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
Newly Released 2026 Hotel Openings Forecast From Lodging Econometrics Expects Significant Growth in U.S. Hotel Supply Through 2026
Lodging Econometrics | July 30, 2024
July 30, 2024 – PORTSMOUTH, NH As seen in the Q2 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics, at the end of the second quarter, there are 6,095 projects with 713,151 rooms in the pipeline. This new all-time high represents a 9% year-over-year increase in projects and an 8% YOY increase in rooms compared to Q2 2023 totals. At the close of the second quarter, there are 1,171 projects comprising 147,611 rooms under construction, marking a 10% increase in projects and a 4% increase in rooms YOY. Projects slated to start construction in the next 12 months total 2,350 projects with 268,378 rooms, reflecting ...
Berlin Market Pulse 2024 – A Bright Outlook
Julia Dzerkach | July 29, 2024
Berlin, Germany’s largest city with a population exceeding 3.7 million, is a vibrant hub of culture, innovation and diversity. Renowned for its top universities, dynamic sports events, world-class museums and captivating arts scene, Berlin offers a rich tapestry of experiences. With residents of 190 different nationalities, Berlin embraces inclusivity and creativity, making it a truly cosmopolitan destination. Tourism Demand As a business, leisure and meetings destination, there are many reasons to visit Berlin. Its economy is led by the service, technology and creative sectors, strengthened by the city’s emphasis on research and de...
U.S. Hotel Results for Week Ending 20 July
CoStar Group | July 25, 2024
WASHINGTON – 25 July 2024 – The U.S. hotel industry reported higher performance results than the previous week and positive comparisons year over year, according to CoStar’s latest data through 20 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 14-20 July 2024 (percentage change from comparable week in 2023): Occupancy: 73.5% (+1.0%) Average daily rate (ADR): US$165.91 (+2.4%) Revenue per available room (RevPAR): US$122.02 (+3.4%) The U.S. RevPAR level was the highest for any week on record. Among the Top 25 Markets, Houston saw the high...
International Visitors to U.S. Spent $21.6 Billion in May 2024
NATIONAL TRAVEL AND TOURISM OFFICE | July 25, 2024
Data recently released by the National Travel and Tourism Office (NTTO) show that in May 2024: International visitors spent a record-setting $21.6 billion on travel to, and tourism-related activities within, the United States during the month of May, an increase of more than 16 percent compared to May 2023 and surpassing pre-COVID records set in March 2018; in fact, monthly U.S. travel and tourism exports have never been higher. Conversely, Americans spent nearly $20.5 billion traveling abroad during May, yielding a balance of trade surplus of more than $1.1 billion for travel and tourism-related goods and services. International ...
Growth in Room Rates Continues To Drive Canada Hotel Industry
CoStar Group | July 24, 2024
WASHINGTON – 24 July 2024 – Canada’s hotel industry achieved continued performance gains through average daily rate (ADR), according to CoStar’s June 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. June 2024 (percentage change from 2023): Occupancy: 74.5% (+0.5%) Average daily rate (ADR): CAD231.04 (+3.7%) Revenue per available room (RevPAR): CAD172.10 (+4.2%) “ADR continues to be the main driver of RevPAR improvement in Canada,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. “The 3.7% increas...
Global Business Travel Industry Spending Expected to Hit Record $1.48 Trillion in 2024
Global Business Travel Association | July 23, 2024
Boosted by economic stability, pent-up demand and recovery momentum, spending is projected to surpass $2 trillion by 2028 according to the latest GBTA Business Travel Index Report The business travel industry has proven itself resilient as it leaves the global pandemic behind and moves into a new era of post-pandemic stabilization. The forecast for 2024 predicts global business travel spending will reach $1.48 trillion USD by the end of the year, an increase on 2019 spending which was a previous record at $1.43 trillion. Additionally, by 2028, it is projected to exceed $2.0 trillion, highlighting a robust path ahead for the business travel...
U.S. Hotel Performance for June 2024
CoStar Group | July 23, 2024
WASHINGTON – 23 July 2024 – The U.S. hotel industry reported improved performance results from the previous month, according to June 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. June 2024 (percentage change from June 2023): Occupancy: 69.6% (flat) Average daily rate (ADR): US$161.30 (+1.5%) Revenue per available room (RevPAR): US$112.33 (+1.5%) Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+2.5% to 87.8%), ADR (+4.4% to US$317.91) and RevPAR ...
Looking Ahead to the 2026 NFL Draft in Pittsburgh and Its Impact on the Hotel Market
Christian Cross | July 23, 2024
Earlier this year, the Steel City was announced as the host for the 2026 NFL Draft. The scale and draw of this event make it highly sought after by cities, with many local and state governments actively competing for the opportunity to serve as the host city. Following nearly half a century of being held in New York City (1965–2014), the NFL Draft began to be rotated to other cities in 2015. The number of visitors attracted to the host cites and the economic impact of this event have been significant, peaking in the pre-pandemic period when Nashville was host, boasting an attendance of 600,000 people and a total economic impact of $224 ...
