International Visitors Spent Nearly $20.1 Billion Traveling Within the United States in March
National Travel and Tourism Office (NTTO) | May 23rd, 2024
CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE Group, Inc. | May 16th, 2024
European Stocks Climb on Energy Boost; Headed for Weekly Losses
November 1, 2024
By Pranav Kashyap (Reuters) -European shares climbed on Friday, buoyed by a rally in energy stocks, but remained on track for their worst week in nearly two months as a tightly contested U.S. presidential election kept investors on edge. The pan-European STOXX 600 index rose 0.5% to 508.05, after falling more than 1% in the previous session. The benchmark was poised to record a drop of about 2% this week, marking its second consecutive weekly decline. As the Nov. 5 U.S. presidential election approaches, the race remains too close to predict, with opinion polls showing a virtual dead heat. Investors are placing their bets on the...
Hong Kong September Retail Sales Fall 6.9%
November 1, 2024
HONG KONG (Reuters) - Hong Kong's September retail sales fell 6.9% from a year earlier, reflecting the continued impact of a change in consumption patterns, government data showed on Friday. Sales fell to HK$29.6 billion ($3.81 billion) in a seventh consecutive month of decline after a revised 10.0% decline in August, a 11.7% fall in July, a 9.7% fall in June, a 11.5% drop in May, a 14.7% drop in April and a 7% decline in March. "The near-term performance of the retail sector would continue to be affected by the change in consumption patterns of residents and visitors," a government spokesman said, adding China's stimulus measures, amon...
Visitation Growth & Key Tourism Drivers in the MEA Region
Hala Matar Choufany | November 1, 2024
Tune in to Hala Matar Choufany's interview with Maya Hojeij on Bloomberg Alsharq discussing visitation growth and key tourism drivers in the region: International visitation has been staggering growth in 2024 and is expected to continue across the mid to long term; Investments in tourism infrastructure, notably airports and airlines, continue to play a key role in enhancing visitation growth and tourism appeal; Morocco, Egypt and Saudi offer good investment opportunities supported by government plans and major upcoming international events; Project delays and cancellations are not uncommon in emerging destinations and qua...
U.S. Hotel Results for Week Ending 26 October
CoStar Group | October 31, 2024
WASHINGTON – 31 October 2024 – The U.S. hotel industry reported positive year-over-year comparisons, according to CoStar’s latest data through 26 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 20-26 October 2024 (percentage change from comparable week in 2023): Occupancy: 69.0% (+4.5%) Average daily rate (ADR): US$168.69 (+4.6%) Revenue per available room (RevPAR): US$116.32 (+9.3%) Among the Top 25 Markets, Tampa saw the largest occupancy lift (+28.1% to 84.2%), due to continued displacement demand from Hurricane Milton. New Or...
Latin America Hotel Construction Surges, Pipeline Expands Over 10% Annually
Lodging Econometrics | October 31, 2024
Lodging Econometrics’ (LE) Q3 2024 Latin America Construction Pipeline Trend report signals growth for the region’s hospitality industry. The pipeline currently stands at 642 projects and 104,513 rooms, representing robust year-over-year (YoY) increases of 11% in project count and 10% in room count. Digging deeper into the pipeline data, LE’s report highlights several positive indicators. At the close of Q3 2024, Latin America had 269 projects with 47,151 rooms under construction, reflecting a 10% YoY rise in both metrics. Additionally, the number of projects scheduled to start construction within the next 12 months grew to 183 pro...
Reno, NV Least Expensive U.S. City for Hotel Stays, Cheaphotels.org Survey Shows
Cheaphotels.org | October 30, 2024
LAS VEGAS, Oct. 30, 2024-- Reno in Nevada is the most affordable city in the United States for hotel accommodation, according to the latest survey by Cheaphotels.org. The annual survey compared hotel rates across 100 U.S. destinations during October 2024 – the month when hotel prices in most American cities tend to be at their highest. Only centrally-located hotels with a 3-star rating or more were considered. In Reno, visitors will have to spend an average of just $87 per night for the most affordable double room. Situated in the southern part of Washoe County, and set against the dramatic backdrop of the Sierra Nevada ...
