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
London Hotel Performance Growth Moderated in September
CoStar Group | October 12, 2023
WASHINGTON – 12 October 2023 – With the summer travel surge concluded, London’s hotel industry showed more normalized levels of growth, according to preliminary September 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2023 (year-over-year % change): Occupancy: 84.3% (+3.1%) Average daily rate (ADR): GBP208.51 (+2.6%) Revenue per available room (RevPAR): GBP175.75 (+5.7%) Measured against strong performance in September of 2022, the ADR and RevPAR increases were London’s lowest this year. The market’s occupancy ...
Dubai Hotels Posted Highest September Occupancy Since 2016
CoStar Group | October 12, 2023
WASHINGTON – 12 October 2023 – Dubai’s hotel industry posted its highest September occupancy since 2016, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2023 (year-over-year % change): Occupancy: 77.6% (+10.0%) Average daily rate (ADR): AED457.21 (+2.7%) Revenue per available room (RevPAR): AED354.94 (+13.5%) In addition to the high occupancy, ADR was Dubai’s highest for a September since 2017. Daily data shows the highest occupancy levels during the last three days of the month, led by Fri...
Transforming Coachella Valley: Setting the Stage for Success
Aidan Martin | October 11, 2023
By Aidan Martin, Kirsten Z. Smiley In 2022, the Coachella Valley experienced a resurgence in tourism, with visitor numbers surpassing pre-pandemic levels and spending reaching new heights. The direct visitor spending of $7.1 billion had a total economic ripple effect of $8.7 billion, showcasing the area's growing appeal. A significant chunk of this spending, more than 30%, was dedicated to lodging, including hotels and short-term rentals. Tourism is expected to remain robust throughout 2023, with major events like the Power Trip music festival in October 2023 poised to attract visitors from across the region. Acrisure Arena Sou...
International Visitors Spent $19 Billion in the United States in August 2023
National Travel and Tourism Office (NTTO) | October 10, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in August 2023: International visitors spent $19.0 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 29 percent compared to August 2022 and the highest level of monthly spending since the onset of COVID-19 in early 2020. Conversely, Americans spent more than $17.2 billion traveling abroad during August, yielding a balance of trade surplus of nearly $1.8 billion and the fifth consecutive month during which the United States enjoyed a balance of trade surplus for travel and tourism-related goods and serv...
Baird/STR Hotel Stock Index Fell 2.0% in September
STR | October 9, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index dropped 2.0% in September to a level of 5,739. Hotel stocks were down again in September, but they outperformed their relative benchmarks,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Both the S&P 500 and the RMZ had their worst monthly performance of the year as higher interest rates weighed on stock prices and investor sentiment; hotels likely benefited from continued slow but stable RevPAR growth during the month. Year-to-date, the hotel brand sub-index is +23%, while the Hotel REIT sub-index is -1.5%.” “U.S. room...
Cleveland Among Priciest Cities in the U.S. for Hotel Stays
Cheap Hotels | October 6, 2023
COLUMBUS, Ohio, Oct. 6, 2023 -- Cleveland is the 4th most expensive city in the United States for hotel accommodation, according to a new survey by Cheaphotels.org. The survey compared hotel rates across 50 US destinations during October 2023 – 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 for the survey. With an average rate of $303 for the most affordable double room, Boston emerged as the most expensive city in the country. Completing the podium are New York City and Austin, with rates of $288 and $257,...
U.S. Hotel Results for Week Ending 30 September
CoStar Group | October 6, 2023
WASHINGTON – 6 October 2023 – As expected, U.S. hotel performance was lower than the previous week, but year-over-year comparisons were improved, according to CoStar’s latest data through 30 September. 24-30 September 2023 (percentage change from comparable week in 2022): Occupancy: 66.7% (+0.8%) Average daily rate (ADR): US$157.89 (+4.6%) Revenue per available room (RevPAR): US$105.31 (+5.4%) Occupancy was up year over year on the positive side of the Rosh Hashanah calendar shift. At the same time, the Yom Kippur observance led to lower levels on weekdays. The Top 25 Markets saw solid growth across all days of ...
Converging Factors: Is a Soft Landing Possible?
Aaron Szyf | October 3, 2023
With mixed economic data, economists—for over a year—have been warning of a possible recession sometime in 2023, though they seem to have consistently pushed the can down the road. By Aaron Szyf As we enter the final quarter of the year, is this recession still happening? And what does this mean for travel? Optimism, among some: To the delight of many, in recent weeks, the term “soft landing”—an ideal situation when the Fed can raise interest rates just enough to curb high inflation but without causing a recession—has been gaining traction. In fact, Goldman Sachs has significantly cut their recession odds over the nex...
Central Oregon: Evolution of Trends Post-Pandemic
Hannah Homack | October 3, 2023
By Hannah Homack, Breanna S. Smith Central Oregon is a drive-to destination market situated east of the Cascade Mountain range. Home to twelve cities, this region of Oregon benefits as a popular leisure destination for travelers from throughout the Pacific Northwest. Surrounded by a diverse natural landscape, Central Oregon welcomes nearly four million overnight visitors per year looking to take advantage of all the area has to offer. In recent years, cities throughout the region have seen significant changes in the travel industry as hotels, businesses, and attractions have weathered the impacts of the COVID-19 pandemic. Pre-Pandemic ...
