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
Fragile U.S. Hotel Industry Records Monthly Performance Gains
HotStats | June 26, 2020
April showers just may have been the thing hoteliers in the U.S. needed. Though May wasn't a full bouquet of flowers, green shoots certainly abounded. In the U.S., between April and May, total revenue per available room (TRevPAR) was up 39% (down 92% year-over-year) and gross operating profit per available room (GOPPAR) was up 32% to $-17.25 (down 116.2% YOY). The uptrend is a sign that April may have been the bottom and absent a surge in cases, which is a possibility, the expectation is that month-over-month (MOM) numbers will continue to improve, especially as more states move into Phase Two, which allows for non-essential travel to c...
U.S. Hotel Demand Not Expected to Fully Recover Until 2023
STR | June 26, 2020
HENDERSONVILLE, Tennessee—Even with improving performance already underway, U.S. hotel demand will not return completely to pre-pandemic levels until 2023, according to the latest forecast revision from STR and Tourism Economics. “Compared with our last forecast, we actually improved our demand projection for 2020 from -45.0% to -36.2%, but we expect it to take 11 quarters for the number of room nights sold to rise to the corresponding levels of 2019,” said Jan Freitag, STR’s senior VP of lodging insights. “Similarly, it will take until 2023 for occupancy to reach the 20-year historical average. With lower occupancy levels, and t...
Choice Hotels’ Extended Stay Portfolio Shows Continued Resilience
Choice Hotels | June 18, 2020
ROCKVILLE, Md., June 18, 2020 - Choice Hotels International, Inc.'s (NYSE: CHH) strategic focus on the resilient extended stay segment continues to position the company for long-term success. Its brands, which include WoodSpring Suites and Suburban Extended Stay in the economy segment, and MainStay Suites and recently launched Everhome Suites in midscale, have achieved notable, industry-leading performance amid the current worldwide decline in travel demand. Choice Hotels' extended stay portfolio – led by WoodSpring Suites, the company's largest brand in the segment — outperformed the overall industry in several ways over the pas...
Hotel Report: $16.8 Billion Loss in State & Local Tax Revenue From Hotels in 2020 Due to COVID-19 Impact
AHLA | June 18, 2020
WASHINGTON (June 18, 2020)—As a result of the sharp drop in travel demand from COVID-19, state and local tax revenue from hotel operations will drop by $16.8 billion in 2020, according to a new report by Oxford Economics released today by the American Hotel & Lodging Association (AHLA). Hotels have long served as an economic engine for communities of all sizes, from major cities, to beach resorts, to small towns off the interstate—supporting job creation, small business opportunities and economic activity in states and localities where they operate. Hotels also generate significant tax revenue for states and local governmen...
American Hotel Income Properties REIT LP Provides Business Update
American Hotel Income Properties REIT LP | June 16, 2020
Occupancy rates continue to improve, with nine consecutive weeks of growth and total portfolio occupancy of approximately 48% in the past week Given the current pace of occupancy growth, AHIP is approaching breakeven cashflow and currently anticipates generating positive cashflow by the end of Q3 2020 Successfully restructured payments on approximately 70% of its CMBS loans Achieved waiver of financial covenants through Q1 2021 on its credit facility All financial figures are presented in US dollars, unless otherwise noted. VANCOUVER, BC, June 15, 2020 - American Hotel Income Properties REIT LP ("AHIP" or "the Company") (...
STR: U.S. Hotel Results for Week Ending 6 June
STR | June 11, 2020
HENDERSONVILLE, Tennessee—STR data ending with 6 June showed another small rise from previous weeks in U.S. hotel performance. Year-over-year declines remained significant although not as severe as the levels recorded previously. 31 May through 6 June 2020 (percentage change from comparable week in 2019): Occupancy: 39.3% (-45.3%) Average daily rate (ADR): US$85.01 (-35.9%) Revenue per available room (RevPAR): US$33.43 (-65.0%) *Previous weekly U.S. weekly occupancy levels: 24-30 May 2020: 36.4% 17-23 May 2020: 35.3% 10-16 May 2020: 32.3% 3-9 May 2020: 30.3% 26 April - 2 May 2020: 28.8% 19-25 April ...
STR: Canada Hotel Results for Week Ending 6 June
STR | June 11, 2020
HENDERSONVILLE, Tennessee—STR data for 31 May through 6 June 2020 shows Canadian hotel performance up slightly from previous weeks with the same significant level of year-over-year declines. In comparison with the week of 2-8 June 2019, the industry reported the following: Occupancy: -70.3% to 22.2% Average daily rate (ADR): -42.2% to CAD105.92 Revenue per available room (RevPAR): -82.9% to CAD23.49 The previous three weeks produced absolute occupancy levels of 21.4%, 18.9% and 18.4%. British Columbia (26.7%), Manitoba (23.3%), Saskatchewan (23.1%), Ontario (22.4%) and Alberta (21.0%) were the provinces with occupancy of...
