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
2023: A Challenging Year for California’s Hotels
HotStats | August 24, 2023
The first half of 2023 proved to be a roller coaster for the California hotel industry, with varying performance across luxury, full-service, and select-service segments. The year started on a high note, especially for luxury hotels, before experiencing a dramatic decline in Q2 across all major areas, compared to the same period in 2022. Luxury hotels’ RevPAR saw a significant boost in Q1 of 2023 posting a 27.2% increase driven largely by a surge in occupancy of 12.1 percentage points. However, this trend was tempered in Q2 which saw a slight decline in occupancy and ADR resulting in a 3.4% drop in RevPAR compared with Q2 of 2022. How...
U.S. Hotel Results for Week Ending 19 August
CoStar Group | August 24, 2023
WASHINGTON – 24 August 2023 – Following seasonal patterns, U.S. hotel performance declined from the previous week but showed most positive comparisons year over year, according to CoStar’s latest data through 19 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 13-19 August 2023 (percentage change from comparable week in 2022): Occupancy: 67.0% (-0.1%) Average daily rate (ADR): US$154.10 (+1.8%) Revenue per available room (RevPAR): US$103.22 (+1.8%) Among the Top 25 Markets, San Francisco saw the largest year-over-year occupancy increase (+...
Europe Expects Bumper Year for MICE Travel According to MMGY Global’s Latest Portrait of European Meeting and Convention Travel Report
MMGY Global | August 24, 2023
In-person meetings are back for Europe, hotels and hotel conference rooms are seeing a revival, and sustainability considerations are on the rise Leading integrated travel, tourism and hospitality marketing agency MMGY Global exclusively reveals key industry insights in the latest Portrait of European Meeting and Convention Travel report. With key research conducted by the MMGY Travel Intelligence team who specialise in custom market research for the travel and tourism industry, the comprehensive study provides valuable findings on the MICE industry. The report – created in partnership with IMEX and MMGY Hills Balfour, sponsored by sev...
Capital Investment Fuels Growth in Travel & Tourism, Forecast to Reach Nearly $1 Trillion Says WTTC
The World Travel & Tourism Council | August 23, 2023
Strong travel growth spurred rise in sector investment in 2022 Asia-Pacific and Africa see investment up 161% in 2022 over 2000 Private capital investment integral to sector’s success Las Vegas, USA: The World Travel & Tourism Council’s (WTTC) Travel & Tourism Economic Impact 2023 Global Trends Report today reveals an encouraging resurgence in Travel & Tourism investment, overcoming pandemic setbacks and signalling a strong return to growth. From 2010 to 2019, investment grew steadily at 4.3% CAGR, growing from $754.6BN in 2010 to $1.1TN in 2019, or 4.5% of all economy-wide investment. COVID-19 hit hard, leading to a ...
U.S. Remains Most Popular Destination for Shopaholics
The World Travel & Tourism Council | August 23, 2023
U.S. positioned as largest contributor of retail tourism to GDP WTTC ‘Retail Report’ to launch 7th September Las Vegas, U.S.: According to the World Travel & Tourism Council (WTTC), the U.S. remains the preferred choice for shopping holidaymakers, as revealed at Virtuoso Travel Week, taking place in Las Vegas, from 13 to 18 August. “Retail tourism is a thriving market segment of the Travel & Tourism sector in the U.S.”, said WTTC President & CEO, Julia Simpson, during her participation at the event today. The joint research collaboration between WTTC and the Hospitality and Tourism Research Centre of The Hon...
Canada Hotel ADR and RevPAR Reached Record Highs in July
oStar Group | August 23, 2023
WASHINGTON – August 23, 2023 – Canada’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) for any month on record, according to CoStar’s July 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. July 2023 (percentage change from July 2022): Occupancy: 75.6% (+0.1%) Average daily rate (ADR): CAD232.13 (+7.7%) Revenue per available room (RevPAR): CAD175.42 (+7.8%) In addition to the monthly ADR and RevPAR levels, Canada’s occupancy level was its highest since August 2022. “Canada’s h...
