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
STR: Melbourne Hotels Reached Record-High Room Rates in December
STR | January 16, 2023
LONDON—Melbourne’s hotel industry recorded its highest monthly average daily rate (ADR) on record, according to preliminary December 2022 data from STR. Occupancy: 67.7% Average daily rate (ADR): AUD236.53 Revenue per available room (RevPAR): AUD160.22 The ADR and RevPAR levels surpassed the pre-pandemic comparables by 27.2% and 9.1% respectively, while occupancy remained below the 2019 comparable (-14.3%). Daily data shows the month’s highest occupancy level was recorded on Saturday, 10 December (90.0%), with the market’s daily occupancy levels remaining above the 60.0% mark throughout the first half of the month. T...
International Visitors Spent $15.9 Billion in November 2022
National Travel and Tourism Office (NTTO) | January 16, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in November 2022: International visitors spent more than $15.9 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 57 percent compared to November 2021. Americans spent more than $15.2 billion traveling abroad, yielding an ever-so-slight balance of trade surplus of $703 million for the month. Year to date (January through November 2022), international visitors have spent more than $146.0 billion on U.S. travel and tourism-related goods and services (up more than 103% when compared to the same period i...
STR: U.S. Hotel Results for Week Ending 7 January
STR | January 12, 2023
HENDERSONVILLE, Tennessee—Reflecting post-holiday seasonality and an unfavorable calendar shift, U.S. hotel performance fell from the previous week and showed weakened comparisons against 2019, according to STR‘s latest data through 7 January. 1-7 January 2023 (percentage change from comparable week in 2019*): Occupancy: 47.2% (-11.5%) Average daily rate (ADR): US$142.82 (+11.2%) Revenue per available room (RevPAR): US$67.40 (-1.5%) The comparable week in 2019 (6-12 January) was a full business week. Orlando was the only Top 25 Market to report an occupancy increase over 2019 (+2.0% to 71.3%). Of note, Las V...
Baird/STR Hotel Stock Index Dropped 10% in December, Ended Year Down 15%
Baird | January 12, 2023
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index dropped 10% in December to a level of 4,885. For 2022 as a whole, the stock index was down 15%. “Hotel stocks ended a relatively strong year on a weak note as recessionary fears and slowing growth concerns were front and center for investors in December, which caused hotel stocks to underperform during the month,” said Michael Bellisario, senior hotel research analyst and director at Baird. Pebblebrook's negative fourth-quarter preliminary earnings announcement caused the hotel REITs to tag in December and reinforced investors' negative sentiment tow...
Travel & Tourism Deal Activity Down by 3.4% Overall in 2022, Reveals GlobalData
GlobalData | January 11, 2023
A total of 1,006 deals* were announced in the global travel and tourism sector during the 2022, which is a decline of 3.4% over the 1,041 deals announced during the previous year, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Geopolitical tensions and economic challenges seem to have impacted deal-making sentiments for the sector. Resultantly, deal activity slowed down in several key markets.” For instance, the US, which also happens to be the top market by deals volume, experienced a 2.8% decline in deal activity in 2022 compared to 2021. Several other key ...
STR: London Hotel Performance Remained Steady in December
STR | January 11, 2023
LONDON – London hotel average daily rate (ADR) and revenue per available room (RevPAR) came in higher than the 2019 comparable for an eighth consecutive month, according to preliminary December 2022 data from STR. Occupancy: 76.8% Average daily rate (ADR): GBP206.87 Revenue per available room (RevPAR): GBP158.89 London’s ADR and RevPAR levels were up 31.0% and 25.1%, respectively, from the pre-pandemic comparables. Like the rest of the year, occupancy remained below the 2019 comparable (-4.5%). Daily data for December shows London’s highest occupancy levels were recorded on Saturday, 3 December (93.4%), and Wednesda...
