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
U.S. Hotel Results for Week Ending 17 February
CoStar Group | February 22, 2024
WASHINGTON – 22 February 2024 – U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 17 February. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 11-17 February 2024 (percentage change from comparable week in 2023): Occupancy: 59.2% (-2.5%) Average daily rate (ADR): US$162.24 (+4.2%) Revenue per available room (RevPAR): US$96.10 (+1.6%) Among the Top 25 Markets, Boston (+14.6% to 64.7%) and New Orleans (+14.6% to 75.7%) matched for the largest incre...
Canada Hotel Occupancy Dipped Because of Less Leisure Demand in January
CoStar Group | February 22, 2024
WASHINGTON – 22 January 2024 – Canada’s hotel industry showed lower occupancy but continued growth in average daily rate (ADR), according to CoStar’s January 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. January 2024 (percentage change from 2023): Occupancy: 49.6% (-1.7%) Average daily rate (ADR): CAD175.38 (+4.3%) Revenue per available room (RevPAR): CAD87.00 (+2.6%) “Transient occupancy fell 3.7% year over year, with most of the decline taking place on the weekends, suggesting that individuals are pulling back on discretionary spe...
ITA Data Release: December 2023 International Inbound Visitor Spending
National Travel and Tourism Office | February 22, 2024
International Visitors Spent $19.5 Billion in the United States in December 2023 Data recently released by the National Travel and Tourism Office (NTTO) show that in December 2023: International visitors spent $19.5 billion on travel to, and tourism-related activities within, the United States, an increase of more than 22% compared to December 2022 and the highest level of monthly spending since December 2019 (before the onset of reported COVID-19 cases). In fact, monthly U.S. travel and tourism exports are within $1.4 billion of their highwater mark set back in March 2018 when international visitors spent an appreciable $20.8 billion ...
Florence Market Pulse
Ezio Poinelli | February 21, 2024
By Lorenzo Gullotta, Giammarco Pignocchi, Ezio Poinelli The city of Florence underwent a sustained period of tourism growth spanning over a decade, navigating various crises, including the 2008 financial crisis and subsequent economic recession in Italy, as well as the 2015 terrorism threat in Europe. However, the emergence of the COVID-19 pandemic marked a significant turning point. Like most destinations globally, Florence faced substantial challenges due to the pandemic and associated travel restrictions. Nevertheless, with the successful implementation of vaccination campaigns and the gradual relaxation of the containment measures throug...
November 2023 Total International Travel Volume To and From the United States
National Travel and Tourism Office (NTTO) | February 21, 2024
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U.S. Hotel Performance for January 2024
CoStar Group | February 19, 2024
WASHINGTON – 19 February 2024 – The U.S. hotel industry reported lower performance results month over month, according to January 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. January 2024 (percentage change from January 2023): Occupancy: 51.9% (-1.7%) Average daily rate (ADR): US$146.33 (+2.7%) Revenue per available room (RevPAR): US$75.99 (+0.9%) Among the Top 25 Markets, Oahu Island experienced the highest occupancy level (79.0%), which was up 6.2% year over year. Markets with the lowest occupancy for the month includ...
2024 Total Solar Eclipse: How Will the Hotel Performance Impact Stack Up to 2017?
CoStar Group | February 16, 2024
In early-April 2024, a Total Solar Eclipse will once again pass over cities across North America and drive an influx of spectators in need of overnight accommodations. That means a lift in hotel performance is once again on the horizon, but there are key differences from the last Total Eclipse in 2017. With a duration of totality almost double that of the eclipse in August 2017, the number of spectators looking to be a part of the experience is expected to increase. The eclipse will also reach more larger hotel markets than 2017, which means more available rooms and more well-known destination offerings for travelers to ...
Colorado: Aspen 2nd Priciest President’s Day Destination in the US, Survey Reveals
Cheaphotels.org | February 16, 2024
DENVER, Feb. 16, 2024 -- The Colorado ski resort town of Aspen is the second most expensive destination in the US for overnight stays on President's Day weekend this year, according to a survey by Cheaphotels.org. The survey compared hotel rates in destinations across America for February 16-19 – the dates for this year's Presidents Day weekend. Only well-located hotels rated at least 3 stars were considered for the survey. In Aspen, situated in Colorado's Rocky Mountains, travelers will have to spend $674 per night for the most affordable double room, the survey shows. The only destination with a higher minimum rate is Wailea...
U.S. Hotel Results for Week Ending 10 February
CoStar Group | February 15, 2024
WASHINGTON – 15 February 2024 – U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 10 February. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 4-10 February 2024 (percentage change from comparable week in 2023): Occupancy: 56.2% (-2.7%) Average daily rate (ADR): US$160.96 (+6.8%) Revenue per available room (RevPAR): US$90.40 (+3.9%) Among the Top 25 Markets, Oahu Island saw the largest increase in occupancy (+8.0% to 82.9%). In its Super Bowl host...