Dubai Surpasses Pre-Pandemic International Visitation Levels in the First Half of 2023, With 20% Year-on-Year Growth
Dubai's Department of Economy and Tourism (DET) | August 23, 2023
NEW DELHI and DUBAI, UAE, Aug. 23, 2023 -- As per the latest data released by Dubai's Department of Economy and Tourism, it shows that the city is steadily advancing towards its goal of becoming the world's most visited destination. Dubai welcomed 8.55 million international visitors from January to June 2023, exceeding the pre-pandemic figure of 8.36 million tourists in H1 2019. Record H1 performance contributes to the goal of the Dubai Economic Agenda D33, which is to consolidate Dubai's status as one of the world's top three cities. It remains a first-choice destination for global travellers, with the city's hotels outperforming a...
Travel and Tourism Industry Deal Activity Decline by 35.7% YoY in January-July 2023, Reveals GlobalData
GlobalData | August 22, 2023
US and UK saw respective deal volume reducing to almost half China emerges as notable exception Amidst a backdrop of challenging market conditions, various industries have grappled with subdued deal activity during January-July 2023. The travel and tourism industry is no different and saw deal activity decline by a massive year-on-year (YoY) 35.7%, reveals GlobalData, a leading data and analytics company. An analysis of GlobalData’s Financial Deals Database reveals that 438 deals were announced in the travel and tourism industry globally during January-July 2023 compared to 681 during January-July 2022 Aurojyoti Bose, Lea...
U.S. Leads Global Travel & Tourism Rebound Says WTTC
The World Travel & Tourism Council | August 22, 2023
Strong outbound growth from US Travellers US Domestic Travel & Tourism market demonstrates its resilience Millions more American jobs since 2021 Las Vegas, USA: The World Travel & Tourism Council (WTTC), together with WTTC members ForwardKeys and Mabrian Technologies, today unveiled new insights into the strong expansion of the U.S. Travel & Tourism sector. According to WTTC’s Travel & Tourism Economic Impact 2023 Global Trends Report, the GDP contribution of the U.S. Travel & Tourism sector grew by 16.9% in 2022, to reach $2TN. Additionally, the sector also created 2.7MN more jobs compared to 2021. In 2023, ...
ITA Data Release: July 2023 International Air Passenger Travel To and From the United States
INTERNATIONAL TRADE ADMINISTRATION | August 22, 2023
Air Passenger Enplanements Up 17% Year Over Year in July 2023 Air Passenger Travel Between the United States and Europe Up 12% in July 2023 Data recently released by the National Travel and Tourism Office (NTTO) show that in July 2023: U.S.-international air traffic passenger enplanements1 totaled: 24.729 million in July 2023, up 16.8% compared to July 2022, with enplanements reaching 97.8% of pre-pandemic July 2019 volume. Originating Non-Stop Air Travel in July 2023 Non-U.S. citizen air passenger arrivals to the United States from foreign countries totaled: 5.065 million in July 2023, up 19.4% compared to ...
Travelers Mark Unofficial End of Summer Over Labor Day Weekend
AAA | August 21, 2023
WASHINGTON, DC (August 21, 2023) – As summer winds down, many Americans are heading out of town. AAA booking data for flights, hotels, rental cars, and cruises shows Labor Day weekend travel is up over last year: domestic bookings are up 4% and international bookings are up 44%. “Most travelers will leave on Thursday or Friday before Labor Day to take advantage of the long holiday weekend,” said Paula Twidale, Senior Vice President of AAA Travel. “Domestically, the Pacific Northwest, big cities like New York and Denver, and tourist hotspots like Orlando and Las Vegas are the most popular. Internationally, it’s all about Europe ...
U.S. Hotel Performance for July 2023
CoStar Group | August 21, 2023
WASHINGTON – 21 August 2023 – The U.S. hotel industry reported mixed performance results month over month, according to July 2023 from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. July 2023 (percentage change from July 2022): Occupancy: 69.1% (-0.5%) Average daily rate (ADR): US$160.31 (+1.3%) Revenue per available room (RevPAR): US$110.80 (+0.8%) Among the Top 25 Markets, San Diego experienced the highest occupancy level (86.5%), which was up 2.6% year over year. Markets with the lowest occupancy for the month included New Orleans (...