Surveys: Most Americans More Likely to Stay in Hotels in 2023 vs. 2022
AHLA | January 10, 2023
WASHINGTON (Jan. 10, 2023) – 60% of Americans report being more likely to stay in hotels this year than in 2022, and hotels are the top lodging choice among those planning to travel for business and leisure in the next three months, according to new national Hotel Booking Index survey research commissioned by the American Hotel & Lodging Association (AHLA) and conducted by Morning Consult. According to the surveys, 52% of adults would choose to stay in hotels if they were to travel overnight for leisure in the next three months, while 76% of potential business travelers would be most likely to stay in a hotel if they travel for work...
STR’s Market Recovery Monitor – 31 December 2022
STR | January 9, 2023
Note: This is the final edition of the Market Recovery Monitor. Beginning 13 January, the MRM will be replaced by a new series, “STR Weekly Insights.” This is also the final weekly analyses to utilize STR’s current non-participant modeling methodology and U.S. Top 25 Markets. Moving forward, Las Vegas will replace Norfolk/Virginia Beach in the Top 25. Read more HERE. Key Takeaways: U.S. room demand reached an all-time high for the 25-31 December holiday period. Airport hotels saw an occupancy lift due to Southwest flight disruptions. U.S. average daily rate (ADR) reached a record high on a nominal basis, led by Hawaii ma...
STR: U.S. Hotel Results for Week Ending 31 December
STR | January 6, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance came in higher than the previous week and showed improved comparisons to 2019 on the favorable side of a holiday calendar shift, according to STR‘s latest data through 31 December. 25-31 December 2022 (percentage change from comparable week in 2019*): Occupancy: 54.2% (+10.4%) Average daily rate (ADR): US$167.21 (+21.7%) Revenue per available room (RevPAR): US$90.63 (+34.3%) The comparable week three years ago covered 29 December-4 January. Among the Top 25 Markets, Norfolk/Virginia Beach reported the highest occupancy increase over 2019 (+22.9% to 48.5%). Phoe...
Salt Lake City Development Spurs Additional Investor Interest in This Emerging Hotel Market
Lauren Reynolds | January 5, 2023
By Lauren Reynolds, Ryan Mark Salt Lake City benefits from one of the busiest airports in the western U.S. and a strategic location near several landmarks and tourist attractions, including the Mighty 5. Transient demand to the city surged in 2021 as Utah became a popular drive-to leisure destination, but commercial travel continues to lag behind 2019 levels, similar to the rest of the nation. Commercial demand is expected to return fully by year-end 2023 or the beginning of 2024. Nonetheless, the city has enjoyed increases in demand as the local economy has recovered from the effects of the COVID-19 pandemic in 2020. Most notably, the ma...
ITA Data Release: October 2022 Total International Travel Volume
International Trade Administration | January 5, 2023
Data recently released by the National Travel and Tourism Office (NTTO) show that in October 2022: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 5,136,449, increased 144.9% compared to October 2021 and rose to 76.8% of the pre-COVID total visitor volume reported for October 2019, up from the prior month’s 72.7%. Overseas visitor volume to the United States of 2,456,788 increased 217.1% from October 2021. October 2022 was the nineteenth consecutive month that total non-U.S. resident international arrivals to the United States increased on a year-over-ye...
In High Demand: Florida Hotels and Resorts (Again)
Nick Plasencia | January 4, 2023
By Nick Plasencia In an article we published in February 2021, before the COVID-19 vaccines were broadly rolled out, we suggested to owners of hotels in Florida, and waterfront hotels in the Sunshine State in particular, that their assets would soon be in high demand. In the nearly two years since, new pricing records have dotted the Florida peninsula, from the Panhandle to the Keys, Tampa Bay to Jacksonville, and Orlando to South Beach. Investors have flocked to the seemingly bulletproof fundamentals of Florida’s hotel industry. While healthy deals inked in the late spring and summer 2022 have found their way to the finish line, th...
