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
Eagle Ford Shale: Recent Upticks in Production and Lodging Performance
David R. Bone | July 19, 2023
By David R. Bone The Eagle Ford Shale market has faced rising costs, a frenzy of mergers and acquisitions, and recessionary concerns since late 2022. Nevertheless, drilling activity within the area has become profitable again for most oil and gas operators and lodging properties that house oilfield workers. The number of drilling permits issued for the Eagle Ford Shale between 2017 and 2019 averaged approximately 2,150 per year. Following the effects of the COVID-19 pandemic, this number plummeted to under 1,000 by year-end 2020. Similar trends were noted at hotels within the Eagle Ford Shale, with RevPAR registering significant decli...
HotStats: UK Market Spotlight
HotStats | July 18, 2023
Monthly Trends: United Kingdom Hotel Market Performance (Year to Date 2023 vs Year to Date 2022 & 2019) In the latest updates on the regional market performance of the hotel industry in the United Kingdom, we share year-to-date data from May for 2023 compared to the same period in 2022 and 2019, according to HotStats’ monthly Hotel Benchmarking reports. TrevPAR (Total Revenue per Available Room): TrevPAR has seen an impressive year-on-year growth of 40% in 2023, surpassing the levels achieved in 2019 by 2%. Occupancy (Occ): While there is still a gap in occupancy compared to 2019, there has been a significant improvement of 15 ...
Jakarta Hotel ADR and RevPAR Highest Since October 2018
STR | July 18, 2023
LONDON— Jakarta’s hotel industry recorded its highest average daily rate (ADR) and revenue per available room (RevPAR) levels since October 2018, according to preliminary June 2023 data from STR. June 2023 (year-over-year % change): Occupancy: 66.7% (+1.2%) Average daily rate (ADR): IDR 996,926.80 (+19.4%) Revenue per available room (RevPAR): IDR 664,759.69 (+20.8%) The market’s occupancy level was the highest for any month since December 2022. When looking at the daily data, the highest occupancy (82.2%) and RevPAR (IDR 820,272.66) levels were recorded on Thursday, 22 June. More of STR’s analysis can be f...
Berlin Hotel Performance Reaches 8-Month High in June
STR | July 17, 2023
LONDON— Berlin’s hotel industry recorded its highest performance since September 2022, according to preliminary June 2023 data from STR. June 2023 (year-over-year % change): Occupancy: 83.1% (+1.5%) Average daily rate (ADR): EUR140.83 (+13.6%) Revenue per available room (RevPAR): EUR117.04 (+15.3%) When looking at daily data, Berlin saw its highest occupancy level on Tuesday, 20 June (at 96.3%). The second-highest occupancy level was reported on Wednesday, 28 June (95.4%), the date of PINK’s concert. Overall, the market’s occupancy levels surpassed the 90% mark 10 times in June and saw all but four days above...
Baird/STR Hotel Stock Index Grew 6.2% in June
Baird | July 17, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index grew 6.2% in June to a level of 5,615. "Hotel stocks extended their year-to-date gains in June as the broader market moved higher on fading recession fears,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Macroeconomic concerns have continued to subside, but recently normalizing leisure travel patterns domestically have weighed on the hotel REITs’ relative performance, particularly compared to the global hotel brands that are still benefitting from recovering international markets and cross-border demand.” ...
International Visitors Spent $17.5 Billion in May 2023
International Trade Administration | July 17, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in May 2023: International visitors spent more than $17.5 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 26 percent compared to May 2022 and the highest level of monthly spending since the onset of COVID-19 in February 2020. Conversely, Americans spent nearly $17.0 billion traveling abroad during May, yielding a balance of trade surplus of $530 million, only the fourth month during which U.S. travel and tourism exports have outpaced imports in the last year. International visitors have spent near...
