International Visitors Spent Nearly $20.1 Billion Traveling Within the United States in March
National Travel and Tourism Office (NTTO) | May 23rd, 2024
CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE Group, Inc. | May 16th, 2024
Rivalry Brewing: UAE Vs. Saudi Arabia
Tareq Bagaeen | March 25, 2024
By Tareq Bagaeen It is no secret that The Kingdom of Saudi Arabia is changing. Over just the past five years the change has been staggering, both socially, and politically as well as a dramatic shift in its economic vision. Oil & Gas has been the foundation of its strength, and it continues to be but the shift to diversify is massive. Great festivals bolster their main cities and act as significant drivers of local tourism; Formula E has been lighting up Riyadh since 2018; Formula 1 since 2021 in Jeddah, along with a host of significant political and business conferences. Of course, Hajj & Umrah are another major stream of inbou...
More Global Hotel Markets Growing RevPAR
STR | March 25, 2024
Analysis by Eddie Yeung Note: All financial figures presented in US$. STR's global "bubble chart" update as of 9 March 2024 shows that 77% of markets increased revenue per available room (RevPAR) from the comparable period in 2023, which was 4% more than the last update. Occupancy and average daily rate (ADR) were also steadily higher than last year. Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, the United Arab Emirates, France, Switzerland, and New Zealand led in RevPAR on an actual basis. Singapore recorded the highest ADR at $284, which was 17% higher year over year as the market hosted Tayl...
Canada Hotel Room Rates Driven by Groups in February
CoStar Group | March 21, 2024
WASHINGTON – 21 March 2024 – Canada’s hotel industry reported a third consecutive month of occupancy declines but continued growth in average daily rate (ADR), according to CoStar’s February 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. February 2024 (percentage change from 2023): Occupancy: 58.0% (-1.6%) Average daily rate (ADR): CAD181.55 (+3.8%) Revenue per available room (RevPAR): CAD105.37 (+2.2%) Group ADR growth (+7.9%) was the strongest among the segments. “Both transient and group occupancy declined, down 2.4% and 1.2%, ...
U.S. Hotel Results for Week Ending 16 March
CoStar Group | March 21, 2024
WASHINGTON – 21 March 2024 – U.S. hotel performance increased from the previous week but showed continued declines year over year, according to CoStar’s latest data through 16 March. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 10-16 March 2024 (percentage change from comparable week in 2023): Occupancy: 66.5% (-1.4%) Average daily rate (ADR): US$163.21 (-2.1%) Revenue per available room (RevPAR): US$108.51 (-3.5%) Among the Top 25 Markets, Seattle reported the largest year-over-year increases in occupancy (+12.7% to 73.0%) and RevPAR (+21.7% ...
Savannah, Georgia: Linking the Past to the Future
Brett Testa | March 21, 2024
By Brett Testa Savannah, Georgia, is one of the oldest cities in the country and is the oldest city in the state of Georgia; it was also the state’s first capital. Given this rich history, the city boasts the country’s largest contiguous historic district, which has been integral to the success of Savannah’s hotels and restaurants since its inception in 1955. River Street, which winds along the Savannah River, has undergone explosive commercial and tourism development over the last decade; there are now 57 hotels and inns within the one-mile Savannah Historic Landmark District, and five more are in varying stages of completion. O...
US Solar Eclipse Hotel Occupancy Increases by Another 10 Percent
Amadeus | March 21, 2024
Amadeus Demand360+ data shows demand is still on the rise On April 8th, there will be a total solar eclipse that traverses North America. Being able to witness this from land is incredibly rare, with astronomers at NASA saying that it could be as long as 375 years before a similar event occurs in this North American pathway. Over the past few months, Amadeus has been tracking the impact of the eclipse on hotel booking patterns across America using forward-looking business intelligence data from Demand360+®. The highlights from the latest data drawn on February 29, 2024, are as follows: Average hotel occupancy across the 9 markets of...
Columbus, Ohio: A Bright Spot for Midwestern Hotels
Brandon Leversee | March 20, 2024
By Brandon Leversee The greater Columbus region is the top metro area in the Midwest in terms of GDP, population, and job growth. Contributing to this economic growth are legacy industries and sectors such as finance and insurance, along with education, retail, and health care. More recently, Columbus has emerged as the leading tech hub of the Midwest. In 2022, Intel Corporation, one of the world's largest semiconductor manufacturers, began construction on a $20-billion manufacturing facility in New Albany, just outside of Columbus. This development has attracted other related companies that are expected to support this operation, furt...
