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
Summer Olympics Drove Paris Room Rates to All-Time Highs
CoStar Group | August 21, 2024
WASHINGTON – 21 August 2024 – The Summer Olympic Games drove Paris hotel average daily rate (ADR) to an all-time high, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. The highest ADR was seen on opening night (Friday, 26 July) at EUR876.26, with the following four nights also registering room rates above EUR800. Room rates stayed above EUR700 for the remainder of the event period. Paris’ previous nightly ADR high (EUR622) was seen in June 2023. Revenue per available room (RevPAR) also reached a record high on the night of the opening...
U.S. Hotel Performance for July 2024
CoStar Group | August 21, 2024
WASHINGTON – 21 August 2024 – The U.S. hotel industry reported mostly flat performance comparisons year over year, according to July 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. July 2024 (percentage change from July 2023): Occupancy: 68.8% (-0.5%) Average daily rate (ADR): US$161.69 (+0.5%) Revenue per available room (RevPAR): US$111.18 (flat) Among the Top 25 Markets, Oahu Island experienced the highest levels in each of the three key performance metrics: occupancy (+4.5% to 88.3%), ADR (+1.4% to US$310.46) and RevPAR ...
Texas Hotel Investment Hotspots: Top Markets To Watch in 2024
Andrew Frosch | August 21, 2024
Texas has continued to grow into a top destination for hotel owners who want to expand their portfolio as a result of its strong economy, consistent population growth, vibrant tourist attractions, and diverse markets. Key cities in Texas include Houston, Dallas-Fort Worth Metroplex, Austin, and San Antonio, while the state’s emerging markets are secondary cities/towns around these cities that are often overlooked by hotel investors. This article examines the top cities within Texas in terms of revenue per available room (RevPAR) and provides expert insight into the most attractive and often overlooked submarkets for prospective hotel inv...
U.S. and China Account for 64% of Worldwide Hotel Projects in the Pipeline at Q2 2024
Lodging Econometrics | August 21, 2024
August 21, 2024 – PORTSMOUTH, NH Lodging Econometrics' (LE’s) Q2 2024 Global Construction Pipeline Trend Report states that the total pipeline ascended to a record-high 15,453 projects with 2,395,726 rooms, up 6% by projects year-over-year (YOY) and 4% by rooms. Worldwide, at the close of the second quarter, there are 6,265 projects/1,115,989 rooms under construction, up 2% by projects and 1% by rooms YOY. Projects and rooms scheduled to start construction in the next 12 months grew 8% YOY to close the quarter at 3,972 projects/545,764 rooms. Projects in the early planning stage continue to grow, with a 10% increase in projects and ...
Cloud, AI and Big Data Trending Themes in Hiring in Q2 2024, Reveals GlobalData
GlobalData | August 20, 2024
Job postings increased by 7.3% YoY Cybersecurity and big data were the other noteworthy themes RTX, Cargill, LVMH, and JPMorgan Chase & Co top recruiters The global job market dynamics in the second quarter (Q2) of 2024 revealed a positive year-on-year (YoY) trend, despite layoffs by major companies like Google LLC, Nestle SA, Ford Motor Co, NIKE Inc, Amazon.com Inc, and Walmart Inc. Meanwhile, travel and tourism, foodservice, and retailing saw significant YoY growth in job postings during the quarter. Key technology themes driving hiring trends included cloud, artificial intelligence (AI), big data, cybersecurity, and eco...
Luxury Projects Dominate as Middle East Hotel Pipeline Expands Slightly YOY
Lodging Econometrics | August 20, 2024
August 20, 2024 – PORTSMOUTH, NH The Q2 2024 Middle East Hotel Construction Pipeline Trend Report from Lodging Econometrics reveals that hotel construction projects in the region have reached 607 projects with 147,088 rooms at the quarter's close. This represents a 2% increase in projects year-over-year, while room numbers are up less than one percent YOY. As of Q2, 300 projects with 80,867 rooms are currently under construction throughout the Middle East. Projects scheduled to start construction in the next 12 months have seen a significant rise YOY, with 145 projects and 34,706 rooms, marking a 42% YOY increase in projects and a 45%...
