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
2024 HVS Lodging Tax Report – USA
Thomas Hazinski | September 24, 2024
Since room sales generate lodging tax revenues, an overview of hotel market trends provides a perspective on the industry's current and future fiscal impacts. While the negative impacts of the COVID-19 pandemic were unprecedented, as documented in our 2023 HVS Lodging Tax Study, nearly all lodging markets reached or exceeded pre-COVID average rates and revenue generation in 2022. The National Lodging Market has seen recent growth in occupancy, average daily room rates, and revenue per available room. The Average Daily Room Rate (“ADR”) represents the average revenue earned for each room rented in a hotel. Revenue per available room (“R...
International Tourist Arrivals Hit 96% of Pre-Pandemic Levels Through July 2024
World Tourism Organization (UN Tourism) | September 20, 2024
International tourism bounced back to 96% of pre-pandemic levels in the seven months through July 2024, driven by strong demand in Europe and the re-opening of markets in Asia and the Pacific. According to the latest World Tourism Barometer by UN Tourism, around 790 million tourists travelled internationally in the first seven months of 2024, about 11% more than in 2023 and only 4% less than in 2019. Data show a strong start to the year, followed by a more modest second quarter. Results are in line with UN Tourism’s projection of a full recovery in international arrivals in 2024 despite ongoing economic and geopolitical risks. UN Touri...
All Eyes on India: Why the World Is Watching
HotStats | September 20, 2024
With over two and a half decades in the hospitality industry, my experience spans markets that have attracted both international interest and domestic excitement. The initial Dubai buzz in 1999, following the opening of Burj Al Arab, made a powerful statement and set off a wave of impressive assets in quick succession. While recent years have brought magnificent hotels like Atlantis the Royal, the true sweet spot for me was about 15 years ago when each visit to Dubai revealed a dramatically changing landscape. Vietnam also experienced a boom, with signings happening almost weekly, though this momentum faded faster than expected due to corr...
U.S. Hotel Results for Week Ending 14 September
CoStar Group | September 20, 2024
WASHINGTON – 20 September 2024 – The U.S. hotel industry reported mostly negative year-over-year comparisons, according to CoStar’s latest data through 14 September. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 8-14 September 2024 (percentage change from comparable week in 2023): Occupancy: 66.6% (-1.7%) Average daily rate (ADR): US$162.05 (+0.2%) Revenue per available room (RevPAR): US$107.86 (-1.4%) Among the Top 25 Markets, San Diego saw the highest year-over-year increase in occupancy (+10.5% to 79.9%). Chicago reported the largest ...
U.S. Hotel Performance for August 2024
CoStar Group | September 19, 2024
WASHINGTON – 19 September2024 – The U.S. hotel industry reported lower performance results from the previous month but positive comparisons year over year, according to August 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. August 2024 (percentage change from August 2023): Occupancy: 66.9% (+1.5%) Average daily rate (ADR): US$157.84 (+2.3%) Revenue per available room (RevPAR): US$105.67 (+3.9%) Among the Top 25 Markets, New York City experienced the highest occupancy level (+5.2% to 87.3%). Markets with the lowest occupancy ...
Canada Hotels Record Highest Occupancy Since 2018
CoStar Group | September 19, 2024
WASHINGTON – 19 September 2024 – Canada’s hotel industry recorded its highest occupancy level for any month since August 2018, according to CoStar’s August 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. August 2024 (percentage change from 2023): Occupancy: 79.7% (+3.1%) Average daily rate (ADR): CAD235.85 (+3.6%) Revenue per available room (RevPAR): CAD187.93 (+6.8%) “After occupancy contracted marginally in July, the metric returned to a level normally seen prior to the pandemic,” said Laura Baxter, CoStar Group’s director o...
Downtown San Antonio, TX: Building for the Future
David Bone | September 19, 2024
Downtown San Antonio boasts a diverse array of buildings built during multiple decades, as can be expected in a city that is more than 300 years old. These structures contribute to the city’s historical charm, and contemporary buildings were not prevalent in the past. However, spurred by the “Decade of Downtown” within the city’s SA2020 growth plan created in 2010, revitalization and new-build projects became more common in the years prior to the COVID-19 pandemic. The modernization was anchored by the 2019 opening of Frost Tower, the city’s first new high-rise since 1989. Since 2020, roughly 20 development projects, reportedly to...
Adele’s Residency Drove Substantial Gains in Munich Hotel Performance
CoStar Group | September 18, 2024
WASHINGTON – 18 September 2024 – Adele’s 10-day residency drove significant performance growth for Munich’s hotel industry, according to August 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Adele performed a total of 10 nights at the Messe München, pushing double-digit growth across the August metrics: occupancy (+15.9% to 77.0%), ADR (+46.6% to EUR159.04) and RevPAR (+69.9% to EUR122.46). The ADR and RevPAR levels were the highest for any August on record in Munich, while occupancy was the highest for August since 2017...