U.S. Hotel Performance for February 2024
CoStar Group | March 19, 2024
WASHINGTON – 19 March 2024 – The U.S. hotel industry reported higher performance results month over month, according to February 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. February 2024 (percentage change from February 2023): Occupancy: 58.9% (-1.8%) Average daily rate (ADR): US$158.23 (+3.9%) Revenue per available room (RevPAR): US$93.19 (+2.0%) Among the Top 25 Markets, Oahu Island experienced the highest occupancy level (84.0%), which was up 6.6% year over year. Helped by Super Bowl LVIII, Las Vegas reported the...
Outpacing and Evolving: Metro Atlanta Hotel Supply Growth
Courtney Vris | March 19, 2024
By Courtney Vris, Brett Testa According to Lodging Econometrics’ Q4 2023 US Construction Pipeline report, Atlanta ranked second nationally in the number of hotel openings in 2023, third in the number of hotels actively under construction, and second in the number of projects in the pipeline. Below, we provide an overview of the market’s hotel demand and its notable new supply, both recently opened and on the horizon. Metro Atlanta comprises the city of Atlanta and eleven surrounding counties, with a vast network of submarkets that include the following: The CBD, home to the Georgia World Congress Center, Mercedes-Benz Stadi...
STR Weekly Insights: 3 – 9 March 2024
STR | March 15, 2024
Analysis by Isaac Collazo, Chris Klauda, Will Anns Countries (markets) mentioned: United States (Baltimore, Daytona Beach, Denver, Fort Lauderdale, Fort Myers, Las Vegas, Miami, Minneapolis, Oahu, Orlando, Phoenix, San Antonio, Sacramento, St. Louis, Tampa and Tucson). Germany (Cologne and Frankfurt), Indonesia, Singapore Highlights U.S. ADR down for the first time this year, RevPAR a third time. Groups still driving high-end U.S. hotels. Germany sees strong, group-induced RevPAR gains. Singapore loves Taylor Swift. 2024 solar eclipse demand to top 2017 event. U.S. Performance U.S. hotels continued...
U.S. Hotel Results for Week Ending 9 March
CoStar Group | March 14, 2024
WASHINGTON – 14 March 2024 – U.S. hotel performance increased from the previous week but declined year over year, according to CoStar’s latest data through 9 March. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 3-9 March 2024 (percentage change from comparable week in 2023): Occupancy: 63.2% (-2.2%) Average daily rate (ADR): US$156.96 (-0.6%) Revenue per available room (RevPAR): US$99.17 (-2.8%) Among the Top 25 Markets, Minneapolis reported the largest year-over-year increases in each of the three key performance metrics: occupancy (...
Rio de Janeiro Room Rates Peaked During Carnival
CoStar Group | March 13, 2024
WASHINGTON – 13 March 2024 – Helped by Carnival, Rio de Janeiro’s hotel industry recorded its highest average daily rate (ADR) and revenue per available room (RevPAR) since 2016, according to February preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. February 2024 (year-over-year % change): Occupancy: 69.6% (-4.7%) Average daily rate (ADR): BRL996.92 (+9.1%) Revenue per available room (RevPAR): BRL694.02 (+4.0%) Carnival took place 9-17 February, and the market’s room rates peaked on the third and fourth night of the fe...
Dubai Hotel Performance Jumped During Eventful February
CoStar Group | March 13, 2024
WASHINGTON – 13 March 2024 – A series of events pushed all-time high occupancy levels in Dubai, according to February preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. February 2024 (year-over-year % change): Occupancy: 90.8% (+3.4%) Average daily rate (ADR): AED887.06 (+9.3%) Revenue per available room (RevPAR): AED805.21 (+13.1%) The market’s hotel performance was helped by several events including Gulfood (19-23 February), the 2024 FIFA Beach Soccer World Cup (15-25 February), the 2024 Dubai Duty Free Tennis Championshi...
Tulsa Tourism Is on the Rise
Kira Black | March 13, 2024
By Kira Black Tulsa’s tourism industry has experienced a strong recovery from the COVID-19 pandemic. Tourism is Oklahoma's third-largest industry and is second only to oil and gas in bringing out-of-state dollars into Oklahoma. In 2021, along with the recovery from the pandemic and rebound of the hospitality industry, tourist spending was slightly below the 2019 revenue level. Leisure and group demand recovery continued through 2022, resulting in record-breaking tourism revenue for Tulsa. Many of Tulsa's tourism and group demand generators are located downtown, such as the Tulsa Performing Arts Center, the Cox Business Convention Ce...