U.S. Hotel Results for Week Ending 10 August
CoStar Group | August 15, 2024
WASHINGTON – 15 August 2024 – The U.S. hotel industry reported positive comparisons year over year, according to CoStar’s latest data through 10 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 4-10 August 2024 (percentage change from comparable week in 2023): Occupancy: 68.7% (+0.5%) Average daily rate (ADR): US$159.49 (+1.4%) Revenue per available room (RevPAR): US$109.51 (+1.9%) Among the Top 25 Markets, Houston saw the highest year-over-year increases in occupancy (+31.1% to 76.3%) and RevPAR (+47.2% to US$93.89). Chicago pos...
LE Forecasts Over 1,100 New Hotels to Open in Europe by 2026
Lodging Econometrics | August 15, 2024
August 15, 2024 – PORTSMOUTH, NH In the Q2 2024 Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report the region’s total pipeline stands at 1,680 projects/249,454 rooms at the quarter’s close. Hotel projects currently under construction in Europe at Q2 stand at 755 projects/117,908 rooms, representing 45% of the projects and 47% of the rooms in the total pipeline. Projects planned to start construction in the next 12 months account for 412 projects/59,850 rooms, making up 25% of the projects and 24% of the rooms. Projects in the early planning stage comprise 513 projects/71,696 rooms, acco...
CBRE Hotels Adjusts Outlook for 2024 Due to Economic Conditions, Predicts Modest U.S. RevPAR Growth
CBRE Group, Inc. | August 15, 2024
Dallas – August 15, 2024 – CBRE is reducing its forecast for U.S. hotel performance this year, as lodging demand softens due to weaker-than-expected leisure travel and slowing corporate profit growth. CBRE now projects a 1.2% increase in revenue per available room (RevPAR) growth for 2024, down from the 2.0% estimated in May 2024. Nevertheless, CBRE anticipates 2% year-over-year growth in RevPAR in the second half of 2024, up from 0.5% year-over-year growth in the first half, driven by international tourism and election-related events. CBRE forecasts GDP growth of 2.3% and average inflation of 3.2% in 2024. The performance of the lod...
Berlin Hotel Room Rates Jumped During an Eventful July
CoStar Group, Inc. | August 14, 2024
WASHINGTON – 14 August 2024 – Boosted by three key events, Berlin’s hotel industry posted its highest July levels in average daily rate (ADR) and revenue per available room (RevPAR), according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. July 2024 (year-over-year % change): Occupancy: 77.9% (-0.1%) ADR: EUR136.94 (+17.3%) RevPAR: EUR106.73 (+17.2%) The 14 July final of the UEFA European Football Championship between Spain and England pushed the market’s ADR to EUR353.56 (+171.4% year over year) and RevPAR to E...
The Continued Evolution of Newark, New Jersey
Patricia Shih | August 14, 2024
By Patricia Shih Newark, the largest city in New Jersey, has been undergoing gradual revitalization efforts during the last roughly 15 years. Newark has been gaining recognition given the ease of access to Manhattan and within New Jersey, the newly renovated Newark Liberty International Airport, and waterfront areas along the Passaic River and Newark Bay. Newark continues to redefine itself, while addressing affordable housing and homelessness challenges. Newark, New Jersey Photo Courtesy of NJBIZ Newark comprises five districts, known as wards: East, West, South, North, and Central. The majority of the wards consist of residentia...
ITA Data Release: International Visitors Spent $21.2 Billion in June 2024
National Travel and Tourism Office | August 13, 2024
Data recently released by the National Travel and Tourism Office (NTTO) show that in June 2024: International visitors spent $21.2 billion on travel to, and tourism-related activities within, the United States during the month of June, an increase of more than 14 percent compared to June 2023. Conversely, Americans spent more than $20.8 billion traveling abroad during June, yielding a slight balance of trade surplus of $360 million for travel and tourism-related goods and services. International visitors have spent nearly $126.2 billion on U.S. travel and tourism-related goods and services year to date (January through June 20...
