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
May 2024 Hotel Industry Outlook: Bright Spots and Challenges
Anne R. Lloyd-Jones | May 31, 2024
By Anne R. Lloyd-Jones Mixed messages abound these days, comprising some bright spots, some not so bright spots, and some challenges. With no coherent theme, the greatest challenge may be developing a forecast for the industry as a whole. But we are undaunted and herewith present our current expectations for the U.S. lodging industry. The recent successive increases in GDP, lower inflation levels, and continued strong job growth paint a positive picture of the U.S. economy, but ongoing international conflicts, the pending election, and uneven economic metrics have resulted in a lack of overall clarity. The specter of a recession remains...
Hotels Across Germany Are Filling Up for UEFA Euro 2024
CoStar Group | May 31, 2024
Analysis by William Anns With the summer months fast approaching, sports fans are looking at the 2024 UEFA European Football Championship, which kicks off on Friday, 14 June. Set to take place across multiple locations in Germany, the annual football tournament is expected to affect hotel performance just as much as football fans across the continent. Utilizing Forward STAR data, the markets are already showing spikes in hotel bookings on and around the match dates. Cologne leads the way Looking at the first two weeks of the championship, Cologne is showing the most significant hotel bookings thus far. As of 13 May, the highest o...
RNC and DNC: How Political Conventions Impact Host Market Hotel Performance
CoStar Group | May 31, 2024
Analysis by M. Brian Riley We are less than two months away from the first political party conventions to determine America’s 2024 presidential nominees, with the Republican National Convention (RNC) scheduled first in Milwaukee (15-18 July), and the Democratic National Convention (DNC) taking place in Chicago a month later (19-22 August). Each party’s convention draws thousands of appointed delegates along with a host of officials and attendees, not to mention a legion of external media. Typically, these four day-long events begin on a Monday and end with a Thursday speech by the party nominee. This summer quadrennial tradition con...
Resurgence in Full-Service Projects in the Global Construction Pipeline at Q1 2024
Lodging Econometrics | May 31, 2024
The Q1 2024 Global Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) reveals that the total global pipeline hit an all-time high for room counts and highlights a significant increase in full-service projects at the close of the first quarter. LE analysts report that, at Q1, the total global pipeline stands at 15,366 projects/2,382,195 rooms, a 6% increase in projects, and a 3% increase in rooms year-over-year (YOY). There are 6,195 projects/1,101,602 rooms currently under construction worldwide at Q1. Projects scheduled to start construction in the next 12 months stand at 3,840 projects/528,251 rooms, for an 8% incre...
HVS ANAROCK Hotels & Hospitality Overview, May 2024
Akash Datta | May 29, 2024
By Akash Datta, Dipti Mohan, Dhwani Gupta Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry. Key highlights include: In April 2024, domestic air passenger traffic in India reached 132 lakhs, marking a 2.4% increase compared to April 2023. Goa witnessed the largest year-on-year decline in occupancy rate, while Kolkata registered the highest growth during the month. Hyderabad showed the highest year-on-year ADR growth among the top 10 markets in the country, followed by Chennai. After a long hiatus, Mumbai recorded ...
New York Market Leads U.S. With Number of Hotels Under Construction in Q1 2024
Lodging Econometrics (LE) | May 29, 2024
May 29, 2024 – PORTSMOUTH, NH – Lodging Econometrics (LE) releases the latest on hotel development for the New York, NY market, prior to the NYU International Hospitality Industry Investment Conference (NYU Conference). In the Q1 2024 LE Market Trend Report for the New York market, analysts report the market has a total of 78 projects/13,549 rooms in the hotel construction pipeline, the tenth largest pipeline by projects of any market in the U.S. Of the top 50 markets in the U.S., the New York market leads with the greatest number of hotels presently under construction standing at 47 projects/7,655 rooms. Projects scheduled to start...
Travel & Tourism Set to Contribute a Record $182BN to the Canadian Economy This Year
The World Travel & Tourism Council | May 24, 2024
London, UK: The World Travel & Tourism Council (WTTC) is forecasting an historic year for Canada’s Travel & Tourism sector this year, with the economic contribution set to reach an all-time high of almost $182BN. Reaching $182.1BN in 2024 represents an additional $8.1BN over its previous peak, affirming the sector’s significant role as an economic force, responsible for generating one in every 15 dollars of economic activity. In partnership with Oxford Economics, WTTC’s latest research highlights a sector abundant with opportunities, supporting 1.84MN Canadian jobs, with an increase of 120,000 jobs compared to the previou...
More Asian Countries Stay Ahead of 2023 Levels, Japan Maintains Significant Rate Growth
CoStar Group | May 24, 2024
Analysis by Eddie Yeung Note: All financial figures presented in US$. STR's global "bubble chart" update for the four weeks ending 18 May 2024 shows 72% of markets with year-over-year growth in revenue per available room (RevPAR). That level was up from 60% in the previous update. Japan and South East Asian market led the growth. Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, Switzerland, France, and Italy posted the highest RevPAR on an actual basis. While Singapore and Switzerland remained leaders in actual levels, their RevPAR was moderately lower year over year by 1.7% and 5.2%, respectively. ...
