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
Baird/STR Hotel Stock Index Dipped 2.7% in August
Baird | September 13, 2022
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index dipped 2.7% in August to a level of 5,021. Year to date through the first eight months of 2022, the stock index decreased 12.6%. “Hotel stocks took a breather in August after July’s sharp rebound. Despite the slight decline in stock prices, both the Global Hotel Brands and Hotel REITs outperformed their respective benchmarks in August,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Hotel trends have remained solid throughout the summer months despite all the capital markets volatility and macroeconomic uncertaint...
Q2 Traveler Insights Report: The Highlights Analyzed
Richard Kocher | September 12, 2022
By Richard Kocher Last time around we looked at how travel, post-COVID, has pulled through a period of abnormality during which travelers stayed closer-to-home and evolved into a “new normal.” We have seen the new normal reflected in changing expectations for travelers and new destinations and ways to explore the world. We can also see that the new normal is characterized by a stronger than ever desire to see the world again. As we referenced in our Q4 analysis, people have adapted and become increasingly committed to traveling and, according to McKinsey’s recent research, “love to travel.” In fact, 68% of McKinsey’s 1,0...
HVS Monday Musings: Indian Hotel Sector – Riding the Next Growth Cycle
Mandeep S. Lamba | September 12, 2022
By Mandeep S Lamba, Dipti Mohan After months of low occupancy and falling average rates due to the pandemic, the Indian hotel industry is finally witnessing renewed growth. The upcycle is clearly underway and is expected to last for the next 4-5 years, as demand is spiraling while supply growth is relatively low, which is a significant difference from the previous upcycles in the industry. This augurs well for the industry because, as shown in the graph below, hotel performance in India is highly sensitive to supply and demand dynamics. The industry’s golden age was from the calendar year 2000 to 2005. Following the September 11 attac...
STR: U.S. Hotel Results for Week Ending 3 September
STR | September 9, 2022
HENDERSONVILLE, Tennessee—U.S. hotel performance dipped from the previous week but continued to improve in comparison with 2019, according to STR‘s latest data through 3 September. 28 August through 3 September 2022 (percentage change from comparable week in 2019*): Occupancy: 62.8% (+3.1%) Average daily rate (ADR): US$147.14 (+20.9%) Revenue per available room (RevPAR): US$92.45 (+24.6%) Among the Top 25 Markets, Miami reported the largest increase over 2019 in occupancy (+30.1% to 62.2%) and RevPAR (+86.5% to US$112.37). San Diego reported the largest ADR gain over 2019 (+50.1% to US$222.47). San Francisco...
ITA Data Release: July 2022 International Inbound Visitor Spending
NTTO | September 9, 2022
Data recently released by the National Travel and Tourism Office (NTTO) show that in July 2022: International visitors spent more than $13.9 billion on travel to, and tourism-related activities within, the United States, an increase of more than 101 percent compared to July 2021. Americans spent $13.1 billion traveling abroad, yielding a balance of trade surplus of $775 million for the month—reversing two consecutive months of balance of trade deficits for U.S. travel and tourism. Year to date (January through July 2022), international visitors have spent nearly $83.4 billion on U.S. travel and tourism-related goods and services...
Europe’s Key Hotel Markets Surpassed 2019 Profitability Levels in July
STR | September 8, 2022
LONDON—Several of Europe’s largest hotel markets, led by Berlin, surpassed their 2019 levels in gross operating profit per available room (GOPPAR), according to STR’s July 2022 P&L data release. Berlin’s July GOPPAR reached US$34.32, which was 183% of the pre-pandemic comparable. In June, the market reported GOPPAR at US$98.21, which was 132% of the comparable 2019 level. Also reporting significant month-over-month improvement in the region, Paris posted a July GOPPAR of US$312.64. That level was the market’s second highest this year behind June (US$347.08). Other key markets, London and Amsterdam, reported G...