STR, TE Maintain 2024-25 U.S. Hotel Forecast
STR | August 8, 2024
NASHVILLE – STR and Tourism Economics made slight adjustments to the 2024-25 U.S. hotel forecast just released at the 16th Annual Hotel Data Conference. For 2024, projected gains in average daily rate (ADR) were downgraded 0.1 percentage points, while revenue per available room (RevPAR) was held steady at +2.0% year over year. Occupancy for the year was upgraded 0.2 ppts, after the previous forecast projected a year-over-year decline in the metric. For 2025, the occupancy growth projection was also lifted (+0.2ppts), while the forecast for ADR and RevPAR increases were kept at +2.0% and +2.6%, respectively. “Midscale and Eco...
U.S. Hotel Results for Week Ending 3 August
CoStar Group | August 8, 2024
WASHINGTON – 8 August 2024 – The U.S. hotel industry reported slightly positive comparisons year over year, according to CoStar’s latest data through 3 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 28 July through 3 August 2024 (percentage change from comparable week in 2023): Occupancy: 69.4% (+0.8%) Average daily rate (ADR): US$159.63 (+0.6%) Revenue per available room (RevPAR): US$110.84 (+1.3%) Among the Top 25 Markets, Houston saw the highest year-over-year increases in occupancy (+28.1% to 75.8%) and RevPAR (+45.7% to US$93.88...
May 2024 Total International Travel Volume To and From the United States
International Trade Administration | August 8, 2024
Outbound Travel Departures from the United States by U.S. Citizens Totaled 9,265,840 in May 2024, an Increase of 9.7 percent Compared to May 2023 Data recently released by the National Travel and Tourism Office show that in May 2024, International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 6,068,711 increased +12.7 percent compared to May 2023 and represented 90.5 percent of the pre-COVID total visitor volume reported for May 2019. Overseas visitor volume to the United States of 3,042,475 increased +17.5 percent from May 2023. May 2024 was the thirty-e...
Madrid Market Pulse 2024 – Smashing the Rate Ceiling
Cassandre Pene | August 7, 2024
As the capital of Spain, Madrid holds a prominent position as a cultural, economic and political hub in Europe. Its rich history, vibrant arts scene, world-renowned culinary offerings as well as its many corporate head offices and financial institutions attract a diverse range of visitors, including both leisure travellers and business professionals. Additionally, Madrid's strategic location within Spain and its well-connected transportation infrastructure, including its international airport and high-speed rail services, facilitate easy access for both domestic and international travellers. The city's tourism sector, which was heavily impact...
In Canada, Lodging Econometrics Reports a 54% Increase in Projects Under Construction at Q2 2024
Lodging Econometrics ( | August 7, 2024
August 7, 2024 – PORTSMOUTH, NH The Q2 2024 Canada Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) reveals that at the close of the quarter, there are 322 projects/40,297 rooms in the country’s total pipeline. These record-high project and room counts represent a 17% increase in projects and an 8% increase in rooms year-over-year (YOY). There continues to be a swell of projects under construction in Canada, up an impressive 54% by projects and 51% by rooms YOY, with 80 projects/10,603 rooms at the Q2 close. Projects scheduled to start construction in the next 12 months, at Q2, stand at 80 projects/9,249 rooms...
Dubai Welcomes a Record 9.31 Million Visitors in the First Half of 2024
Dubai Department of Economy and Tourism | August 2, 2024
National, 2nd August 2024: Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9% increase over the 8.55 million tourist arrivals in the first half of 2023, according to data published by Dubai Department of Economy and Tourism (DET). Following a landmark 2023, when the city hosted 17.15 million international overnight visitors, Dubai maintained its robust tourism momentum into the first six months of this year, putting the city on track for a record performance in 2024. Driven by DET’s efforts in collaboration with stakeholders and partners, the growth in international visitation aligns with the ove...