Canadian Hotel Development Reaches Historic Heights
LODGING ECONOMETRICS | October 30, 2024
The latest Lodging Econometrics (LE) data from Q3 2024 reveals unprecedented growth in Canada’s hotel development pipeline, with key indicators suggesting an expansion phase is underway. The total pipeline has reached a historic peak of 327 projects (40,799 rooms), with year-over-year growth rates of 19% in projects and 8% in rooms indicating strong developer confidence. Current under construction activity shows remarkable acceleration, with 81 active projects (10,596 rooms) representing a 45% surge in projects and a 29% increase in rooms year-over-year. The early planning phase has experienced the most dramatic growth, with 177 project...
HVS ANAROCK MONITOR, October 2024
Dipti Mohan | October 29, 2024
Read the latest edition of the HVS ANAROCK monthly industry update, MONITOR (Monthly Overview of National Industry Trends and Hospitality Report), for the key trends in the Indian hospitality industry. Key highlights include: September 2024: Sustained demand growth has led to consistent improvements in occupancy rates across key markets in September 2024, compared to the same period last year During the month, the average rates showed varied trends across key markets. Q3 CY2024: An increase in occupancy rates was seen during Q3 CY2024 over the same period in CY2023, across all markets except Mumbai. Goa stands out as the...
Dallas Leads Nation’s Hotel Boom: Nearly 200 Projects Set to Transform Texas Hospitality Landscape
Lodging Econometrics | October 29, 2024
PORTSMOUTH, NH - October 29, 2024 According to the Q3 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the quarter, the five markets with the largest hotel construction pipelines are led by Dallas with a record-high of 194 projects and 22,803 rooms, followed by Atlanta with a record-high 166 projects accounting for 19,174 rooms, Nashville with a record-high 130 projects and 16,966 rooms, Phoenix with 123 projects/15,999 rooms, and Austin with a record-high 119 projects accounting for 13,962 rooms. These top five markets combined account for 732 projects/88,904 rooms. At Q3, five U.S. ...
Travelers Choose Driving over Flying this Holiday Season, Opting for Reliable Methods of Travel and Familiar Destinations
Studio 6 | October 28, 2024
DALLAS, Oct. 28, 2024-- Americans are trading in their sleigh rides for car rides this holiday season, as they seek comfort in familiar, flexible, and budget-friendly travel options more than ever before. New data from Motel 6 and Studio 6 reveals that over half of those traveling to celebrate winter holidays this year will hit the road to their destination (51%) rather than take to the sky (13%). The study, which surveyed 2,000 Americans who plan to celebrate winter holidays this upcoming season, found an increase in road travelers from last year (+2% OnePoll 2023), a choice driven by the proximity of their destination (46%) and the desir...
The U.S. Hotel Construction Pipeline Surpasses 6,200 Projects at Q3 2024
Lodging Econometrics | October 28, 2024
PORTSMOUTH, NH - October 28, 2024 According to the Q3 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), the total U.S. pipeline stands at 6,211 projects/722,821 rooms, up 9% by projects and 7% by rooms Year-Over-Year (YOY). This marks a new all-time high for projects in the U.S., surpassing previous pipeline records. At the close of the third quarter, there are 1,185 projects/148,716 rooms under construction, marking an 11% increase in projects and a 6% increase in rooms YOY. Projects scheduled to start construction in the next 12 months total 2,209 projects/251,797 rooms. Projects and rooms in early ...
