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 5 August
CoStar Group | August 10, 2023
WASHINGTON – August 10, 2023 – U.S. hotel performance declined from the previous week and showed lower comparisons year over year, according to CoStar’s latest data through 5 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 30 July – 5 August 2023 (percentage change from comparable week in 2022): Occupancy: 68.9% (-1.0%) Average daily rate (ADR): US$158.10 (+2.2%) Revenue per available room (RevPAR): US$108.97 (+1.2%) Among the Top 25 Markets, Boston saw the largest year-over-year increases in occupancy (+12.4% to 84.3%) and RevPAR (+25....
STR, TE Lower Growth Forecast for U.S. Hotels
STR | August 10, 2023
NASHVILLE—STR and Tourism Economics lowered their year-over-year growth projections in the revised 2023-24 U.S. hotel forecast just presented at the 15th Annual Hotel Data Conference. For 2023, growth in revenue per available room (RevPAR) was lowered by 0.5 percentage points, due to a 0.6ppt downgrade in occupancy growth. While that RevPAR growth remains above the long-term historical average, most of the increase was frontloaded to the early portion of the year. For 2024, the RevPAR growth projection was also lowered 0.5ppts on a 0.5ppt downgrade in occupancy. Average daily rate (ADR) was upgraded 0.1ppts for 2023 but kept flat for ...
Global Business Travel and Events Costs Expected to Remain Elevated Through 2024, Reflecting ‘True New Cost of Travel’
GBTA | August 10, 2023
Global business travel and events costs are set to climb higher through the remainder of 2023 and into 2024, albeit at a much more moderate pace than the exceptionally steep increases seen in 2022. This is according to the 2024 Global Business Travel Forecast, published today by CWT, the business travel and meetings specialist, and the Global Business Travel Association (GBTA), the world’s largest business travel trade organization. Rising fuel prices, labor shortages, and supply chain challenges, coupled with red hot demand, caused travel prices to skyrocket in 2022 – far surpassing some of the increases outlined in last year’s for...
Projects in the Early Planning Stage of Latin America’s Hotel Construction Pipeline Rise at Q2 2023
Lodging Econometrics (LE) | August 10, 2023
August 10, 2023 – PORTSMOUTH, NH – According to the Q2 2023 Latin America Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), the region’s total construction pipeline includes 552 projects/88,477 rooms. At the close of the quarter, there are 227 projects/38,675 rooms presently under construction, projects scheduled to start construction in the next 12 months stand at 158 projects/25,091 rooms, and projects currently in early planning stand at 167 projects/24,711 rooms. Projects in the early planning stage experienced the most growth at Q2, increasing 17% by projects and 21% by rooms, year-over-year (YOY). Twe...
San Antonio’s Tourism and Hospitality Generates Highest-Ever Economic Impact of $19 Billion in 2022
Visit San Antonio | August 9, 2023
New study reveals the industry impacted the local economy approximately 10% above the pre-pandemic peak in 2019 SAN ANTONIO, TX (August 9, 2023) — In a remarkable rebound, the San Antonio tourism and hospitality industry shattered key performance metrics, surpassing pre-pandemic levels with an unprecedented economic impact of $19 billion – a 10% year-over-year increase. The findings, identified by Trinity University professors Richard V. Butler, Ph.D., and Mary E. Stefl, Ph.D., in a study commissioned by Visit San Antonio, the San Antonio Hotel & Lodging Association, the Texas Restaurant Association—San Antonio Chapter and th...
Europe’s Key Hotel Markets Report Highest GOPPAR of 2023
CoStar Group | August 8, 2023
WASHINGTON – 8 August 2023 – Each of Europe’s key hotel markets saw year-over-year improvement and their highest 2023 levels in gross operating profit per available room (GOPPAR), according to CoStar’s June 2023 P&L data release. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. Among the key markets, Paris posted the highest GOPPAR level (US$420.74), which was a 105.8% increase over May. The market also reported the largest year-over-year jump (+40.8%). London’s GOPPAR level reached $161.47, which was a 12.7% increase from June 2022 and up 35.7% mont...