Slow but Steady Recovery for the Silicon Valley Lodging Market
John Berean | August 21, 2023
Trends in Remote Work and Layoffs Since the onset of the COVID-19 pandemic, Silicon Valley has experienced drastic changes including the shift to remote work policies, the exodus of several major companies, and the widespread layoffs in Q4 2022 and Q1 2023. The table below summarizes recent layoffs and remote work policies at major companies in Silicon Valley. Recent Layoffs and Remote Work Policies Source: TechCrunch On top of the shift in workforce policies, a number of major companies have relocated out of Silicon Valley in recent years. Oracle (NYSE: ORCL) announced in December 2020 that it will move its headquarters from...
A Focus on the Margins: US Hotel Performance in the First Half of 2023
HotStats | August 18, 2023
by Laura Resco, HotStats Director of Hotel Intelligence Americas Hotels in the United States saw general pressure on profit margins in the first half of 2023, with Gross Operating Profit (GOP) margin falling by 1 percentage point compared to the same period in 2022. A closer look at brand-scale performance reveals that the extremes were particularly affected: both the luxury and midscale and economy segments exhibited the greatest year-on-year margin declines, as shown in Figure 1. [caption id="" align="alignnone" width="800"] Figure 1 US GOP as a % of Total Revenue, H1 2021, 2022 and 2023[/caption] A major factor influencing this tr...
Louisville, KY Hotel Market: Room to Grow
Kaitlyn Hennessy | August 18, 2023
By Kaitlyn Hennessy Recent Hotel Trends Since 2020, the Louisville hotel market has seen an increase in leisure travel associated with bourbon tourism, its nearby universities, and the Kentucky Derby. It is because of these large demand generators that the market has been able to recover most of its occupancy-based COVID-19 losses. Commercial travel has also helped to bolster the market. As employees have begun to return to offices and as business travel has increased, demand within this segment has improved. While some properties were able to recover occupancy faster than others, a large amount of new supply has entered the market over...
NTTO Releases New Report on Characteristics of Canadians Who Visited the United States by Land in 2022
International Trade Administration | August 18, 2023
The National Travel and Tourism Office (NTTO) is releasing a new report that details the characteristics of the 7.1 million Canadians who visited the United States by land in 2022. "For the first time ever, the U.S. Department of Commerce now produces statistics on the characteristics of Canadian visitors to the United States. This provides critical intelligence to policymakers and U.S. businesses about this important international inbound source market for the U.S. travel and tourism industry," stated Brian Beall, Acting Deputy Assistant Secretary for Travel and Tourism. 10 key highlights of the Calendar Year 2022 Canadian Overnight Land ...
U.S. Hotel Results for Week Ending 12 August
CoStar Group | August 17, 2023
WASHINGTON – 17 August 2023 – U.S. hotel performance declined from the previous week but showed mostly positive comparisons year over year, according to CoStar’s latest data through 12 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 6-12 August 2023 (percentage change from comparable week in 2022): Occupancy: 68.3% (flat) Average daily rate (ADR): US$156.47 (+2.0%) Revenue per available room (RevPAR): US$106.89 (+2.0%) Among the Top 25 Markets, Los Angeles saw the largest year-over-year growth in each of the key performance metrics: occup...
Los Angeles Leads in Meetings and Events Volume for July, According to Knowland
Knowland | August 17, 2023
National Associations led key meeting industries in top three markets ARLINGTON, Va. — Aug. 17, 2023 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, reports Los Angeles-Long Beach moved up to the lead spot in the U.S. over Chicago for July 2023. This is the first time this year that the Los Angeles market took the lead in event volume. Overall U.S. meeting and event volume for July 2023 was up 22.1 percent over July 2022. This data is sourced from Knowland’s sales intelligence platform designed to help hoteliers build and protect a hotel’s revenue base. With an in...
