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 30 December
CoStar Group | January 8, 2024
WASHINGTON – 8 January 2024 – U.S. hotel performance increased from the previous week, while year-over-year comparisons were skewed downward due to a calendar shift, according to CoStar’s latest data through 30 December. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 24-30 December 2023 (percentage change from comparable week in 2022): Occupancy: 50.1% (-7.1%) Average daily rate (ADR): US$163.58 (-2.8%) Revenue per available room (RevPAR): US$82.01 (-9.7%) Year-over-year comparisons were negative as the comparable week from 2022 (25 Dece...
Boston Hotel Market Update: Ten Things to Know
Erich Baum | January 8, 2024
By Erich Baum, Brian Bisema, Raymond Parejo, Nico Cooper Boston is back. The three key demand channels have returned to an approximation of their pre-pandemic levels (conventions and business travel up, leisure down), and the city’s RevPAR has improved to third in the nation, supplanting Miami and various West Coast rivals. Here are ten things to know about the city. 1. Boston’s revenue per available room (RevPAR) is on pace to finish 2023 at approximately 110% of its 2019 level. Occupancy is lagging slightly, at 97% of the pre-pandemic peak, but average rate is picking up the slack. 2. Conventions came roaring back in 2023. The ...
The Hospitality Industry’s Key Historical Metrics
CoStar Group | January 4, 2024
Performance benchmarking is paramount in the hospitality industry, and whether measuring success against yourself, the competition or a specific segment of the market, the process involves foundational historical metrics. This article is part of a series on hotel benchmarking data sets. Reach the other editions here: The role of profitability data in a comprehensive hotel benchmarking experience | Using business on the books in a complete benchmarking approach Who uses hotel historical data? How does it support strategies? Benchmarking is the foundation of any decision making. If you don’t know where you have been, you don’t kno...
U.S. Hotel Results for Week Ending 23 December
CoStar Group | January 2, 2024
WASHINGTON – 2 January 2024 – As anticipated ahead of the holidays, U.S. hotel performance fell from the previous week, according to CoStar’s latest data through 23 December. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 17-23 December 2023 (percentage change from comparable week in 2022): Occupancy: 43.9% (+0.5%) Average daily rate (ADR): US$131.97 (-0.9%) Revenue per available room (RevPAR): US$57.90 (-0.4%) Among the Top 25 Markets, Boston saw the largest year-over-year increases in occupancy (+21.5% to 46.2%) and RevPAR (+23.1% to US$65.68)....
STR Weekly Insights: 10-16 December 2023
CoStar Group | December 22, 2023
Note: Due to the Christmas and New Year’s holidays, the next edition of Weekly Insights will run on 12 January 2024 Analysis by Isaac Collazo, Chris Klauda, Will Anns Countries included: China, Germany, Japan, United Kingdom, and the United States Highlights The Top 25 Markets propelled U.S. RevPAR growth to a three-week high. Group demand gained. Soccer ruled in the U.K. and Germany with all but one of the five markets hosting UEFA Champions league matches posting double-digit occupancy increases. College Bowl games and New Year’s Eve will provide a boost to the industry as the year winds to a close. New ...
U.S. Hotel Results for Week Ending 16 December
CoStar Group | December 22, 2023
WASHINGTON – 22 December 2023 –U.S. hotel performance was expectedly lower from the previous week, but year-over-year comparisons were positive, according to CoStar’s latest data through 16 December. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 10-16 December 2023 (percentage change from comparable week in 2022): Occupancy: 54.7% (+1.1%) Average daily rate (ADR): US$142.62 (+4.7%) Revenue per available room (RevPAR): US$77.99 (+5.8%) Among the Top 25 Markets, San Francisco saw the largest year-over-year increases in each of the three key perfo...
Canada Hotel Performance Followed Seasonal Trends in November
CoStar Group | December 21, 2023
WASHINGTON – 21 December 2023 – As expected, Canada’s hotel performance fell month over month, but continued a stretch of year-over-year growth, according to CoStar’s November 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. November 2023 (percentage change from November 2022): Occupancy: 62.1% (+0.5%) Average daily rate (ADR): CAD179.18 (+5.8%) Revenue per available room (RevPAR): CAD111.19 (+6.4%) “Canada hotel performance returned to single-digit growth in November,” said Laura Baxter, CoStar Group’s director of hospitality ana...
U.S. Hotel Performance for November 2023
CoStar Group | December 20, 2023
WASHINGTON – 20 December 2023 – As expected, the U.S. hotel industry reported lower performance results from the previous month but improved year-over-year comparisons, according to November 2023 from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. November 2023 (percentage change from November 2022): Occupancy: 58.4% (-1.2%) Average daily rate (ADR): US$151.23 (+3.6%) Revenue per available room (RevPAR): US$88.36 (+2.4%) Among the Top 25 Markets, New York City experienced the highest occupancy level (84.0%), which was up 6.3% year over year...