Coldplay Concerts Drove Singapore Hotel Performance in January, Taylor Swift Up Next in March
CoStar Group | February 15, 2024
WASHINGTON – 15 February 2024 – Helped by Coldplay’s World of the Spheres Tour, Singapore hotels saw healthy performance growth, according to preliminary January data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. January 2024 (year-over-year % change): Occupancy: 72.8% (+9.6%) Average daily rate (ADR): SGD334.46 (+3.3%) Revenue per available room (RevPAR): SGD243.55 (+13.2%) Singapore posted its highest daily occupancy levels toward the end of the month, helped by six Coldplay performances that took place between 23-31 January. The ma...
Bakersfield’s Vibrant Growth & Developments Ahead
Aidan Martin | February 15, 2024
By Aidan Martin The $600-million Hard Rock Hotel & Casino Tejon project, which broke ground on December 14, 2023, promises to inject vitality into the Bakersfield suburb of Mettler. Phase I encompasses 150,000 square feet of gaming space, multiple dining options, and a 2,800-seat event venue. Phase II will include a 400-room hotel and additional dining and entertainment amenities. Phase I is slated to open in October 2025, with Phase II following 20 months later. Though situated 30 minutes from Bakersfield, this project is poised to become a prominent leisure demand generator for the region. In October 2023, plans were approved to...
CBRE Hotels Expects RevPAR Growth in 2024 Fueled by Higher Rates and Stronger Demand
CBRE Group, Inc. | February 15, 2024
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China’s Hotel Construction Pipeline Ends 2023 With Record-Breaking Project and Room Counts
Lodging Econometrics (LE) | February 14, 2024
February 14, 2024 – PORTSMOUTH, NH – According to the latest China Construction Pipeline Trend Report from Lodging Econometrics (LE), China's total hotel construction pipeline reached a new all-time high by projects for the second quarter in a row at Q4 2023. With a 6% year-over-year (YOY) increase in projects and a 2% YOY increase in rooms, the country’s total pipeline ended the year at 3,788 projects with 691,772 rooms. Projects currently under construction encompasses an impressive 2,644 projects/473,921 rooms, reflecting a 1% increase by projects YOY, while projects scheduled to start construction in the next 12 months are up 4% ...
PwC’s Manhattan Lodging Index: Q4 2023
PwC’s Manhattan lodging index | February 12, 2024
The rate of growth in occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), while strong, continued to decelerate as the market moves on a path towards stabilization. Lower-priced hotels benefited from the customer's level of rate fatigue being felt in the market, with ADR growth levels for midscale properties triple that of higher-priced hotels in Q4. 2023 RevPAR experienced a year-over-year increase of 16.5 percent, with Q3 seeing an increase of 13.6 percent and Q4 being up 11.5 percent. “The Manhattan hotel market maintained an occupancy level above 80 percent in each month of the final three quarter...
U.S. Hotel Results for Week Ending 3 February
CoStar Group | February 8, 2024
WASHINGTON – 8 February 2024 – U.S. hotel performance decreased slightly from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 3 February. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 28 January through 3 February 2024 (percentage change from comparable week in 2023): Occupancy: 55.2% (-0.1%) Average daily rate (ADR): US$147.99 (+1.9%) Revenue per available room (RevPAR): US$81.69 (+1.7%) Among the Top 25 Markets, Seattle saw the largest increases in occupancy (+19.3% to 60.1%) and R...
Orlando Hotel Market: Recovery and Evolution
Donald C. Stephens Jr. | February 7, 2024
By Donald C. Stephens, Jr. Orlando, nicknamed the City Beautiful, was one of the first of the top 20 U.S. hotel markets to recover from the pandemic. As average hotel rates and revenue now exceed historic peaks, demand continues to ramp up. Orlando hosted 74 million visitors in 2022, a 25% increase over 2021, representing 98% of the 2019 level while maintaining its leadership position as America’s most visited destination. With back-to-back double-digit visitor growth, local officials expect the visitor count to surpass 80 million by 2025. The economic impact of tourism in Orlando was estimated at $87.6 billion for 2022. ...
Paris Hotels Already 50% Booked for Summer Olympics
CoStar Group | February 6, 2024
WASHINGTON – 6 February 2024 – Paris’ hotel occupancy on the books is already topping 50% for the 2024 Summer Olympics, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Paris’ highest booking levels fall during the weekend of 2-3 August, with both nights at 59.2%. At this time last year, the comparable levels for those nights were 5.0% and 4.5%, respectively. Also of note, the Olympics impact is reflected in hotel bookings across the entire Ile-de-France region. The highest levels are seen on Saturday, 3 August (44.9%) and Sund...
