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
With Remarkable Pent-Up Travel Demand, Tourists Are Jet Setting to Mexico
JLL | May 4, 2021
CHICAGO – May 4, 2021 – Mexico is featuring robust market dynamics that suggest strong hospitality and lodging industry recovery amid the pandemic. In JLL’s Hotels & Hospitality Group’s latest Travel and Tourism Update, there are several factors that put Mexico on the map for tourism recovery and increased investor interest. Economic Outlook Being the second largest economy in Latin America and sixth largest emerging market across the globe, almost two-thirds of Mexico’s economic gross added value is generated by the service industry and 16 percent of the country’s GDP is directly impacted by the travel and t...
Top Three Franchise Companies Account for 69% of Projects in the U.S. Hotel Construction Pipeline
Lodging Econometrics (LE) | May 3, 2021
PORTSMOUTH, NH – May 3rd, 2021 – In the recently released Q1‘21 United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the franchise companies with the largest U.S. construction pipelines at the end of Q1‘21 are Marriott International with 1,354 projects/178,290 rooms, followed by Hilton Worldwide with 1,248 projects/145,256 rooms, and InterContinental Hotels Group (IHG) with 807 projects/81,702 rooms. These three companies combined account for 69% of the projects and 65% of the rooms in the total U.S. construction pipeline. At the end of Q1‘21, the franchise company with the most projects in the under c...
Room Demand Pushes Toward Normal for Lesser-Traveled States, Gaps Persist for Key Markets
STR | April 30, 2021
April 30, 2021 - As we move further into the spring, much of the U.S. continues to make solid progress toward reaching comparable demand levels from 2019. As a reminder, 2019 is being used as the recovery benchmark due to the heavy pandemic impact in 2020. Recovery trends demonstrated in STR’s latest 51-chart demand map show that a small number of lesser-traveled states, such as Idaho, Montana, Mississippi, have recently been meeting or surpassing their 2019 demand levels since the week ending 20 March 2021. Florida and Texas, of course, stood out as popular travel states surpassing 2019 levels during the spring break period. In contr...
New York City Market Continues to Lead the U.S. Construction Pipeline
LODGING ECONOMETRICS | April 30, 2021
PORTSMOUTH, NH – April 30, 2021 – In the recent U.S. Construction Pipeline Trend Report released by Lodging Econometrics (LE), at the close of Q1‘21, New York City continues to hold the lead amongst U.S. markets for the most projects in the U.S. construction pipeline with 145 projects/24,762 rooms. Other U.S. markets that follow are Los Angeles with 144 projects/23,994 rooms, Dallas with 135 projects/16,260 rooms, Atlanta with 132 projects/18,264 rooms, and Orlando with 98 projects/17,536 rooms. New York City has the greatest number of projects under construction with 110 projects/19,457 rooms. Following New York City with the highes...
U.S. Hotel Construction Pipeline Begins 2021 With 4,967 Projects/622,218 Rooms at Q1 Close
Lodging Econometrics | April 30, 2021
PORTSMOUTH, NH – April 30, 2021 – According to Lodging Econometrics’ (LE’s) Construction Pipeline Trend Report for the United States, the total U.S. construction pipeline stands at 4,967 projects/622,218 rooms at the end of Q1‘21. While this is a slight dip in the pipeline year-over-year (YOY), it’s not unexpected given the lockdown and travel restrictions over the past year. Further, the pipeline shows no signs of great decline compared to what occurred during the ’08 and ’09 recession. Actually, projects and rooms in the early planning stage are up significant YOY (stats on this below). Although hotel development may stil...
STR: U.S. Hotel Results for Week Ending 24 April
STR | April 29, 2021
HENDERSONVILLE, Tennessee — April 29, 2021 — U.S. weekly hotel occupancy remained flat from the previous week, according to STR‘s latest data through 24 April. 18-24 April 2021: Occupancy: 57.3% Average daily rate (ADR): US$108.10 Revenue per available room (RevPAR): US$61.93 Overall industry occupancy will likely remain plateaued until the summer leisure travel boom, but there has been noticeable uptick in weekday occupancy, which is indicative of increased business travel. ADR was up slightly from the previous week, and the Luxury, Midscale and Economy classes have each recovered more than 90% of their 2019 ADR level...
