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
Deloitte: Business Travel Begins to Take Off, But Full Recovery Experiences Further Delays
Deloitte | April 11, 2023
Corporate travel spend will likely be smaller than pre-pandemic as U.S. and European companies weigh ROI and sustainability goals amid ongoing flexible work arrangements and increased use of technology NEW YORK, April 11, 2023 -- Key takeaways • Corporate travel spend in the U.S. and Europe is projected to surpass half of 2019 levels in the first half of 2023 and rise to two-thirds by the end of the year. Full recovery following the pandemic appears likely by late 2024 or early 2025. • Live events are set to comprise a significant share of corporate travel, advancing from the fifth biggest driver of increased spend in 20...
Hotels in Southeast Asia Seeing the Return of MICE Business and Major Leisure Events
STR | April 11, 2023
Southeast Asia’s hotel industry has seen highs and lows over the past 12 months. The first half of 2022 was a struggle for many hoteliers due to limitations around COVID-19, but as the year progressed and restrictions eased, the demand for travel began to steadily climb. As has been the case for most markets across the globe, it has been leisure travel that has shown the most resilience in the region, yet much of the recent demand in Southeast Asia can be linked to MICE travel and events. This piece shows the events impact in recent historical data as well as upcoming 2023 market impacts via Forward STAR. Measuring future trend...
International Visitors Spent $16.9 Billion in February 2023, Up 64% Compared to February 2022
NTTO | April 11, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in February 2023: International visitors spent nearly $16.9 billion on travel to, and tourism-related activities within, the United States, an increase of 64 percent compared to February 2022 and marking the twenty-third 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 more than $480 million for the month. Prior to July 2021 the United States never recorded a monthly trade deficit for travel and t...
Europe’s Key Hotel Markets Showed Improved Profitability in February
STR | April 6, 2023
LONDON—Europe’s key hotel markets reported month-over-month improvement in gross operating profit per available room (GOPPAR), according to STR’s February 2023 P&L data release. London’s February GOPPAR reached US$65.55, which was 83% of the pre-pandemic comparable. In January, the market reported GOPPAR at US$42.06, which was 65% of the 2019 level. Amsterdam followed with a GOPPAR of US$35.98, which was 74% of the 2019 comparable after reaching just 7% in January when using the same comparison. Berlin’s GOPPAR was 21% of the 2019 comparable, showing a significant month-over-month lift from negative levels in...
STR: U.S. Hotel Results for Week Ending 1 April
STR | April 6, 2023
HENDERSONVILLE, Tennessee—Aligned with normal spring break patterns, U.S. hotel performance showed mix comparisons from the previous week, according to STR‘s latest data through 1 April. 26 March through 1 April 2023 (percentage change from comparable weeks in 2022, 2019): Occupancy: 66.2% (+3.4%, -3.5%) Average daily rate (ADR): US$158.40 (+7.3%, +19.9%) Revenue per available room (RevPAR): US$104.78 (+10.9%, +15.7%) Among the Top 25 Markets, Washington, D.C., saw the highest year-over-year increase in occupancy (+18.2% to 78.7%), while Dallas saw the highest occupancy lift over 2019 (+6.2% to 73.0%). Houston sh...
U.S. Hotel GOPPAR Highest Since October 2022
STR | April 5, 2023
HENDERSONVILLE, Tennessee—U.S. hotel gross operating profit per available room (GOPPAR) exceeded the pre-pandemic comparable and was the highest since October 2022, according to STR‘s February 2023 P&L data release. EBITDA was the only key bottom-line metric on a per-available-room basis to come in lower than February 2019. GOPPAR: US$77.37 (+1.6%) TRevPAR: US$217.20 (+3.7%) EBITDA PAR: US$51.63 (-0.6%) LPAR (Labor Costs): US$73.70 (+2.9%) “The profit-and-loss metrics followed typical industry trends, improving from the prior month,” said Raquel Ortiz, STR’s director of financial performance. “Bo...