Travel and Tourism Sector Deal Activity Down by 38.8% YoY in H1 2023, Reveals GlobalData
GlobalData | July 13, 2023
A total of 365 deals (mergers & acquisitions, private equity, and venture financing deals) were announced in the travel and tourism sector globally during the first half (H1) of 2023, which was a decline of 38.8% compared to 596 deals announced during the same period in the previous year, reveals GlobalData, a leading data and analytics company. An analysis of GlobalData’s Financial Deals Database also revealed that all the deal types under coverage witnessed decline in deal activity. The numbers of mergers and acquisitions (M&A), private equity and venture financing deals declined by 41.6%, 33.3% and 30.4%, respectively, ye...
Portuguese Travel & Tourism Sector Set to Reach Record-Breaking High This Year, Says WTTC
WTTC | July 13, 2023
London, UK: The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals the Portuguese Travel & Tourism sector is projected to exceed the 2019 peak this year. According to the report, the sector is set to contribute €40.4 billion to the Portuguese economy by the end of 2023, surpassing the 2019 pre-pandemic high of €40.1 billion. WTTC is also forecasting that the sector will create around 30,000 jobs this year, only 68,000 jobs below the 2019 level of just over one million, to reach 950,000 employed by Travel & Tourism. A look back on last year Last year, the Travel & Touris...
STR: U.S. Hotel Results for Week Ending 8 July
STR | July 13, 2023
HENDERSONVILLE, Tennessee—Due to constricted business travel during the Fourth of July, U.S. hotel performance fell from the previous week and showed weaker year-over-year comparisons, according to STR‘s latest data through 8 July. 2-8 July 2023 (percentage change from comparable week in 2022): Occupancy: 61.8% (-2.3%) Average daily rate (ADR): US$155.81 (+1.2%) Revenue per available room (RevPAR): US$96.36 (-1.2%) Among the Top 25 Markets, New York City saw the highest year-over-year occupancy increase (+11.4% to 77.3%). Denver posted the largest ADR gain (+8.6% to US$156.14). The steepest RevPAR declines were ...
Knowland Reports Meetings and Events Growth for June at 30.3 Percent
Knowland | July 12, 2023
Austin and Nashville performances shine brightly ARLINGTON, Va. — July 12, 2023 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, reports June meeting and event volume is up 30.3 percent over June 2022. This data is sourced from Knowland’s sales intelligence platform designed to help hoteliers build and protect a hotel’s revenue base. The top 25 markets in the U.S. are 90 percent recovered for year-to-date June 2023 performance compared to 2019. Austin, TX, and Nashville, TN, were the stars, with growth topping 74 percent and 42 percent, respectively. This reflect...
Survey: Carmel-by-the-Sea Most Expensive Summer Destination in California
Cheaphotels.org | July 10, 2023
LOS ANGELES, July 10, 2023-- Carmel-by-the-Sea, a small beach city on the Monterey Peninsula, is the priciest summer destination in California for hotel stays this year, according to a survey by Cheaphotels.org. The survey compared the cost of accommodation across 30 popular California destinations. For each one, the average price for the cheapest available double room during July and August 2023 was established. Only hotels located close to a beach or in the city/town centre, and with 3 or more stars, were considered for the survey. With an average rate of $305 per night for the most affordable double room, Carmel-by-the-Se...
Key Middle East Markets Show Mixed Profitability in May
STR | July 10, 2023
LONDON— Among key hotel markets in Middle East & Africa, Jordan and Qatar realized the only month-over-month gross operating profit per available room (GOPPAR) improvements, according to STR’s May 2023 P&L data release. Jordan’s GOPPAR level reached US$66.77 in May, showing a significant month-over-month increase (+34.1%). That level was 106% of what was seen in May 2022, but was down from the 369% index reported in April. Qatar reached a GOPPAR of US$37.95, down 20.9% year over year. The market, however, saw a month-over-month jump of 39.0% and was one of the only markets to show an improvement in the i...
