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. Hotel Occupancy Gets Boost From Labor Day Weekend
STR | September 11, 2020
HENDERSONVILLE, Tennessee—Boosted in part by Labor Day weekend, U.S. hotel occupancy increased slightly over the previous week, according to the latest data from STR. 30 August through 5 September 2020 (percentage change from comparable week in 2019): Occupancy: 49.4% (-18.9%) Average daily rate (ADR): US$100.97 (-17.1%) Revenue per available room (RevPAR): US$49.87 (-32.8%) Hotel demand grew to 18 million room nights sold (+500,000 week over week). Saturday (5 September) occupancy came in at 69.0%, just 2.6% less than the comparable Saturday in 2019, and leisure markets that have showed the highest summer occupa...
Travel & Tourism Companies’ Sentiments Showing Signs of Rebound
GlobalData | September 9, 2020
The travel and tourism (T&T) sector witnessed an uptick in Q3 2020 earnings transcript sentiment scores, according to GlobalData, a leading data and analytics company. Hotel operators’ sentimental growth was influenced by improvements in occupancy rates, while airline companies’ sentiments were largely influenced by enhanced liquidity. Rinaldo Pereira, Senior Business Fundamentals Analyst at GlobalData, says: “There has been a surprisingly early sentiment rebound in the T&T sector, which has taken a hit due to the COVID-19 pandemic. Companies in this space have been supported by government relief packages, but questions arise...
Travel & Tourism Sector Witnessed 4.5% Growth in Deal Activity During August
GlobalData | September 9, 2020
A total of 115 deals were announced in the global travel and tourism sector during August 2020, which is an increase of 4.5% over 110 deals announced during the previous month, according to GlobalData, a leading data and analytics company. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “August marks the third consecutive month of growth in deal activity for the sector. This also assumes more significance as the travel and tourism sector remains one of the worst hit industries due to the COVID-19 pandemic and has witnessed several months of decline in deal activity in 2020. However, with several countries attempting to revive the t...
Economy Extended-Stay Hotels Hold Up Best During Q2 2020
Rodney Clough | September 8, 2020
By Rodney Clough, Chelsey Leffet The second quarter of 2020 was the low point for the hospitality industry, as the world was gripped by the pandemic and as travel lockdowns were widespread. HVS compiled the 2020 performance statistics of brands reported by public companies for the second quarter and compared the data to second-quarter performance of 2019. The data reflect the resiliency of economy, extended-stay brands during the first months of the pandemic. Average Q2 Occupancy Decline (Points of Occupancy) Source: Stock Filings Economy, extended-stay brands experienced the least amount of impact, albeit still a significant ...
Fitch Ratings Maintains the Rating Watch Negative for U.S. Single-Borrower Hotel CMBS
Fitch Ratings | September 3, 2020
"Unprecedented" Revenue Declines Prompt Continued Negative Watch for Hotel CMBS On Aug. 26, Fitch Ratings maintained the Rating Watch Negative (RWN) on all Fitch-rated U.S. CMBS single-borrower hotel transactions. Below, we outline the market and asset level factors Fitch will continue to monitor in determining ratings actions that would lead to a revision of the RWN. We also outline the anticipated timelines. There will be an unprecedented decline in hotel revenues in 2020, thus cash flow analysis utilizing 2020 numbers would be an unreliable indicator of hotel value. Fitch is forecasting that trailing twelve-month (TTM) revenue per av...
Navy Pier Closure: A Cause for Concern?
Joseph Hansel | August 24, 2020
By Joseph Hansel On August 18th, Navy Pier Inc. (“NPI”) announced a temporary closure beginning September 8th—immediately following Labor Day weekend. Operations are intended to resume sometime in spring 2021. Suspending operations at Navy Pier not only stops visitation, but also the operation of the 70 businesses operating on the pier. Given Navy Pier’s cultural significance to the City of Chicago, such a closure is bound to draw questions about the future of all tourism amenities in the Windy City. HVS seeks to provide a quantified explanation of the effect of such a closure and what this may mean for tourist attractions in the n...