CBRE Hotels Raises Outlook for Second Half of 2022, Expects Continued Growth in 2023
CBRE Group, Inc. | September 7, 2022
Dallas – September 7, 2022 – CBRE is raising its forecast for hotel performance on the heels of industry gains in Q2 2022 and the expectation of slightly positive GDP growth in 2023. CBRE has revised its forecast for the second half of 2022 to a gain in revenue per available room (RevPAR) of 14.7 percent year-over-year, up from the previous projection of 13.1 percent year-over-year. The revision is predicated on a 3.5 percentage point increase in expected average daily rate (ADR) growth compared to the previous forecast issued in May 2022, as well as a 2.2 percentage point reduction in CBRE’s demand forecast. U.S. hotel industry per...
Knowland Reports Meetings and Events Increase 136.1 Percent in August
Knowland | September 7, 2022
Data shows industry recovery at 85.3 percent of August 2019 levels ARLINGTON, Va. — Sept. 7, 2022 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, released its monthly meetings and events data for August, reporting 136.1 percent growth over August 2021. Additionally, August increased 6.7 percent over July 2022. • Average attendees per event increased – The average number of attendees per event for August 2022 was 108, compared to 68 in August 2021 and 92 in August 2019. • Average space used per person decreased over 2021 – The average space used in Augus...
U.S. Hotel Profitability Slowed in July but Outpaced 2019 Levels for Fourth Consecutive Month
STR | September 6, 2022
HENDERSONVILLE, Tennessee—U.S. hotel gross operating profit per available room (GOPPAR) once again exceeded the pre-pandemic comparable, but came in lower than the month prior, according to STR‘s July 2022 P&L data release. GOPPAR: US$78.30 TRevPAR: US$209.66 EBITDA PAR: US$55.29 LPAR (Labor Costs): US$67.27 “While each of the key bottom-line metrics decreased slightly from June on a per-available-room basis, total profits increased with peak summer room demand and revenues,” said Raquel Ortiz, STR’s director of financial performance. “Profit margins were stronger than July 2019 for both full- and...
STR: U.S. Hotel Results for Week Ending 27 August
STR | September 1, 2022
HENDERSONVILLE, Tennessee—U.S. hotel performance came in lower than the previous week and showed mixed comparisons with 2019, according to STR‘s latest data through 27 August. 21-27 August 2022 (percentage change from comparable week in 2019*): Occupancy: 65.0% (-2.5%) Average daily rate (ADR): US$147.16 (+15.0%) Revenue per available room (RevPAR): US$95.62 (+12.1%) Among the Top 25 Markets, Orlando reported the largest occupancy increase over 2019 (+21.1% to 63.8%). Miami posted the largest ADR gain over 2019 (+32.2% to US$180.17). The steepest RevPAR deficits were in San Francisco (-39.2% to US$143.37) ...
Manhattan Lodging Index: Q2 2022
PwC | August 29, 2022
Manhattan Lodging Overview Increases in occupancy, ADR and revenue per available room (“RevPAR”) continued to accelerate across Manhattan during the first half of 2022. Q2 RevPAR experienced a year-over-year increase of 166.8 percent, with the strongest gains in April, which experienced a year-over-year increase of 220.4 percent. Q1 RevPAR was also up 135.7 percent from the same period in 2021. “Manhattan hotels are finally experiencing a sustaining recovery. While RevPAR was still down 11.7% in 1H 2022 from the same period in 2019, it was a significant improvement from a year ago, when RevPAR during 1H was down 57.2% from the same pe...
Global Construction Pipeline Projects in Early Planning Rise to New Record High
Lodging Econometrics (LE) | August 29, 2022
Lodging Econometrics (LE) has released its bi-annual Global Construction Pipeline Trend Report, which compiles the construction pipeline counts for every country and market around the world. In the Q2 2022 report, LE analysts state that the total global construction pipeline stands at 14,117 projects/2,293,131 rooms, up 5% by projects and 2% by rooms year-over-year (YOY). There are 6,074 projects/1,110,174 rooms currently under construction at the Q2 close. Projects scheduled to start construction in the next 12 months, at 3,664 projects/525,096 rooms, are up 1% by projects YOY and unchanged by rooms, while projects in early planning reach...
