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
Europe’s Historical and Forward-Looking Hotel Data Shows Music Event Boost
STR | August 16, 2022
When big name musicians come to town, hotels usually see significant uplift in demand, and subsequently, command strong room rates. With the 2022 summer months drawing to a close in the northern hemisphere, European markets have been a prime example. In this analysis from STR, both forward-looking and historical data show that music is good for the hotel industry—especially when icons such as Bruce Springsteen, Ed Sheeran, Elton John, and Westlife come to town. Early birds get in quick for Springsteen After his U.S. tour commences at the start of 2023, rock legend, Bruce Springsteen, will perform in the U.K. for the first...
Canadian Lodging Outlook Quarterly 2022-Q2
August 15, 2022
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. Source: STR Source: STR 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 ext. 3504. HVS Canada performs major portfolio appraisals and single-asset consulting assignments and valuations from coast to coast. Our professional team is exp...
Market Snapshot: Asia Pacific 2022
Hok Yean CHEE | August 15, 2022
By Hok Yean CHEE In 2021, transaction activity in the Asia Pacific recorded a strong recovery, achieving a transaction volume of approximately USD13 billion worth of hospitality assets, indicating a 47.7% growth year-on-year. Similarly, from 3Q 2021 to 2Q 2022, transaction activity in the Asia Pacific has continued to escalate by 16.8% compared to 3Q 2020 to 2Q 2021. Specifically, growing interest in hospitality assets continues to be observed in markets such as Hong Kong SAR, China, Japan, Indonesia, Thailand, Singapore, and certain markets in the South-East Asia regions. Australia, New Zealand, and South-East Asia saw an upswing mainl...
Q2 Traveler Insights Report: Enthusiasm for Travel Endures
Jennifer Andre | August 11, 2022
By Jennifer Andre Travel searches hold steady Traveler intent to get away remained strong as international travel restrictions continued to lift during the second quarter of the year. Following a 25% quarter-over-quarter surge between Q4 last year and Q1 2022, travel search volumes globally held steady in Q2. At the regional level, we even saw double-digit growth between Q1 and Q2 – especially in APAC, which saw a 30% increase in the region. After the announcement on June 10 that the U.S. was lifting its pre-departure testing requirement for international air travelers, international searches globally spiked 10% in the we...
STR, TE Lift ADR Projections Further in Revised U.S. Hotel Forecast
STR | August 11, 2022
NASHVILLE—STR and Tourism Economics adjusted occupancy downward but lifted projections once again for average daily rate (ADR) in the revised U.S. hotel forecast just presented at the 14th Annual Hotel Data Conference. Revenue per available room (RevPAR) remains on track for full recovery this year on a nominal basis but not until 2025 when adjusted for inflation. The updated forecast adds a little more than $2 to the ADR projection for both 2022 and 2023. Occupancy was lowered by less than a percentage point for each year. “Leisure demand, as expected, hit significant levels this summer, and what we are hearing in earnings call...
STR: U.S. Hotel Results for Week Ending 6 August
STR | August 11, 2022
HENDERSONVILLE, Tennessee—Following seasonal patterns, U.S. hotel performance fell slightly from the previous week, according to STR‘s latest data through 6 August. 31 July through 6 August 2022 (percentage change from comparable week in 2019*): Occupancy: 69.9% (-5.7%) Average daily rate (ADR): US$154.48 (+15.1%) Revenue per available room (RevPAR): US$108.04 (+8.5%) Among the Top 25 Markets, St. Louis reported the largest occupancy increase over 2019 (+7.1% to 75.9%). Oahu Island (84.6%), Seattle (84.8%), and San Diego (83.8%) led the major markets in absolute occupancy for the week. San Diego posted t...
