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
U.S. Hotel Results for Week Ending 29 June
CoStar Group | July 3, 2024
WASHINGTON – 3 July 2024 – The U.S. hotel industry reported higher performance results from the previous week and positive comparisons year over year, according to CoStar’s latest data through 29 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 23-29 June 2024 (percentage change from comparable week in 2023): Occupancy: 71.9% (+3.2%) Average daily rate (ADR): US$162.81 (+3.6%) Revenue per available room (RevPAR): US$117.13 (+6.9%) Among the Top 25 Markets, Minneapolis saw the highest year-over-year increases in each of the three key performa...
Sports and Conventions Support Hotel Industry in Cincinnati, OH
Brian Arevalo | July 2, 2024
Cincinnati is a significant hub of culture, commerce, and tourism in the Midwest. This dynamic metropolis boasts a rich tapestry of demand generators that fuel its hotel industry. From its renowned arts and music scene, highlighted by the Cincinnati Symphony Orchestra and a multitude of festivals, to its bustling business districts and expansive convention centers, the city attracts a diverse array of visitors year-round. Additionally, Cincinnati's historical landmarks, major sporting events, and burgeoning culinary landscape help draw a steady influx of leisure and business travelers alike. Convention Center Expansion The second largest ...
U.S. Hotel Results for Week Ending 22 June
CoStar Group | June 28, 2024
WASHINGTON – 28 June 2024 – The U.S. hotel industry reported lower performance results from the previous week and mixed comparisons year over year, according to CoStar’s latest data through 22 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 16-22 June 2024 (percentage change from comparable week in 2023): Occupancy: 69.5% (-2.5%) Average daily rate (ADR): US$159.88 (+0.1%) Revenue per available room (RevPAR): US$111.17 (-2.3%) Among the Top 25 Markets, Seattle saw the highest year-over-year increases in occupancy (+11.1% to 84.9%) and RevPAR...
Paris Hotel Booking Levels Nearing 80% for the Summer Olympics
COSTAR GROUP, INC. | June 27, 2024
WASHINGTON – 27 June 2024 – With one month until the start of the Summer Olympic Games, Paris hotel booking levels are nearing 80%, according to CoStar’s latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. A growth trajectory in occupancy on the books has accelerated in recent months, as levels were pacing just above 60% in April and at roughly 50% in February. As of 17 June, occupancy on the books is peaking at 77.8% on Saturday, 27 July, the night of 14 gold medal events. Opening night is a close second with occupancy on the bo...
Canada Hotel Industry Records Highest Performance Since September 2023
CoStar Group | June 24, 2024
WASHINGTON – 24 June 2024 – Canada’s hotel industry recorded its highest performance levels in eight months, according to CoStar’s May 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. May 2024 (percentage change from 2023): Occupancy: 69.0% (+0.2%) Average daily rate (ADR): CAD206.39 (+4.5%) Revenue per available room (RevPAR): CAD142.32 (+4.8%) “Improvement in Canada’s hotel room rates drove a RevPAR lift in May,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. “The occupancy lift, however, w...
International Visitors to the U.S. Spent $20.7 Billion in April 2024
National Travel and Tourism Office (NTTO) | June 24, 2024
Data recently released by the National Travel and Tourism Office (NTTO) show that in April 2024: International visitors spent more than $20.7 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 13 percent compared to April 2023 and surpassing pre-COVID levels of monthly spending realized in April 2019. Conversely, Americans spent more than $20.1 billion traveling abroad during April, the 37th consecutive month of growth, yielding a balance of trade surplus of $561 million for travel and tourism-related goods and services. International visitors have spent more than $83.3 billion ...
Nearly 71 Million People Expected To Travel Over July 4th Week
AAA | June 20, 2024
WASHINGTON, DC (June 20, 2024) – AAA projects 70.9 million travelers will head 50 miles or more from home over the Independence Day holiday travel period*. For the first time, AAA looked at the entire July 4th week, plus the Saturday before and the Sunday after the holiday. This year’s projected number of travelers for that time period is a 5% increase compared to 2023 and an 8% increase over 2019. “With summer vacations in full swing and the flexibility of remote work, more Americans are taking extended trips around Independence Day,” said Paula Twidale, Senior Vice President of AAA Travel. “We anticipate this July 4th week wi...
U.S. Hotel Performance Improved in May 2024 Compared to Previous Month
CoStar Group | June 20, 2024
WASHINGTON – 20 June 2024 – The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. May 2024 (percentage change from May 2023): Occupancy: 65.7% (+1.5%) Average daily rate (ADR): US$160.40 (+2.4%) Revenue per available room (RevPAR): US$105.46 (+4.0%) Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+5.8% to 88.9%), ADR (+6.3% to US$339.25) and RevPAR (+...
