Here’s How COVID-19 Has Altered USALI Financial Reporting
HotStats | June 22nd, 2020
The Middle East’s Ghastly Hotel Numbers in April Could Be the Bottom
HotStats | June 3rd, 2020
Hospitality Data Alert: Top U.S. Thanksgiving Destinations by Hotel Occupancy
Amadeus Hospitality | November 18, 2020
Based on hotel bookings for the week of November 22-28, Amadeus sees potential improvement in Thanksgiving holiday forward-looking occupancy compared to Labor Day As Americans approach what is traditionally the busiest travel day of the year – the day before Thanksgiving – many people want to know if it will maintain its status, albeit under very different circumstances as COVID-19 cases continue to rise again. Amadeus, a global leader in travel technology, with its unique ability to track forward-looking occupancy in major markets around the world, is seeing a positive trend in U.S. hotel bookings the week of Thanksgiving. While overa...
Lodging Recovery in Boston & Cambridge Driven by Leisure Demand as Market Faces Increases to Supply
Sebastian J. Colella | November 17, 2020
By Sebastian Colella November 17, 2020 - As the United States faces a growing number of COVID-19 cases, surpassing 10 million in early November, lodging markets across the country continue to face unprecedented declines in demand. Through October, the Boston & Cambridge lodging market has experienced some of the steepest declines in demand and revenue across the country’s top-25 markets according to STR. Now operating in the winter season, historically the slowest demand period for the Boston & Cambridge market, increasing case numbers have resulted in further restrictions to travel, gatherings, and businesses which were eased o...
2020 U.S. Hotel Forecast Slightly Upgraded; Full Recovery Still Unlikely Until 2024
STR | November 13, 2020
With leisure demand stronger than anticipated in the fall, STR and Tourism Economics slightly upgraded the final 2020 U.S. hotel forecast just released during the virtual NYU Hospitality Conference. Regardless of the short-term upgrade, the forecast for 2021 remains functionally unchanged and full recovery in revenue per available room (RevPAR) is unlikely until 2024. “Even with the encouraging vaccine news of this week, this pandemic and the subsequent economic impact will continue to limit hotel demand generators into the second half of next year,” said Amanda Hite, president of STR. “Business demand won’t return at a substantial...
STR: Canada Hotel Results for Week Ending 7 November
STR | November 13, 2020
HENDERSONVILLE, Tennessee—STR data for 1-7 November 2020 showed slightly higher occupancy from the previous week for Canada’s hotel industry. 1-7 November 2020 (percentage change from comparable week in 2019): Occupancy: 29.4% (-54.3%) Average daily rate (ADR): CAD110.45 (-26.7%) Revenue per available room (RevPAR): CAD32.53 (-66.5%) Occupancy for previous weeks came in at 29.2% (31 October), 31.1% (24 October), and 29.9% (17 October), respectively. For the week ending with 7 November, Nova Scotia recorded the highest occupancy level (36.1%) among the provinces. Vancouver (31.9%) was the only major market at or abo...
From Comfort Food to Carob and Wanderlust-Inspired Wines: The Pandemic Is Shaping the Way Consumers Eat and Drink
Kimpton Restaurants | November 13, 2020
Kimpton Hotels & Restaurants Releases New Take on Annual Culinary + Cocktail Trend Forecast for 2021 SAN FRANCISCO (November 13, 2020) – To refresh its seventh annual Culinary & Cocktail Trend Forecast for 2021, Kimpton Hotels & Restaurants released a look back at how the pandemic has impacted food and beverage trends of 2020 and shared predictions for how evolving consumer behavior will shape 2021 trends. It’s no secret that 2020 has been a year unlike any other – from the country’s sourdough and banana bread baking obsession to the viral Dalgona coffee wave and plenty of virtual wine tastings, what we eat and drink has ...