U.S. Hotel P&L Turned Positive in July
STR | August 24, 2020
BROOMFIELD, Colorado—U.S. hotel gross operating profit per available room (GOPPAR) reached positive territory for the first time since February, according to STR‘s latest monthly P&L data release. In a year-over-year comparison with July 2019, the industry reported the following: GOPPAR: -93.3% to US$5.74 TRevPAR: -74.1% to US$60.04 EBITDA PAR: -115.1% to US$-9.24 LPAR (Labor Costs): -64.8% to US$28.46 The industry had registered negative GOPPAR values for four consecutive months: March (US$-2.10), April (US-$17.98), May (US$-10.26) and June (US$-5.89). “As the industry inched closer to 50% occup...
Annual Hotel Occupancy Forecast to Decline 29% Over the Next 12 Months With $75 Billion in Projected Revenue Losses
Horwath HTL | August 17, 2020
Magid HTL Forecast Tracker, analyzed in conjunction with Horwath HTL, says COVID-driven declines span both business and leisure travel intentions MINNEAPOLIS, August 17, 2020 – The ongoing impact of the COVID-19 pandemic will lead to a 29% decline in annual hotel occupancy over the next 12 months, resulting in a projected revenue loss for the industry of about $75 Billion in room revenue alone. The estimate is according to the Magid HTL Forecast Tracker, analyzed in conjunction with Horwath HTL, the world’s oldest, largest, and most experienced hotel, tourism, and leisure-consulting brand. The forecast shows declines being driven...
IHG Releases Interim Results to June 30, 2020
IHG | August 11, 2020
Key metrics $6.6bn total gross revenue (down (52)%; (51)% at CER) (51.7)% global H1 RevPAR (74.7)% global Q2 RevPAR 1 Excludes System Fund results, hotel cost reimbursements and exceptional items. 2 Comprises the Group’s fee business and owned, leased and managed lease hotels. 3 Excludes owned, leased and managed lease hotels, significant liquidated damages and the results of the Group’s captive insurance company, with 2019 restated accordingly. 4 Calculated using results from Reportable Segments and Adjusted Interest, and excluding changes in fair value of contingent consideration. 5 Reportable segment ...
The Most Expensive Summer Destinations in the United States
August 6, 2020
Montauk, New York, an upscale village in Town of East Hampton, is the most expensive summer destination in the United States, according to the latest survey conducted by CheapHotels.org. The survey compared U.S. destinations based on the cost of lodging during August 2020. Only hotels or inns rated at least 3 stars and located close to the beach or in the city center were considered. Montauk topped the rankings at an average rate of $348 per night for the least expensive double room. Nantucket, a tiny island 30 miles south of Cape Cod, Massachusetts that is famous for lighthouses and dune-backed beaches, ranks second; and Long Beach Isl...
Hilton Reports Second Quarter 2020 Results
Hilton | August 6, 2020
MCLEAN, Va. - Hilton Worldwide Holdings Inc. ("Hilton" or the "Company") (NYSE: HLT) today reported its second quarter 2020 results. The following results reflect the material impact that the novel coronavirus ("COVID-19") pandemic had on Hilton's business. Highlights include: Diluted EPS was $(1.55) for the second quarter, and diluted EPS, adjusted for special items, was $(0.61) Net loss was $432 million for the second quarter Adjusted EBITDA was $51 million for the second quarter System-wide comparable RevPAR decreased 81.0 percent on a currency neutral basis for the second quarter from the same period in 2019 Approved 18,4...
Europe’s Summer Season Is at Stake, Can It Be Salvaged?
STR | August 5, 2020
July and August are two of Europe’s most important months for hotels with travellers spread across the continent on summer holidays. However, it is no secret that summer looks much different this time around for Europe due to the global impact of the COVID-19 pandemic. Europe was riding a successful wave with eight consecutive years of RevPAR growth as of the end of 2019. Fast forward through the devastating impact of a global pandemic, and the continent is Europe is behind in its recovery in comparison with other regions around the world. As seen in the chart below, Europe recorded the largest fall in occupancy and remained at a low poi...