The Current State of Business Travel: Business Traveler and Travel Manager Priorities
GBTA | August 4, 2023
GBTA and Uber for Business Examine the Complex Perspectives Between Business Travelers and Travel Managers in New Report The new age of business travel is intentional, with employees increasingly emphasizing work-life integration and changing dynamics This is according to a new report – “The Current State of Business Travel: Business Traveler and Travel Manager Priorities” – published today by the Global Business Travel Association (GBTA), the world’s largest business travel association, and sponsored by Uber for Business, Uber’s global enterprise platform for managing business rides, meals and deliveries. The report explo...
ITA Data Release: May 2023 Total International Travel Volume
International Trade Administration | August 4, 2023
In May 2023, International Visitor Arrivals to the United States Totaled 5,369,628, an Increase of 26% Compared to May 2022 U.S. Citizen Outbound Travel Departures from the United States Totaled 8,447,652 in May 2023, an Increase of 24% Compared to May 2022 Data recently released by the National Travel and Tourism Office (NTTO) show that in May 2023: International Arrivals to the United States • Total non-U.S. resident international visitor volume to the United States of 5,369,628 increased 26% compared to May 2022 and represents 80.1% of the pre-COVID total visitor volume reported for May 2019, up from the prior month’s 79.2%. ...
Labor Costs Kept U.S. Hotel GOPPAR Down in June
Costar Group | August 4, 2023
Labor costs reached highest growth rate of pandemic-era WASHINGTON – 4 August 2023 – U.S. hotel gross operating profit per available room (GOPPAR) fell year over year for a second consecutive month, according to CoStar’s June 2023 P&L data release. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. June 2023 per-available-room metrics (% change from June 2022) GOPPAR: US$91.37 (-1.4%) TRevPAR: US$237.12 (+4.8%) EBITDA PAR: US$66.78 (-5.6%) LPAR (Labor Costs): US$75.48 (+13.4%) “Labor costs continued to rise year over year, growing nearly th...
Global Hotel Industry Faces Mixed Fortunes Amid Rising Costs and Varied Demand
HotStats | August 3, 2023
The global hotel industry is experiencing mixed fortunes as it navigates the post-pandemic landscape. In the United States, the Gross Operating Profit (GOP) margin has seen a year-on-year (YOY) decline of three percentage points (ppt), primarily due to a three ppt increase in total labor cost margin and a 0.5 ppt rise in utilities cost margin. This has led to a 1% ($1.25) YOY drop in Gross Operating Profit Per Available Room (GOPPAR). Undistributed expenses, including Sales and Administration & General (A&G) expenses, have surged by 12.9% YOY, reversing the savings made in these areas during the pandemic. Specific cost items such a...
U.S. Hotel Results for Week Ending 29 July
CoStar Group | August 3, 2023
WASHINGTON – 3 August 2023 – U.S. hotel performance declined slightly from the previous week but showed improved comparisons year over year, according to CoStar’s latest data through 29 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 23-29 July 2023 (percentage change from comparable week in 2022): Occupancy: 72.2% (+0.6%) Average daily rate (ADR): US$161.83 (+2.3%) Revenue per available room (RevPAR): US$116.91 (+2.9%) Among the Top 25 Markets, St. Louis saw the largest year-over-year increases in occupancy (+17.4% to 73.6%) and RevPAR (+...
Three Franchise Companies in the U.S. Dominate the Hotel Construction Pipeline and Openings Through 2025
Lodging Econometrics | August 3, 2023
August 3, 2023 – PORTSMOUTH, NH – According to the most recent United States Construction Pipeline Trend Report from Lodging Econometrics (LE), in the second quarter of 2023, the franchise companies with the largest pipelines in the U.S. are Marriott International (Marriott) with 1,511 projects/181,632 rooms, Hilton Worldwide (Hilton) with record high project and room counts of 1,470 projects/164,848 rooms, and IHG Hotels & Resorts (IHG) with 811 projects/80,516 rooms. These three franchise companies comprise 68% of all projects in the total U.S. hotel construction pipeline. The leading brands for each of these three companies are...
