltham, Mass. (April 12, 2023) – A new global report from StudentUniverse, a Flight Centre Travel Group company and the world’s largest student and youth travel marketplace, has revealed that despite financial concerns Gen Z is not going to let an economic crisis impede their wanderlust. With 87% of respondents indicating that vocational travel (such as working holidays and study abroad) is important for their career and 78% indicating a desire to enjoy new experiences, the jury is in and Gen Z has ruled that travel is worth the investment. The findings were released today as part of the company’s The State of Student & Youth Trave...