U.S. Hotel Construction Increased for Seventh Consecutive Month
CoStar Group | October 24, 2024
WASHINGTON – 24 October 2024 – The volume of U.S. hotel rooms under construction increased year over year for a seventh consecutive month, according to CoStar’s September 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. U.S. Hotel Pipeline September 2024 (percentage change from September 2023) In construction: 157,253 rooms (+7.0%) Final Planning: 268,190 rooms (+10.4%) Planning: 336,205 rooms (+38.4%) “Growth in rooms in construction has accelerated over the last seven months,” said Isaac Collazo, STR’s VP, analytics...
Hotel Pipeline Activity Increased Globally, Except for Europe
CoStar Group | October 24, 2024
WASHINGTON – 24 October 2024 – Europe is the only world region with lower hotel pipeline activity year over year, according to September 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. September 2024 (% change in comparison with September 2023): Europe In construction: 163,135 rooms (-1.0%) Final Planning: 87,779 rooms (-21.9%) Planning: 162,275 rooms (+1.7%) Total Under Contract: 413,189 rooms (-5.4%) Among countries in the region, Germany (27,175) led in construction activity, closely followed by the U.K. (24,733). ...
U.S. Hotel Results for Week Ending 19 October
CoStar Group | October 24, 2024
WASHINGTON – 24 October 2024 – The U.S. hotel industry reported positive year-over-year comparisons, according to CoStar’s latest data through 19 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 13-19 October 2024 (percentage change from comparable week in 2023): Occupancy: 70.1% (+1.6) Average daily rate (ADR): US$169.85 (+2.5%) Revenue per available room (RevPAR): US$119.01 (+4.2%) Among the Top 25 Markets, Tampa saw the largest occupancy lift (+23.6% to 83.7%), due to continued displacement demand from Hurricane Milton. Miami ...
77% of Global Markets Grew RevPAR Against Last Year, Japan Generating More Momentum
CoStar Group | October 24, 2024
Analysis by M. Brian Riley Note: All financial figures presented in US$. STR's global "bubble chart" update for the four weeks ending 12 October 2024 shows 77% of markets with year-over-year growth in revenue per available room (RevPAR). That was a substantial 14-point increase in the proportion of global hotel markets experiencing matched period RevPAR gains in last month's update Among countries with 50,000 rooms and sufficient hotel reporting levels, Greece ($255), Singapore ($241), Italy ($240), France ($232), and Switzerland ($196) posted the highest RevPAR on an actualized basis. That was the same set of countri...
Canada Hotels Record First Occupancy Decline in Nine Months
CoStar Group | October 22, 2024
WASHINGTON – 22 October 2024 – Canada’s hotel industry recorded its first month-over-month occupancy decline since January 2024, according to CoStar’s September 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2024 (percentage change from 2023): Occupancy: 74.0% (-1.8%) Average daily rate (ADR): CAD227.99 (+2.6%) Revenue per available room (RevPAR): CAD168.69 (+0.8%) “Declines in both group and transient demand resulted in softer occupancy across Canada hotels,” said Laura Baxter, CoStar Group’s director of hospitalit...
Global Travel and Tourism Deal Activity Down by 11% YoY During Q1-Q3 2024, Finds GlobalData
GlobalData | October 21, 2024
A total of 519 deals (comprising mergers and acquisitions (M&A), private equity, and venture financing deals) were announced in the travel and tourism sector globally during January to September (Q1-Q3) 2024, which was a year-on-year (YoY) decline of 11% over 583 deals announced during the same period in the previous year, according to GlobalData, a leading data and analytics company. An analysis of GlobalData’s Deals Database also revealed that the volume of M&A deals decreased by 6.8% during Q1-Q3 2024 compared to the same period in 2023, while the number of venture financing deals was down by 25.2% YoY. Meanwhile, private...
Q3 2024 Major U.S. Hotel Sales Survey
Daniel Lesser | October 21, 2024
By Daniel H. Lesser 2024 has been a turbulent year thus far as we have witnessed dramatic national and global events that may very well alter the course of history. During this past quarter alone: • Two assassination attempts were made on a former U.S. President who is a major party candidate once again in the upcoming election. • One month prior to this year’s Democratic National Convention, U.S. President Joe Biden, having earned sufficient delegates to be the party nominee, withdrew his candidacy and was replaced by the current Vice President Kamala Harris. • Nearly one year after the horrific events of October 7, 2023,...