Venice Market Pulse
Lorenzo Gullotta | May 24, 2024
By Lorenzo Gullotta, Giammarco Pignocchi, Ezio Poinelli The resurgence of travel activity in Venice following the years afflicted by the COVID-19 pandemic has not only been a sign of recovery but also an indicator of evolving trends within the city's tourism sector. In line with what was observed in other Italian cities, Venice's hotel market experienced an unprecedented surge in the post-pandemic era. While overall occupancy rates remain below pre-pandemic levels, the upper upscale and luxury market segments appear to have fully rebounded. This recovery, along with a significant increase in average rates, has resulted in a notably positi...
U.S. Hotel Results for Week Ending 18 May
CoStar Group | May 23, 2024
WASHINGTON – 23 May 2024 – The U.S. hotel industry reported higher performance from the previous week and positive comparisons year over year, according to CoStar’s latest data through 18 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 12-18 May 2024 (percentage change from comparable week in 2023): Occupancy: 67.4% (+0.2%) Average daily rate (ADR): US$163.11 (+2.6%) Revenue per available room (RevPAR): US$109.93 (+2.8%) Among the Top 25 Markets, Houston saw the only double-digit occupancy lift (+10.5% to 67.9%). Atlanta reported the hig...
Canada Hotels Report First Occupancy Increase in Four Months
CoStar Group | May 23, 2024
WASHINGTON – 23 May 2024 – After four consecutive months of year-over-year declines, Canada’s hotel industry reported an increase in occupancy, according to CoStar’s April 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. April 2024 (percentage change from 2023): Occupancy: 64.0% (+2.7%) Average daily rate (ADR): CAD188.39 (+5.1%) Revenue per available room (RevPAR): CAD120.64 (+8.0%) “The year-over-year growth in occupancy suggests that downward pressure on hotel demand related to weaker economic conditions will not be linear, as the per...
International Visitors Spent Nearly $20.1 Billion Traveling Within the United States in March
National Travel and Tourism Office (NTTO) | May 23, 2024
Data recently released by the National Travel and Tourism Office (NTTO) show that in March 2024: International visitors spent nearly $20.1 billion on travel to, and tourism-related activities within, the United States, an increase of more than 22 percent compared to March 2023 and very close to surpassing pre-COVID levels of monthly spending realized in 2019. Conversely, Americans spent nearly $20.7 billion traveling abroad during March, the thirty-sixth (36) consecutive month of growth, yielding a balance of trade deficit of $591 million for travel and tourism-related goods and services. International visitors have spent nearly $...
ITA Data Release: February 2024 Total International Travel Volume
National Travel and Tourism Office | May 22, 2024
In February 2024, International Visitor Arrivals to the United States Totaled 4,735,844, an Increase of 14.7% Compared to February 2023 Outbound Travel Departures from the United States by U.S. Citizens Totaled 7,050,562 in February 2024, an Increase of 14.1% Compared to February 2023 Data recently released by the National Travel and Tourism Office (NTTO) show that in February 2024: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 4,735,844 increased +14.7% compared to February 2023 and represented 93% of the pre-COVID total visitor volume reported for Fe...
International Tourism Reached 97% of Pre-Pandemic Levels in the First Quarter of 2024
UN Tourism | May 21, 2024
International tourist arrivals reached 97% of pre-pandemic levels in the first quarter of 2024. According to UN Tourism, more than 285 million tourists traveled internationally in January-March, about 20% more than the first quarter of 2023, underscoring the sector’s near-complete recovery from the impacts of the pandemic. In 2023 international tourist arrivals recovered 89% of 2019 levels and export revenues from tourism 96%, while direct tourism GDP reached the same levels as in 2019. UN Tourism’s projection for 2024 points to a full recovery of international tourism with arrivals growing 2% above 2019 levels. In line with this, the...
U.S. hotel performance for April 2024 Shows Mixed Performance
CoStar Group | May 21, 2024
WASHINGTON – 21 May 2024 – The U.S. hotel industry reported mixed performance results from the previous month, but positive comparisons year over year, according to April 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. April 2024 (percentage change from April 2023): Occupancy: 65.2% (+1.2%) Average daily rate (ADR): US$157.31 (+0.8%) Revenue per available room (RevPAR): US$102.51 (+2.0%) Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+2.8% to 84....
PwC’s US Hospitality Directions – May 2024
PwC Hospitality Directions | May 21, 2024
Economic uncertainty, an upcoming election and geopolitical tensions to likely impact hotel performance through 2025 Growth in leisure demand has moderated for US hotels. Domestic travelers have continued to seek out experiences internationally and inbound international traffic has yet to recover to pre-pandemic levels. An increased appeal of short-term rentals by leisure travelers has contributed to moderating leisure demand for hotels. Individual business travel and group demand have continued to improve but have still not been able to offset the softening of leisure demand. As a result, occupancy levels have declined year-over-year in eac...