Atlanta and Dallas Among Top Markets for New Hotel Openings Through 2025
Lodging Econometrics (LE) | August 2, 2023
August 2, 2023 – PORTSMOUTH, NH – According to the United States Construction Pipeline Trend Report by Lodging Econometrics (LE) for Q2 2023, the five markets with the largest hotel construction pipelines are Dallas with a record-high 184 projects/21,501 rooms, Atlanta with 141 projects/17,993 rooms, Phoenix with 119 projects/16,107 rooms, Nashville with 116 projects/15,346 rooms, and Los Angeles with 112 projects/17,797 rooms. The markets with the most projects currently under construction at the Q2 close are New York with 47 projects/8,201 rooms, and Phoenix with 29 projects/6,064 rooms. Dallas has the most projects scheduled to st...
Taylor Swift, Coldplay and the Rotary Convention: Singapore Hotel Bookings Jump for Eventful First Half of 2024
STR | July 31, 2023
Analysis by Jesper Palmqvist, Senior Director – Asia Pacific There is plenty of time remaining in 2023, but Singapore’s hotel bookings are already increasing rapidly for 2024 with the market set to host several major events early in the year. Utilizing Forward STAR data, we took a quick look at the specific impact for Singapore’s hotels from Taylor Swift’s “The Eras Tour”, Coldplay and the global Rotary Convention. Taylor Swift “The Eras Tour” is in the lead Taylor Swift shows are set to take place on 2-4 and 7-9 March 2024 at Singapore National Stadium. As of 17 July 2023, the star performer’s tour dates had already ...
Milwaukee’s Rebounding Lodging Industry and Future Economic Growth
Amy Schmidt | July 31, 2023
By Amy Schmidt The COVID-19 pandemic had a significant impact on Milwaukee's hotel market, particularly in 2020 when the city experienced a decline in tourism and major event cancellations, coupled with the addition of new supply. However, as the world moves towards recovery, Milwaukee is showing signs of revitalization. With various area development projects, the expansion of the convention center, and the addition of new hotel supply, the city's hotel market is poised for a continued rebound in 2023. Market Performance and Impacts In 2022, Milwaukee experienced a significant improvement in both occupancy and ADR. ADR levels surpassed 2...
Hilton Reports Second Quarter Results; Raises Full Year Outlook
Hilton | July 26, 2023
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its second quarter 2023 results. Highlights include: • Diluted EPS was $1.55 for the second quarter, and diluted EPS, adjusted for special items, was $1.63, both exceeding the high end of guidance • Net income was $413 million for the second quarter, exceeding the high end of guidance • Adjusted EBITDA was $811 million for the second quarter, exceeding the high end of guidance • System-wide comparable RevPAR increased 12.1 percent, on a currency-neutral basis, for the second quarter compared to the same period in 2022 • ...
TravelBoom Releases 2023 Leisure Travel Trends Study
TravelBoom | July 26, 2023
Study reveals customers are making up for lost time. MYRTLE BEACH, S.C., July 26, 2023 -- TravelBoom, the leading data-driven digital marketing agency for hotels, resorts, and vacation rental companies, released its annual Leisure Travel Trends Study after recently surveying approximately 2,000 travelers in 2023. The findings uncover the influence of an ever-changing economy on travel choices, increases in online bookings, an increased frequency of vacations, and the most sought-after amenities when booking. The study explores the step-by-step process travelers undergo when navigating a selection of locations, planning, and booking a vac...
Hotel Hiring Spree Pays Dividends in Customer Satisfaction, J.D. Power Finds
J.D. Power | July 26, 2023
Staff Service, Effective Problem Resolution Keep Guests Coming Back for More Amid Ongoing Travel Boom TROY, Mich.: 26 July 2023 — With average U.S. hotel occupancy on track to reach 63.8% in 2023,1 just shy of the pre-pandemic level of 65.9%, business and leisure travelers are packing into hotels throughout North America for a second consecutive year. Hotels have risen to the challenge by ratcheting up staffing and doubling down on customer service. According to the J.D. Power 2023 North America Hotel Guest Satisfaction Index (NAGSI) Study,SM released today, staff service garners the highest level of satisfaction among all guest experi...