Significant Changes and Transformative Projects Coming to Syracuse
Christian Cross | July 10, 2023
By Christian Cross The Syracuse area has experienced a fairly muted economy for decades. The city benefits from relatively stable demand generators in the higher-education, research, and healthcare sectors, which has allowed the city’s lodging market to fully recover from the effects of the COVID-19 pandemic. In 2022, all lodging metrics within the defined competitive set exceeded the highs of the pre-pandemic period of 2019. Significant average rate growth and a modest increase in occupancy resulted in healthy RevPAR increases. Factors that contributed to this recovery include growth at the State University of New York (SUNY) Upstate ...
Staying Strong, 85% of Global Hotel Markets Continue to See RevPAR Growth Above 2019
STR | July 7, 2023
Analysis by Eddie Yeung STR’s global “bubble chart” update as of 17 June 2023 shows that 85% of markets experienced growth in revenue per available room (RevPAR) when compared to 2019. This reflects the same level as the previous update, which marked the largest share of markets with growth since the beginning of the pandemic. Additionally, occupancy continues to play a significant role in driving RevPAR growth. Among all countries with a room supply of more than 50,000 rooms, Israel, Switzerland, Greece, Italy, and France led in RevPAR on an actual basis. Singapore dropped off the leader board after ranking in the top f...
STR: U.S. Hotel Results for Week Ending 1 July
STR | July 7, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance fell from the previous week, but year-over-year comparisons improved, according to STR‘s latest data through 1 July. 25 June through 1 July 2023 (percentage change from comparable week in 2022): Occupancy: 69.9% (+4.1%) Average daily rate (ADR): US$156.27 (+1.5%) Revenue per available room (RevPAR): US$109.18 (+5.7%) Among the Top 25 Markets, St. Louis saw the highest year-over-year increases in occupancy (+22.2% to 71.6%) and RevPAR (+39.3% to US$96.46). Philadelphia posted the largest ADR lift (+16.4% to US$170.53). The steepest RevPAR declines were seen in New...
Charlotte, North Carolina: Queen City on the Rise
Janet Snyder | July 7, 2023
By Janet Snyder, Courtney Vris While growth in the life sciences, energy, education, and manufacturing industries is contributing to Charlotte’s rise, it’s the financial services/fintech industry that gives the city its power to the throne. Bank of America, Truist Financial, and Wells Fargo all have either a headquarters office or a regional hub in the Queen City. As of 2023, financial firms in the Charlotte-region MSA support over 100,000 jobs, which is more than ever recorded before, even prior to the pandemic. Yes, this sector’s return to the office was slow following the pandemic depths and the uncertain climate precipitated ...
Sunny Forecast for Summer Travel: Nearly Half of All Americans Are Planning to Vacation This Season
MMGY Travel Intelligence | July 6, 2023
Short-term trips, cannabis tourism and other trends stand out in latest MMGY Global Survey Building upon the significant gains from 2022, new research by MMGY Travel Intelligence indicates that the American tourism industry will experience another blockbuster summer in 2023. According to the latest edition of the research firm’s Portrait of American Travelers® study, more than three-quarters of U.S. adults plan to take a vacation in the next 12 months, with nearly half of all adults (48%) planning to travel this summer specifically. “Though certain segments continue to lag, including the meetings/conventions and corporate transient...
U.S. Hotel GOPPAR Declined in May
STR | July 6, 2023
HENDERSONVILLE, Tennessee—U.S. hotel gross operating profit per available room (GOPPAR) fell from the previous month, according to STR‘s May 2023 P&L data release. May 2023 per-available-room metrics (% change from May 2022) GOPPAR: US$83.86 (-2.6%) TRevPAR: US$222.78 (+4.1%) EBITDA PAR: US$61.16 (-7.1%) LPAR (Labor Costs): US$72.82 (+13.6%) “Weak revenue growth tied with strong labor costs caused GOPPAR to decline year over year for the first time in 16 months,” said Raquel Ortiz, STR’s director of financial performance. “The increase in labor costs was nearly three times that of revenue, but ...