STR: Canada Hotel Performance Surpassed Pre-Pandemic Levels in November
STR | January 3, 2023
HENDERSONVILLE, Tennessee—Canada’s hotel performance came in lower than the month prior but showed improved comparisons to 2019, according to STR’s November 2022 data. November 2022 (percentage change from November 2019) Occupancy: 61.0% (+1.6%) Average daily rate (ADR): CAD169.69 (+14.8%) Revenue per available room (RevPAR): CAD104.98 (+16.6%) "Top-line performance recovery showed astounding strength in November, reinforcing that travel is still a priority despite high inflation and a dimming economic outlook," said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. CoStar Group is the paren...
STR: U.S. Hotel Results for Week Ending 24 December
STR | January 3, 2023
HENDERSONVILLE, Tennessee—U.S. hotel performance came in lower than the previous week and showed weakened comparisons to 2019 on the unfavorable side of a holiday calendar shift, according to STR‘s latest data through 24 December. At the same time, occupancy on the 24th was the highest for any Christmas Eve on record. 18-24 December 2022 (percentage change from comparable week in 2019*): Occupancy: 43.9% (-9.7%) Average daily rate (ADR): US$132.29 (+2.3%) Revenue per available room (RevPAR): US$58.04 (-7.6%) Christmas Eve occupancy came in at 43.6%, which topped the previous high established in 2021. The corresponding...
HVS Market Pulse – Recent Lodging Trends and Outlook for Atlanta, Georgia
Brett Testa | January 3, 2023
By Brett Testa Pre-Pandemic Atlanta’s rise in reputation as the event and convention hub of the southeast, a vision first ignited by the hosting of the 1996 Olympics, reached a zenith in 2019 with the hosting of Super Bowl LIII, marking Atlanta’s second time hosting the Super Bowl in the last 20 years. The data below, provided by the Atlanta Convention & Visitors Bureau, illustrate the steady growth in visitors to the city and their spending in the years preceding the COVID-19 pandemic. The August 2017 opening of the Mercedes-Benz Stadium, which hosts games for both the Atlanta Falcons football team and the Atlanta Unite...
Hotel Occupancy Slows as the Holidays Near
STR | December 22, 2022
Note: The Market Recovery Monitor will be off for the holidays during the final week of December. The next and final edition of the MRM is scheduled to run on 6 January. Beginning 13 January, the MRM will be replaced by a new series, “STR Weekly Insights.” Methodology update: This will be one of the final weekly analyses to utilize STR’s current non-participant modeling methodology and U.S. Top 25 Markets. In 2023, Las Vegas will replace Norfolk/Virginia Beach in the Top 25. Read more HERE. Key Takeaways: U.S. occupancy began the normal pre-holiday decline Skiing areas posted the highest ADR increases in the U.S...
Consumers Showing More Preference Toward Hotels, Less Toward Short-Term Rentals
STR | December 21, 2022
As the year closes and we say goodbye to 2022, now is the ideal time to reflect on the opinions, sentiments, and desires of travelers. The hotel industry has borne witness to varied performance across the last 12 months and achieved an impressive bounce back from COVID-19. However, the economic challenges faced by many nations across the globe have tempered some of the positivity regarding recovery. In STR’s previous round of research regarding accommodation preferences, a number of key trends were identified when examining the wants of travelers. Findings highlighted a seasonal drop in the popularity of hotels, the vital role...
STR: U.S. Hotel Performance for November 2022
STR | December 20, 2022
HENDERSONVILLE, Tennessee—The U.S. hotel industry reported lower performance from the month prior and weakened comparisons with 2019, according to November 2022 data from STR. November 2022 (percentage change from November 2019): Occupancy: 59.4% (-3.2%) Average daily rate (ADR): US$144.46 (+15.2%) Revenue per available room (RevPAR): US$85.74 (+11.4%) Among the Top 25 Markets, New York City experienced the highest occupancy level (79.0%), which was down 8.8% from the market’s 2019 benchmark. Markets with the lowest occupancy for the month included Minneapolis (51.2%) and St. Louis (52.2%). San Francisco re...
