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
Wynn Resorts, Limited Reports First Quarter 2020 Results
| May 7, 2020
LAS VEGAS--May 7, 2020--Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended March 31, 2020. Operating revenues were $953.7 million for the first quarter of 2020, a decrease of 42.3%, or $697.8 million, from $1.65 billion for the first quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $402.0 million, or $3.77 per diluted share, for the first quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $104.9 million, or $0.98 per diluted share, in the first quarter of 2019. Adjusted Property EBITDA (1) was $(5.3) million for the first quarter of 20...
Hyatt Reports First-Quarter 2020 Results
Hyatt | May 7, 2020
RevPAR Decline of 28% Due to COVID-19 Pandemic; Net Rooms Growth of Over 6% CHICAGO (May 7, 2020) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first-quarter 2020 financial results. Net loss attributable to Hyatt was $103 million, or $1.02 per diluted share, in the first quarter of 2020, compared to net income attributable to Hyatt of $63 million, or $0.59 per diluted share, in the first quarter of 2019. Adjusted net loss attributable to Hyatt was $35 million, or $0.35 per diluted share, in the first quarter of 2020, compared to Adjusted net income attributable to Hyatt of $48 million, or $0.45 per diluted ...
Hilton Reports First Quarter 2020 Results
Hilton | May 7, 2020
MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its first quarter 2020 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic had on Hilton's business, the effects of which were not significant until March 2020. Highlights include: Diluted EPS was $0.06 for the first quarter, and diluted EPS, adjusted for special items, was $0.74 Net income was $18 million for the first quarter Adjusted EBITDA was $363 million for the first quarter System-wide comparable RevPAR decreased 22.6 percent on a currency neutral basis for the first ...
IHG – First Quarter Trading Update to 31 March 2020
IHG | May 7, 2020
Highlights Group Q1 comparable RevPAR1 down 24.9%; March down 55%; April expected to be down around 80% ~15% (~1,000 hotels) of the estate closed as at the end of April; ~10% (~440 hotels) in the Americas, ~50% (~560 hotels) in EMEAA and ~2% (10 hotels) in Greater China Occupancy levels in comparable open hotels in the low-to-mid 20% range 4.6% YoY net system size growth to 882k rooms 6k rooms opened, including 1k in March Signed 14k rooms (104 hotels) in the quarter, including 4k in March, taking the pipeline to 288k rooms Delivering on our cost reduction and cash conservation actions across the System Fund and Fee Bus...
STR: Canada Hotel Results for Week Ending 2 May
STR | May 7, 2020
HENDERSONVILLE, Tennessee—Showing further COVID-19 impact, the Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 26 April through 2 May 2020, according to data from STR. In comparison with the week of 28 April through 4 May 2019, the industry reported the following: Occupancy: -75.8% to 16.6% Average daily rate (ADR): -37.5% to CAD101.69 Revenue per available room (RevPAR): -84.9% to CAD16.91 Among the provinces and territories, Newfoundland and Labrador experienced the largest decline in occupancy (-87.8% to 6.8%). British Columbia posted the steepest ...
COVID-19 Webinar Summary: 5 Key Points on U.K. & Ireland, 24 April
STR | April 27, 2020
Knowing you might not have time to watch our full webinars, we’re pleased to continue our series of COVID-19 webinar summaries. In this latest edition, we talk performance in the Regional U.K. as well as business on the books in London and Europe recovery forecast. Regional U.K. occupancy drops as number of cases increase Occupancy has been decreasing as the number of COVID-19 cases rises in the Regional U.K. Occupancy started to decrease before government measures to combat the spread of COVID-19 due in part to travel restrictions in other countries. Strong demand on the books in Edinburgh and Glasgow E...
Global Hotel Profit Rocked by COVID-19
HotStats | April 27, 2020
In the first analysis of full profit-and-loss performance since the COVID-19 pandemic swept through the global hospitality industry, March was expectedly a brutal month, with the U.S., Europe, Asia and Middle East all recording year-over-year profit drops of 100% or more, according to HotStats data, as the virus’ spread continued unabated, all but shutting down travel. To date, there are more than 2.7 million cases of COVID-19 globally, a third of which are in the U.S., where hotel performance predictably nosedived in March, after a mostly banal February. Gross operating profit per available room (GOPPAR) was down 110.6% YOY to $-12.7...
COVID-19 “The Hefty Guest”
Hala Matar Choufany | April 23, 2020
And… Suddenly, while we were projecting growth in the MEA region and applauding the ongoing efforts of governments in developing further the tourism infrastructure, improving accessibility, attracting local and foreign investments and easing off travel restrictions, we wake up to a new reality, a serious and destructive threat, and a force that is beyond imagination that will shape our future. An unexpected hefty guest checks-in that will undoubtedly leave behind significant losses and a drastic change to the traditional travel and tourism landscape. As we digest the current changes, adapt to the new norms of confining to the borders ...
