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. Weekly Hotel Occupancy Reached Highest Level in a Year
STR | March 18, 2021
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy reached its highest level in a year, according to STR‘s latest data through 13 March. 7-13 March 2021 (percentage change from comparable week in 2020): Occupancy: 52.1% (-1.4%) Average daily rate (ADR): US$102.62 (-14.5%) Revenue per available room (RevPAR): US$53.45 (-15.8%) Year-over-year percentage changes are now more favorable as comparisons have shifted to pandemic-affected weeks from 2020. When indexed against 2019 levels, the U.S. has recaptured between 70-75% of occupancy in recent weeks. Florida, lifted by Spring Break and Bike Week, was most represented ...
U.S. Market Recovery Monitor – 6 March 2021
STR | March 15, 2021
15 March 2021 - About the MRM As the U.S. hotel industry hits the one-year anniversary of the earliest COVID-19 impact, year-over-year percentage changes become less actionable when analyzing performance recovery. Thus, STR has introduced a weekly Market Recovery Monitor that will categorize each STR-defined market based on an indexed comparison with the same time periods in 2019. An index is simply a ratio that divides current performance by the benchmark (2019 data). For example, during the week ending 6 March 2021, U.S. RevPAR was $48.13. In the comparable week from 2019, RevPAR was $87.75. This produces an index of 54.8 ($48.13/$87....
Market Pulse: Washington, D.C. Lodging Market
Chelsey Leffet | March 15, 2021
By Chelsey Leffet The Washington, D.C. lodging market has historically been one of the most stable of the major U.S. markets given its status as the hub of national political affairs and the center of governmental action and policy, while also playing a major role in international affairs. Aside from the government-related activity, numerous industries and institutions have contributed to and supported the region, including finance, education, healthcare, and scientific research. While typically insulated from recessions and tourism declines, Washington, D.C. was not spared amid the ongoing worldwide pandemic in 2020. Washington, D.C. 2...
Manhattan Lodging Overview Summary – Q4 2020
Chris Fernandes | March 11, 2021
By Chris Fernandes, Anne R. Lloyd-Jones, Roland deMilleret The COVID-19 outbreak began affecting the New York City lodging market in late February 2020 and, in the months that followed, led to the virtual dissipation of traditional sources of lodging demand. As an international gateway city, the complete stoppage of inbound international flights and travelers is of particular note. Because of the reduction in travel across virtually all demand sources, this diversification has resulted in an even harder hit to New York than other smaller U.S. markets. Nonetheless, many reasons remain for optimism into 2021 as vaccine distribution ramps up ...
American Express Launches 2021 Global Travel Trends Report
AMERICAN EXPRESS | March 10, 2021
NEW YORK - March 9, 2021 - American Express (NYSE: AXP) released the American Express Travel: Global Travel Trends Report today, which provides unique insight into consumer sentiment toward travel nearly one year after the COVID-19 pandemic began. The findings in the report, grounded in survey research across seven countries, including the United States, Australia, India, Canada, Mexico, Japan and the United Kingdom1, demonstrates that consumers are looking forward to traveling again and that they are planning for future trips. Top insights include: Strong Pent-Up Demand for Travel: 87% of people surveyed said that having a trip plann...
U.S. Meetings and Events Data Trending Up for February
Knowland | March 10, 2021
Knowland data shows initial signs of recovery reaching across primary, secondary, and tertiary markets ARLINGTON, Va. — March 10, 2021— Knowland, the leader in AI-powered data for hotels, convention and visitor bureaus, conference centers and other meeting venues, today released its ongoing monthly meetings and events data for February. The numbers reveal that February U.S. group meetings volume increased 109.7 percent over the previous month. February picked up nicely with consistent growth each week. Even with a few key markets still constrained due to COVID restrictions, meetings are growing across the country. • Average at...