Knowland and ConferenceDirect Release 2023 State of the Meetings Industry Report
Knowland | December 19, 2022
Survey reveals key insights to help industry professionals understand the state of the meetings industry from a planner and event manager perspective ARLINGTON, Va., Dec. 19, 2022 — Today, Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, and ConferenceDirect, a full-service global meetings solution company, announced the results of a survey entitled, 2023 State of the Meetings Industry. The collaboration reveals insights to help industry professionals understand what meeting planners and event managers expect and will prioritize in 2023. Download the Meeting Planner Survey...
STR: Adelaide Hotel Bookings Jump for Sport-Heavy April
STR | December 15, 2022
ADELAIDE – The recent announcement that Adelaide will host the Australian Football League’s (AFL) Gather Round and LIV Golf in April 2023 has resulted in a boost in the market’s hotel occupancy on the books, according to STR’s Forward STAR data. The AFL Gather Round will take place Thursday, 13 April through Sunday, 16 April; while LIV Golf will take place Friday, 21 April through Sunday, 23 April. “We have seen a noticeable spike in Adelaide’s hotel occupancy on the books since the confirmation that the market would host these two major sporting events,” said Matthew Burke, STR’s regional director for Paci...
STR: U.S. Hotel Results for Week Ending 10 December
STR | December 15, 2022
HENDERSONVILLE, Tennessee—U.S. hotel performance came in higher than the previous week and showed improved comparisons to 2019, according to STR‘s latest data through 10 December. 4-10 December 2022 (percentage change from comparable week in 2019*): Occupancy: 59.6% (-1.2%) Average daily rate (ADR): US$144.79 (+15.4%) Revenue per available room (RevPAR): US$86.29 (+14.0%) Among the Top 25 Markets, Tampa reported the highest occupancy increase over 2019 (+10.2% to 80.1%). Of note, New York City achieved the highest occupancy level (90.2%). New Orleans posted the highest ADR (+57.3% to US$202.67) and Re...
Baird/STR Hotel Stock Index Rose 2.7% in November
Baird | December 14, 2022
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index rose 2.7% in November to a level of 5,430. Year to date through the first 11 months of 2022, the stock index was down 5.5%. “Hotel stocks increased in November but were relative underperformers for the first time since June,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Softer than expected CPI data fed into the Federal Reserve pivot narrative, which caused the broader stock market to jump, particularly in some of the industries and sectors that had lagged recently; as a result, both the hotel REITs and the global ...
International Visitors Spent $15.8 Billion in October 2022
NTTO | December 14, 2022
Data recently released by the National Travel and Tourism Office (NTTO) show that in October 2022: International visitors spent more than $15.8 billion on travel to, and tourism-related activities within, the United States, an increase of more than 112 percent compared to October 2021 and the highest level of (monthly) spending since the onset of COVID in February 2020. Americans spent nearly $15.8 billion traveling abroad, yielding an ever-so-slight balance of trade surplus of $58 million for the month—a much-welcomed reversal following a more than $1 billion trade deficit in September for travel and tourism. Year to date (Janu...
Almost Home: The Boston Hotel Market Approaches a Recovery
Erich Baum | December 13, 2022
By Erich Baum, Brian F. Bisema, Raymond Parejo According to STR, Boston’s revenue per available room (RevPAR) finished 2021 at roughly half the pre-pandemic 2019 level, a discouraging performance. But the city took a leap forward in 2022 and is on pace to finish the year with a RevPAR level just a shade below the pre-pandemic performance. After adjusting for inflation, these results are less significant, of course, but the turnaround still represents a huge achievement, particularly considering that the recovery is still in progress for the international travel, corporate transient, and convention demand channels. As illustrated in the ...