The Impact of COVID-19 on Hotel Occupancy Levels in Athens and Thessaloniki
Pavlos Papadimitriou | April 23, 2020
By Pavlos Papadimitriou, Nana Boussia Introduction Imagine for a minute you are a hotel investor seeking after promising opportunities into developing destinations that you consider they have untapped potential. Looking back at the period 2012-19, Greek tourism was breaking one record after another. Following a nadir of 21 million that was caused to a great extent by the rumors about Greece’s potential economic default and the consequent negative publicity accompanied by political instability back in 2012, foreign tourist arrivals have been constantly growing since then at a Compound Annual Growth Rate of 8.4% to reach 37 million in 2...
COVID-19 Webinar Summary: 5 Key Points on Latin America
STR | April 23, 2020
STR remains committed to keeping the hospitality industry updated on the impact of the COVID-19 pandemic, and our webinar series will provide in-depth updates on world regions around the globe. However, if you are unable to watch the full recording during this stressful time, you can find a summary of key points below. Peru occupancy reflects government measures to combat the spread of COVID-19 Peru was one of the first countries in the region to implement measures to combat the spread of COVID-19. The country’s year-over-year occupancy declines eased slightly during the first week of April due to an influx of medical workers and firs...
Is the German Hotel Market Poised to Be One of the Fastest in Europe to Recover From COVID-19?
Arlett Hoff | April 23, 2020
By Arlett S. Hoff A Short Outline of the Pandemic Response in Germany The 2019-20 coronavirus pandemic was confirmed to have reached Germany on 27 January 2020, when the first COVID-19 case brought in by a Chinese visitor at Webasto was confirmed and contained near Munich, Bavaria. The majority of cases in January and early February originated from the headquarters of a car parts manufacturer there. On 25 and 26 February, multiple cases related to the Italian outbreak were detected in Baden-Württemberg. A large cluster linked to a Carnival event was formed in Heinsberg, North Rhine-Westphalia, with the first death reported on 9 March 2020....
Impacts of COVID-19 on the Boston and Cambridge Hotel Industry
| April 22, 2020
For 2019, Pinnacle Advisory Group estimated that Boston and Cambridge hotels generated nearly $2 billion in rooms revenue, based on a total supply of nearly 25,700 rooms, an average occupancy of 81.4 percent and an average daily rate (ADR) of $259. Over 13,300 people are employed in the hotel industry sector in Boston and Cambridge. Due to the pandemic and the stay-at-home requirements starting in March of this year, demand for hotel rooms has dropped precipitously, with many hotels closing completely and others only renting rooms to essential workers, often at discounted rates. According to the Pinnacle Perspective, Revenue Per Available ...
How COVID-19 Has Affected Intentions to Travel and Perceptions in Key Global Markets
STR | April 22, 2020
COVID-19’s impact on consumer opinion and behavior seemed to evolve daily throughout March, especially with the World Health Organization (WHO) declaring a global pandemic on the 11th. To understand the effects on sentiment and future international travel plans, STR captured the views of travelers across 4 key markets: the U.S., Canada, U.K. and Australia. These four English-speaking markets make up a significant portion of global tourism receipts—20% or US$338 billion. Given these countries’ importance in the global travel industry—collectively, they account for some 462 million consumers—we examined March 2020 reactions to the ...
STR: U.S. Hotel Construction Hit All-Time High in March
STR | April 20, 2020
HENDERSONVILLE, Tennessee—The U.S. hotel industry recorded 214,704 rooms under construction in March 2020, the highest end-of-month total ever reported by STR. The industry’s previous construction peak occurred in December 2007 with 211,694 hotel rooms in construction. That level was slightly surpassed in February 2020 at 211,859 rooms in the final phase of the development pipeline. “The number of rooms in construction will likely remain high, just as it did during the pre-recession peak,” said Jan Freitag, STR’s senior VP of lodging insights. “Because of the coronavirus pandemic, the industry is no longer operating in a rec...
Impact of COVID-19 on Los Angeles & Southern California Hotel Markets
Luigi Major | April 20, 2020
By Luigi Major Since December 2019, outbreaks of coronavirus (COVID-19) have led to global economic disruptions as cities and countries attempt to slow the spread of the disease by implementing lockdowns and social distancing measures. At the time of publishing this article, the number of cases in the United States and California exceeded 680,000 and 28,000, respectively. The federal government, along with state and local governments, has implemented restrictions to slow the spread of the disease, including stay-at-home or shelter-in-place orders. Major events have been canceled, and travel has been curtailed to “essential business” on...
HVS Hotel Transaction Activity: The Factors Influencing a Return to Normalcy in a Post-COVID-19 Time
Drew Noecker | April 17, 2020
By Drew Noecker As a result of the current COVID-19 pandemic, the HVS Team has received many questions about when U.S. hotel transaction volume will return to reasonable, pre-pandemic levels. While we do not have a definite answer, as this circumstances are evolving daily, we have tried to use past events to provide some insight on the factors that would affect a possible rebound. April 14, 2020 – Updated Transaction Data Source: Real Capital Analytics, 4/14/2020 | www.rcanalytics.com In line with the table above, we see the anticipated volume declining because of COVID-19. The year-over-year individual property transaction volume ...