Europe’s Hotel Construction Pipeline Increases Year-Over-Year
Lodging Econometrics | November 13, 2020
November 13, 2020 – PORTSMOUTH, NH - According to the latest Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts report that at the close of the third quarter of 2020, Europe’s hotel construction pipeline increased 7% by projects and 11% by rooms year-over-year (YOY) to end the quarter with 1,834 projects and 291,823 rooms. Much like other regions around the world, Europe’s hotel construction pipeline is experiencing slight delays to project timelines of approximately two to four months. Even as much of Europe goes under lockdown in response to surging cases of COVID-19, forcing millions to stay hom...
STR: U.S. Weekly Hotel Occupancy Relatively Flat From Previous Week
STR | November 12, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy was relatively flat from the previous week, according to the latest data from STR through 7 November. 1-7 November 2020 (percentage change from comparable week in 2019): Occupancy: 44.2% (-35.9%) Average daily rate (ADR): US$91.40 (-31.1%) Revenue per available room (RevPAR): US$40.36 (-55.8%) Down slightly from 44.4% the prior week, the country’s occupancy level was its lowest since the week of June 14-20. Aggregate data for the Top 25 Markets showed lower occupancy (39.9%) but higher ADR (US$97.13) than all other markets. Only two of those major markets rea...
Avison Young 2020 Transactions
Avison Young | November 12, 2020
ATLANTA – November 12, 2020 – Avison Young Hospitality Group announced the firm has closed 39 hotel transactions year to date through the pandemic. The transactions were located in 13 states from Colorado to Connecticut, across most of the brand families, and all the closings were under 200 rooms. The firm has an additional 19 hotel transactions under sale agreement with the closings scheduled over the next several months. H. Keith Thompson said, “while Avison Young’s performance this year pales in comparison to previous years, due to COVID, 2020 has proven to be the most difficult transactional environment in my career. That said,...
Study: Travelers Care More About Customer Reviews Than Low Prices When Booking Hotels and Short-Term Rentals
Florida Atlantic University | November 12, 2020
BOCA RATON, Fla. (Nov. 12, 2020) – Operators of hotels and short-term rental properties looking to build back business hampered by the coronavirus pandemic shouldn’t worry about low prices as much as customer opinions, according to a new study by researchers at Florida Atlantic University and four other universities. When booking hotels and so-called peer-to-peer accommodations such as Airbnb, travelers are swayed more by customer reviews than complex discount strategies, the study found. Travelers selecting hotels tend to rely on the percentage of positive reviews, while the number of online reviews means more to people choosing Air...
Survey: 7 Out of 10 Americans Unlikely to Travel for Holidays
AHLA | November 12, 2020
WASHINGTON (November 12, 2020) – A new national survey commissioned by the American Hotel & Lodging Association (AHLA) shows that many Americans are not expected to travel this holiday seasons. Results show that 72% of Americans are unlikely to travel for Thanksgiving and 69% are unlikely to travel for Christmas, compounding the challenges for the hotel industry during this public health crisis. Business travel has been even more impacted. Only 8% of Americans say they have taken an overnight business trip since March, and just 19% of respondents who are currently employed—or 8% of all adults—expect to travel for business within ...
COVID-19’s Impact on Values
Rod Clough | November 11, 2020
By Rodney G. Clough, Ryan Mark, Chris Cabrera The hotel sector is most certainly managing its way through the trough of the current downcycle, and a tough winter lies ahead for the U.S. lodging industry, although brighter skies should emerge next year. We took this opportunity to review our valuation findings and compare these to valuations of the same hotels we completed in the years and months leading up to the spring 2020 decline. We have appraised over 1,000 hotels since the start of the pandemic (most from mid-summer to today). Of these, 140 were also appraised by our firm in the 2017–2019 peak-value timeframe. The percentage change...
The Relationship Between the Stringency of COVID Lockdown Measures and GDP
Dr Reza Etemad-Sajadi | November 10, 2020
By Dr. Reza Etemad-Sajadi November 5, 2020 - What we have learned from the first COVID-19 wave? Insights into how different European countries reacted to the pandemic and how the diverse coping strategies affected their respective economies in the first half of this year. Interesting lessons to be learnt as we enter into a prolonged period of the pandemic. The world has come to understand that the COVID-19 pandemic is wreaking havoc on the global economy and will continue to do so for some time. The table below shows the annual growth rate of Switzerland’s GDP, which shrank by a record 8.3% year-on-year in the second quarter of 2020....