U.S. Hotel Results for Week Ending 27 July
CoStar Group | August 2, 2024
WASHINGTON – 2 August 2024 – The U.S. hotel industry reported lower performance results than the previous week and mixed comparisons year over year, according to CoStar’s latest data through 27 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 21-27 July 2024 (percentage change from comparable week in 2023): Occupancy: 72.0% (-0.4%) Average daily rate (ADR): US$164.45 (+1.3%) Revenue per available room (RevPAR): US$118.37 (+0.9%) Among the Top 25 Markets, New Orleans saw the highest year-over-year occupancy increase (+16.9% to 66.7%). ...
Lodging Econometrics: Dallas Continues to Lead U.S. Construction Pipeline
Lodging Magazine | August 2, 2024
According to the recent Q2 2024 United States Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the quarter, the five markets with the largest hotel construction pipelines were led by Dallas with 189 projects, just four projects shy of its record-high at the end of Q4 2023 and a new record-high 22,392 rooms. Atlanta followed with a record-high 159 projects/18,522 rooms, then the Inland Empire with a record-high 124 projects/12,569 rooms, Nashville with 123 projects/15,924 rooms, and Phoenix with 120 projects/15,627 rooms. Ten states claim 60 percent of the rooms in the pipeline: Texas, California, Florida...
Recent Challenges Faced by the Monterey County Lodging Market
Curtis Herbolich | August 2, 2024
Similar to other resort destinations in California, Monterey County was initially affected by the COVID-19 pandemic; however, the economic effects in 2020 were somewhat minimized by the market’s proximity to the San Francisco Bay Area. Monterey’s appeal as a picturesque, lower-density, drive-to destination drew significant interest from those seeking refuge from urban centers during the pandemic. According to STR, Monterey County experienced a faster rebound across all hotel performance metrics in 2021 than the San Francisco Bay Area, driven by a surge in demand for outdoor leisure attractions, such as Pebble Beach Golf Resorts, Big...
Mobile First: Brit Smartphone Hotel Bookings Overtake Desktop for the First Time
SHR | August 1, 2024
UK, 1 August 2024 – Brits are now making more hotel bookings on mobile devices than desktops for the first time, new research from SHR reveals1. The hotel technology specialist found that mobile bookings have overtaken desktop for UK staycations, with more than half of bookings (51.3%) made on a smartphone device over the last year – a 6.1% increase from the previous year. This shows how consumers are becoming far more comfortable booking travel on mobile devices, thanks in large part to the volume of information and seamless booking experience now available on all platforms. Desktop bookings have decreased by 3.8%, now ac...
Euro Hosts Stand Out as 64% of Global Hotel Markets Outperformed 2023
CoStar Group | July 30, 2024
Analysis by Eddie Yeung Note: All financial figures presented in US$. STR's global "bubble chart" update for the four weeks ending 20 July 2024 shows 64% of markets with year-over-year growth in revenue per available room (RevPAR). That percentage was similar to our previous global market update. Among countries with 50,000 rooms and adequate hotel reporting levels, Greece, Singapore, Switzerland, France, and Italy— the same countries as the last update—posted the highest RevPAR on an actual basis. Notably, Greece recorded high growth rate RevPAR (+13%) thanks to substantial ADR growth (+23%). In contrast, France continu...
Americans Committed to Travel Are Embarking on “Justi-Vacations” Despite Budget Constraints
Allianz Partners | July 30, 2024
Allianz Partners USA's 16th Annual Vacation Confidence Index Reveals Confidence in Taking a Vacation in 2024 Reaches All Time High RICHMOND, Va., July 30, 2024 -- Confidence in taking an annual vacation has never been higher as new consumer data illustrates Americans' desperation to find ways to travel, as revealed by Allianz Partners USA's 16th Annual Vacation Confidence Index*. The travel insurance and assistance company's latest survey found that 68% of Americans are confident in taking a vacation sometime in 2024, marking the highest point since research began in 2009. When it comes to commitment to getting away, younger tr...