Operating Performance at Low Occupancy Levels
Robert Mandelbaum | April 17, 2020
By Robert Mandelbaum Since January 2020, CBRE Hotels Research has been analyzing the impact of the COVID-19 virus to understand how the societal and economic impacts of COVID-19 will influence the performance of U.S. hotels. Initial guidance came in the form of updated Hotel Horizons® forecasts of occupancy, ADR, and RevPAR for the nation’s chain-scales, location categories, and 60 major markets. Concurrently, we relied on the historical relationship between declines in RevPAR to estimate the potential decreases in profits. For example, a 20 percent decline in RevPAR for a full-service hotel during 2009 resulted, on average, in a...
STR: U.S. Hotel Results for Week Ending 11 April
STR | April 15, 2020
HENDERSONVILLE, Tennessee—Reflecting the continued impact of the COVID-19 pandemic, the U.S. hotel industry reported significant year-over-year declines in the three key performance metrics during the week of 5-11 April 2020, according to data from STR. In comparison with the week of 7-13 April 2019, the industry recorded the following: Occupancy: -69.8% to 21.0% Average daily rate (ADR): -45.6% to US$74.18 Revenue per available room (RevPAR): -83.6% to US$15.61 “There was not much of a change from last week. As we’ve noted, RevPAR declines of this severity are our temporary new normal,” said Jan Freitag, STR’s seni...
The Impact of COVID-19 on Hotel Values
Anne R. Lloyd-Jones | April 15, 2020
By Anne R. Lloyd-Jones, Suzanne R. Mellen, Tanya J. Pierson The COVID-19 pandemic and the related restrictions on travel, business activity, and individual movement are having an unprecedented impact on our industry and economy. Hotel owners, operators, lenders, and investors are all facing greater challenges than ever anticipated, as they grapple with plummeting occupancy, average rate (ADR), and RevPAR and seek solutions to mitigate the impact on EBITDA. Owners and operators are dealing with the current crisis day-to-day, making hard decisions regarding staffing, continuing or suspending operations, and having difficult conversations w...
STR: Colombia’s Daily Hotel Occupancy Sinks to 3.9%
STR | April 14, 2020
BOGOTÁ—As the COVID-19 pandemic in Colombia has worsened, the country’s daily hotel occupancy decreased to as low as 3.9% on 29 March, according to preliminary data from STR. “Daily occupancy in the country was as high as 77.8% on 19 February, but a sharp downward trend began as the number of confirmed COVID-19 cases grew and the government declared a state of emergency on 17 March,” said Patricia Boo, STR’s area director for Latin America. “The numbers are truly astonishing as STR’s most recent data for the country showed that just four of 100 rooms on average were occupied.” At the market-level, significant downwa...
Q1 2020 Major U.S. Hotel Sales Survey
Daniel Lesser | April 13, 2020
By Daniel Lesser During the early part of February 2020, LW Hospitality Advisors (LWHA) released its Year End 2019 Major U.S. Hotel Sales Survey with the following conclusion: “While the near-term outlook for the U.S. lodging industry remains positive fundamentals, given myriad of global and domestic issues that can rapidly develop into full blown crises, short term future industry performance is fragile. With this said, so long as U.S. economic expansion endures, the outlook for lodging fundamentals will remain positive resulting in continued deployment of domestic and foreign investment, and institutional capital into single assets ...
AHLA Supports Plan to Add Funds For Small Business Loans, Seeks Additional Action to Protect Hotel Jobs
AHLA | April 9, 2020
AHLA CEO says additional funding and further action needed by the Administration and Congress to save millions of hotel jobs and tens of thousands of small business hotels at risk WASHINGTON (April 8, 2020) – The American Hotel & Lodging Association (AHLA) today expressed support for plans by Senate Majority Leader Mitch McConnell and Speaker Nancy Pelosi to provide an additional $250 billion in loans for small businesses. In a letter sent to Congressional leadership today, AHLA urged Congress to make several updates to the CARES Act in addition to increasing the funding. AHLA also sent an urgent letter to the Federal Reserve and ...
Recovery From Covid-19 in Spain
Sophie Perret | April 7, 2020
By Sophie Perret Half of all global tourism arrivals historically come to Europe; and, within Europe, Spain enjoys a disproportionate share of this visitation, with more than 80 million visiting the country yearly. Whilst the COVID-19 pandemic ravages Europe and takes a particularly heavy toll in Spain, it is important to evaluate how the reliance of this country on international visitation might shape the recovery of its two main urban markets once the pandemic subsides. The reliance on international demand has historically allowed hotel markets to yield room rates to a greater extent than is the case when demand is mostly domestic. Fo...
Boston & Cambridge Lodging Market: COVID-19 and Its Impact on Supply
Sebastian Colella | April 6, 2020
Pinnacle has revised projections for 2020 supply change in the Boston & Cambridge lodging market from +3.8% to now -14.4%. By Sebastian J. Colella Life across the United States has changed dramatically in the last four weeks. In Boston, and almost every other city in the country, hotel owners and operators have been forced to make the difficult decision to close temporarily while the country attempts to slow and contain the spread of COVID-19. In Massachusetts those decisions were partially made for them on March 31st. Governor Baker extended his order closing non-essential businesses in Massachusetts through May 4th. This exten...