Business Travelers Set to See Air Fares Rise by 8.4%, Hotel Rates by 8.2%, and Car Rental Charges by 6.8% in 2023
GBTA | August 10, 2022
MINNEAPOLIS – Global travel prices are predicted to continue to increase in the remaining months of 2022 and throughout 2023, according to the 2023 Global Business Travel Forecast, published today by CWT, the B2B4E travel management platform, and the Global Business Travel Association (GBTA), the voice of the global business travel industry. Rising fuel prices, labor shortages, and inflationary pressures in raw material costs are the primary drivers of the expected price growth, according to the report, which uses anonymized data generated by CWT and GBTA, with publicly available industry information, and econometric and statistical modelin...
Quantifying the Franchise Relationship During COVID-19
Robert Mandelbaum | August 8, 2022
By Robert Mandelbaum In 2020, the average hotel in CBRE’s annual Trends® in the Hotel Industry survey experienced a 108 percent decline in earnings before interest, taxes, depreciation and amortization (EBITDA), resulting in an EBITDA margin of -5.5 percent. For hotels, EBITDA represents the cash flows from operations that are used to fund debt service and provide returns to investors. This is by far the greatest decline in EBITDA since CBRE began tracking the performance of the U.S. lodging industry in the 1930s. Facing such traumatic declines in profitability and insolvency, hotel owners reached out to their lenders, investors...
São Paulo Leads Hotel Profitability Recovery in Latin America
STR | August 5, 2022
LONDON—Among key hotel markets in Latin America, São Paulo led in recovery of gross operating profit per available room (GOPPAR), according to STR’s June 2022 P&L data release. São Paulo’s June GOPPAR reached US$42.78, which was 145.4% of the pre-pandemic comparable. That level was down from May, however, when the market saw GOPPAR at US$50.01, which was 160% of the comparable 2019 level. Also reporting significant month-over-month improvement in the region, Rio posted a June GOPPAR of US$31.50. That level was 145% of the pre-pandemic comparable. Meanwhile, Lima’s GOPPAR was just 31% of the 2019 comparable, up from neg...
European Hotel Profit Tops 2019 Levels
HOTSTATS | August 5, 2022
It’s been a rollercoaster ride, but Europe’s hotels are now back to pre-pandemic profit levels, with gross operating profit per available room (GOPPAR) hitting €95.28 in June 2022, slightly higher than the same month in 2019, according to the latest data from HotStats. Since January, European hotel profit has taken off like a rocket ship, up 1,970%, and spurred by an increase in travel demand, lessened COVID restrictions and average daily rates that continue to exceed 2019 levels. In June, ADR in Europe was €36 higher on a nominal basis than in June 2019. Total revenue in Europe was a full €6 higher in June 2022 than in June 2...
STR: U.S. Hotel Results for Week Ending 30 July
STR | August 4, 2022
HENDERSONVILLE, Tennessee—U.S. hotel performance dipped slightly from the previous week, which was the traditional summer travel peak, according to STR‘s latest data through 30 July. 24-30 July 2022 (percentage change from comparable week in 2019*): Occupancy: 71.9% (-3.8%) Average daily rate (ADR): US$158.32 (+18.3%) Revenue per available room (RevPAR): US$113.90 (+13.9%) While absolute levels were lower than the week prior, comparisons against 2019 levels strengthened. Among the Top 25 Markets, Nashville reported the largest occupancy increase over 2019 (+4.2% to 77.8%). San Diego (87.4%), Boston (85.5%)...
ITA Date Release: May 2022 International Travel Volume to and from the United States
NATIONAL TRAVEL AND TOURISM OFFICE (NTTO) | August 4, 2022
May 2022 International Inbound Travel Volume (Visitor Arrivals) to the United States totaled 4,317,602 – a Year-Over-Year Increase of 146.5% and 64.4% of May 2019 Arrivals May 2022 International Outbound Travel Volume (U.S. Citizen Visitor Departures) from the United States totaled 6,853,148 – a Year-Over-Year Increase of 87% and 80% of May 2019 Departures Data recently released by the National Travel and Tourism Office (NTTO) show that in May 2022: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 4,317,602 increased 146.5% from May 2021 and was 64.4% of to...
