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
Comscore Sees Signs of Recovery in Travel Industry
Comscore | June 5, 2020
Visitation to Online Travel Agencies and Airline sites rose in May 2020 RESTON, Va., June 5, 2020 -- The latest insights from Comscore (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, show an increase in consumer interest across several travel categories, signaling the industry may be showing signs of recovery. According to data from Comscore Media Metrix, visits to travel sites during the five-week period between March 23, 2020 and April 26, 2020 were down as much as 70 percent versus early February 2020, as the coronavirus pandemic altered the global travel landscape. However, May 2...
STR: U.S. Hotel Results for Week Ending 30 May
STR | June 4, 2020
HENDERSONVILLE, Tennessee—STR data ending with 30 May showed another small rise from previous weeks in U.S. hotel performance. Year-over-year declines remained significant although not as severe as the levels recorded previously. 24-30 May 2020 (percentage change from comparable week in 2019): Occupancy: 36.6% (-43.2%) Average daily rate (ADR): US$82.94 (-33.3%) Revenue per available room (RevPAR): US$30.34 (-62.1%) *Previous weekly U.S. weekly occupancy levels: 17-23 May 2020: 35.4% 10-16 May 2020: 32.4% 3-9 May 2020: 30.4% 26 April - 2 May 2020: 28.9% 19-25 April 2020: 26.2% 12-18 April 2020: 24.4...
STR: Canada Hotel Results for Week Ending 30 May
STR | June 4, 2020
HENDERSONVILLE, Tennessee— STR data for 24-30 May 2020 shows Canadian hotel performance up slightly from previous weeks with the same significant level of year-over-year declines. In comparison with the week of 26 May through 1 June 2019, the industry reported the following: Occupancy: -70.4% to 21.4% Average daily rate (ADR): -40.1% to CAD102.82 Revenue per available room (RevPAR): -82.3% to CAD22.04 The previous three weeks produced absolute occupancy levels of 18.9%, 18.4% and 17.5%. British Columbia (25.3%), Saskatchewan (22.9%), Ontario (22.2%) and Alberta (20.0%) were the provinces with occupancy of at least 20.0%....
61% of Americans Plan to Visit Family and Friends for First Vacation After Covid-19 According to ValuePenguin.com Survey
ValuePenguin.com | June 4, 2020
NEW YORK, June 4, 2020 - Due to the coronavirus pandemic, many Americans found visiting family and friends to be a challenge and others were unable to do so at all. As everyone preps for the new normal, many Americans are eager to get back on the road and enjoy some quality time with loved ones. In a recent survey by ValuePenguin, more than 61% of Americans will visit family and friends before taking leisure vacations. As restrictions continue to ease, Americans will travel to these popular destinations: Florida, California, and New York for vacation. First upcoming trips will revolve around family and friends: 47% of Americans sai...
Europe’s Hotel Construction Pipeline Continues to Expand in the First Quarter of 2020 Despite COVID-19 Pandemic*
Lodging Econometric(LE) | June 4, 2020
June 4, 2020 – PORTSMOUTH, NH - Analysts at Lodging Econometrics (LE) report that at the close of the first quarter of 2020, Europe’s hotel construction pipeline expanded to near-record highs with 1,840 projects and 294,047 rooms, a 10% increase in projects and a 15% increase in rooms, year-over-year (YOY). Projects under construction stand at 878 projects, with an all-time high of 142,185 rooms; while projects scheduled to start construction in the next 12 months stand at 522 projects with a record-high 82,229 rooms. Projects in the early planning stage have 440 projects/69,633 rooms; up significantly at 27% and 44% respectively, YOY....
The Middle East’s Ghastly Hotel Numbers in April Could Be the Bottom
HotStats | June 3, 2020
Middle East profit per available room turned negative in April, as the region continued to be battered by COVID-19. And while hotel performance data will continue to be anemic for the near-term, May could see the first buds of promise emerge, according to one industry leader in the region. Mark Willis, CEO of Middle East & Africa at Accor, in a recent interview with Bloomberg, noted an uptick demand in May, including specific signs of positivity in the UAE and Saudi Arabia and a “positive vibe in Dubai.” April, meanwhile, reached new lows for the region. Ramadan (April 23-May 23) did little to improve hotel performance, as even ...