Abu Dhabi Hotel Occupancy Reached August High
CoStar Group | September 17, 2024
WASHINGTON – 17 September 2024 – Helped by three events, Abu Dhabi posted its highest August hotel occupancy on record, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. August 2024 (year-over-year % change): Occupancy: 75.9% (+10.5%) Average daily rate (ADR): AED434.30 (+8.0%) Revenue per available room (RevPAR): AED329.80 (+19.3%) Abu Dhabi saw its highest daily occupancy level (83.7%) and RevPAR (AED368.16) on Wednesday, 14 August–the first night of the 2024 International Chess Festival. The market...
São Paulo Hotel Room Rates Reached Record High in August
CoStar Group | September 16, 2024
WASHINGTON – 16 September 2024 – São Paulo posted its highest monthly average daily rate and second highest revenue per available room (RevPAR) on record, according to August preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. August 2024 (year-over-year % change): Occupancy: 67.8% (+3.2%) ADR: BRL717.98 (+20.6%) RevPAR: BRL486.92 (+24.5%) The first night of the Concrete Show (Tuesday, 6 August) drove highs across each of the three key performance metrics: occupancy (91.6%), ADR (BRL794.57) and RevPAR (BRL727.50). The secon...
Taylor Swift Drove London Hotel Performance in August
CoStar Group | September 11, 2024
WASHINGTON – 11 September 2024 – London hotels saw a spike in hotel performance during Taylor Swift’s Eras Tour, according to August preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. August 2024 (year-over-year % change): Occupancy: 83.9% (+2.7%) Average daily rate (ADR): GBP191.94 (+5.1%) Revenue per available room (RevPAR): GBP160.98 (+8.0%) On 15-17 and 19-20 August, Swift wrapped up the European leg of her tour at Wembley Stadium. Hotel performance levels reached a monthly high on the night of the third concert (Sa...
June 2024 Total International Travel Volume To and From the United States
International Trade Administration | September 11, 2024
Data recently released by the National Travel and Tourism Office show that in June 2024, International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 5,639,831 increased 13.2 percent compared to June 2023 and represents 89.1 percent of the pre-COVID total visitor volume reported for June 2019. Overseas visitor volume to the United States of 2,901,542 increased 7 percent from June 2023. June 2024 was the thirty-ninth consecutive month that total non-U.S. resident international arrivals to the United States increased on a year-over-year basis. June 2024 was th...
U.S. Hotel Results for Week Ending 31 August
CoStar Group | September 6, 2024
WASHINGTON – 6 September 2024 – The U.S. hotel industry reported positive comparisons year over year, according to CoStar’s latest data through 31 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 25-31 August 2024 (percentage change from comparable week in 2023): Occupancy: 63.9% (+1.9%) Average daily rate (ADR): US$153.67 (+1.6%) Revenue per available room (RevPAR): US$98.18 (+3.6%) Among the Top 25 Markets, Tampa saw the highest year-over-year occupancy lift (+15.2% to 61.7%). Seattle posted the largest increase in ADR (+12.5% ...
U.S. Remains the World’s Most Powerful Travel & Tourism Market
The World Travel & Tourism Council | September 5, 2024
London, UK: The World Travel & Tourism Council today launched its 2024 Economic Impact Trends Report, which has revealed the U.S. as the world’s most powerful Travel & Tourism market, contributing a record-breaking $2.36 TN to the nation’s economy last year. Despite the slow return of spending from international travelers, the U.S. keeps pole position, with almost double the economic contribution of its nearest rival. Following a record-breaking year for Travel & Tourism, the sector continues to be the backbone to many country economies, while supporting millions of jobs globally. The latest report from the global tou...
An Overview of San Francisco’s Prolonged Recovery
Jason Lee | September 5, 2024
Since the COVID-19 pandemic, San Francisco has been navigating a difficult and lengthy road to recovery. Concerns over safety and street conditions, record-high office vacancies, a weak convention calendar, and limited visitation from Asia are among the challenges for local hoteliers. However, the long-term outlook remains cautiously optimistic given the growing presence of artificial intelligence companies, the fuller rebound of convention activity, and major sporting events planned for 2026, including Super Bowl LX and the FIFA World Cup. Lodging, Convention, and Travel Trends Following a rebound in 2022, San Francisco’s hotel perform...
Maui Remains Top Hotel Market Despite Slow Recovery After Fires
CoStar Group | September 3, 2024
Analysis by Emmy Hise A year after a series of tragic fires in Maui, the island’s hotels and Hawaii's governor want visitors to return to the destination to help support the local economy and regain a sense of normalcy. Topline hotel performance across the island remains below 2023 levels. While most of the hotel performance decline was due to the devastating fire, performance was already starting to slow before the fire, similar to many U.S. leisure destinations. Nationally, domestic leisure demand has slowed due to Americans traveling abroad or travelers being more budget-conscious, causing them to take fewer trips or pi...