From Globetrotters to First Timers, Travelers Are Seeing the World in 2023
AAA | April 3, 2023
WASHINGTON, DC (April 3, 2023) — International trips are on the rise this year. According to AAA booking data, international travel is up more than 200% compared to 2022. Hotel bookings are seeing the biggest jump, up more than 300% over last year. The spike in demand is driving up airfares. Ticket prices for international trips are up more than 30%. “Travelers are making up for lost time and willing to spend more to see the world,” said Paula Twidale, Senior Vice President of Travel at AAA. “If you do your homework and rely on travel experts, like AAA travel advisors, there are deals to be had. But the key is giving yours...
Japan Hotel Performance Beginning to Blossom
STR | April 3, 2023
In Japan, the cherry blossom is in full bloom, providing spectacular sights in cities and signaling the arrival of warmer weather. Known as Sakura, these trees also provide the perfect metaphor for the country’s hotel industry, which is beginning to show reasons for optimism after a later reopening than many parts of the world. Japan’s recovery is moving in the right direction as the current central administration continues to focus on growing both domestic and inbound tourism as well as experiences in the country, resetting the agenda for rapid growth in international arrivals. Tourism hopes to warm up Japan’s hotel per...
STR Weekly Insights: 19-25 March 2023
STR | March 31, 2023
Countries included: United States, United Kingdom, Indonesia, Spain, China, Germany, Guatemala, Jamaica, Bahamas, Belgium, Luxembourg, Switzerland, Croatia and Switzerland U.S. Performance Coming off a strong week that aligned with the apex of Spring Break travel, the U.S. hotel industry throttled down during the week ending 25 March 2023. Performance indicators fell week over week (WoW), but some volatility is normal and in line with previous years given the current season. Based on historical patterns, we expect the next surge in performance to occur in the week leading into Easter Sunday as family/vacation-oriented travel g...
With Summer Travel on the Horizon, 7 in 10 Americans Are Ready to Roam Despite Economic Challenges
MMGY Global | March 31, 2023
MMGY Global survey observes decrease in overall travel intent but also notable upticks in trip frequency, international trips and planned spending With the spring break travel season in full swing for most Americans, new research by MMGY Travel Intelligence suggests that U.S. travel intentions may be softening somewhat overall. According to the latest edition of the research firm’s 2023 Portrait of American Travelers®study released today, 7 in 10 U.S. adults plan to take a vacation in the next 12 months. While still a strong majority at 70%, the figure is down from 73% in October and down significantly from 86% a year ago. “Any so...
Norfolk-Virginia Beach MSA: A Full Recovery
Chelsey Leffet | March 31, 2023
By Chelsey Leffet The Norfolk-Virginia Beach MSA comprises several cities aside from Norfolk and Virginia Beach, including Chesapeake, Suffolk, Newport News, Hampton, Portsmouth, and Williamsburg. The region’s economy revolves around the federal government, the military, the aerospace industry, and the transportation, construction, and healthcare sectors. Norfolk-Virginia Beach MSA vs. Top 25 U.S. Markets Historically, this MSA has performed roughly 50% below the top 25 U.S. markets in RevPAR. However, in 2020 and 2021, the market was able to outperform many other top 25 markets and closed the gap substantially in RevPAR performanc...
Spokane County: A Growing Sports and Event Destination
Claude Xue | March 30, 2023
By Claude Xue Spokane County’s current and under-construction offerings of sporting and event facilities continue to increase visibility for the market regionally and nationally. This article outlines the recent and upcoming changes to the county’s event facilities. Downtown Spokane With the recent opening of The Podium in late 2021, Downtown Spokane now features three large sports and events facilities run by the Spokane Public Facilities District (SPFD). Despite the impact of the pandemic, the city’s bright spot has been the recently opened Podium. The Podium is a 130,000-square-foot indoor sports facility with 75,000 squa...