Africa On The Rise
Hala Matar Choufany | December 20, 2023
By Hala Matar Choufany This year revealed diverse hotel performance trends across Africa’s 54 countries, reflecting the vast expanse and distinctiveness of the continent and emphasizing the regional disparities. Indeed, certain areas saw substantial growth and an uptick in international arrivals, while others grappled with persistent challenges. Hospitality sector performance Northern and southern Africa, home to well-established hospitality markets like Egypt and South Africa, reported slower economic growth rates. In contrast, most countries spanning the Eastern and Western regions experienced accelerated economic growth due to inc...
November 2023 International Air Passenger Travel To and From the United States
The APIS/I-92 Program | December 19, 2023
Air Passenger Enplanements Up 14.6% Year Over Year in November 2023 Air Passenger Travel Between the United States and Europe Up 10.7% in November 2023 Data recently released by the National Travel and Tourism Office (NTTO) show that in November 2023: U.S.-international air traffic passenger enplanements1 totaled: 19.031 million in November 2023, up 14.6 percent compared to November 2022, with enplanements reaching 102.7% percent of pre-pandemic November 2019 volume. Originating Non-Stop Air Travel in November 2023 Non-U.S. citizen air passenger arrivals to the United States from foreign countries totaled: ...
Indian Hospitality Sector – 2023 in Review
Mandeep S Lamba | December 18, 2023
By Mandeep S. Lamba, Dipti Mohan, Dhwani Gupta The year 2023 unfolded as a dynamic chapter for the global hospitality sector, characterized by a blend of challenges and successes. While the world grappled with extreme climate events, escalating geopolitical tensions, growing economic headwinds, and rising travel costs, the global travel industry witnessed a resurgence. According to the United Nations World Tourism Organization (UNWTO), the first nine months of 2023 recorded a remarkable 38% increase in international tourist arrivals (ITAs) compared to the previous year, albeit trailing by a modest 13% from the 2019 levels. The Middle East...
Hotel Market Report: Asia’s Path Forward in 2024
HotStats | December 15, 2023
By Tareq Bagaeen Earlier this week I was talking to a regional commercial head of Asia for one of the world’s largest hotel chains and the view forward into 2024 is one of concern, to say the least. At the moment, the hotel benchmarking data look goods; for many destinations within this region, 2023 was a record year both in terms of topline revenue as well as Gross Operating Profit (GOP). Expectations are significant for the coming year; thus, the higher than usual level of apprehension. Let us start with the GOP king of Asia, and, all the world: Maldives. A destination that has a GOP figure of just under 300 USD per...
Global Travel and Tourism Sector Deal Activity Down by 32.7% YoY During January-November 2023, finds GlobalData
GlobalData | December 15, 2023
A total of 666 deals (mergers & acquisitions (M&A), private equity and venture financing) were announced in the travel and tourism sector globally during January-November 2023, which is a year-on-year (YoY) decline of 32.7% compared to the announcement of 989 deals during the same period in the previous year, finds GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The global travel and tourism sector persistently exhibited a declining trend in deal activity throughout the year. Geo-political tensions, ongoing wars and associated macroeconomic challenges largely affected th...
Jakarta Hotel Occupancy and RevPAR Reached Significant Levels in November
CoStar Group | December 14, 2023
WASHINGTON – 14 December 2023 – Jakarta hotels recorded their highest levels in occupancy and revenue per available room (RevPAR) since November 2011 and November 2013, respectively, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. November 2023 (year-over-year % change): Occupancy: 79.8% (+10.9%) Average daily rate (ADR): IDR1,030,269.24 (+10.4%) Revenue per available room (RevPAR): IDR822,163.52 (+22.5%) Jakarta hosted several events that helped performance last month, including a Coldplay conc...
U.S. Hotel Results for Week Ending 9 December
CoStar Group | December 14, 2023
WASHINGTON – 14 December 2023 –U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 9 December. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 3-9 December 2023 (percentage change from comparable week in 2022): Occupancy: 58.7% (-1.1%) Average daily rate (ADR): US$153.36 (+4.5%) Revenue per available room (RevPAR): US$89.98 (+3.3%) Among the Top 25 Markets, Boston saw the largest year-over-year occupancy increase (+14.1% to 72.7%). Helped by Miami Art Week and Art Basel, Miami reported...
São Paulo Hotel ADR and RevPAR Reached Record Highs in November
CoStar Group | December 13, 2023
WASHINGTON – 13 December – São Paulo’s hotel industry reported its highest monthly average daily rate (ADR) and revenue per available room (RevPAR) on record, helped by several notable events, according to preliminary November data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. November 2023 (year-over-year % change): Occupancy: 71.9% (+5.0%) Average daily rate (ADR): BRL749.67 (+20.7%) Revenue per available room (RevPAR): BRL539.37 (+26.8%) The market’s occupancy level was above 70% for just the second time since November 2019....