Record-High Room Rates in Melbourne, Sydney Driven by the Eras Tour
CoStar Group | March 12, 2024
WASHINGTON – 12 March 2024 – Boosted by Taylor Swift’s Eras Tour, the hotel industries in both Sydney and Melbourne posted their highest average daily rate (ADR) for any month on record, according to February preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Melbourne February 2024 (year-over-year % change): Occupancy: 78.1% (+8.5%) Average daily rate (ADR): AUD244.80 (+11.4%) Revenue per available room (RevPAR): AUD191.18 (+20.9%) Melbourne’s daily occupancy levels remained above the 70.0% mark throughout the month ...
International Visitors Spent $19.7 Billion in the United States in January 2024
National Travel and Tourism Office | March 12, 2024
Data recently released by the National Travel and Tourism Office (NTTO) show that in January 2024: • International visitors spent nearly $19.7 billion on travel to, and tourism-related activities within the United States, an increase of more than 23 percent compared to January 2023 and the highest level of monthly spending since December 2019. In fact, monthly U.S. travel and tourism exports are within $1.1 billion of their highwater mark set back in March 2018 when international visitors spent an appreciable $20.8 billion exploring the United States. • Conversely, Americans spent more than $19.0 billion traveling abroad during Jan...
European Hotel Values See Modest Rise in 2023 but Fail to Reach Pre-Pandemic Levels, Reveals Latest HVS Valuation Index
HVS | March 11, 2024
11 March 2024, London: Hotel values across Europe remained steady in 2023 buoyed by the consolidation of the post-pandemic recovery and a steady desire to travel keeping average room rates strong, according to the annual European Hotel Valuation Index (HVI) published this week by global hotel consultancy HVS. These influences combined to offset the impact of a number of geopolitical challenges including the war in Ukraine, the war between Israel and Hamas and the shaky Chinese economy as well as increasing operating costs and high interest rates. The result was a modest uplift in hotel values of around 1% across Europe keeping them...
U.S. Hotel Results for Week Ending 2 March
CoStar Group | March 7, 2024
WASHINGTON – 7 March 2024 – U.S. hotel performance was mostly positive year over year, according to CoStar’s latest data through 2 March. 25 February through 2 March 2024 (percentage change from comparable week in 2023): Occupancy: 62.5% (-0.3%) Average daily rate (ADR): US$155.29 (+2.7%) Revenue per available room (RevPAR): US$97.12 (+2.4%) Among the Top 25 Markets, Seattle reported the largest year-over-year occupancy increase (+12.1% to 66.5%). Las Vegas, helped by the NAHB International Builders’ Show, posted the highest growth in ADR (+25.4% to US$249.30) and RevPAR (+36.5% to US$217.82) The steepest...
Resurgence and Strength: Demand and Supply Growth in Wichita
Benjamin Giebler | March 4, 2024
By Benjamin Giebler Given its location and position as the state’s largest city, Wichita serves as the primary economic hub for central Kansas. Wichita, known as the “Air Capital of the World,” is home to several major aircraft-manufacturing facilities and McConnell Air Force Base. The local economy is further supported by major employers in the manufacturing industry and healthcare and education sectors including Koch Industries, Ascension Via Christi St. Francis Hospital, and Wichita State University (WSU). This strong and diverse economy supported stability in the local hotel market’s occupancy and ADR through 2019. CO...
From Challenges to Triumph: Tuscaloosa Carries On
Bunmi Oyinloye | February 29, 2024
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Las Vegas Hotels Broke Continental U.S. Record for Saturday and Sunday ADR
CoStar Group | February 27, 2024
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74% of Global Markets Increased RevPAR to Start 2024
CoStar Group | February 27, 2024
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Seattle Hotel Market: A Shining Beacon of the Pacific Northwest
Eileen Bosworth | February 26, 2024
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Post-Pandemic Momentum in Manhattan
Roland de Milleret | February 22, 2024
By Roland deMilleret, Patricia Shih The Manhattan market, which demonstrated resilience during the decade ending 2019, was severely affected by the COVID-19 pandemic. The city reopened in June 2021 when restrictions on gatherings were lifted, and tourist attractions reopened; Broadway theaters reopened in September 2021. Despite a minor setback in late 2021 due to the COVID-19 variants, the market has been experiencing a continued recovery since, primarily driven by strong gains in average rate over the last three years. In 2023, the average daily rate (ADR) peaked, surpassing the 2019 level by over 20%. Conversely, occupancy continued to ...