The Americas and Asia Pacific Show Growth in Hotel Pipeline Activity
CoStar Group | July 19, 2024
WASHINGTON – 19 July 2024 – Two of the world regions, the Americas and Asia Pacific, showed a year-over-year increase in hotel pipeline activity at the end of the second quarter, according to June 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. June 2024 (% change in comparison with June 2023): Europe In construction: 165,858 rooms (-2.4%) Final Planning: 93,241 rooms (-20.9%) Planning: 160,651 rooms (+8.0%) Total Under Contract: 419,750 rooms (-3.8%) Among countries in the region, Germany (27,302) led in construction act...
Travel and Tourism Sector Deal Activity Down by 12.6% YoY in H1 2024, Finds GlobalData
GlobalData | July 19, 2024
A total of 347 deals (comprising mergers and acquisitions (M&A), private equity, and venture financing deals) were announced in the global travel and tourism sector during the first half (H1) of 2024, which was a year-on-year (YoY) decline of 12.6% compared to the 397 deals announced during the same period in the previous year, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Even though there was a decline globally due to a dent in deal-making sentiments, the trend was a mixed bag across different markets and regions, with some countries contributing to the decl...
U.S. Hotel Construction Activity Highest Since February 2023
CoStar Group | July 18, 2024
WASHINGTON – 18 July 2024 – The volume of U.S. hotel rooms under construction reached its highest level in 16 months, according to CoStar’s latest June 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. U.S. Hotel Pipeline June 2024 (percentage change from June 2023) In construction: 157,713 rooms (+5.5%) Final Planning: 266,619 rooms (+9.8%) Planning: 333,827 rooms (+38.7%) “The number of rooms in construction has grown year over year for four consecutive months,” said Isaac Collazo, STR’s VP, analytics. “While upscale and upper m...
U.S. Hotel Results for Week Ending 13 July
CoStar Group | July 18, 2024
WASHINGTON – 18 July 2024 – The U.S. hotel industry reported higher performance results than the previous week but lower comparisons year over year, according to CoStar’s latest data through 13 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 7-13 July 2024 (percentage change from comparable week in 2023): Occupancy: 69.2% (-3.7%) Average daily rate (ADR): US$158.21 (-1.5%) Revenue per available room (RevPAR): US$109.51 (-5.2%) Among the Top 25 Markets, Houston saw the highest year-over-year increases in each of the three key performance met...
Jacksonville, FL Supports a Robust Hotel Development Pipeline Despite Economic Uncertainty
Hannah McManus | July 18, 2024
By Hannah McManus While many U.S. markets have experienced a slowdown in hotel development amid rising construction costs, increasing financing costs, and general uncertainty, the greater Jacksonville market area has continued to support a robust hotel development pipeline. Factors contributing to this growth include ongoing infrastructure projects in the market, such as the JAXPORT dredging project and Interstate 295 expansion; the ongoing work of the Jacksonville Downtown Investment Authority (DIA) to broaden the city’s appeal as an international business destination; and the availability of land suitable for development. Thus, ...
The Serviced Apartment Sector in Europe 2024
Clemence Sennavoine | July 17, 2024
By Clemence Sennavoine, Alexandra Dumoulin A new and dynamic era has begun for the serviced apartment industry. Our latest Serviced Apartment survey reveals a landscape marked by robust performance, adept cost management, and a positive outlook. Profitability has not only bounced back to pre-pandemic levels but is also being driven by a surge in leisure demand and a booming interest in serviced apartments. This renewed enthusiasm is drawing significant investor attention, prompting both established brands and new players to expand and innovate, setting the stage for exciting growth and transformation in the industry. Operators' Sentiment ...
Celebrating Two Years of Progress in National Strategy to Reenergize U.S. Travel and Tourism
International Trade Administration | July 15, 2024
Two years after the U.S. Department of Commerce issued the National Travel and Tourism Strategy and set an ambitious five-year goal to welcome 90 million international visitors annually by 2027, the Department is announcing we expect to reach that goal ahead of schedule. According to the latest estimates from the International Trade Administration, the United States expects to welcome 91 million annual visitors by 2026, surpassing the Strategy’s goal one year in advance of the anticipated timeline. In celebration of all the progress made since the launch of the National Travel and Tourism Strategy, Secretary of Commerce Gina Raimondo issue...
Travel Prices Decline, Lead the Way for Overall Economy
U.S. Travel Association | July 15, 2024
WASHINGTON - Thursday’s Consumer Price Index (CPI) release for June reveals an encouraging trend: Inflation is easing across the board—and travel-related goods and services are at the forefront. For the second month in a row, prices throughout the travel sector have fallen, and at a steeper rate than the overall economy. According to the U.S. Travel calculated Travel Price Index (TPI), prices decreased an impressive 1.4% from the previous month, led by lower hotel, airline and gas prices. In contrast, the overall economy saw a modest 0.1% decrease, the first monthly decline since 2020. Comparisons month-to-month, year-over-year, and ...