HVS Market Pulse – Milwaukee, Wisconsin
Justin Westad | March 9, 2021
By Justin Westad, Amy Schmidt Prior to the COVID-19 pandemic, Downtown Milwaukee was experiencing revitalization and growth over a period of nearly ten years. The year 2020 was expected to be one of Milwaukee’s record years, with the Democratic National Convention scheduled for July. Given the reduction in attendance of this major one-time event and other citywide events that were forced to reschedule, RevPAR declined by 66%. Data provided by STR and Visit Milwaukee indicate that occupancy in Downtown Milwaukee dropped from 71.4% in 2019 to 32.5% in 2020. Meanwhile, average daily rate (ADR) declined from $144.10 in 2019 to $106.57 in ...
Baird/STR Hotel Stock Index Jumped 22.4% in February
Baird | March 5, 2021
HENDERSONVILLE, Tennessee, and MILWAUKEE — 5 March 2021 — The Baird/STR Hotel Stock Index jumped 22.4% in February to a level of 5,141. Year to date through the first two months of 2021, the stock index was up 12.4%. “Hotel stocks posted huge gains in February as the reopening and reflation trade momentum caused many hotel brands and hotel REITs to reach new post-pandemic highs,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Investors appear willing to pay up today for several years of expected growth, and improving vaccine distribution and declining case counts have caused investors to become eve...
At Year-End 2020, the Global Hotel Construction Pipeline Decreased Slightly Year-Over-Year
Lodging Econometrics | March 5, 2021
PORTSMOUTH, NH – March 05, 2021 – The latest Global Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) states that the global hotel construction pipeline stands at 13,943 projects/2,312,410 rooms. Year-over-year (YOY) the total global pipeline decreased 7% by projects and 6% by rooms. Projects under Construction at year-end 2020 stood at 6,513 projects/1,169,418 rooms. Projects scheduled to start construction in the next 12 months were at 3,920 projects/573,352 rooms and there were an additional 3,510 projects/569,640 rooms in the early planning stage to round out the total pipeline. Globally during 2020, 2,562 ...
STR: U.S. Hotel Results for Week Ending 27 February
STR | March 4, 2021
HENDERSONVILLE, Tennessee — 4 March 2021 — U.S. weekly hotel occupancy dipped slightly from the previous week, according to STR‘s latest data through 27 February. 21-27 February 2021 (percentage change from comparable week in 2020): Occupancy: 47.5% (-25.8%) Average daily rate (ADR): US$96.72 (-25.2%) Revenue per available room (RevPAR): US$45.90 (-44.5%) The week-over-week decrease was the country’s first since late January. Florida, California, and New York reported the largest drops in demand. Texas, on the other hand, led the nation in room nights sold as hotels continued to house residents displaced by winter sto...
U.S. Hotel Profitability Improved Slightly in January
STR | March 3, 2021
BROOMFIELD, Colorado — 3 March 2021 — U.S. hotel gross operating profit per available room (GOPPAR) improved slightly from prior months but remained in the low single digits, according to STR‘s January 2021 monthly P&L data release. In a year-over-year comparison with January 2020, the industry reported the following: GOPPAR: -95.9% to US$3.14 TRevPAR: -73.3% to US$60.94 EBITDA PAR: -120.1% to US$-11.88 LPAR (Labor Costs): -63.3% to US$31.82 The industry’s GOPPAR was its highest since October (US$12.69). “As we approach the one-year mark of the first major restrictions in the U.S., profitability is at le...
At Year-End 2020, the Middle East Construction Pipeline Stands at 542 Projects/156,921 Rooms
Lodging Econometrics | March 2, 2021
PORTSMOUTH, NH – March 2, 2021 – According to the latest published Construction Pipeline Trend Report for the Middle East from Lodging Econometrics (LE), the hotel construction pipeline in the Middle East declined again to 542 projects/156,921 rooms. This is the sixth consecutive quarter project counts have dropped in the region. Fluctuations in oil and gas prices, access to vaccines, the new U.S. administration, and lack of tourism are ultimately having an impact on hotel development. The next few years will prove pivotal in this region and LE will continue to monitor and track the impact. Projects currently under construction stand a...