Scant Business at Europe’s Hotels Sends Profit to Historical Low
HotStats | June 1, 2020
April was a month of virtually no business volume for Europe's hotels, as the coronavirus spread across the continent, prompting countries such as Spain, Italy and Russia to impose lockdowns in order to flatten the infection curve. The result was pain across the operating statement, with GOPPAR recording its historical low at -€17.86, a 132.0% decline compared to April of 2019. With travel bans and mandatory stay-at-home orders in effect, occupancy fell by 69.7 percentage points YOY to single-digit levels, which, combined with a 44.1% drop in average rate, drove RevPAR down by 95.5%. The closure of F&B venues, as well as health clubs...
STR: Middle East and Africa hotel performance for April 2020
STR | May 28, 2020
LONDON—Showing the impact of the COVID-19 pandemic, hotels in the Middle East and Africa reported unprecedented performance lows during April 2020, according to data from STR. U.S. dollar constant currency, April 2020 vs. April 2019 Middle East Occupancy: -58.0% to 31.2% Average daily rate (ADR): -35.1% to US$95.54 Revenue per available room (RevPAR): -72.7% to US$29.82 Africa Occupancy: -79.8% to 12.5% ADR: -31.1% to US$77.85 RevPAR: -86.1% to US$9.75 Both the Middle East and Africa saw their lowest absolute occupancy and RevPAR levels for any month on record. Local currency, April 2020 vs. April 2019 ...
STR: Central/South America Hotel Performance for April 2020
STR | May 28, 2020
LONDON—Reflecting impact from the COVID-19 pandemic, the Central/South America hotel industry reported historic performance lows during April 2020, according to data from STR. U.S. dollar constant currency, April 2020 vs. April 2019 Occupancy: -79.7% to 11.6% Average daily rate (ADR): -28.7% to US$61.83 Revenue per available room (RevPAR): -85.5% to US$7.17 The absolute occupancy and RevPAR levels were the lowest for any month on record in the region. Local currency, April 2020 vs. April 2019 Panama Occupancy: -69.2% to 14.0% ADR: -49.1% to PAB47.71 RevPAR: -84.3% to PAB6.69 The absolute levels in each ...
STR: Asia Pacific Hotel Performance for April 2020
STR | May 28, 2020
SINGAPORE—Reflecting the effects of the COVID-19 pandemic, the Asia Pacific hotel industry reported record lows in the three key performance metrics during April 2020, according to data from STR. U.S. dollar constant currency, April 2020 vs. April 2019 Occupancy: -60.3% to 28.0% Average daily rate (ADR): -44.8% to US$54.97 Revenue per available room (RevPAR): -78.1% to US$15.38 The absolute levels in each of the three KPIs were the lowest for any month on record in the region. Local currency, April 2020 vs. April 2019 South Korea Occupancy: -70.8% to 20.0% ADR: -21.0% to KRW112,897.83 RevPAR: -76.9% to KRW...
STR: Europe Hotel Performance for April 2020
STR | May 28, 2020
LONDON—Reflecting the impact of the COVID-19 pandemic, Europe’s hotel industry reported unprecedented performance lows during April 2020, according to data from STR. Euro constant currency, April 2020 vs. April 2019 Occupancy: -84.6% to 11.1% Average daily rate (ADR): -30.1% to EUR77.52 Revenue per available room (RevPAR): -89.2% to EUR8.58 The absolute occupancy and RevPAR levels were the lowest for any month on record in Europe. Local currency, April 2020 vs. April 2019 Russia Occupancy: -89.0% to 7.2% ADR: -25.3% to RUB3,712.65 RevPAR: -91.8% to RUB267.20 The absolute levels in each of the three me...
Hotel Industry Trends: The Near Future Report
Pierre Verbeke | May 26, 2020
By Pierre Verbeke & Jochen de Peuter What might the hotel industry expect over the coming months? We do not have a crystal ball, however there is enough data available that reveal hotel trends based on economic relationships. Factors related to hotel performance do not predict a bright immediate future Intercontinental travel is not expected to pick up the coming months or year, flights and airline routes are cancelled, governments are slowly opening borders sometimes coupled with quarantine measures, most economies expect a drop of GDP by double-digit numbers, and many companies, organisations and consumers become risk averse to tra...