STR: U.S. Hotel Results for Week Ending 25 March
STR | March 30, 2023
HENDERSONVILLE, Tennessee—Reflecting the normal ebb and flow of spring break season, U.S. hotel performance decreased from the previous week, according to STR‘s latest data through 25 March. 19-25 March 2023 (percentage change from comparable weeks in 2022, 2019): Occupancy: 64.9% (-0.6%, -6.3%) Average daily rate (ADR): US$158.61 (+4.7%, +19.5%) Revenue per available room (RevPAR): US$102.98 (+4.1%, +12.0%) Among the Top 25 Markets, Chicago saw the highest year-over-year increase in occupancy (+12.2% to 63.4%), while Phoenix saw the only occupancy lift over 2019 (+3.1% to 81.5%). Washington, D.C., showed the mos...
More Than Half of the Global Markets Post RevPAR Growth of More Than 20% Versus 2019
STR | March 29, 2023
STR’s global “bubble chart” update through 18 March 2023 shows growing momentum in the Asia Pacific region and more than half of markets globally with better than 20% growth in revenue per available room (RevPAR) versus 2019. Among all countries with room supply of more than 50,000 rooms, Israel, Switzerland, Singapore, the Dominican Republican and New Zealand led in RevPAR on an actual basis. That put Singapore in the top RevPAR spot for two consecutive running 28-day periods. Singapore was also one of the leaders in occupancy along with two other Asia Pacific countries—Thailand and New Zealand. All countries in the RevPAR ...
Las Vegas, Phoenix and Florida Markets Lead U.S. Hotel Performance During Early Spring Break Period
March 28, 2023
U.S. hotel occupancy leaders and laggards in the March 2023 “bubble” chart update reinforce three key trends that began to develop late in 2022. The overall distribution of demand continues to shift away from the pandemic rural/outdoor focus back to larger urban destinations. Major markets continue to close the deficit to pre-pandemic levels. Leisure-oriented markets remain firmly rooted near the top of the national leaderboard. As we have already entered the school spring break season, we expect warmer markets near beaches to maintain their strong performance in the coming weeks. While the four weeks ending 18 Mar...
STR: Canada’s February Hotel RevPAR Exceeded $100 for the First Time on Record
STR | March 27, 2023
HENDERSONVILLE, Tennessee—Canada’s hotel performance increased from the previous month, with February revenue per available room (RevPAR) exceeding CAD100 for the first time on record, according to STR’s February 2023 data. February 2023 (percentage change from 2019) Occupancy: 59.2% (+0.7%) Average daily rate (ADR): CAD174.62 (+16.5%) Revenue per available room (RevPAR): CAD103.33 (+17.3%) "Canada's hotel performance trends that emerged halfway through 2022 have remained incredibly consistent, and February was no exception," said Laura Baxter, CoStar Group's director of hospitality analytics for Canada. CoStar Grou...
Short-Term Rentals and Lodging News in Lake Tahoe
Katy Black | March 27, 2023
By Katy Black Lake Tahoe’s economy is anchored by the tourism industry, which experienced significant growth post-COVID given its proximity to major cities such as Sacramento, San Francisco, and Reno, as well as the array of outdoor activities. The Lake Tahoe Basin is home to a growing population of year-round residents, and the popularity of second homes and investment properties in the area has resulted in soaring home prices and an affordable housing crisis. To preserve the area's natural beauty, local governments and the Tahoe Regional Planning Agency have implemented strict development and short-term rental restrictions. Despite t...
STR: U.S. Hotel Results for Week Ending 18 March
STR | March 23, 2023
HENDERSONVILLE, Tennessee—Helped by spring break travel, U.S. hotel performance increased from the previous week, according to STR‘s latest data through 18 March. 12-18 March 2023 (percentage change from comparable weeks in 2022, 2019): Occupancy: 67.6% (+1.3%, -2.5%) Average daily rate (ADR): US$167.04 (+8.9%, +23.9%) Revenue per available room (RevPAR): US$112.89 (+10.4%, +20.8%) Among the Top 25 Markets, Boston saw the highest year-over-year increase in occupancy (+17.8% to 71.8%), while Houston saw the highest occupancy lift over 2019 (+9.6% to 72.5%). Las Vegas showed the most substantial ADR (+77.9% to US$3...