Knowland Meetings and Events Data Shows 163.9 Percent Growth Over July 2021
KNOWLAND | August 4, 2022
Seasonal decline from June is less than typically experienced pre-COVID ARLINGTON, Va. — Aug. 4, 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 July reporting a significant increase of 163.9 percent over July 2021. Although there was a 15.5 percent decline from June, this is related to normal seasonality, however, it is still less than typically exhibited pre-COVID. Average attendees per event increases – The average number of attendees per event for July 2022 was 121, compared to 64 in July 2021 and 91 in...
Projects in Canada’s Hotel Construction Pipeline are Up Slightly Year-Over-Year
Lodging Econometrics (LE) | August 3, 2022
Portsmouth, NH - As seen in the recently released Q2 2022 Canada Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the quarter the total construction pipeline in Canada stands at 261 projects/35,662 rooms, up 3% by projects year-over-year (YOY) and up 7% by rooms YOY. During the first half of the year, Canada’s tourism and hospitality sector saw an increasing number of domestic and international visitors comparable to those seen since the on-set of the pandemic. While larger group demand has been slow to return, smaller group, meetings, and leisure activity is on the upswing in urban areas and popular touri...
Amsterdam’s Hotels Make Strong Recovery Following Extended COVID Travel Restrictions
HVS | August 3, 2022
03 August 2022, London: Despite Covid-related travel restrictions in The Netherlands being lifted in March 2022, somewhat later than in other European cities, Amsterdam’s hotel sector has made a strong recovery with year-to-May data indicating strong growth compared with the previous year. The duration of the strict measures imposed by the Dutch government throughout the pandemic resulted in little to no recovery in 2021, but with restrictions lifted visitation to the popular Dutch city quadrupled in the first five months of this year compared with 2021, although still 40% below pre-Covid levels of 2019. The average rate is seeing a r...
STR: U.S. Hotel Profitability Reached 32-Month High in June
STR | August 2, 2022
HENDERSONVILLE, Tennessee—U.S. hotel gross operating profit per available room (GOPPAR) reached its highest level since October 2019, according to STR‘s June 2022 P&L data release. GOPPAR: US$91.23 TRevPAR: US$226.10 EBITDA PAR: US$69.53 LPAR (Labor Costs): US$68.40 “Each of the key bottom-line metrics increased from May due to a rise in room rates as well as improved revenue from F&B and groups,” said Joseph Rael, STR’s senior director of financial performance. “Profit margins have held strong the past 12 months but have been slightly reduced recently due to rising wages and costs. Hotels hav...
AHLA Foundation Issues 2022 Report on Diversity of Hotel Industry’s Public Company Boards
The AHLA Foundation | August 2, 2022
WASHINGTON (August 2, 2022) – The American Hotel & Lodging Foundation (AHLAF) – a philanthropic organization that aims to elevate, educate and empower the hospitality workforce – today released the 2022 “Diversity of Hospitality Industry Public Boards” research report. Aiming to create an industry “as diverse as the guests we serve,” this research aligns with AHLA’s 5-year, $5 million commitment to advance DE&I across the hospitality arena. The research findings represent data about hospitality industry public company boards after reviewing 30 companies and 262 board members. They reviewed 10-k filings on corporat...
India Emerges as the Global Leader in Travel in 2022 as per Travel Lifestyle Network Survey
Travel Lifestyle Network | August 2, 2022
August 2, 2022, New Delhi: India leads Asia-Pacific in its intent to travel in the second half of 2022 with 50% Indians expressing the desire to spend more money on booking a vacation in the world’s largest survey of travel intentions from Travel Lifestyle Network (TLN) in a post-pandemic setting. While international travel still remains a point of contention among many, with only 15% respondents willing to travel abroad, 29% people are planning to vacation in India . India emerged as the global leader in domestic travel with 24% people undertaking at least one vacation every month, for which the global average stands at 11%. The country is...