U.S. Hotel Results for Week Ending 15 June
CoStar Group | June 20, 2024
WASHINGTON – 20 June 2024 – The U.S. hotel industry reported higher performance results from the previous week but mixed comparisons year over year, according to CoStar’s latest data through 15 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 9-15 June 2024 (percentage change from comparable week in 2023): Occupancy: 70.3% (-0.6%) Average daily rate (ADR): US$161.70 (+0.9%) Revenue per available room (RevPAR): US$113.62 (+0.3%) Among the Top 25 Markets, San Francisco saw the highest year-over-year increases in occupancy (+17.0% to 79.4%), AD...
HITEC 2024 Spotlight on Hotel Development in Charlotte, NC
Lodging Econometrics | June 18, 2024
June 18, 2024 – PORTSMOUTH, NH Lodging Econometrics (LE) has released the Q1 hotel development data for the Charlotte, NC market ahead of the Hospitality Industry Technology Exposition and Conference (HITEC). The Q1 2024 LE Market Trend Report for the Charlotte market highlights that Charlotte has a total of 67 hotel projects and 7,772 rooms in the construction pipeline, positioning it fifteenth among the top 25 U.S. markets for the largest hotel construction pipeline by project count. Within the Charlotte market, at the close of the first quarter, hotels presently under construction stand at 11 projects/1,435 rooms. Projects sched...
Türkiye’s Travel & Tourism Sector Reached Record-Breaking New Heights Last Year
The World Travel & Tourism Council | June 13, 2024
London, UK: The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) has revealed Türkiye’s Travel & Tourism sector broke all records last year, reaching new milestones across four key metrics. In 2023, the sector contributed TRY 3.11TN to the economy, accounting for 12% of total GDP. This is a significant increase of almost 30% from the previous peak in 2019. The sector also supported more than 3.2MN jobs, representing one in 10 jobs across the country, and more than 18% above the 2019 high point. International and domestic visitor spending also exceeded their previous records, reaching TRY 1.68TN a...
May Events Pushed Berlin Hotel Performance
CoStar Group | June 13, 2024
WASHINGTON – 13 June 2024 – Helped by a number of events, Berlin hotels saw improved performance in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. May 2024 (year-over-year % change): Occupancy: 78.8% (+2.6%) Average daily rate (ADR): EUR133.90 (+6.0%) Revenue per available room (RevPAR): EUR105.57 (+8.7%) Berlin was the host of several events in May, including CWIEME Berlin, Carnival of Cultures, Desertfest Berlin, and the Global Business Summit. The market’s highest daily occupancy levels were...
U.S. Hotel Results for Week Ending 8 June
CoStar Group | June 13, 2024
WASHINGTON – 13 June 2024 – The U.S. hotel industry reported higher performance results from the previous week but mixed comparisons year over year, according to CoStar’s latest data through 8 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 2-8 June 2024 (percentage change from comparable week in 2023): Occupancy: 69.1% (-0.1%) Average daily rate (ADR): US$160.90 (+1.8%) Revenue per available room (RevPAR): US$111.26 (+1.7%) Among the Top 25 Markets, Houston saw the highest year-over-year increases in occupancy +14.8% to 71.1%) and RevPAR (...
Unique Factors Shaping the Buffalo Lodging Market
Christian Cross | June 13, 2024
As a border town, Buffalo has historically been heavily reliant on Canadian visitors and U.S. travelers stopping over en route to/from Canada for lodging demand. Based on a recent hotel market study and many hotel appraisals in the greater Buffalo-Niagara area I have performed, it is clear that traffic volume at the land crossings has an impact on these border markets. Below is a brief timeline of the changing restrictions for border crossings from 2020 until 2023. Key Dates for Border-Crossing Restrictions As the one-year anniversary recently passed since all COVID-19 border restrictions were lifted, I wanted to take a look at the co...
March 2024 Total International Travel Volume To and From the United States
NATIONAL TRAVEL AND TOURISM OFFICE (NTTO) | June 13, 2024
In March 2024, International Visitor Arrivals to the United States Totaled 5,893,360, an Increase of 12.6% Compared to March 2023 Outbound Travel Departures from the United States by U.S. Citizens Totaled 9,009,439 in March 2024, an Increase of 15.4% Compared to March 2023 Data recently released by the National Travel and Tourism Office (NTTO) show that in March 2024: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 5,893,360 increased +12.6% compared to March 2023 and represented 94.2% of the pre-COVID total visitor volume reporte...
Tokyo Room Rates Reached a New Peak in May
CoStar Group | June 12, 2024
WASHINGTON – 12 June 2024 – Tokyo’s hotel industry reported record-high average daily rate (ADR) and revenue per available room (RevPAR) in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. May 2024 (year-over-year % change): Occupancy: 78.4% (+4.2%) ADR: JPY 37,671.27 (+44.0%) RevPAR: JPY 29,529.07 (+50.0%) According to daily data, Tokyo’s occupancy levels peaked on Saturday, 25 May (89.1%), helped by a number of music events held in Tokyo Dome. The market recorded its highest RevPAR levels on the...