2023 HVS Lodging Tax Report – USA
Thomas A. Hazinski | October 2, 2023
By Thomas Hazinski, Michael Ferguson Since room sales generate lodging tax revenues, an overview of hotel market trends provides a perspective on the industry's current and future fiscal impacts. While the negative impacts of the COVID-19 pandemic were unprecedented, as documented in our 2022 HVS Lodging Tax Study, nearly all lodging markets have reached or exceeded pre-COVID levels of revenue generation. Revenue per available room (“RevPAR”), the product of average daily room rate and occupancy rate, is a standard industry metric that combines the effects of occupancy and average daily room rate changes on hotel revenue performance. ...
RevPAR Growth Slowed Globally, Ireland Occupancy Breaks 90%, and China Recovery Softens
CoStar Group | September 28, 2023
Analysis by Eddie Yeung STR's global “bubble chart” update as of 16 September 2023 showed 86% of markets with growth in revenue per available room (RevPAR) compared to 2019. With summer travel season winding down in many parts of the world, this figure was expectedly lower than the previous update (by 2%) but well above the 2022 comparable (66%). Among all countries with a total supply of more than 50,000 rooms, Israel, France, Greece, Singapore, and Italy led in RevPAR on an actual basis. Greece sustained the top spot for the third consecutive 28-day period. Five countries recorded an occupancy rate above 80%—Irelan...
U.S. Hotel Performance Increased for Week Ending 23 September
CoStar Group | September 28, 2023
WASHINGTON – 28 September 2023 – U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 23 September. 17-23 September 2023 (percentage change from comparable week in 2022): Occupancy: 68.5% (-1.6%) Average daily rate (ADR): US$164.97 (+2.9%) Revenue per available room (RevPAR): US$112.96 (+1.2%) Occupancy remained down year over year due to the Rosh Hashanah calendar shift. Among the Top 25 Markets, Minneapolis saw the largest year-over-year occupancy increase (+7.4% to 71.3%). Helped by the United Nations General Assembly, New York City posted the highest jumps...
HVS ANAROCK Hotels & Hospitality Overview, September 2023
Akash Datta | September 28, 2023
By Akash Datta, Dipti Mohan, Dhwani Gupta Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry. Key highlights include: In August 2023, domestic air passenger traffic grew by nearly 23% year-on-year, marking the sixth consecutive month that domestic air traffic in the country has surpassed pre-COVID levels. Country-wide occupancy remained at similar levels from the previous month, indicating demand normalization. India-wide average rates are rising steadily, with a year-on-year growth of 13-5% in August 2023. Even be...
Catalysts for Growth – Tech Hubs Are Powering the Indian Hotel Industry’s Growth
Mandeep S Lamba | September 27, 2023
By Mandeep Lamba, Dipti Mohan, Dhwani Gupta The Indian technology industry, valued at a staggering USD 245 billion as of FY23, is a formidable pillar supporting the country’s GDP and overall economic growth. With continuous innovation driving its growth, this industry is poised to reach USD 500 billion by 2030. As one of the primary beneficiaries of the tech industry's influence, the hospitality sector is bound to experience the positive ripple effects of this growth. Tech hubs have globally been a catalyst for the hospitality sector’s expansion, attracting tech professionals, entrepreneurs, and business travelers in droves, which...
Fall Break and Homecoming Scheduling Provides Hotel Demand Opportunities Across the U.S.
STR | September 26, 2023
Analysis by Brannan Doyle School is now fully in session in the U.S., and upcoming fall schedules are the first opportunity this season for hoteliers to capitalize on an influx of traveling students and their families. More specifically, the hotel industry can plan on peak fall break demand during the first half of October 2023. Fall break, already STR’s thorough database of public school districts showed 11 September to be the latest K-12 start date of the year—except for those districts delayed due to contract disputes. Those starting during the second week of September were fringe cases as comparisons with a similar dat...
NTTO Updates U.S. States and Cities Visited Monitor to Calendar Year 2022
International Trade Administration | September 26, 2023
The International Trade Administration’s National Travel and Tourism Office (NTTO) has updated its U.S. States and Cities Visited Monitor, a data visualization tool highlighting overseas visitation to U.S. states and cities through interactive tables and maps, to calendar year 2022. Highlights for 2022 include: Top state visited by overseas visitors: Florida (7,145,000) Top city-MSA visited by overseas visitors: New York City (6,992,000) Biggest # gain of overseas visitors from 2021: New York (+5,034,000) Biggest % gain of overseas visitors from 2021: Guam (+1,928%) Top 5 states’ combined market share: 90.8% of oversea...