Global Hotel Profit Performance Divides in New Year
David Eisen | March 2, 2021
Turning the page doesn’t always assure a better result. After the worst performing year on record, the hotel industry was ready for 2021, but resigned to the fact that a new year doesn’t mean things automatically get better. The harsh reality is a global pandemic that has ceased to fully recede. Still, there is cause for optimism. Though travel remains stunted across the world, some regions are showing signs of sustained performance positivity. Include Asia-Pacific and the Middle East on that list. APAC Consistency Though there remains a wide chasm in year-over-year comps, APAC has now had eight consecutive of positive gross operatin...
HVS Las Vegas Casino & Hotel Market Outlook 2021
Shannon S. Okada | March 2, 2021
March 2, 2021 - The impact of the COVID-19 pandemic on the Las Vegas economy has been extremely harsh given the market’s reliance on visitation and conventions. Following five consecutive years of accommodating more than 42 million visitors, Las Vegas hosted just over 19 million people in 2020 (the lowest number of visitors since 18.1 million in 1989). While vaccination rollouts have begun in Nevada, measures to curb the spread of the COVID-19 virus remain in place. Continued weak performance is anticipated through the first half of 2021. Thereafter, the recovery of travel and general economic performance is expected to accelerate as vacc...
Short-Term Rentals Post Mixed Performance in January
STR | March 1, 2021
HENDERSONVILLE, Tennessee — March 1, 2021 — Short-term rentals in Miami, Nashville and Philadelphia showed mixed performance results during January 2021, according to data from STR. Short-term rentals continued to post higher occupancy levels than hotels in each of the three markets. Building on STR’s world-leading hotel performance database, Miami, Nashville and Philadelphia are the first three U.S. markets where the company has expanded its benchmarking offerings via a pilot study. Included in STR’s short-term rental sample are both multifamily and single-family short-term rentals. January 2021 short-term rental performance, ...
STR: Winter Storm Pushes Texas Hotel Occupancy Gains
STR | March 1, 2021
HENDERSONVILLE, Tennessee — March 1, 2021 — Texans displaced by freezing temperatures and outages pushed the state’s occupancy to a 50-week high, according to an analysis by STR. During the week of 14-20 February, Texas hotel occupancy reached 56.3%. That 50-week high in the metric contributed 0.9 percentage points of the 3-point gain in overall U.S. occupancy (48.1%) for the week. Texas’ occupancy level grew 9.4 percentage points over the previous week, which is the largest week-over-week occupancy increase for the state in the last year. Average daily rate (ADR) rose 5.8% week over week, which was Texas’ largest gain in the me...
China’s Hotel Construction Pipeline Ends 2020 With 3,375 Projects/639,811 Rooms
Lodging Econometrics | March 1, 2021
PORTSMOUTH, NH – March 01, 2021 – According to the latest China Construction Pipeline Trend Report from Lodging Econometrics (LE), China's total hotel construction pipeline dipped slightly at the end of Q4 ’20 to stand at 3,375 projects/639,811 rooms, down 4% by projects and 1% by rooms year-over-year (YOY). This is the second quarter off the peak reached in Q2 ’20, where construction pipeline totals stood at 3,574 projects/647,704 rooms. However, due to China’s robust manufacturing and export industry, their GDP has remained strong throughout the pandemic, as has their construction industry. China currently has 2,293 projects/41...
Excluding China, the Asia Pacific Construction Pipeline Stands at 1,732 Projects/368,820 Rooms at Year-End
Lodging Econometrics (LE) | March 1, 2021
PORTSMOUTH, NH – March 1, 2021 – According to analysts at Lodging Econometrics (LE) the Asia Pacific, excluding China, pipeline ended the fourth quarter of 2020 at 1,732 projects/368,820 rooms, down 10% by both projects and rooms year-over-year (YOY). The Asia Pacific region, no different than any other, has felt the effects of the COVID-19 global pandemic. It has had universally damaging effects to the region’s economies and hotel development. However, there is renewed optimism by economists that as the region’s economies emerge from the current downturn, so will hotel development. Even as the region struggled in 2020, it ...