Madonna Concert Drove Rio de Janeiro’s Hotel Performance in May
CoStar Group | June 12, 2024
WASHINGTON – 12 June 2024 –Madonna’s final concert of her Celebration Tour pushed Rio de Janeiro’s hotel performance in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. May 2024 (year-over-year % change): Occupancy: 62.0% (+6.0%) Average daily rate (ADR): BRL729.06 (+19.9%) Revenue per available room (RevPAR): BRL452.14 (+27.2%) On Saturday, 4 May, Madonna wrapped her Celebration Tour with a free concert on Rio de Janeiro’s Copacabana Beach, which attracted over 1.6 million fa...
Saudi Arabia’s Travel & Tourism Breaks All Records
World Travel & Tourism Council | June 10, 2024
Last year, the sector grew by more than 32% to contribute a record-breaking SAR 444.3BN to Saudi’s GDP, representing 11.5% of the entire economy, exceeding previous record by almost 30%. London, UK: The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed a record-breaking year for Travel & Tourism in Saudi Arabia, with new records in GDP contribution, sector jobs and visitor spend. Saudi Arabia’s Travel & Tourism sector is now soaring past all previous records, testament to the country’s commitment to becoming a global tourism hot spot. Last year, the sector grew by more tha...
Travel & Tourism in China Set to Surpass Pre-Pandemic Levels This Year
The World Travel & Tourism Council | June 6, 2024
Beijing, China: The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed today that China’s Travel & Tourism sector is set to inject a record-breaking ¥12.62TN into the national economy by the end of this year. In partnership with Oxford Economics, a world leader in global economic forecasting, WTTC’s latest research shows that domestic travel spend is also set to reach new heights this year – expected to contribute ¥6.79TN into China’s economy in 2024. According to the global tourism body, employment in Travel & Tourism is expected to represent 10.6% of all jobs in the countr...
Due to Memorial Day, U.S. Hotel Industry Reported Lower Performance Results From the Previous Week
CoStar Group | June 6, 2024
WASHINGTON – 6 June 2024 – Due to Memorial Day, the U.S. hotel industry reported lower performance results from the previous week but slightly positive comparisons year over year, according to CoStar’s latest data through 1 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 26 May through 1 June 2024 (percentage change from comparable week in 2023): Occupancy: 62.0% (+0.9%) Average daily rate (ADR): US$150.87 (+0.1%) Revenue per available room (RevPAR): US$93.50 (+1.0%) Among the Top 25 Markets, New Orleans saw the highest year-over-year occup...
New Labor Challenges Arise in 2023
Robert Mandelbaum | June 6, 2024
By Robert Mandelbaum, Andrea Grigg The scarcity of employees has long been the primary labor concern for U.S. hoteliers, even before the onset of the COVD-19 pandemic. Historically, jobs in the lodging industry have had a negative perception as being too physically demanding, requiring too long of hours, and requiring work on weekends and holidays. The shortage of personnel was exaggerated during 2021 and 2022 as many of the employees that were laid off during the pandemic in 2020 opted not to return to the industry. The difficulty of attracting workers to fill line-level positions within hotels lessened somewhat in 2023. Reductions in ...
STR, TE Downgrade U.S. Hotel Forecast
STR | June 3, 2024
NEW YORK – STR and Tourism Economics made significant downward adjustments to the 2024-25 U.S. hotel forecast just released at the 46th Annual NYU International Hospitality Industry Investment Conference. The latest revision reflects lower-than-expected performance thus far in 2024 as well as lessened growth projections for the remainder of the year. For 2024, projected gains in average daily rate (ADR) and revenue per available room (RevPAR) were downgraded 1.0 percentage points and 2.1 ppts, respectively. Occupancy for the year is now expected to decline after the previous forecast projected year-over-year growth in t...
Namibia – Where Sand Dunes Embrace the Atlantic
Abhijit B Menon | June 3, 2024
By Abhijit Menon Namibia’s Landscape A southern African nation known for offering extraordinary encounters with nature, Namibia has been considered historically as a sleeping giant and is now stirring to life in Africa's rising tourism scene. The country offers a wide variety of destinations and adventures for all. Home to the Namib Desert, the world’s oldest desert, and the Sossusvlei region with some of the world’s highest sand dunes, Namibia boasts spectacular scenery; some liken parts of the country to the sensation of ‘landing on Mars.’ The famous Etosha National Park in the North is home to numerous luxury safari camps,...
U.S. Hotel Results for Week Ending 25 May
CoStar Group | May 31, 2024
WASHINGTON – 31 May 2024 – The U.S. hotel industry reported mixed performance results from the previous week but positive comparisons year over year, according to CoStar’s latest data through 25 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 19-25 May 2024 (percentage change from comparable week in 2023): Occupancy: 67.7% (+1.6%) Average daily rate (ADR): US$160.67 (+2.3%) Revenue per available room (RevPAR): US$108.73 (+3.9%) Among the Top 25 Markets, Houston saw the highest year-over-year increases in occupancy (+20.9% to 74.1%) and RevPAR...