Travel Memory Deficit: Research Reveals What Brits Miss Most About Travel and How They Plan to Make Up for Lost Time
Hilton | November 10, 2020
Research conducted by Hilton shows that travel creates some of our most unforgettable, favourite memories, and right now people are feeling that loss more than ever. The survey revealed what Brits miss most about travelling, with the chance to create new memories topping the list of the most longed for experiences. Almost two thirds (64%) claim this is the part of travel they yearn for the most, with Generation Z feeling the most cheated of the chance to create new travel memories in 2020 (73%). With COVID-19 making international trips more challenging, almost three quarters (71%) of Brits said the pandemic had made them more appreciative ...
Baird/STR Hotel Stock Index Mostly Flat in October
Baird | November 9, 2020
The Baird/STR Hotel Stock Index was mostly flat in October, down just 0.2% to a level of 3,323. Year to date through the first 10 months of 2020, the stock index was down 36.9%. "Hotel stocks outperformed modestly in October despite heightened stock market volatility during the month as investors focused on rising nationwide coronavirus case counts and uncertainties regarding the upcoming election and timing of additional stimulus,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Going forward, we believe clarity surrounding the election outcome should be a near-term boost to broader investor sentiment ...
Latin America’s Hotel Construction Pipeline Continues to Decline at End of 3Q 2020
Lodging Econometrics | November 9, 2020
November 9, 2020 – PORTSMOUTH, NH - Analysts at Lodging Econometrics (LE) state in the Q3 ’20 Latin America Hotel Construction Pipeline Trend Report that the total construction pipeline stands at 671 projects/116,731 rooms, down 7% by projects and 11% by rooms, year-over-year (YOY). Projects presently under construction stand at 344 projects/61,159 rooms, up 3% by projects and 1% by rooms, YOY. Projects scheduled to start construction in the next 12 months are at 186 projects/34,551 rooms. Projects in the early planning stage have experienced the sharpest decline, down 23% by projects and 40% by rooms YOY, settling in at 141 projects...
Global Hotel Profit Improves in Q3, But Still Languishing
HotStats | November 9, 2020
Hotels globally performed better in the third quarter, but the improvement proved to be only less bad, as COVID-19 continues to roil the world. U.S. hotels in Q3 achieved a gross operating performance per available room (GOPPAR) of $-9.87, which was 58% higher than the GOPPAR recorded in Q2, but 110% down from the same period a year ago, according to data from HotStats. Though the quarter produced a jump, the U.S. remains the only global region yet to have achieved a positive month of GOPPAR since the pandemic began. The data follow similar trends in the U.S. GDP, which grew around 7.4% during the quarter, after shrinking 1.2% in the fi...
Golden Entertainment Reports 2020 Third Quarter Results
Golden Entertainment | November 5, 2020
LAS VEGAS - Golden Entertainment, Inc. (NASDAQ: GDEN) (“Golden Entertainment” or the “Company”) today reported financial results for the third quarter ended September 30, 2020. Blake Sartini, Chairman and Chief Executive Officer of Golden Entertainment, commented, “Our financial performance quickly recovered from the impact of the mandated shutdowns in March reflecting the benefit of our diversified portfolio of local and regional gaming operations as well as adjustments we made to managing the business. Our third quarter results demonstrate the continued strong operating trends at most of our properties since reopening as we ge...
Host Hotels & Resorts, Inc. Reports Results for Third Quarter 2020
November 5, 2020
BETHESDA, Md., Nov. 05, 2020 - Host Hotels & Resorts, Inc. (NASDAQ: HST) (the “Company”), the nation’s largest lodging real estate investment trust (“REIT”), today announced results for the third quarter of 2020. James F. Risoleo, President and Chief Executive Officer, said, “During the third quarter, we achieved a meaningful sequential increase in revenue and reduced our net loss and hotel-level operating losses from second-quarter levels, despite a year-over-year decrease in travel due to COVID-19. We reopened 20 hotels during the quarter, and consistently improved RevPAR each month as our operators increased average hotel...