CBRE Hotels Reduces Near-Team Outlook Due to Softer Summer Demand
CBRE Group, Inc. | August 17, 2023
Dallas – August 17th, 2023 – CBRE is reducing its forecast for hotel performance this year, as weaker-than-expected summer demand resulted in a shortfall in Q2 2023 revenue per available room (RevPAR). CBRE has revised its forecast for 2023 RevPAR to $96.64, up 4.6% year-over-year, but down $1.25 from its previous forecast in May 2023. The revision is predicated on a 70-basis-point (bps) decrease in expected occupancy compared with the earlier forecast. Average daily rate (ADR) is expected to increase by 3.6% in 2023, down 10 bps from the previous forecast. CBRE’s baseline-scenario forecast anticipates 1.6% average GDP growth and a...
VISIT FLORIDA Second Quarter Data Shows International Visitors are Returning to Florida in Droves
VISIT FLORIDA | August 17, 2023
TALLAHASSEE, FL. – Today, VISIT FLORIDA announced the strongest international visitation numbers Florida has seen since 2019. According to new estimates from VISIT FLORIDA, international visitors have dramatically increased travel to Florida. Calendar Year 2023 (Q1 + Q2) saw massive increases in overseas (+21.8%) and Canadian (+81.1%) visitation compared to the same time period in 2022. Florida welcomed a total of 33.1 million visitors between April and June 2023, with 1.9 million of those being overseas visitors and 846,000 Canadian visitors. Florida also continues to beat records with annual visitation with 70.8 million visitors in Calen...
Women’s World Cup Drives RevPAR Premiums in Australia and New Zealand During Quiet Winter Season
STR | August 15, 2023
The FIFA Women’s World Cup 2023 is approaching its conclusion with the third place and championship matches set for this weekend in Brisbane and Sydney, respectively. Supported by record-breaking attendance, hotels around Australia and New Zealand have received a much-needed performance boost during the usually quiet winter season. Healthy RevPAR premiums for almost all markets Nine hotel markets/submarkets between Australia and New Zealand have hosted matches during the tournament, which featured an expanded 32-team field and a total attendance record after just two rounds of play. All but one of those nine experienced a noticeable jump ...
Tucson’s Hotel Industry: Recovered and Evolving
Zabada N. Abouelhana | August 14, 2023
By Zabada N. Abouelhana Current State of the Pima County Hospitality Industry Factors contributing to Tucson’s strong and consistent demand levels during the majority of the last decade have included increased business activity, growth in the healthcare and education sectors, increased airlift to Tucson International Airport, and the continued popularity of the region as a tourist destination. Following the COVID-19 pandemic and the significant decline in market performance, Pima County’s hotel demand levels fully recovered in 2022 and the year-to-date 2023 period. The local inventory of older, economy-oriented properties has been redu...
Global Business Travel Industry Forecast Is for Accelerated Rebound, Spending to Reach $1.8 Trillion by 2027
GBTA | August 14, 2023
Expected business travel spending accelerates due to pent-up demand, return of travel and meetings, improved COVID landscape, stable economic conditions and inflationary factors, according to the latest GBTA Business Travel Index™ Outlook report The global business travel industry has rebounded at a more accelerated rate than expected just a year ago and is now expected to surpass its pre-pandemic spending level of $1.4 trillion in 2024 − and grow to nearly $1.8 trillion by 2027. In 2022, global business travel spending rose 47% to $1.03 trillion, with strong gains continuing and 32% growth expected in 2023. These robust gains were fue...
Baird/STR Hotel Stock Index Jumped 8.2% in July to 6,074
Baird | August 14, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index grew 8.2% in July to a level of 6,074. Hotels stocks outperformed again in July with the global hotel brands leading the way higher,” said Michael Bellisario, senior hotel research analyst and director at Baird. “For the last few months, broader stock market momentum and investors’ risk-on appetite have bolstered the hotel stocks’ performance; additionally, continued international strength and recovering cross-border travel have benefitted the Global Hotel Brands. The Hotel REITs face challenging near-term growth comparisons for the remainder of the year, bu...