Paris Market Pulse 2024 – Going for Gold
Maxime Gauthier | May 20, 2024
By Maxime Gauthier, Alexandra Dumoulin The City of Light enjoys a well-balanced blend of business and leisure demand resulting in both a broad seasonality and strong average rates. Since 2015, Paris has faced multiple challenges which highly disrupted hotel performances. As the city was recovering from the 2015-16 terrorist attacks, the ‘yellow vests’ movement and pension reform strikes of 2018-19, as well as the transportation strike of 2019, the COVID-19 pandemic hit the world. The market has since shown remarkable resilience and has gradually recovered, reaching record levels of RevPAR in 2023. Despite and throughout this tumultuou...
Soaring Passenger Traffic, Longer Stays: Mastercard Economics Institute on Travel in 2024
Mastercard Economics Institute | May 20, 2024
PURCHASE, N.Y. | MAY 20, 2024 – The travel sector in 2024 is breaking boundaries. Through March 2024, consumer spending on travel is robust with significant increases in passenger traffic, according to the latest global report from the Mastercard Economics Institute. Released today, “Travel Trends 2024” provides comprehensive insights into the evolving landscape of the travel industry across 74 markets. Despite fluctuating exchange rates and varying levels of affordability, the desire to travel remains stronger than ever. In 2024 the travel sector is flourishing, with nine out of the last 10 record-setting spending days in the glob...
CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE Group, Inc. | May 16, 2024
Dallas – May 16, 2024 – CBRE expects revenue per available room (RevPAR) growth to improve in the second half of 2024, following a weaker-than-expected first quarter. CBRE’s latest forecast projects a 2.0% increase in RevPAR growth for 2024, down from the 3.0% estimated in February 2024. RevPAR is now expected to grow by 3% for the remainder of the year, driven by international tourists, holiday travel and limited supply growth. CBRE forecasts GDP growth of 2.3% and average inflation of 3.2% in 2024. The performance of the lodging industry is closely tied to the strength of the economy, as there is typically a strong correlation be...
Sporting Events Elevated Madrid Hotel Performance in April
CoStar Group | May 16, 2024
WASHINGTON – 16 May 2024 – Pushed by the Madrid Open and the UEFA Champions League quarterfinals, Madrid's hotel industry posted double-digit performance growth in April, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. April 2024 (year-over-year % change): Occupancy: 79.5% (+6.6%) Average daily rate (ADR): EUR184.20 (+16.6%) Revenue per available room (RevPAR): EUR146.43 (+24.2%) The annual, two-week-long Madrid Open commenced late in the month and pushed Madrid’s daily occupancy to as high as 93.4% (Wednesd...
U.S. Hotel Performance Reports Higher Performance From Previous Week
CoStar Group | May 16, 2024
WASHINGTON – 16 May 2024 – The U.S. hotel industry reported higher performance from the previous week and positive comparisons year over year, according to CoStar’s latest data through 11 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 5-11 May 2024 (percentage change from comparable week in 2023): Occupancy: 66.1% (+2.1%) Average daily rate (ADR): US$162.14 (+4.4%) Revenue per available room (RevPAR): US$107.24 (+6.6%) Among the Top 25 Markets, San Francisco reported the highest year-over-year increases in each of the three key performance ...
Sun, Sand, Sea, and Luxury: The Rebound of Barbados Following COVID-19
Kristina M. D'Amico | May 16, 2024
By Kristina M. D'Amico Barbados is an independent English-speaking Commonwealth country and the easternmost island of the Caribbean. It is one of the most mature tourist destinations in the Caribbean. The island is known for offering some of the most serene beaches in the world, as well as an abundance of dining options, local shopping experiences, outstanding golf courses, and numerous other attractions. According to Barbados Tourism Marketing Inc. (BTMI), approximately 80% of visitors to the island come for vacation or tourism purposes. The following graph shows the historical stopover visitation data for Barbados. Number of Stopove...
Sydney Hotels Saw Improved Performance in April
CoStar Group | May 15, 2024
WASHINGTON – 15 May 2024 – Sydney's hotel industry recorded year-over-year increases in each of the three key performance metrics, according to April preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. April 2024 (year-over-year % change): Occupancy: 72.6% (+7.1%) Average daily rate (ADR): AUD247.70 (+0.2%) Revenue per available room (RevPAR): AUD179.86 (+7.3%) The market’s highest daily occupancy levels were seen on the night of the first IMA MEAPAC Summit held in Sydney (Wednesday, 10 April: 86.7%), closely followed by th...
Understanding the Current State of the Hotel Transaction Market
Eric Guerrero | May 15, 2024
By Eric Guerrero, Josh Williams The hotel transaction market continues to face significant headwinds. Investors are still concerned about the prohibitive cost of debt, and with the chances of a summer rate cut from the Fed becoming slimmer, expensive debt may remain for the foreseeable future. Additional challenges to getting deals done are the bid-ask spread, rising operational costs, and extensive change-of-ownership property improvement plans (PIPs). As ownership groups consider placing their hotel assets on the market, they should consider how these headwinds are affecting buyer underwriting so that they have realistic pricing expectat...