International Visitor Arrivals to the U.S. Increased 62.3% YOY in March 2023
International Trade Administration | July 6, 2023
U.S. Citizen Outbound Travel Departures from the United States Totaled 7,796,152 in March 2023, an Increase of 34% Compared to March 2022 Data recently released by the National Travel and Tourism Office (NTTO) show that in March 2023: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 5,221,211 increased 62.3% compared to March 2022 and represents 83.4% of the pre-COVID total visitor volume reported for March 2019, up from the prior month’s 80.8%. Year-to-date (YTD) through March, international visitation of 14,103,302 increased 77.3% compared to the first thr...
Spain Hotels Positioned for Strong Summer Season
STR | July 5, 2023
Sunshine, culture, and convenience result in consistently strong hotel performance during summer in Spain. This key European destination attracts a wide mix of visitors from across the globe, many of whom opt for a lengthy resort getaway whilst others enjoy shorter city breaks. Within this analysis, we combine STR’s historical and forward-looking data to understand just how demand behaves in different markets depending upon the type of traveller being targeting. Relaxation, sun and island living are in high demand Leisure demand in the Northern Hemisphere is naturally at its peak throughout the summer months of July and Augu...
STR: U.S. Hotel Results for Week Ending 24 June
STR | June 29, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance remained mostly flat from the previous week, and year-over-year comparisons remained mixed, according to STR‘s latest data through 24 June. 18-24 June 2023 (percentage change from comparable week in 2022): Occupancy: 71.4% (-1.0%) Average daily rate (ADR): US$159.00 (+0.9%) Revenue per available room (RevPAR): US$113.58 (-0.1%) Among the Top 25 Markets, Minneapolis saw the highest year-over-year increases in each of the three key performance metrics: occupancy (+9.1% to 74.5%), ADR (+20.2% to US$158.08) and RevPAR (+31.1% to US$117.80). The substantial increases were dri...
U.S. Hotel Performance Cooled a Bit in the Leadup to Summer
STR | June 26, 2023
Analysis by M. Brian Riley U.S. hotel industry performance slowed a bit more than expected in the four weeks ending 17 June 2023. That period, which spanned the slower business time around Memorial Day but also the start to the leisure-centered summer travel, produced flat demand and occupancy compared to the previous version of this “bubble chart” series. At the same time, gains in average daily rate (ADR) continued to level down. Before diving into market specifics, it is important to note that one flat performance period does not signal an alarming trend. Recent demand trends have shown a healthy return, particularly in weekday/b...
Birmingham Hotel Market: Setting Up to Knock It Out of the Park
Brett Testa | June 26, 2023
By Brett Testa The Magic City, so named because its soil contains the three elements needed to produce iron, was able to steel itself against long-term hospitality demand loss in 2020 better than many hotel markets across the U.S. The city’s proximity to outdoor demand generators, its rapidly growing sports entertainment industry, and the dedicated work of local municipal offices and aid organizations were all important factors that supported the swift recovery of Birmingham hotels. 2020 in the Magic City As listed below, various factors efforts contributed to Birmingham hotels’ ability to stay operational and retain their staff in 2...
STR: U.S. Hotel Results for Week Ending 17 June
STR | June 22, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance increased from the previous week, but year-over-year comparisons were mixed, according to STR‘s latest data through 17 June. 11-17 June 2023 (percentage change from comparable week in 2022): Occupancy: 70.8% (-1.1%) Average daily rate (ADR): US$159.82 (+2.6%) Revenue per available room (RevPAR): US$113.17 (+1.5%) Among the Top 25 Markets, Oahu Island saw the only double-digit occupancy lift over 2022 (+11.0% to 84.1%). Los Angeles posted the highest gain in ADR (+12.7% to US$222.47), helped by the 123rd U.S. Open. Las Vegas reported the largest year-over-year Rev...