Israel Hotel Market Overview 2020 – The Path to Recovery
Simon Hulten | August 5, 2020
By Simon Hulten, Russell Kett Foreword The restrictions imposed due to the COVID-19 pandemic have severely hit every sector across the globe, and the hospitality industry is undeniably among the hardest hit. In Israel, strict lockdown measures were implemented in mid-March, forcing all except non-essential businesses to close, including most of the country’s hotels. Fortunately, there is light at the end of the tunnel for the lockdown phase and, on 4 May 2020, Prime Minister Netanyahu outlined a gradual easing of lockdown restrictions; the focus of hoteliers has thus shifted from how to manage the closure to developing a sound reopenin...
Ryman Hospitality Properties, Inc. Reports Second Quarter 2020 Results
Ryman Hospitality Properties, Inc. | August 4, 2020
NASHVILLE, Tenn., Aug. 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 second quarter ended June 30, 2020. Second Quarter 2020 Highlights: Second quarter 2020 gross advanced room night bookings of approximately 733,000 room nights for all future years Year to date rebooked room nights through June 30, 2020 of approximately 552,600 room nights or approximately 40% of total room nights canceled related to COVID-19 Successfully reopened 4 of 5 Gay...
Hyatt Reports Second-Quarter 2020 Results
Hyatt Hotels Corporation | August 4, 2020
CHICAGO (August 3, 2020) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported second-quarter 2020 financial results. Net loss attributable to Hyatt was $236 million, or $2.33 per diluted share, in the second quarter of 2020, compared to net income attributable to Hyatt of $86 million, or $0.80 per diluted share, in the second quarter of 2019. Adjusted net loss attributable to Hyatt was $183 million, or $1.80 per diluted share, in the second quarter of 2020, compared to Adjusted net income attributable to Hyatt of $82 million, or $0.76 per diluted share, in the second quarter of 2019. Refer to the table on page 13...
Q2 2020 Major US Hotel Sales Survey
Daniel Lesser | August 3, 2020
It appears that this downturn may very well produce a period that rivals the very best in both returns and depth of opportunity. By Daniel H. Lesser The year 2020 will not be soon forgotten as the spread of COVID-19 and society’s reaction to the virus have combined to devastate the global economy. U.S. GDP in the second quarter declined by 32.9 percent on an annualized basis, the most significant quarterly decline observed since the 1940’s. While the stock market has rebounded considerably from its lows and seems to be reflecting an optimistic view regarding an economic recovery, base case will be a slow and very bumpy re-opening o...
Xenia Hotels & Resorts Reports Second Quarter 2020 Results
Xenia Hotels & Resorts, Inc. | July 31, 2020
ORLANDO, Fla., July 31, 2020 -- Xenia Hotels & Resorts, Inc. (NYSE: XHR) ("Xenia" or the "Company") today announced results for the quarter ended June 30, 2020. Second Quarter and Year to Date 2020 Highlights Hotel Status: The Company had 8 hotels open and operating for the entire month of April. Having temporarily suspended operations at 31 hotels between late March and early April, the Company recommenced operations at 5 hotels in May and 13 hotels in June. Therefore, at the end of the second quarter, 26 hotels were open and operating. By July 31, 2020, the Company will have recommenced operations at 9 additional hotel...
Pebblebrook Hotel Trust Reports Second Quarter 2020 Results
Pebblebrook Hotel Trust | July 31, 2020
BETHESDA, Md.-- Pebblebrook Hotel Trust (NYSE:PEB): REOPENING & REDEVELOPMENT OF HOTELS AND RESORTS 24 hotels and resorts currently open, approximately half of the Company’s portfolio, and expecting to reopen an additional 5 hotels by mid-August, for a total of 29 open hotels and resorts All 8 resorts are experiencing a healthy recovery in occupancy and EBITDA and in total, they are achieving average rates at a premium to 2019 Completed 8 redevelopment projects; 40 of 53 hotels and resorts have undergone transformational redevelopments or comprehensive renovations in the last 5 years AVERAGE MONTHLY CASH BURN ...