Lodging Econometrics Releases Q2 2022 United States Construction Pipeline Trend Report
Lodging Econometrics (LE) | August 2, 2022
August 2, 2022 – PORTSMOUTH, NH In the recently released Q2 2022 United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the franchise company leading the United States hotel construction pipeline is Marriott International with 1,355 projects/167,034 rooms, up 4% by projects year-over-year (YOY). Next is Hilton Worldwide with 1,312 projects/147,780 rooms, an 8% YOY increase, and InterContinental Hotels Group (IHG) with 789 projects/79,701 rooms, up 2% by projects YOY. Current construction projects with these three franchise companies comprise 66% of the projects and 64% of the rooms in the total U.S. construction...
HVS Monday Musings: Indian Hotel Sector – 1H2022 Performance Review
Mandeep S. Lamba | August 1, 2022
By Mandeep S Lamba and Dipti Mohan The Indian hotel sector made steady progress in the first half of the calendar year 2022 (1H2022). Nationwide occupancy was in the 56-58% range, 21-23 percentage points (pp) higher than 1H2021, and only 8-10 pp lower than 1H2019. The strong recovery in demand is driving steady increases in average room rates, with hotels, particularly in the leisure sector, outperforming their pre-pandemic average rates. Commercial markets are also gradually improving as corporate travel and large-ticket conferences and events return. As a result, the country’s average rates in 1H2022 were 44-46% higher than 1H2021,...
For the Fourth Consecutive Quarter, Dallas Leads the U.S. Hotel Construction Pipeline at the Close of Q2 2022
Lodging Econometrics (LE) | August 1, 2022
August 1, 2022 – PORTSMOUTH, NH In the recently released Q2 2022 United States Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the second quarter, the top five markets with the largest hotel construction pipelines are Dallas, with a record-high count of 173 projects accounting for 20,707 rooms; Atlanta, with 140 projects/18,131 rooms; Los Angeles, with 124 projects/20,365 rooms; New York, with 113 projects/19,238 rooms; and Phoenix, with 108 projects/14,964 rooms. According to LE analysts, many major markets and popular U.S. tourist destinations have seen a significant increase in demand throughout the f...
Canada Hotels Post Best Performance of the Pandemic-Era
STR | July 28, 2022
HENDERSONVILLE, Tennessee—Canada’s hotel performance was the highest of the pandemic-era, with monthly hotel room rates reaching an all-time high, according to STR’s June 2022 data. June 2022 (percentage change from June 2019) Occupancy: 71.7% (-2.8%) Average daily rate (ADR): CAD197.87 (+8.8%) Revenue per available room (RevPAR): CAD141.97 (+5.7%) In addition to the highest ADR level on record, the June RevPAR level was the country’s highest since August 2019, while occupancy was its highest since September 2019. “June was an exceptional month for Canada hotels, with RevPAR exceeding 2019 levels for the first t...
STR: U.S. Hotel Results for Week Ending 23 July
STR | July 28, 2022
HENDERSONVILLE, Tennessee—U.S. hotel performance improved from the previous week, and revenue per available room (RevPAR) reached an all-time high on a nominal basis, according to STR‘s latest data through 23 July. 17-23 July 2022 (percentage change from comparable week in 2019*): Occupancy: 72.8% (-6.0%) Average daily rate (ADR): US$158.79 (+16.4%) Revenue per available room (RevPAR): US$115.59 (+9.3%) In addition to the weekly RevPAR level, occupancy was the highest since early August 2019. Among the Top 25 Markets, Orlando reported the only occupancy increase over 2019 (+2.2% to 81.8%). San Diego (87.1%),...
As Travel Returns, U.S. Hotel Construction Pipeline Growth Follows
Lodging Econometrics (LE) | July 27, 2022
July 27, 2022 – PORTSMOUTH, NH According to the recently released United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the total U.S. construction pipeline stands at 5,220 projects/621,268 rooms at the close of 2022’s second quarter, up 9% Year-Over-Year (YOY) by projects and 4% YOY by rooms. At Q2 ‘22, there are 965 projects/130,914 rooms currently under construction, down 17% YOY by projects and 18% YOY by rooms. Projects scheduled to start in the next 12 months, at 2,009 projects/232,163 rooms, are up 9% YOY by projects and 9% YOY by rooms. Projects and rooms in early planning reached a record high i...
