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
Short-Term Rentals Outperformed Hotels in Select U.S. Markets During October
STR | November 30, 2020
HENDERSONVILLE, Tennessee—Short-term rentals in three key U.S. cities showed substantial month-to-month performance growth and posted higher occupancy than hotels in the market, according to October 2020 data from STR. Building on STR’s world-leading hotel performance database, Philadelphia, Nashville and Miami 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. October 2020 short-term rental performance, month-over-month comparisons Philadelphia Occupancy: 70.9% (...
U.S Flips to Positive Hotel Profit as Europe Backslides
HotStats | November 30, 2020
The U.S. in October shed the ignominy of being the only global region to have not recorded a positive month of profitability since the start of the COVID-19 pandemic. The country finally reached gross operating profit per available room (GOPPAR) above $0, but at $5.43, it was still down 95.5% compared to the same time last year. And though the U.S. climbed back into the black, Europe regressed, backsliding to €-5.06 after two consecutive positive months, as the Middle East and Asia-Pacific remained above water. Even so, positive momentum heading into the fourth quarter is threatened to be upended by escalating COVID cases combined wit...
Pandemic to Prompt Rise in UK Hotel Insolvencies According to Webinar Experts
HVS | November 25, 2020
London, 25 November 2020: Hotel insolvencies caused by the pandemic are likely to increase through 2021 according to experts speaking at a global webinar held yesterday [24th November] organised by HVS, AlixPartners, Bird & Bird and EP Magazine. Since the outbreak of the Covid-19 pandemic there have been relatively few insolvency situations in the UK’s hotel sector. However, most of the speakers expected this to increase next year, while a poll of the 400+ executive delegates revealed that 77% expected levels of insolvencies to start rising in Q2-Q3 2021. Graeme Smith, managing director of AlixPartners was more upbeat as lower l...
Third-Quarter Brand Performance Update: Summer Helps Industry Gain From Q2 Shutdown Lows
Rod Clough | November 19, 2020
By Rod G. Clough Third-quarter results for public company brands showed marked improvement from the lows of the second quarter, which included widespread lockdowns, strict gathering restrictions, and extreme curtailing of corporate travel. Moreover, during this early-in-the-crisis period, the public at large was generally more willing to reduce or eliminate any travel plans and stay at home. As the summer took hold, COVID-fatigue began to sink in, and more and more travelers emerged from their homes to book vacation travel. More time could be spent outdoors, and restaurants and other leisure-related venues reopened with adjustments for COV...
Marriott International Reports Third Quarter 2020 Results
Marriott International, Inc. | November 9, 2020
Third quarter 2020 comparable systemwide constant dollar RevPAR declined 65.9 percent worldwide, 65.4 percent in North America and 67.4 percent outside North America, compared to the 2019 third quarter; Third quarter reported diluted EPS totaled $0.31, compared to reported diluted EPS of $1.16 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $0.06, compared to third quarter 2019 adjusted diluted EPS of $1.47. Third quarter 2020 impairment charges related to COVID-19 impacted reported and adjusted diluted EPS by $0.07; Third quarter reported net income totaled $100 million, compared to reported net income of $387 ...
RLJ Lodging Trust Reports Third Quarter 2020 Results
RLJ Lodging Trust | November 5, 2020
- Portfolio generated positive gross operating profit and open hotels generated positive EBITDA - Reduced monthly cash burn estimate - Maintain total liquidity of $1.2 billion BETHESDA, Md.--November 5, 2020--RLJ Lodging Trust (the “Company”) (NYSE: RLJ) today reported results for the three and nine months ended September 30, 2020, and is providing a hotel reopening and cash burn update in light of the ongoing COVID-19 pandemic. Highlights 96 hotels now open, representing 93% of the portfolio Total portfolio achieved 29.3% occupancy and open hotels achieved 37.1% occupancy during the third quarter Reducing monthly cash bu...