The Role of Total Revenue Management in a Hotel Profitability Strategy
CoStar Group | August 30, 2024
The global hotel industry is firmly positioned in an era of normalized growth levels. That means to achieve greater profits, hotel owners and operators need to explore every possible revenue stream while also working to manage expenses. The starting point is a strategy built on a total performance picture—one that understands both the top and bottom lines as well as the circular relationship between the two. Fortunately, 35 years of historical profitability data presents obvious trends that inform hoteliers working to generate more financial gains. Revenue and profit are closely linked Understanding the relationship between revenue a...
Less Global Markets Show RevPAR Growth, but Olympics and Concerts Produce Highlights
CoStar Group | August 30, 2024
Note: All financial figures presented in US$. STR's global "bubble chart" update for the four weeks ending 24 August 2024 shows 61% of markets with year-over-year growth in revenue per available room. That was a three-point decline in the proportion of global markets: 64% experiencing matched four-week RevPAR gains in last month's update. Among countries with 50,000 rooms and adequate hotel reporting levels, France, Greece, Singapore, Switzerland and Ireland — mostly the same as last month’s set of higher-priced countries with exception of Ireland in place of Italy—posted the highest RevPA...
HVS ANAROCK Hotels & Hospitality Overview, August 2024
Akash Datta | August 30, 2024
Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry. Key highlights include: July 2024 saw a year-on-year growth of over 7% in domestic air passenger traffic in India. Nationwide occupancy rates increased by 3-5 percentage points year-on-year during the month, although they remained slightly below pre-pandemic levels. Pune and Chennai registered the highest occupancy rates for the month, ranging from 76-79%. Meanwhile, Kolkata, New Delhi, and Chandigarh led the growth in occupancy, each showing an increase of 6-8 percenta...
U.S. Hotel Results for Week Ending 24 August
CoStar Group | August 29, 2024
WASHINGTON – 29 August 2024 – The U.S. hotel industry reported positive comparisons year over year, according to CoStar’s latest data through 24 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 18-24 August 2024 (percentage change from comparable week in 2023): Occupancy: 66.1% (+1.7%) Average daily rate (ADR): US$154.80 (+2.7%) Revenue per available room (RevPAR): US$102.30 (+4.5%) Among the Top 25 Markets, Houston saw the highest year-over-year occupancy lift (+31.7% to 76.1%). Driven by the Democratic National Convention, Chicago po...
PwC’s Manhattan Lodging Index: Q2 2024
PwC’s Manhattan lodging index | August 27, 2024
Manhattan Lodging Overview The rate of growth in occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), while robust, continued to decelerate. Luxury hotel occupancy benefitted from increased demand, while ADR growth levels for lower priced properties continued to show significant improvements. For the overall Manhattan hotel market, Q1 RevPAR increased 9.4 percent while Q2 increased 6.8 percent, from the same respective periods in 2023. "The Manhattan hotel market averaged an occupancy level of 87.2 percent in Q2 2024, solidifying a return to stabilized pre-covid levels. While RevPAR growth decelerated sig...
Canadian Lodging Outlook Quarterly 2024-Q2
HVS | August 26, 2024
HVS and STR are pleased to provide you with the quarterly report of the Canadian Lodging Outlook. Each report includes occupancy (occ), average daily rate (ADR), and revenue per available room (RevPAR) for six major markets. If you would like detailed hotel performance data for all of Canada, STR offers the Canadian Hotel Review, which is available by annual subscription. For further information, please contact: info@str.com or +1 (615) 824-8664. HVS Canada performs major portfolio appraisals and single-asset consulting assignments and valuations from coast to coast. Our professional team is expert in appraisal work, feasibili...
U.S. Hotel Results for Week Ending 17 August
CoStar Group | August 22, 2024
WASHINGTON – 22 August 2024 – The U.S. hotel industry reported mixed comparisons year over year, according to CoStar’s latest data through 17 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 11-17 August 2024 (percentage change from comparable week in 2023): Occupancy: 66.9% (-0.2%) Average daily rate (ADR): US$156.35 (+1.0%) Revenue per available room (RevPAR): US$104.54 (+0.9%) Among the Top 25 Markets, Houston saw the highest year-over-year increases in each of the three key performance metrics: occupancy (+34.3% to 75.3%), ADR (+14...
Canada Hotels Record First Occupancy Decline in Three Months
CoStar Group | August 22, 2024
WASHINGTON – 22 August 2024 – After three consecutive months of year-over-year increases, Canada’s hotel industry recorded a decline in occupancy, according to CoStar’s July 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. July 2024 (percentage change from 2023): Occupancy: 75.2% (-0.4%) Average daily rate (ADR): CAD236.12 (+1.1%) Revenue per available room (RevPAR): CAD177.62 (+0.7%) “Occupancy dipped marginally in July after a three-month growth run,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Can...