Signs of a Hotel Rally Emerge as COVID-19 Persists
HotStats | May 26, 2020
By David Eisen The vertiginous drop in global hotel revenue and profit performance depicted in March data, continued its free fall in April, marked by dramatic year-over-year decreases across the operating spectrum, according to data from HotStats. The growing chasm in YOY comparison suggests that month-to-month performance measurement may be more reliable in tracking a rebound during the COVID-19 era, signs of which are slowly emerging out of China and suggestive that other global pockets are a month out from an eventual upswing. As world cases of COVID-19 continue to mount, the travel industry is bearing a large brunt of the pain, esp...
STR: Canada Hotel Results for Week Ending 16 May
STR | May 21, 2020
HENDERSONVILLE, Tennessee—The Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 10-16 May 2020, according to data from STR. In comparison with the week of 12-18 May 2019, the industry reported the following: Occupancy: -72.5% to 18.4% Average daily rate (ADR): -38.8% to CAD101.70 Revenue per available room (RevPAR): -83.2% to CAD18.75 Among the provinces and territories, Newfoundland and Labrador experienced the largest decline in occupancy (-83.6% to 8.5%). Quebec posted the steepest drop in ADR (-46.3% to CAD96.60) and RevPAR (-89.5% to CAD14.77). ...
Interview with Felix Laboy, Executive Chairman of NextGuest, on the Impact of COVID-19 on the Hospitality Industry
NextGuest | May 20, 2020
The hospitality industry is being hit hard by the COVID-19 outbreak. We’re currently looking at a projection from STR and Tourism Economics that shows significant declines across demand, occupancy, ADR, and revenue per available room (RevPar) through the end of 2020 and beyond. Additional research from CBRE predicts that it will take approximately 6-10 months for US hotel demand to recover and 12-16 months for ADR and RevPar to return to normal levels. A major concern is the impact on business from groups, meetings, and events, which makes up about 30-40% of business for many hotels. Post COVID-19, many people will continue to meet virtu...
Travel-Related Unemployment Hits 51% Just Ahead of Memorial Day
The U.S. Travel Association | May 20, 2020
WASHINGTON (May 20, 2020)—More than half of the 15.8 million travel-related jobs in the U.S. have disappeared since the outbreak of the COVID-19 pandemic—driving an unemployment number (51%) that is more than twice the 25% rate the country as a whole experienced at the worst of the Great Depression, according to data released Tuesday by the U.S. Travel Association. Prepared for U.S. Travel by the research firm Tourism Economics, the painful jobs figures arrive just days before the Memorial Day holiday weekend—the unofficial start of the summer travel season, for which many travel businesses would have typically prepared with a round ...
STR and TE further Downgrade U.S. Hotel Forecast
STR | May 18, 2020
HENDERSONVILLE, Tennessee — The latest U.S. hotel forecast from STR and Tourism Economics projects a 57.5% decline in revenue per available room (RevPAR) in 2020, then a 48.0% increase in the metric in 2021. Each percentage change was downgraded from a late-March forecast revision, which called for a 2020 RevPAR decrease of 50.6% followed by a 2021 increase of 63.1%. “Performance levels are dismal from every angle, but at the very least, weekly data through May 9 indicates that the industry has already hit bottom and begun a steady ascent,” said Amanda Hite, STR president. “The rate of recovery will be slow even as distancing...
STR: Canada hotel results for week ending 9 May
STR | May 15, 2020
HENDERSONVILLE, Tennessee—The Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 3-9 May 2020, according to data from STR. In comparison with the week of 5-11 May 2019, the industry reported the following: Occupancy: -73.9% to 17.5% Average daily rate (ADR): -37.7% to CAD101.47 Revenue per available room (RevPAR): -83.7% to CAD17.75 Among the provinces and territories, Newfoundland and Labrador experienced the largest decline in occupancy (-86.0% to 7.1%). British Columbia posted the steepest drop in ADR (-44.4% to CAD107.58). Quebec reported the larg...