SAHIC Preview: Business Travel Demand Returning Across South America
STR | March 23, 2023
BOGOTÁ—South America’s weekday hotel occupancy, a lead indicator of business travel, is moving closer to pre-pandemic levels, according to the latest data from STR that will be presented at the SAHIC Hotel & Tourism Investment Forum. Among key markets in the region, São Paulo has seen stronger occupancy recovery on weekends compared to weekdays, but shoulder days (Sunday and Thursday), which combine both business and leisure travel, have been the best performing days in the market. Panama City, on the other hand, saw better weekday performance with Wednesdays showing the second-highest occupancy level in 2022 (a...
European Hotel Values Rise 3% in 2022 in What Proved a Mixed Year for the Sector
March 23, 2023
Hotel values across Europe rose around 3% in 2022 with Paris, London, Zürich, Amsterdam and Rome remaining those with the highest valued hotels, according to our annual European Hotel Valuation Index (HVI) published this week. During 2022, hotel values benefitted from a number of factors including strong improvement in RevPAR and the recovery of ancillary revenues. Despite this, high inflation, an increasing cost of debt and the looming threat of recession limited the recovery of values, leaving them below their 2019 peak. ‘The pandemic year of 2020 witnessed hotel values plummet by around 15%, although they rallied by around 5...
2023 Hotel Performance Outlook for Denver
Katy Black | March 22, 2023
By Katy Black With occupancy nearing the 70% mark and ADR levels approximately 4% above 2019 levels, the Denver lodging market achieved a RevPAR level in 2022 that was approximately $5 below 2019 levels. In line with the top 25 major metropolitan areas in the U.S., ADR has led the way in the recovery, with occupancy remaining below prior peaks. Compared to the overall statistics for the top 25 major metropolitan areas, Denver has recovered more from an occupancy perspective but less from an ADR perspective. For the major markets, ADR is up $15 from 2019, on average, while Denver’s ADR only increased $5. As a result of slower ADR growt...
STR: U.S. Hotel Performance for February 2023
STR | March 21, 2023
HENDERSONVILLE, Tennessee—The U.S. hotel industry reported higher performance from the month prior, according to February 2023 data from STR. February 2023 (percentage change from February 2019): Occupancy: 60.0% (-2.8%) Average daily rate (ADR): US$152.01 (+17.7%) Revenue per available room (RevPAR): US$91.22 (+14.3%) Among the Top 25 Markets, Tampa experienced the highest occupancy level (82.7%), which was down 2.7% from the market’s 2019 benchmark. Markets with the lowest occupancy for the month included Chicago (50.1%) and St. Louis (52.7%). San Francisco reported the steepest decline in occupancy when com...
Travel and Tourism Industry Deal Activity Sinks by 60.4% YoY in February 2023, Reveals GlobalData
GlobalData | March 20, 2023
The global travel and tourism industry, which has been struggling to rebound from the COVID-19 pandemic induced slowdown, is facing another setback with a significant drop in deal activity. The industry, which relies heavily on investment and strategic partnerships, saw a steep year-on-year (YoY) 60.4% decline in deal activity in February 2023, reveals GlobalData, a leading data and analytics company. An analysis of GlobalData’s Financial Deals Database reveals deal volume in the industry more than halved from 111 deals* announced during February 2022 to 44 deals announced during February 2023. Aurojyoti Bose, Lead Analyst at G...
International Visitors Spent $14.7 Billion on Travel to U.S. in January 2023
NTTO | March 20, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in January 2023: International visitors spent more than $14.7 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 64 percent compared to January 2022 and marking the twenty-second consecutive month of year-over-year gains (when compared to the same month, previous year). Americans spent more than $15.8 billion traveling abroad, more than any single month prior to the pandemic, yielding a balance of trade deficit of nearly $1.1 billion for the month. This was the third time in the past 6 months that trave...