September 2023 Total International Travel Volume To and From the United States
The ADIS/I-94 Visitor Arrivals Program | December 13, 2023
In September 2023, International Visitor Arrivals to the United States Totaled 5,775,143, an Increase of 19.3% Compared to September 2022 U.S. Citizen Outbound Travel Departures from the United States Totaled 8,004,891 in September 2023, an Increase of 16.7% Compared to September 2022 Data recently released by the National Travel and Tourism Office (NTTO) show that in September 2023: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States in September 2023 was 5,775,143, an increase of 19.3% compared to September 2022 and reached 86.2% of the pre-COVID total visito...
Baird/STR Hotel Stock Index Up 9.3% in November
STR | December 11, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index increased 9.3% in November to a level of 6,119. "Hotel stocks rose sharply in November and snapped a three-month losing streak; performance generally tracked the benchmarks,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Lower interest rates primarily drove the gains during the month, particularly for real estate stocks, and overall investor sentiment improved. Year to date, the hotel REIT sub-index turned positive and is now +7.6%, while the hotel brand sub-index at +30.6% continues to be a relative outperformer.” “As exp...
Sacramento Growth Continues
Brandon Conner | December 11, 2023
By Brandon Conner, John Berean Situated between Sacramento’s Central Business District and River District, the 244-acre Sacramento Railyards is one of the nation’s largest urban infill projects and will nearly double the size of Downtown Sacramento upon completion. In August 2020, LDK Ventures broke ground on The A.J., a 345-unit residential complex and the first project within the Sacramento Railyards. The development is expected to feature 10,000 residential units, 1,100 hotel units, and several million square feet of office space. Other major projects within the Railyards may include an 18-acre Kaiser Permanente medical center ...
U.S. Hotel Results for Week Ending 2 December
CoStar Group | December 7, 2023
WASHINGTON – 7 December 2023 – As expected, U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 2 December. 26 November through 2 December 2023 (percentage change from comparable week in 2022): Occupancy: 54.2% (-1.6%) Average daily rate (ADR): US$144.88 (+0.8%) Revenue per available room (RevPAR): US$78.54 (-0.8%) Among the Top 25 Markets, New York City saw the largest year-over-year increases in occupancy (+6.8% to 83.5%) and RevPAR (+17.2% to US$319.18) Las Vegas posted the largest ADR lift (+11.2% to US$232.94). Due to the Miami Art Week/Art Base...
International Visitors Spent Nearly $19 Billion in the United States in October 2023
National Travel and Tourism Office (NTTO) | December 7, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in October 2023: International visitors spent $18.9 billion on travel to, and tourism-related activities within, the United States, an increase of 23 percent compared to October 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 $1.9 billion of their highwater mark set back in March 2018 when international visitors spent an appreciable $20.8 billion experiencing the United States. Conversely, Americans spent a record-setting $18.4 b...
Major Markets Driving U.S. Hotel Profitability Gains
CoStar Group | December 6, 2023
WASHINGTON – 6 December 2023 – Improvement in group demand across the Top 25 Markets drove U.S. hotel revenue and profit growth, according to October P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. October 2023 per-available-room metrics (% change from October 2022) GOPPAR: US$97.45 (+3.7%) TRevPAR: US$240.74 (+4.0%) EBITDA PAR: US$69.60 (-1.2%) LPAR (Labor Costs): US$74.48 (+5.9%) The industry saw its largest year-over-year increases in GOPPAR and TRevPAR since March 2023. “The Top 25 Markets have showed an...
Notable Resort Developments in Telluride
Katy Black | December 6, 2023
By Katy Black, Ryan Mark Over the past decade, Telluride has gained popularity as a secluded resort destination during both the summer and winter months. However, when compared to other mountain resort destinations throughout the region, Telluride has few luxury-resort lodging options. With the Madeline Telluride becoming an Auberge Resort in late 2017, followed by an extensive renovation and repositioning in 2021/22, the Madeline is essentially the only traditional, high-end lodging option in Telluride. The Town of Mountain Village, which is located within the Telluride Ski Resort, is seeking to improve Telluride’s position as a...
The Bahamas Achieves Unprecedented Tourism Success With Record-Breaking Eight Million Visitors
The Bahamas | December 5, 2023
NASSAU, Bahamas, Dec. 5, 2023 -- The Bahamas Ministry of Tourism, Investments & Aviation is proud to announce a historic achievement in tourism, with the country welcoming a record-breaking eight million annual visitors this year. This remarkable success stands as a testament to the unified efforts, strategic planning, and visionary initiatives championed not only by the Ministry of Tourism but strengthened by the invaluable support of key stakeholders like the Nassau/Paradise Island Promotion, The Bahamas Out Islands Promotion Board and The Bahamas Hotel & Tourism Association. The Hon. I. Chester Cooper, Deputy Prime Ministe...