U.S. Hotel Results for Week Ending 6 July
CoStar Group | July 11, 2024
WASHINGTON – 11 July 2024 – Due to the Fourth of July, the U.S. hotel industry reported lower performance results from the previous week and mixed comparisons year over year, according to CoStar’s latest data through 6 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 30 June through 6 July 2024 (percentage change from comparable week in 2023): Occupancy: 61.3% (-0.9%) Average daily rate (ADR): US$157.27 (+0.5%) Revenue per available room (RevPAR): US$96.35 (-0.4%) Among the Top 25 Markets, New Orleans saw the highest year-over-year increases...
Cologne Hotel ADR and RevPAR Reached Record-High Thanks to Euros
CoStar Group | July 10, 2024
WASHINGTON – 10 July 2024 – Pushed by the 2024 UEFA European Football Championship, Cologne’s hotel industry recorded its highest monthly average daily rate (ADR) and revenue per available room (RevPAR) on record, according to June preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. June 2024 (year-over-year % change): Occupancy: 81.2% (+7.9%) ADR: EUR174.18 (+35.5%) RevPAR: EUR141.47 (+46.2%) In addition to the all-time highs in monthly ADR and RevPAR, occupancy was the highest for the market since November 2019. ...
Formula One Drove Barcelona Hotel ADR and RevPAR to All-Time Highs in June
CoStar Group | July 10, 2024
WASHINGTON – 10 July 2024 – Thanks to a boost from the annual Spanish Grand Prix, Barcelona's monthly average daily rate (ADR) and revenue per available room (RevPAR) reached all-time highs, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. June 2024 (year-over-year % change): Occupancy: 87.3% (+1.7%) ADR: EUR 231.30 (+11.4%) RevPAR: EUR201.84 (+13.3%) The Grand Prix pushed occupancy to 95.3% on Saturday, 22 June, matching for the monthly high with the night of a Rammstein concert on Tuesday, 11 June. The level...
Revamping Fort Lauderdale: Convention Center Expansion and Omni Hotel Development
Emeldina Paratusic | July 9, 2024
Fort Lauderdale, a staple South Florida beach destination, is shifting its focus beyond leisure tourism with a $1.3-billion investment in the Broward County Convention Center and adjoining Omni Hotel. Following this project, Fort Lauderdale will position itself as both a vacation destination and a commercial city. Fort Lauderdale, known for its beaches and canals, has grown beyond a leisure destination in recent years. As the focus of this shift, the Broward County Convention Center is undergoing a $1.3-billion renovation and expansion. The highly anticipated project is underway and slated for completion in 2025. The first phase of th...
Digital Trends in Accommodation: Hotels, Booking.com and DMA
HOTREC | July 8, 2024
The European hotel industry has long been warning of unfair business practices from OTAs. Competition and collaboration are crucial for the hospitality sector, but create challenges that impact prices, operations, and guest experiences. As the largest OTA, Booking.com is now a gatekeeper platform under the DMA. The dominant platform will finally have to comply to the new digital rules. This should allow hotels to offer better prices on their own distribution channels. The results of our 2024 Hotel Distribution Study confirm the need for new digital rules that will ensure fair competition in the hotel accommodation sector. The findings...
Weekend Events Drove Dublin Hotel Rates Past €300
CoStar Group | July 3, 2024
Boosted by three large-scale events during the final weekend of June, Dublin hotel average daily rate (ADR) eclipsed EUR300 for just the second time this year and sixth time in history, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. Taylor Swift headlined the busy weekend in Dublin with three performances from Friday-Sunday (28-30 June) at the Aviva Stadium. Swift’s tour overlapped with Dublin Pride, which took place on Saturday as well as the All-Ireland GAA quarterfinals on Saturday and Sunday. The market’s ho...
APAC: Economic Boom or Financial Gloom?
HotStats | July 3, 2024
By Tareq Bagaeen 2024 has been very intense. Throughout my career as a hotelier, I've gone through 9/11, a few wars, a world financial crisis, pandemics, and a tsunami to name but a few significant milestones. And yet, 2024 has been the most intense year for me thus far in the quarter century of hospitality life. So, what is going on? It seems like my email inbox is impossible to keep clean. Projects keep stacking up one after another, I've already flown over 185,000 miles in 180 days, and every time I open LinkedIn, I find news of a major new signing or opening for the hotel industry around the Asia Pacific, and on top of it all I see ...
Travel & Tourism in Latin America Could Boost Region’s Economy by US$260BN Over the Next Decade
The World Travel & Tourism Council | July 3, 2024
WTTC’s latest report highlights actions to boost sector’s growth Mexico City, Mexico: The World Travel & Tourism Council (WTTC), in collaboration with VFS Global, revealed that the Latin American (LATAM) Travel & Tourism sector could add nearly US$260BN to the region’s economy and create nearly eight million new jobs over the next 10 years. According to the report, ‘Unlocking Opportunities for Travel & Tourism Growth in LATAM’, this potential growth is dependent on three key policies to unlock annualised growth of 3.4%, reaching a contribution of nearly US$909.2BN. The report includes a policy package focused on...