STR: U.S. Hotel Results for Week Ending 20 February
STR | February 25, 2021
HENDERSONVILLE, Tennessee — 25 February 2021 — U.S. weekly hotel occupancy reached its highest level since late October, according to STR‘s latest data through 20 February. 14-20 February 2021 (percentage change from comparable week in 2020): Occupancy: 48.1% (-23.8%) Average daily rate (ADR): US$101.57 (-22.1%) Revenue per available room (RevPAR): US$48.82 (-40.6%) Popular leisure markets in Florida, with leftover demand from the long holiday weekend, posted the week’s highest levels. Among STR-defined markets, the Florida Keys reached 93.5% occupancy, followed by Fort Lauderdale (80.1%). Miami saw the highest ...
At Year-End 2020, Europe’s Hotel Construction Pipeline Stands at 1,905 Projects/307,093 Rooms
Lodging Econometrics | February 25, 2021
PORTSMOUTH, NH – February 25, 2021 – According to the latest Europe Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), analysts at LE report that at the close of 2020, Europe’s hotel construction pipeline increased 2% by projects and 3% by rooms year-over-year (YOY) to end the fourth quarter with 1,905 projects and 307,093 rooms, a record high project and room count for the region. Europe’s construction pipeline has remained robust as hotel developers have purposely delayed their opening dates to await improved operating conditions. Rooms under construction are at an all-time high of 967 projects/157,833 rooms...
STR: Canada Hotel Performance for January 2021
STR | February 23, 2021
HENDERSONVILLE, Tennessee — 23 February 2021 — Canada’s hotel industry reported continued lows across the three key performance metrics, according to STR’s January 2021 data. The country’s occupancy level was up slightly from December but was its second-lowest since May 2020. As a result, RevPAR came in lower than any month in Canada since May. Year-over-year declines also remained significant. Occupancy: 22.3% (-55.2%) Average daily rate (ADR): CAD107.21 (-27.4%) Revenue per available room (RevPAR): CAD23.96 (-67.5%) “International travel has been severely depressed since the beginning of the pandemic, and the ne...
Anchorage Lodging Market: Winter 2021 Update
Kasia M. Russell | February 23, 2021
By Kasia Russell and Breanna Smith Amid a worldwide pandemic, the Anchorage lodging industry continues to experience a downturn that is greater than the past two lodging-market declines combined. The major factors that have affected this market since the onset of the pandemic in March 2020 are highlighted below. Key Factors in 2020 Unlike many other U.S. markets, Anchorage did not initially experience the severity of the pandemic given that oil and gas operations, Alaska’s largest economic driver, remained essential; thus, no major layoffs or furloughs were instituted, and workers continued to travel to/from drilling locations. F...
VICI Properties Inc. Announces Fourth Quarter and Full Year 2020 Results
VICI Properties | February 19, 2021
NEW YORK--February 19, 2021--VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”), an experiential real estate investment trust, today reported results for the quarter and year ended December 31, 2020. All per share amounts included herein are on a per diluted share basis unless otherwise stated. Fourth Quarter 2020 Financial and Operating Highlights Total revenues increased 57.0% year-over-year to $373.0 million Net income attributable to common stockholders was $288.0 million, or $0.53 per share AFFO increased 42.5% year-over-year to $251.7 million AFFO per share increased 24.3% to $0.46 Complet...
HVS Market Pulse: Green Bay, the Home of the Packers
Amy Schmidt | February 19, 2021
By Amy Schmidt Green Bay, the third-largest city in Wisconsin behind Milwaukee and Madison, is best known for being home to the NFL’s Green Bay Packers and their home stadium, Lambeau Field, and the market’s hotel industry has reaped the benefit of the growth generated from the surrounding Titletown District. However, in 2020, the COVID-19 pandemic caused a significant decline in lodging demand given the restrictions set on sporting events and the limits on gatherings. While the Packers averaged a total attendance of 77,845 per game in the 2019 regular season,[1] fans were prohibited from attending home games during the 2020 seas...