U.S. Election Impact on Global Travel and Hotel Performance
CoStar Group | October 21, 2024
Analysis by Kelsey Fenerty American outbound travel was much stronger than anticipated across European markets this year, in part due to mega events such as the Summer Olympics and Taylor Swift’s Eras Tour. With the summer months past us, conversations are now swirling around how the U.S. presidential election will impact tourism outside of North America. Less international travel is standard this time of year There will be fewer Americans abroad this autumn and winter, which is entirely normal. U.S. schools resumed between mid-August to early-September with corporate conference season following swiftly thereafter. The U.S. h...
U.S. Hotel Performance for September 2024
CoStar Group | October 21, 2024
WASHINGTON – 21 October 2024 – The U.S. hotel industry reported mixed performance results from the previous month, according to September 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. September 2024 (percentage change from September 2023): Occupancy: 64.6% (-2.5%) Average daily rate (ADR): US$162.63 (+1.2%) Revenue per available room (RevPAR): US$105.04 (-1.3%) Among the Top 25 Markets, New York City experienced the highest occupancy level (-0.8% to 87.0%), driven by the United Nations General Assembly, Fashion Week, and the...
Hotel Assets: The Dark Horse in Real Estate Investing
Dancong 'Dannie' Li | October 21, 2024
By Dancong 'Dannie' Li , Jingjianxiong 'Charlie' Shi , Monique Rosszell Introduction Once considered the 'underdog' in the world of real estate investing, the hotel sector has experienced a remarkable resurgence over the past decade, with a particularly significant upturn since 2021, driven by the surge of pent-up demand resulting from the pandemic. Hotels were often perceived as risky investments due to their seasonality and reliance on short-term leases (i.e., daily rentals). In comparison, the multifamily and office sectors have often been considered safer real estate investments due to the stability of rental income, their resilien...
Helsinki Named World’s Most Sustainable Travel Destination
Helsinki | October 17, 2024
The Global Destination Sustainability Index measures the sustainability of travel destinations in four different categories using more than 70 indicators. The comparison includes more than a hundred cities throughout the world that have invested in sustainability. Helsinki has performed well in the GDS Index in the past: in 2023, our ranking was fourth. “Being named the world's most sustainable travel destination is proof of the long-term work that has been done in Helsinki. We are developing and growing tourism sustainably together with tourism operators and local residents. The first place we have now achieved indicates that we are o...
Rio de Janeiro’s Room Rates Jumped to Eight-Year High Thanks to Rock in Rio
CoStar Group | October 17, 2024
WASHINGTON – 17 October 2024 – Boosted by the Rock in Rio music festival, Rio de Janeiro’s hotel industry reached its highest monthly average daily rate (ADR) and revenue per available room (RevPAR) in eight years, according to September preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. September 2024 (year-over-year % change): Occupancy: 71.5% (+10.3%) ADR: BRL907.20 (+35.5%) RevPAR: BRL648.33 (+49.4%) The only month with higher ADR and RevPAR in Rio was August 2016 during the Summer Olympics. The first night of the R...
U.S. Hotel Results for Week Ending 12 October
CoStar Group | October 17, 2024
WASHINGTON – 17 October 2024 – Helped by the Columbus Day/Indigenous Peoples' Day calendar shift, the U.S. hotel industry reported positive year-over-year comparisons, according to CoStar’s latest data through 12 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 6-12 October 2024 (percentage change from comparable week in 2023): Occupancy: 70.3% (+2.4%) Average daily rate (ADR): US$166.88 (+1.4%) Revenue per available room (RevPAR): US$117.28 (+3.8%) Among the Top 25 Markets, New Orleans saw the largest performance lifts across each of ...