Spring Break a Big Splash for Florida Hotels
STR | April 27, 2021
Spring Break 2021 didn’t just dive in, it made a cannonball-sized splash for Florida hotels and other U.S. destinations. When looking at STR’s School Break Report, 39% of college students and just 7% of K-12 students were on break beginning 6 March. Despite this slightly low percentage, all signs pointed to a strong spring break period right out of the gate. The STR-defined Florida Keys market, at that point, was the only U.S. market to reach an 80% occupancy level—at 85.9% for the opening week of March. Other markets, such as Sarasota (75.4%), Fort Lauderdale (72.5%) and McAllen/Brownsville, TX (70.5%), were lower but all above tstr...
COVID-19’s Impact on the Los Angeles Hotel Market
Luigi Major | April 27, 2021
By Luigi Major The Los Angeles hotel market, along with the rest of the world, experienced an unprecedented drop in demand in 2020 following the start of the COVID-19 pandemic. Hotel occupancy declined to 49% in 2020, compared to 80% in 2019, while average daily rate (ADR) decreased to $139 in 2020 from $181 the previous year. Overall, revenue per available room (RevPAR) decreased 52.6%, the largest decline in the history of the market. Based on the latest dynamics of supply and demand, below we present our latest forecasts for the recovery of L.A.-area hotels in 2021 and beyond. As with the rest of the industry, while occupancy is antici...
A Year Later, the Hotel Industry Recalibrates, Reassesses
HotStats | April 27, 2021
Just over a year after the World Health Organization declared COVID-19 a pandemic, the global hotel industry is—slowly—stirring from hibernation and seeing at least modest gains in traveler demand. The wait has been long, and it remains a work in progress. But making headway is all you can ask for after a 12-month headache. In the U.S., which saw performance calve last March, before bottoming out in April, small gains continued to be made in most key performance indicators in March 2021—though the strides only shined a light on the decrepitude that was 2020. Consider gross operating profit per available room, which was up 328.9...
STR: Canada Hotel Performance for March 2021
STR | April 26, 2021
HENDERSONVILLE, Tennessee — April 26, 2021 — Canada’s hotel industry reported slightly higher performance when compared with recent months, according to STR’s March 2021 data. Each of the three key performance metrics were the country’s highest since September 2020. Year-over-year declines in ADR and RevPAR remained significant but will improve in future months due to comparisons with pandemic-affected months last year. While occupancy increased slightly year over year, it remained well below the pre-pandemic comparable of March 2019 (-46.8%). Occupancy: 31.9% Average daily rate (ADR): CAD117.86 Revenue per available r...
Beach Destinations Lead Mexico’s March Hotel Uptick
STR | April 26, 2021
HENDERSONVILLE, Tennessee — April 26, 2021 — March produced improved hotel occupancy across most of Mexico’s markets, but beach destinations continued to lead the country’s recovery, according to data from STR. Overall, Mexico’s March occupancy came in at 37.0%, up from 28.3% in February and 26.4% in January. Popular spring break spots for U.S. students, Cancun (49.0%) saw the highest level in the metric, followed by Acapulco (46.8%). Occupancy was even higher later in the month. During 14-20 March, Acapulco reached 58.9% occupancy, while Cancun reported a level of 52.8%. The following week, Cancun was up to 53.4%, while Aca...
Waterparks: Despite 2020 Challenges, Growth Forecasted in 2021
David J. Sangree | April 26, 2021
By David J. Sangree The COVID-19 crisis was the definitive event of 2020. The lodging and attractions industries were among the most negatively impacted sectors and experienced record declines in occupancy, attendance, and revenue. With mandated closures, limited capacities, and travel restrictions, many outdoor waterparks delayed their season openings while others decided, or were mandated, not to open at all in 2020. Many resorts with both indoor and outdoor waterparks and standalone indoor waterparks were forced to close for several months. Current projections for the vaccine rollout indicate a return to normalcy no earlier th...