Ryman Hospitality Properties, Inc. Reports Third Quarter 2020 Results
Ryman Hospitality Properties, Inc. | November 4, 2020
NASHVILLE, Tenn., Nov. 04, 2020 -- Ryman Hospitality Properties, Inc. (NYSE: RHP), a lodging real estate investment trust (“REIT”) specializing in group-oriented, destination hotel assets in urban and resort markets, today reported financial results for the third quarter ended September 30, 2020. Third Quarter 2020 Highlights: Third quarter 2020 gross advanced room night bookings of approximately 669,000 room nights for all future periods, of which approximately 158,000 or 24% were unrelated to rebooking efforts Year to date through September 30, 2020 rebooked room nights of approximately 1.01 million room...
Summit Hotel Properties Reports Third Quarter 2020 Results
Summit Hotel Properties | November 4, 2020
AUSTIN, Texas, Nov. 4, 2020 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company"), today announced results for the third quarter ended September 30, 2020. "We were encouraged by the significant improvement in demand during the third quarter as our portfolio RevPAR more than doubled from the second quarter driven by improved short-term leisure demand and significant market share gains. Our monthly corporate cash burn rate has been reduced by nearly 70% which has significantly extended our liquidity runway as our disciplined focus on cost controls and refining of an already efficient operating model lead to improved hotel-level pr...
Bad vs Horrible – Depends on How Performance Is Measured
Allison Fogarty | November 2, 2020
The importance of considering Total Rooms Inventory (TRI) in measuring Lodging Industry performance. By Allison Fogarty Through the pandemic, hotel Occupancy rates have hit historic lows throughout the country. We have constantly been asked “how bad is it?” Reports early in the pandemic, while awful, seemed to actually understate the catastrophic effect of the pandemic on the hospitality industry. We studied figures provided by STR and other industry analysts and questioned their representatives to fully understand reporting methodologies in an effort to truly understand the current situation in the lodging industry. Unfortunat...
Pebblebrook Hotel Trust Reports Third Quarter 2020 Results
Pebblebrook Hotel Trust | November 2, 2020
BETHESDA, Md.--Pebblebrook Hotel Trust (NYSE:PEB): REOPENING OF HOTELS AND RESORTS 39 hotels and resorts currently open, which is approximately three-fourths of the Company’s portfolio; these 39 properties accounted for 76% of Pebblebrook’s 2019 Hotel EBITDA Demand in the third quarter continued to increase from the second quarter’s all-time low, with healthy leisure business throughout the quarter and a modest post-Labor Day improvement in business travel In October, the Company reopened Hotel Vintage Portland, Hotel Zena Washington DC, The Heathman in Portland, and Hotel Vintage Seattle AVERAGE MONTHLY CASH ...
STR: Canada Hotel Results for Week Ending 24 October
STR | October 30, 2020
HENDERSONVILLE, Tennessee—STR data for 18-24 October 2020 showed slightly higher occupancy, but lower rates from prior weeks for Canada’s hotel industry. 18-24 October 2020 (percentage change from comparable week in 2019): Occupancy: 31.1% (-55.6%) Average daily rate (ADR): CAD112.33 (-28.7%) Revenue per available room (RevPAR): CAD34.89 (-68.4%) Occupancy for previous weeks came in at 29.9% (17 October), 32.2% (10 October), and 34.0% (3 October), respectively. For the week ending with 24 October, British Columbia recorded the highest occupancy level (40.2%) among the provinces. Vancouver (35.7%) was the only ...
U.S. Hotel Occupancy Falls Below 50% Mark
STR | October 30, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy fell back below the 50% mark, according to the latest data from STR through 24 October. 18-24 October 2020 (percentage change from comparable week in 2019): Occupancy: 48.0% (-31.7%) Average daily rate (ADR): US$95.49 (-29.4%) Revenue per available room (RevPAR): US$45.83 (-51.8%) Aggregate data for the Top 25 Markets showed lower occupancy (43.2%) but higher ADR (US$99.81) than all other markets. Four of those major markets reached or surpassed 50% occupancy: Norfolk/Virginia Beach, Virginia (54.1%); Tampa/St. Petersburg, Florida (53.8%); Phoenix, Arizona...