The MAPP Report, by myDigitalOffice Gains Momentum
myDigitalOffice | July 20, 2020
Helps Hotels Accelerate Recovery from COVID-19 with forward-looking data Washington, DC - July 20, 2020 - myDigitalOffice, the information management and back-office automation platform for hotels, recently launched the MAPP report (Market Analytics, Pace, and Performance), a free data analytics tool that enables hoteliers to identify forward-looking bookings pace and performance trends across their hotels and their respective markets, and visualize market recovery in real-time. In a matter of weeks, this free resource has garnered the attention of nearly 200 groups, representing over 15,000 hotels worldwide. ”The speed at which our i...
U.S. Hotel Transactions Down 74% Due to COVID-19
STR | July 17, 2020
BROOMFIELD, Colorado—U.S. hotel transactions were down 74% year over year from March to May 2020, according to the just-released Hotel Transaction Almanac produced by STR’s Consulting & Analytics office and CoStar Group. “The industry went from a position of record profit levels to financial distress in a matter of weeks, creating a shift in focus for those in the transactions community,” said Hannah Smith, a senior consultant at STR. “Looking ahead, we expect transaction activity to eventually pick up, while pricing will continue to decline later in the year, as investors look to acquire distressed assets at a discount. Wh...
STR: Canada Hotel Results for Week Ending 11 July
STR | July 16, 2020
HENDERSONVILLE, Tennessee—STR data for 5-11 July 2020 shows a continued steady rise in Canadian hotel performance but the same significant level of year-over-year declines. In comparison with the week of 7-13 July 2019, the industry reported the following: Occupancy: -59.2% to 31.2% Average daily rate (ADR): -33.7% to CAD122.08 Revenue per available room (RevPAR): -72.9% to CAD38.10 Three provinces reached a 30% occupancy level: British Columbia (40.7%), Manitoba (36.1%) and Saskatchewan (32.7%). Vancouver (31.0%) was the only major market at or above that mark. The lowest occupancy among provinces was reported ...
STR: U.S. Hotel Results for Week Ending 11 July
STR | July 16, 2020
HENDERSONVILLE, Tennessee—U.S. hotel performance data for the week ending 11 July showed mostly flat occupancy and lower room rates from the previous week, according to STR. 5-11 July 2020 (percentage change from comparable week in 2019): Occupancy: 45.9% (-38.0%) Average daily rate (ADR): US$97.33 (-26.8%) Revenue per available room (RevPAR): US$44.67 (-54.6%) Aggregate data for the Top 25 Markets showed lower occupancy (39.2%) and ADR (US$96.69) than all other markets. Norfolk/Virginia Beach, Virginia, was the only one of those major markets to reach a 60% occupancy level (60.4%). Two additional markets surpass...
Impacts of COVID-19 on the Boston and Cambridge Hotel Industry
July 8, 2020
By RKG Associates and Pinnacle Advisory Group For 2019, Pinnacle Advisory Group estimated that Boston and Cambridge hotels generated nearly $2 billion in rooms revenue, based on a total supply of nearly 25,700 rooms, an average occupancy of 81.4 percent and an average daily rate (ADR) of $259. Over 13,300 people are employed in the hotel industry sector in Boston and Cambridge. Due to the pandemic and the stay-at-home requirements starting in March of this year, demand for hotel rooms has dropped precipitously. On March 31, Governor Baker began a provision of lodging that was defined as a COVID-19 Essential Service, allowing hotels in th...
Asia-Pacific Hotels Post Monthly Performance Gains
HotStats | June 29, 2020
Asia-Pacific hotels may have reached their bottom. And that's a good thing. Gross operating profit per available room (GOPPAR) in May showed its first month-over-month (MOM) since December 2019, up 78.2% MOM jump, and at -$3.04 is making strides towards breaking-even after turning negative in March. Occupancy in May was up 7.4 percentage points compared to April to 26.6%. Though this is still 43.6 percentage points below May 2019 numbers, it’s the first time since February that occupancy placed above 25% in the region. This rise in volume drove the 39.5% MOM surge in RevPAR. Further contributing to the top-line, F&B revenue per av...