Q1 2021 Major U.S. Hotel Sales Survey
Daniel Lesser | April 22, 2021
By Daniel H. Lesser Upon reading his obituary in the press, the American writer Samuel Clemens, known by his pen name Mark Twain, famously remarked, “The report of my death was an exaggeration.” Although there is no question that the global pandemic has adversely impacted many, the world has not ended. While the risks of reinstated limitations on social activity and shelter-in-place orders remain, concerns surrounding the effectiveness of vaccines on existing and unknown variants, coupled with an anti-vaxxer movement, pose the biggest risks to ending the current pandemic. With that said, the spring season of 2021 has sparked opt...
STR: U.S. Hotel Results for Week Ending 17 April
STR | April 22, 2021
HENDERSONVILLE, Tennessee — April 22, 2021 — U.S. weekly hotel occupancy fell 2.6 percentage points from the previous week, according to STR‘s latest data through 17 April. 11-17 April 2021: Occupancy: 57.3% Average daily rate (ADR): US$107.16 Revenue per available room (RevPAR): US$61.37 Following the end of spring break, weekly demand fell back below the 22 million mark, and occupancy dipped to its lowest level since mid-March. The ADR level was also US$5 less after two straight weeks above US$112. After elevated performance throughout the spring-break period, Florida saw its largest week-to-week decline in occupan...
March U.S. Hotel Performance Highest Since Pandemic
STR | April 20, 2021
HENDERSONVILLE, Tennessee — April 20, 2021 — The U.S. hotel industry showed its highest performance levels since the beginning of the pandemic, according to March 2021 data from STR. March 2021: Occupancy: 54.6% Average daily rate (ADR): US$106.08 Revenue per available room (RevPAR): US$57.87 Occupancy and RevPAR were the highest for any month since February 2020, while ADR was the highest since March 2020. While year-over-year percentage changes show significant increases because of comparison with a pandemic-affected period in 2020, the country’s performance levels remained well below the pre-pandemic compar...
WTTC Reveals U.S. Travel & Tourism Sector Suffered Loss of $766 Billion in 2020
WTTC | April 19, 2021
MIAMI, FL - April 15, 2021 - The annual Economic Impact Report (EIR) from the World Travel & Tourism Council (WTTC) today revealed the U.S. Travel & Tourism sector suffered a significant loss of $766 billion* in 2020. In 2019, the U.S. Travel & Tourism sector accrued a GDP of nearly $1.9 trillion. However, WTTC’s research found that in 2020, a year in which the COVID-19 pandemic devastated the industry, the country saw a 41% decrease to the sector’s GDP contribution. With the U.S. being the largest Travel & Tourism economy in the world, the country’s recovery plays an important role in the rebound of the sector on a g...
2021 Chinese New Year Impact
STR | April 19, 2021
One of the largest global celebrations each year is, undoubtably, Chinese New Year. Although the celebration this year (11-17 February 2021) felt different for the country, there was a noticeable impact around hotel performance. Rather than compare with performance during 2020 Chinese New Year dates, which was significantly lower because of the early stages of the COVID-19 pandemic, STR compared the festive periods of 2021 and 2019. One week before the festive period in 2021, both corporate and leisure demand slowed in Mainland China. On 11 February, the market saw an occupancy level of only 17.9%, which was just 11 percentage points lo...
Playa Hotels & Resorts to Sell Capri Hotel for $55 Million
Playa Hotels & Resorts N.V. | April 19, 2021
FAIRFAX, Va. - April 19, 2021 - Playa Hotels & Resorts N.V. today announced that it has entered into a binding agreement with a third party to sell the Capri Hotel for a total consideration of $55 million in cash. Upon closing, the Company expects to execute a management contract and will operate the resort once it reopens after repositioning and renovation. The third party purchasing the hotel expects to simultaneously sign a franchise agreement with a globally recognized brand upon closing. The Company has also signed a hotel management agreement with the same third party for a 438-room luxury hotel in Riviera Maya, Mexico that ...