STR: U.S. Hotel Results for Week Ending 20 August
STR | August 26, 2022
HENDERSONVILLE, Tennessee—U.S. hotel performance came in lower than the previous week but showed improved comparisons with 2019, according to STR‘s latest data through 20 August. 14-20 August 2022 (percentage change from comparable week in 2019*): Occupancy: 67.3% (-3.9%) Average daily rate (ADR): US$150.96 (+16.7%) Revenue per available room (RevPAR): US$101.59 (+12.2%) While none of the Top 25 Markets showed an occupancy increase over 2019, Detroit came closest to its pre-pandemic comparable (-2.5% to 68.0%). Miami posted the largest ADR gain over 2019 (+33.4% to US$189.57). The steepest RevPAR deficit was...
STR: Canada Hotel Occupancy Eclipsed Pre-Pandemic Comparable in July
STR | August 25, 2022
HENDERSONVILLE, Tennessee—Canada’s monthly hotel occupancy came in higher than the 2019 comparable for the first time in the pandemic era, according to STR’s July 2022 data. July 2022 (percentage change from July 2019) Occupancy: 75.5% (+0.3%) Average daily rate (ADR): CAD214.77 (+16.1%) Revenue per available room (RevPAR): CAD162.11 (+16.4%) In addition to the improvement in occupancy, monthly ADR topped CAD200 for the first time on record, and RevPAR was at an all-time high. When adjusted for inflation, ADR was also up from 2019 for the first time. "Canada's hotel industry reached a number of recovery milestones i...
Top-Tier Chain Scales Lead Hotel Construction Projects in the Middle East at Q2
Lodging Econometrics (LE) | August 25, 2022
In the recent Middle East Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of 2022’s second quarter, the total pipeline stands at 545 projects/140,055 rooms, up 3% by projects year-over-year (YOY). Economic and geopolitical uncertainty still pose many challenges throughout the Middle East, but as travel restrictions have been gradually lifted across the region, domestic travel and tourism numbers have improved throughout the first two quarters. For the second consecutive quarter, 72% of the projects in the Middle East are in the top three chain scales (luxury, upper upscale, and upscale), with upper ups...
Climate, Leisure Patterns Dictate U.S. Market Performance in the Second Half of Summer
August 23, 2022
The top performing U.S. hotel markets in this monthly “bubble” chart update largely reflect late-summer seasonal patterns along with continued strong leisure travel. For the four weeks ending 13 August, the leading U.S. markets showed a clear geographical orientation toward more temperate and/or outdoor climes found in the coastal corners of the nation. Likewise, and similarly not unexpected for the season, a range of markets mostly in the uncomfortably hot south/southwest U.S. saw lower percentages of rooms filled. Oahu continued its lead among Top 25 Markets in average occupancy (84.5%, up from 84.2% in the prior update). T...
Europe Continues Steady Increase in New Hotel Openings in First Half of 2022
Lodging Econometrics (LE) | August 22, 2022
August 22, 2022 – PORTSMOUTH, NH According to the latest Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that at the close of the second quarter of 2022, Europe continues to show steady growth in new hotels opening in 2022, opening 188 new hotels with 28,350 rooms in the first half of the year. Continuing the upward trend in year-end total opens seen in 2020 and 2021, the region is forecast to open another 259 hotels with 36,548 rooms in the next two quarters, for a 2022 year-end forecast total of 447 new hotels/64,898 rooms. The LE forecast for new hotel openings for the next couple of years expe...