Canada’s Hotel Construction Pipeline Shows Signs of a Slight Decline in Q320
Lodging Econometrics | October 30, 2020
October 30, 2020 – PORTSMOUTH, NH - According to analysts at Lodging Econometrics (LE), Canada’s hotel construction pipeline declined slightly at the close of Q3’20 to end the quarter at 277 projects/35,836 rooms. The construction pipeline in Canada is down 4% by projects and 7% by rooms, year-over-year (YOY). Projects under construction stand at 87 projects/10,321 rooms, up 2% by projects with no percentage change by rooms YOY. Projects scheduled to start construction in the next 12 months recorded 103 projects/12,037 rooms, down 18% by projects and 17% by rooms YOY, while projects in the early planning stage stand at 87 projects/1...
The U.S. Hotel Construction Pipeline Is Down Slightly in Q3 2020 but Remains Robust
Lodging Econometrics (LE) | October 26, 2020
October 26, 2020 – PORTSMOUTH, NH – According to the latest U.S. Hotel Construction Pipeline Trend Report by Lodging Econometrics (LE), the total U.S. hotel construction pipeline, at the end of Q3 2020, stands at 5,282 projects/655,026 rooms, down 7% by projects and 6% by rooms, year-over-year (YOY). As expected, the hotel construction pipeline is off more substantially in Q3 '20 as compared to Q2 '20. This is due largely in part to an acceleration of new hotel openings in Q2 '20 as a result of a cyclical high number of projects under construction in Q1 '20 that were delayed and later opened in Q2 '20. Secondly, new project announcements ...
Pacific Countries: From the Highs to the Lows, Where Does Performance Stand Now?
STR | October 26, 2020
Countries across the world have seen various levels of impact over the last seven months due to the COVID-19 pandemic. So where exactly do Pacific countries stand now? We look at how performance has changed over the course of the pandemic. Australia Australia experienced its lowest occupancy and RevPAR levels in April, 19.8% and AUD23.59, respectively. ADR, on the other hand, was at its lowest a month later in May at AUD118.36. Performance has since grown in the country as restrictions have ultimately eased. The country saw its highest performance levels in July: occupancy (41.5%), ADR (AUD143.96) and RevPAR (AUD59.72). In August, however, ...
Deal Activity in Travel & Tourism Sector Declined by 11.3% During September
GlobalData | October 23, 2020
A total of 102 deals were announced in the global travel and tourism sector during September 2020, which is a decrease of 11.3% over 115 deals announced during the previous month, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The travel and tourism sector is among the worst hit due to COVID-19, and deal activity in the sector has also remained inconsistent since the outbreak. After showcasing improvement for three consecutive months, deal activity in the sector plummeted once again in September.” Most of the deal types witnes...
U.S. Hotel Performance Down for September 2020
STR | October 20, 2020
HENDERSONVILLE, Tennessee—The U.S. hotel industry showed slightly lower performance from the month prior, according to September 2020 data from STR. September 2020 (percentage change from September 2019): Occupancy: 48.3% (-28.2%) Average daily rate (ADR): US$99.12 (-24.9%) Revenue per available room (RevPAR): US$47.87 (-46.1%) Each of the three key performance indicators came in lower than August. The absolute levels recorded in August were the highest for any month since April. More recently, October weekly data showed that occupancy reached 50% for just the second time since the industry’s low point. Among the To...
Consumer Survey Finds 70 Percent of Travelers Plan to Vacation in 2021
Travel Leaders Group | October 19, 2020
NEW YORK, Oct. 19, 2020 - An overwhelming majority of US and Canadian travelers (99 percent) are eager to travel again, with 70 percent stating that they plan to take a vacation in 2021, according to a Travel Leaders Group survey of nearly 3,000 frequent travelers. The survey was conducted in September in conjunction with the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector. A clear majority of US and Canadian travelers (70 percent) say they plan to take a vacation in 2021Results indicate that 45 percent of respondents have already made plans or are starting to make finite plans f...