Jordan’s Soaring Tourism Sector
Maria Quintero | July 25, 2023
By Maria Quintero Jordan’s cultural legacy includes over 100,000 archeological sites, UNESCO World Heritage Sites and religious landmarks. It is also a leader in medical tourism. Prior to Covid-19, it welcomed 250,000 foreign patients, contributing to over USD 1 billion in revenues per year. Likewise, spa and wellness services have flourished on the shores of the Dead Sea. Tourism contribution The tourism sector plays a fundamental role in the country’s economy. The latest available data reports the industry rebounded from the pandemic-driven slowdown, accounting for 10-13 percent of Jordan’s 2022 GDP, bringing in USD 5.8 bil...
Canada Hotel ADR and RevPAR Reach All-Time High in June
STR | July 24, 2023
WASHINGTON – July 24, 2023 – Canada’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to CoStar’s June 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. June 2023 (percentage change from June 2022): Occupancy: 74.4% (+3.6%) Average daily rate (ADR): CAD221.86 (+12.0%) Revenue per available room (RevPAR): CAD164.97 (+16.1%) In addition to the monthly ADR and RevPAR levels, Canada’s occupancy level was its highest since August 2022. “Canada’s hotel industry ...
JLL’s Global Real Estate Perspective May 2023
JLL | July 24, 2023
Subdued activity as uncertainty delays decision-making Economic conditions remain challenging in many countries with inflation still stubbornly high, interest rates continuing to climb and softening labor markets, while distress in the banking sector has added to volatility. This is leading to more defensive strategies from occupiers as they delay requirements. Continued uncertainty and elevated borrowing costs are also impacting investor sentiment and inhibiting transaction markets. The effects of economic headwinds on the office sector increased during the first quarter, with global leasing volumes 18% below Q1 2022 and declining across...
U.S. Hotel Results for Week Ending 15 July
CoStar Group | July 20, 2023
WASHINGTON – July 20, 2023 – U.S. hotel performance increased from the previous week and showed improved comparisons year over year, according to CoStar’s latest data through 15 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 9-15 July 2023 (percentage change from comparable week in 2022): Occupancy: 72.0% (+0.1%) Average daily rate (ADR): US$159.98 (+1.5%) Revenue per available room (RevPAR): US$115.18 (+1.6%) Among the Top 25 Markets, San Francisco/San Mateo saw the highest year-over-year occupancy increase (+7.7% to 79.4%). Helped by ...
Philadelphia’s Hotel Market: Poised for Success
Michael Lambdin | July 20, 2023
By Michael Lambdin, Scott Killheffer The lodging market in Philadelphia is vibrant and diverse, catering to the needs of both tourists and business travelers. The city’s rich history and wide range of attractions draw visitors throughout the year. Philadelphia offers a variety of lodging options, from luxurious hotels in the bustling city center to charming bed-and-breakfasts in historic neighborhoods. Recent Hotel Trends & Data The following table details Philadelphia’s historical and year-to-date occupancy, average rate, and RevPAR. This set of data includes both independent and branded properties across all chain scales. Ph...
STR: U.S. Hotel Performance for June 2023
STR | July 19, 2023
HENDERSONVILLE, Tennessee—The U.S. hotel industry reported higher performance from the month prior but lower year-over-year percentage changes, according to June 2023 data from STR. June 2023 (percentage change from June 2022): Occupancy: 69.7% (-0.4%) Average daily rate (ADR): US$158.40 (+2.3%) Revenue per available room (RevPAR): US$110.33 (+1.9%) Among the Top 25 Markets, New York City experienced the highest occupancy level (85.4%), which was up 1.7% year over year, and was the only market to post ADR over US$300 (at US$305.51). Markets with the lowest occupancy for the month included New Orleans (58.2%) and Ph...