A Focus on Sports in Naples Attracts a Younger Demographic
Hannah McManus | February 5, 2024
By Hannah McManus The Paradise Coast Sports Complex, Naples’ premier sports and special-events venue, opened in December 2020 and has been ramping up operations and expanding since. The 180-acre venue features eight multi-use fields (for soccer, lacrosse, and football), a stadium, and six sand volleyball courts as athletic facilities. Event, entertainment, and recreational spaces at the complex include the Great Lawn and Great Lawn Amphitheater, the Factory outdoor fitness facility with the MoveStrong obstacle course, and the Cove beer and wine bar. Phase III of development is currently underway. A ninth field and eleven diamond fields ...
ITA Forecasts More Than 15% Increase of International Visitors to the United States in 2024
the International Trade Administration | February 5, 2024
WASHINGTON – The International Trade Administration (ITA) today released the U.S. government’s official forecast of international visitation to the United States. ITA’s National Travel and Tourism Office (NTTO) forecasts the total volume of international visitation to the United States to increase to 77.7 million in 2024, up 10.4 million, or 15.4% from 67.3 million visitors in 2023. NTTO also estimates international visitation to reach 85.2 million in 2025, surpassing pre-pandemic 2019 visitation of 79.4 million. Additionally, according to NTTO’s forecast, the United States is on track to reach 91 million visitors in 2026, excee...
U.S. Hotel Profitability Gains Led by Full-Service Chains, Major Markets
CoStar Group | February 2, 2024
WASHINGTON – 2 February 2024 – Improvement in group business, especially across the Top 25 Markets and upper-upscale chains, drove growth in U.S. hotel revenues and profits, according to 2023 P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 2023 per-available-room metrics (% change from 2022) GOPPAR: US$75.83 (+8.2%) TRevPAR: US$211.49 (+9.6%) EBITDA PAR: US$53.05 (+7.6%) LPAR (Labor Costs): US$71.56 (+13.2%) “Total industry revenues and profits were well beyond 2022 levels as pricing power continued to outweigh the impac...
U.S. Hotel Results for Week Ending 27 January
CoStar Group | February 1, 2024
WASHINGTON – 1 February 2024 – U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 27 January. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 21-27 January 2024 (percentage change from comparable week in 2023): Occupancy: 56.2% (-0.3%) Average daily rate (ADR): US$149.76 (+5.1%) Revenue per available room (RevPAR): US$84.13 (+4.8%) Among the Top 25 Markets, Las Vegas saw the largest year-over-year increases in each of the three key performance metrics...
Boston/Cambridge Lodging Market – 2023 Year End Review
Rachel Roginsky | January 31, 2024
By Rachel Roginsky The Boston/Cambridge lodging market ended 2023 at 76.4% occupancy, a 6.8% variance over 2022’s 69.6%. This 6-point increase in occupancy is a result of the market accommodating 8.6% more rooms in 2023 compared to the prior year; 0.6% more rooms occupied as compared to 2019. Seasonality appears to be in sync with what we typically expect for the Boston market. Peak season, May through October, monthly occupancies ranged between 84% and 89%, averaging 86%. The three-month shoulder season, March, April and November, market occupancy averaged 75%. December through February, our slow season, market occupancy averaged 58% in...
Downtown Baltimore Is Poised for Comeback
Caroline Dioso | January 30, 2024
By Caroline Dioso According to STR, average hotel rates in the Baltimore Central Business District through year-to-date September 2023 have surpassed 2019 levels by nearly $18, caused by stable demand levels and the impact of inflation. Occupancy has yet to rebound to pre-pandemic levels, but the return-to-office efforts and investment in leisure demand generators should support the ongoing recovery. Although the city is currently in a transitional phase, financial commitments and plans from stakeholders, as described below, should position Baltimore for a resurgence as a destination to live and visit. Originally opened as a shopping c...
Nearly 50% of Latin America’s Hotel Construction Pipeline Now Under Construction
Lodging Econometrics | January 30, 2024
January 30, 2024 – PORTSMOUTH, NH According to the Q4 2023 Latin America Construction Pipeline Trend Report from Lodging Econometrics (LE), projects and room counts in the region’s total construction pipeline each increased by 11% each year-over-year (YOY) to stand at 594 projects and 97,679 rooms at the close of the quarter. At Q4, projects currently in the under construction stage account for nearly half of the projects and rooms in Latin America’s total pipeline. Projects under construction stand at 238 projects/42,644 rooms, up 7% by projects and 6% by rooms YOY. Projects scheduled to start construction in the next 12 months a...