UK Outbound Travel to Surpass Pre-Pandemic Levels by 2024, Finds GlobalData
GlobalData | August 19, 2022
British holiday flyers are set to be back in full swing, with the country’s outbound travel figures reaching 86.9 million by 2024, surpassing the 84.7 million figure recorded in 2019 despite the economic decline in Europe, estimates GlobalData, a leading data and analytics company. According to GlobalData, budget-friendly travel —especially in the country’s favorite holiday destination, Spain—is set to be most popular. GlobalData’s latest report, ‘United Kingdom (UK) Source Tourism Insight, 2022 Update’, notes that the recovery in outbound tourism follows a weak 2020 and 2021, where lower traveler confidence and strict CO...
Ongoing Economic, Geopolitical Crises Make Sri Lanka Tourism Industry Revival Uphill Task
GlobalData | August 19, 2022
The travel and tourism sector is an important income generator for Sri Lanka. However, the ongoing economic crisis coupled with Ukraine–Russia war and China’s zero-COVID policy has put the sector in jeopardy. Against this backdrop, the country will face an uphill task in restoring a once thriving sector, says GlobalData, a leading data and analytics company. Tourism accounted for more than 12% of the country’s GDP in 2019 and the third-largest source of foreign exchange reserves – behind worker remittances and the apparel industry. According to GlobalData, international arrivals in Sri Lanka more than quadrupled from 448,000 to ...
STR: U.S. Hotel Performance for July 2022
STR | August 19, 2022
HENDERSONVILLE, Tennessee—The U.S. hotel industry reported record-high monthly room rates on a nominal basis, according to July 2022 data from STR. July 2022 (percentage change from June 2019): Occupancy: 69.6% (-5.4%) Average daily rate (ADR): US$159.08 (+17.5%) Revenue per available room (RevPAR): US$110.73 (+11.2%) The country also reported an all-time high RevPAR level (nominal), while occupancy was the second highest since August 2019. Among the Top 25 Markets, Oahu Island experienced the highest occupancy level (86.3%), which was down 2.1% from the market’s 2019 benchmark. Markets with the lowest occupancy ...
Travel Disruption and Increasing Financial Barriers Stall Consumer Sentiment, but Wanderlust Remains
STR | August 18, 2022
Debate continues on the extent to which global tourism recovery will be impinged by increasing inflationary pressures and potential travel disruption. Thus far, any potential impact has not been visible in the hospitality sector. The STR Market Recovery Monitor, based on data for the week ending 30 July 2022, showed that more than 90% of North American markets and around 80% of global markets were achieving revenue per available room (RevPAR) that was 80% or above 2019 levels when adjusted for inflation. However, the expected seasonal slowing of peak leisure demand season is beginning and intersecting with significant macroeconomic hea...
Baird/STR Hotel Stock Index Jumped 14.3% in July
Baird | August 18, 2022
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index jumped 14.3% in July to a level of 5,158. Year to date through the first seven months of 2022, the stock index decreased 10.4%. “Hotel stocks rebounded sharply and outperformed their respective benchmarks in July; relative outperformance has continued in August,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Despite the big gains in July, hotel stocks did not fully recapture June’s losses. Positively, second quarter earnings exceeded analysts’ and investors’ expectations, and broader recession fears have begu...
STR: U.S. Hotel Results for Week Ending 13 August
STR | August 18, 2022
HENDERSONVILLE, Tennessee—Showing continued alignment with seasonal patterns, U.S. hotel performance fell slightly from the previous week, but showed improved comparisons with 2019, according to STR‘s latest data through 13 August. 7-13 August 2022 (percentage change from comparable week in 2019*): Occupancy: 68.5% (-4.6%) Average daily rate (ADR): US$152.34 (+15.8%) Revenue per available room (RevPAR): US$104.30 (+10.5%) Norfolk/Virginia Beach (+0.4% to 80.1%) was the only Top 25 Market to report an occupancy increase over 2019. Seattle (83.2%), Oahu Island (81.8%), and Norfolk/Virginia Beach (80.1%) led the...