Mumbai’s Rapid Hotel Recovery Faces Headwinds
STR | April 16, 2021
LONDON — April 16, 2021 — Mumbai’s rapid hotel performance recovery is projected to return to more moderate levels, according to a recent market forecast from STR and Tourism Economics. Driven by domestic business travel and quarantine guests, Mumbai recaptured 65% of demand in February 2021 when compared with pre-pandemic levels. More importantly, group demand, which continues to lag in most markets worldwide, surpassed 70% of pre-pandemic levels during the month. Preliminary data for March showed a slowing in Mumbai’s demand amid rising COVID-19 case counts and subsequent tightened restrictions. “Although Mumbai has not e...
U.S. Market Recovery Monitor – 10 April 2021
STR | April 16, 2021
Previous MRM versions: March 27 | April 3 Week Ending 10 April The week of 4-10 April was all about demand. The number of U.S. room nights sold surged to 22 million, which was the most since the start of the pandemic. As a result, occupancy reached 59.7%, also the highest level of the past year. On a total-room-inventory (TRI) basis, which includes temporarily closed hotels because of the pandemic, U.S. occupancy reached 56.6%—yes, that was another pandemic-era high. On average, the industry sold 3.2 million rooms per day during the week. A year ago, daily demand was a third of that. The gain in demand wa...
In Focus: Singapore
Peggy Lee | April 16, 2021
By Peggy Lee, Chariss Kok Xin, Hok Yean CHEE Key Highlights in 2020 The Republic of Singapore is a metropolitan city-state and island country in Southeast Asia with a total land area of an estimated 714.3 square kilometres. It is situated at the southern tip of the Malayan Peninsula, between Malaysia and Indonesia. With an economy supported by its growing population of approximately 5.7 million people, Singapore has witnessed remarkable record of sustained economic growth throughout the years and bolsters its role as a global commerce, finance and transportation hub. Source: Unsplash Due to the impact of the Covid-19 pandemic, Singa...
Hotel Construction Down Around the World, Except in Europe
STR | April 15, 2021
LONDON — April 15, 2021 — Europe is the only world region showing increased hotel construction activity in comparison with the end of Q1 last year, according to March pipeline data from STR. March 2021 (% changes in comparison with March 2020) Europe In Construction: 258,129 rooms (+26.9%) Final Planning: 181,101 rooms (+23.7%) Planning: 155,615 rooms (-8.8%) Germany (51,785) and the U.K. (36,919) lead Europe in total rooms in construction. Asia Pacific In Construction: 462,795 rooms (-3.4%) Final Planning: 183,105 rooms (+17.5%) Planning: 270,350 rooms (+4.0%) Among countries in th...
U.S. Hotel Industry Posted Highest Demand and Occupancy Since Pandemic
STR | April 15, 2021
HENDERSONVILLE, Tennessee — April 15, 2021 — The U.S. hotel industry posted its highest demand and occupancy levels since the beginning of the pandemic, according to STR‘s latest weekly data through 10 April. 4-10 April 2021: Occupancy: 59.7% Average daily rate (ADR): US$112.22 Revenue per available room (RevPAR): US$66.99 Reflecting the country’s almost 2-point improvement in occupancy from the previous week, more than 50% of properties posted a weekly occupancy above 60%. Additional insights are available in STR’s Market Recovery Monitor. Among the Top 25 Markets, T...
Travel and Tourism Deal Activity Registers 40.3% Growth During March 2021, Finds GlobalData
GlobalData | April 13, 2021
A total of 108 deals (comprising mergers & acquisitions, private equity, and venture financing) were announced in the global travel and tourism sector during March 2021, which is an increase of 40.3% over 77 deals announced in February, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The rebound in deal activity in March, following a decline during the previous month, assumes even more significance as the travel and tourism sector was badly hit due to the COVID-19 pandemic. Deal activity in the sector remained subdued in 2020, while 2021 started on a slower note. H...