Choice Hotels International Reports 2020 Third Quarter Results
Choice Hotels | November 5, 2020
ROCKVILLE, Md., Nov. 5, 2020 - Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its results for the three and nine months ended September 30, 2020. "Choice Hotels' proven portfolio of well-segmented brands, geographic footprint, and strength in leisure travel continued to drive results that outperformed the industry and position the company to benefit from the recent shifts in consumer behavior," said Patrick Pacious, president and chief executive officer, Choice Hotels. "We believe that our strategy of growing our limited-service brands in the right segments and the right lo...
Hyatt Reports Third-Quarter 2020 Results
Hyatt Hotels Corporation | November 5, 2020
CHICAGO (November 5, 2020) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported third-quarter 2020 financial results. Net loss attributable to Hyatt was $161 million, or $1.59 per diluted share, in the third quarter of 2020, compared to net income attributable to Hyatt of $296 million, or $2.80 per diluted share, in the third quarter of 2019. Adjusted net loss attributable to Hyatt was $150 million, or $1.48 per diluted share, in the third quarter of 2020, compared to Adjusted net income attributable to Hyatt of $39 million, or $0.37 per diluted share, in the third quarter of 2019. Refer to the table on page 13 of th...
STR: U.S. Weekly Hotel Occupancy Lowest Since Late June
STR | November 5, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy was the lowest for any week since late June, according to the latest data from STR through 31 October. 25-31 October 2020 (percentage change from comparable week in 2019): Occupancy: 44.4% (-29.0%) Average daily rate (ADR): US$91.56 (-27.4%) Revenue per available room (RevPAR): US$40.70 (-48.4%) With rising COVID-19 case numbers and less leisure travel, the U.S. saw a second consecutive week with fewer hotel guests. During October 25-31, room demand fell 1.3 million from the prior week, leading to the country’s lowest occupancy level (44.4%) since the week of June 14-2...
Canada Hotel Occupancy Drops Slightly
STR | November 5, 2020
HENDERSONVILLE, Tennessee—STR data for 25-31 October 2020 showed slightly lower occupancy from prior weeks for Canada’s hotel industry. 25-31 October 2020 (percentage change from comparable week in 2019): Occupancy: 29.2% (-49.8%) Average daily rate (ADR): CAD109.77 (-25.9%) Revenue per available room (RevPAR): CAD32.10 (-62.8%) Occupancy for previous weeks came in at 31.1% (24 October), 29.9% (17 October), and 32.2% (10 October), respectively. For the week ending with 31 October, British Columbia recorded the highest occupancy level (35.6%) among the provinces. Vancouver (33.0%) was the only major market at or ab...
Can Leisure and Work-From-Home Demand Stimulate Extended-Stay Hotel Growth Beyond Covid-19?
Linchi Kwok | November 4, 2020
By Linchi Kwok The lodging industry is struggling to fill the empty rooms in 2020. For months, U.S. hotels are running at an occupancy of 50% or lower. Not every segment suffers the same impact from the pandemic, however. Demand for home-sharing facilities had already bounced back over the summer. Airbnb reported a higher booking than last year. Marriott’s home-sharing arm is also doing well, seeing a sevenfold increase in booking over last summer. Similar to what a residential rental or home-sharing facility offers, guestrooms in extended-stay hotels also feature a full-size kitchen or a kitchenette. Extended-stay hotels are desi...
Hilton Reports Third Quarter Results
Hilton | November 4, 2020
MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its third quarter 2020 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic has had on Hilton's business. Highlights include: Diluted EPS was $(0.28) for the third quarter, and diluted EPS, adjusted for special items, was $0.06 Net loss was $81 million for the third quarter Adjusted EBITDA was $224 million for the third quarter System-wide comparable RevPAR decreased 59.9 percent on a currency neutral basis for the third quarter from the same period in 2019 Approved 17,400 ...