Through August, Greater Boston Lodging Market Ranks as the Hardest Hit by Pandemic
Sebastian Colella | October 6, 2020
By Sebastian J. Colella The Greater Boston market has experienced a 71% decline in room revenue through August when compared to the same time last year, the largest decline of all top-25 markets according to STR. Hotels in Boston and Cambridge, as well as those in the Greater Boston area, began to feel the effects of the ongoing pandemic in early March, before many markets around the country. Declines in lodging demand showed improvement over the summer months as there was an uptick in leisure travel, however, this began to slow towards the second half of August. Despite this slight boost, lodging demand was still down 70% and 62% in July ...
Turnbull Capital Group and Dr. Donald W. Wise Present a World Class Team of Professionals to Discuss: Where Are Hotel Asset Values Today?
Turnbull Capital Group | September 29, 2020
Dr. Donald W. Wise, Co-founder and Senior Managing Director of Newport Beach-based Turnbull Capital Group, and Gretta Brooks, Founder & CEO of Plano-based SalesBoost, LLC, are pleased to announce their third Webinar in a series on the discovery of hotel and resort values today. This Webinar is moderated by Dr. Donald W. Wise, Founder of CBRE Hotels in the 1984 and Founder of the lodging and hospitality lending group at Walker & Dunlop in 2007. The panel features a world-class crew of veterans: Mr. Gregory Mount, Founder, the Victory Hotel Group Ms. Suzanne Mellen, MAI, CRE, FRICS, ISHC, Senior Managing Director...
STR: U.S. Hotel Results for Week Ending 12 September
STR | September 17, 2020
HENDERSONVILLE, Tennessee—U.S. hotel occupancy decreased slightly from the previous week, according to the latest data from STR. 6-12 September 2020 (percentage change from comparable week in 2019): Occupancy: 48.5% (-30.2%) Average daily rate (ADR): US$98.99 (-25.5%) Revenue per available room (RevPAR): US$47.96 (-48.1%) Occupancy for the week prior was above 49.0%, lifted by Labor Day Weekend. For the week ending with 12 September, demand was 1.6% less, at 17.7 million room nights sold. The highest occupancy markets were those housing displaced residents from Hurricane Laura and western wildfires, with Louisiana North (77...
Unprecedented Closures Continue to Impact Manhattan Hotels
PwC | September 14, 2020
Manhattan Lodging Overview The COVID-19 pandemic continued to severely impair Manhattan hotels in the second quarter, as travel restrictions and business closures remained the new normal. With over 60,000 hotel rooms currently closed, widespread cancellation of group travel, and heightened economic uncertainty, second quarter revenue per available room (“RevPAR”) experienced a year-over-year decline of 81.6%. This represents the largest decline in RevPAR in modern history for the market. Six months since the start of the COVID-19 pandemic, Manhattan’s lodging sector continues to experience record closures. As of early September, app...
Mid-Market Hotels to Lead the Indian Hotels Sector Revival Story
Akash Datta | September 11, 2020
By Akash Datta, Dipti Mohan The growth of domestic tourism, changing lifestyles, increasing affinity towards competitively priced branded hotels and expansion of business activity to Tier 2 & 3 cities have bolstered the popularity of Mid-market or Midscale hotels in India in the recent past. Both domestic and international hotel companies with established as well as new midscale brands have increased their presence in the country to leverage the growing demand from middle-income domestic travelers and international budget travelers, especially in Tier 2, 3 & 4 cities. New age hotel aggregators also recognized and leveraged the oppo...
Canada’s Hotel Industry Shows Lower Performance From Prior Weeks
STR | September 11, 2020
HENDERSONVILLE, Tennessee—STR data for 30 August through 5 September 2020 showed slightly lower performance from prior weeks for Canada’s hotel industry. Year-over-year declines, while improved, also remain significant. In comparison with the week of 1-7 September 2019, the industry reported the following: Occupancy: -36.5% to 41.9% Average daily rate (ADR): -26.7% to CAD128.13 Revenue per available room (RevPAR): -53.4% to CAD53.65 Occupancy for previous weeks came in at 42.1%, 42.9% and 41.8%, respectively For the week ending with 5 September, two provinces reached a 50% occupancy level: Prince Edward Isl...