STR: U.S. Hotel Results for Week Ending 9 May
STR | May 14, 2020
HENDERSONVILLE, Tennessee—STR data for 3-9 May 2020 showed continues modest gains in U.S. hotel occupancy compared with previous weeks, but a similar level of year-over-year decline in the three key performance metrics. In comparison with the week of 5-11 May 2019, the industry recorded the following: Occupancy: -55.9% to 30.1% Average daily rate (ADR): -42.1% to US$76.35 Revenue per available room (RevPAR): -74.4% to US$22.95 Previous weekly U.S. weekly occupancy levels: April 26 through May 2: 28.6% April 19-25 2020: 26.0% April 12-18 2020: 23.4% April 5-11 2020: 21.0% “The industry reported its fourth...
STR: Canada Hotel Results for Week Ending 9 May
STR | May 14, 2020
HENDERSONVILLE, Tennessee—The Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 3-9 May 2020, according to data from STR. In comparison with the week of 5-11 May 2019, the industry reported the following: Occupancy: -73.9% to 17.5% Average daily rate (ADR): -37.7% to CAD101.47 Revenue per available room (RevPAR): -83.7% to CAD17.75 Among the provinces and territories, Newfoundland and Labrador experienced the largest decline in occupancy (-86.0% to 7.1%). British Columbia posted the steepest drop in ADR (-44.4% to CAD107.58). Quebec reported the larg...
Marriott Results Illustrate Competence, Says GlobalData
GlobalData | May 12, 2020
Following the recent announcement of Marriott’s Q1 results; Ralph Hollister, Analyst, Travel & Tourism at GlobalData, a leading data and analytics company, offers his view on the situation: “Marriott significantly missed already lowered estimates for first-quarter profit. Alike its competitors, bookings plunged in the later stages of Q1 as restrictions on movement became more draconian around the globe. Factors that contributed to the loss that were specific to Marriott included guaranteed reserves of $148m, as well as impairment charges and bad-debt expenses. “Although adjusted earnings of $0.26 per share severely lagged e...
Canada’s Hotel Construction Pipeline Remains Strong With Double Digit Increases Year-Over-Year*
Lodging Econometrics | May 11, 2020
May 11, 2020 – PORTSMOUTH, NH - Analysts at Lodging Econometrics (LE) report that at the close of the first quarter of 2020, the total construction pipeline in Canada remains strong with 304 projects and an all-time high of 40,291 rooms. The construction pipeline is up an impressive 15% by projects and 22% by rooms, year-over-year (YOY). A driving force of the pipeline’s double-digit growth is the surge in projects in the early planning stage at an all-time high of 103 projects/15,964 rooms, up 29% and 41% YOY, respectively. Projects under construction, also at record highs, are at 101 projects/12,563 rooms, up 9% by projects and 20% ...
Marriott International Reports First Quarter 2020 Results
Marriott International, Inc. | May 11, 2020
First quarter 2020 comparable systemwide constant dollar RevPAR declined 22.5 percent worldwide, 30.4 percent outside North America and 19.5 percent in North America; First quarter reported diluted EPS totaled $0.09, compared to $1.09 in the year-ago quarter. First quarter adjusted diluted EPS totaled $0.26, compared to first quarter 2019 adjusted diluted EPS of $1.41. First quarter 2020 reported and adjusted EPS included impairment charges, bad debt expense, and guarantee reserves of $0.45 and $0.42, respectively; First quarter reported net income totaled $31 million, compared to $375 million in the year-ago quarter. First quarter ...
Baird/STR Hotel Stock Index Up 15.6% in April
Baird | May 11, 2020
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index rose 15.6% in April to a level of 3,177. Year to date through the first four months of 2020, the stock index was down 39.7%. “Hotel stocks rebounded in April following one of their worst months on record, but the stocks remain well below levels seen earlier this year,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Worst-case zero-occupancy scenarios have not unfolded as investors had feared, and the hotel companies have significantly bolstered their balance sheets with credit facility draws, bond offerings, and points pre-sales...