Business Travel in Asia Pacific Poised for Significant Rebound in 2023, Spending Forecast To Reach Almost $800 Billion by 2027
GBTA | September 25, 2023
GBTA reveals regional outlook data and insights during its sold-out 2023 GBTA APAC Conference held this week in Singapore After challenging years due to the pandemic, for 2023 and beyond, business travel in Asia Pacific is forecast for significant growth, with travel spending gaining 41% to USD $567 billion this year ─ and rising to $800 billion by 2027. China’s reopening and robust domestic demand will be a big catalyst for the growth. Solid rebound is also anticipated in Japan, South Korea, and Australia, along with the return of international business travel, which is anticipated to boost Singapore, Hong Kong and Malaysia. ...
UK Travel & Tourism Sector Now Worth More Than Quarter of a Trillion Sterling Says WTTC
The World Travel & Tourism Council | September 25, 2023
London, UK: The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals the UK Travel & Tourism sector is forecast to exceed the 2019 peak this year. The sector is set to contribute £252.4BN to the UK economy this year, surpassing the 2019 pre-pandemic high of £248.5BN. WTTC is also forecasting that the sector will create almost 380,000 jobs this year, recovering almost all of the jobs lost due to the COVID 19 pandemic to reach more than 4MN, with around one in nine workers in the UK, in the Travel & Tourism sector. International visitor spend to the UK is forecast to reach £26.18BN...
Industry Sentiment Remains Hopeful for ADR and Group Demand, Recession Fears Grow
CoStar Group | September 25, 2023
In early Q3 2023, STR completed the third edition of the Hospitality Industry Sentiment (HIS) survey, a quarterly survey of travel industry professionals. Between the first and second waves of this survey, we saw some subtle shifts in experts’ expectations for industry performance. Leisure demand was tapering off, but group demand and major events were on the rise. Now with the third wave of the survey on the books, some patterns have become further established, and some new trends emerge as well. Average daily rate (ADR) expectations across the globe remain positive, while optimism for occupancy growth has slipped into the...
New York State’s Sullivan Catskills Visitors Association Reports Remarkable Surge in Tourism Spending
the Sullivan Catskills Visitors Association | September 22, 2023
Continues to Surpass Pre-Pandemic Levels of Visitor-Generated Revenue SULLIVAN CATSKILLS — [September 22, 2023] — The Sullivan Catskills Visitors Association is thrilled to announce a significant increase in tourism spending that has invigorated the region's economy and positioned it as a premier travel destination. Sullivan County has witnessed a remarkable surge in tourism, highlighting its enduring appeal and unique offerings to visitors from near and far. According to recent data compiled by Tourism Economics, traveler spending in Sullivan County in 2022 (the most recent data available) grew 25.8 percent, an increase of 154.4 percen...
Canada Hotel Occupancy Reached Four-Year High in August
CoStar Group | September 22, 2023
WASHINGTON – September 21, 2023 – Canada’s hotel industry reported its highest occupancy level since August 2019, according to CoStar’s August 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. August 2023 (percentage change from August 2022): Occupancy: 77.4% (+1.4%) Average daily rate (ADR): CAD226.04 (+5.8%) Revenue per available room (RevPAR): CAD174.87 (+7.2%) “Although year-over-year growth has moderated from earlier this year, performance improvement in August was still a considerable achievement against stronger metrics from las...
U.S. Hotel Results for Week Ending 16 September
CoStar Group | September 22, 2023
WASHINGTON – 22 September 2023 –U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 16 September. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 10-16 September 2023 (percentage change from comparable week in 2022): Occupancy: 67.7% (-2.2%) Average daily rate (ADR): US$161.15 (+2.3%) Revenue per available room (RevPAR): US$109.07 (+0.1%) Among the Top 25 Markets, Oahu Island saw the largest year-over-year occupancy increase (+7.4% to 83.6%). Helped by Dreamforce 2023, San Francisco posted the h...
Phoenix, AZ: A Decade of Investor Confidence Pays Off
ZABADA N. ABOUELHANA | September 22, 2023
By Zabada N. Abouelhana, McKenna Luke, Aleisha Smith Phoenix has come a long way in the last decade, developing a diverse and welcoming economy that has allowed the city and surrounding communities to outperform other top-25 markets. Area officials and industry partners have made a concerted effort to grow the metro in a meaningful and multi-faceted way beyond the somewhat stable demand drivers of the former decades that slowed the recovery from the Great Recession. Furthermore, operators and officials were able to capitalize on the Super Bowl held in 2015 to grow overall RevPAR to a pre-pandemic high in 2019. Demand during that period w...
U.S. Hotel Performance for August 2023
CoStar Group | September 21, 2023
WASHINGTON – 21 September 2023 – Following seasonal patterns, the U.S. hotel industry reported lower performance results from the previous month but improved comparisons year over year, according to August 2023 hotel performance data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. August 2023 (percentage change from August 2022): Occupancy: 66.0% (-0.3%) Average daily rate (ADR): US$153.60 (+1.8%) Revenue per available room (RevPAR): US$101.35 (+1.5%) Among the Top 25 Markets, Oahu Island experienced the highest occupancy level (84.4%),...