The Middle East’s Hotel Construction Pipeline Shows Slight Deceleration in the First Quarter of 2020*
Lodging Econometrics | June 8, 2020
June 8, 2020 – PORTSMOUTH, NH - Analysts at Lodging Econometrics (LE) state in the first quarter of 2020, the hotel construction pipeline in the Middle East decelerated slightly to 607 projects/172,182 rooms, down 3% and 5% respectively, year-over-year (YOY). Projects currently under construction are at 357 projects/114,817 rooms. Projects scheduled to start construction in the next 12 months stand at 113 projects/27,872 rooms, and projects in the early planning stage are at 137 projects/29,493 rooms. The Middle East had 15 new hotels/6,527 rooms open in the first quarter of 2020. Countries with the greatest number of projects in the...
STR: U.S. Hotel Profits Fell 116.9% in April
STR | June 1, 2020
BROOMFIELD, Colorado—U.S. hotel gross operating profit per available room fell 116.9% during April 2020, according to the latest monthly P&L data release from STR. In a year-over-year comparison with April 2019, the industry reported the following: GOPPAR: -116.9% to US-$17.98 TRevPAR: -92.9% to US$17.39 EBIDTA PAR: -140.2% to US-$32.30 LPAR (Labor Costs): -72.8% to US$20.80 “Whereas only the later portion of March was affected, April was the country’s first full month in the COVID-19 world, and the impact on U.S. hotel profitability was historic,” said Joseph Rael, STR’s senior director of financial performa...
U.S. Hotel Performance—Unsurprisingly—Hits New Lows in April
HotStats | May 28, 2020
The adage “March winds and April showers bring forth May flowers” appropriately captures current U.S. hotel performance, which satisfied the features of the first two months and can only hope May turns up rosier. April’s showers were, indeed, forecasted. COVID-19 tightened its grip around U.S. states and cities where lockdowns were omnipresent, stay-at-home orders abounded and travel was at a near standstill. The result was a month’s worth of grim hotel data. With occupancy rates off 73 percentage points from a year prior, and a steep drop in average room rate, RevPAR fell 95.2% year-over-year to a single-digit number, on a p...
COVID-19 Recovery in the UK – The Importance of Domestic Demand
Stephen Collins | May 28, 2020
By Stephen Collins Like much of the world, the UK has been hit hard by the coronavirus, with more than 37,000 deaths and 265,000 confirmed cases as of 27 May and the highest number of attributed deaths in Europe (although fewer deaths per capita than Spain, Italy and Belgium). The pandemic has hit all areas of the economy, but the hospitality industry has undoubtedly been and will continue to be one of the worst affected. Fortunately, there is light at the end of the tunnel for the lockdown phase, and the focus of hoteliers is shifting from how to manage the closure to developing a sound reopening strategy. On Sunday, 10 May, Prime Mi...
GBTA Study Finds More Than Half of Companies Considering Resuming Travel in Near Future
the Global Business Travel Association | May 28, 2020
Alexandria, VA—There continues to be small signs of optimism in the travel sector according to new research issued today by the Global Business Travel Association. Health and safety measures have always been a cornerstone of travel and are now of significant importance as the industry tries to gain momentum for recovery. “People aren’t going to travel until they feel safe. Our member companies want to see several health and safety steps taken at every stage of the travel process– from ground transportation to airlines, to hotels. As restrictions across the globe begin to lift, small green shoots of optimism are sprouting in the ind...
STR COVID-19 Webinar Summary: 5 Key Points on Europe Hotel Performance, 21 May
STR | May 22, 2020
Knowing you might not have time to watch our full webinars, we are pleased to continue our series of COVID-19 webinar summaries. In this latest edition, we talk performance in Europe. Barcelona: 96% of STR participating hotels closed The majority of STR participating hotels are closed across Europe. As of 30 April, Barcelona showed the largest percentage of closures (96%), followed closely by Madrid (95%) and Athens (92%). Moscow and Saint Petersburg closures, however, were the lowest in Europe, at 15% and 19%, respectively. Occupancy dropped in all countries in April As occupancy of open hotels in Europe has droppe...
CBRE Hotels Research Forecasts Full Demand Recovery by Late 2022
CBRE Group, Inc. | May 21, 2020
Revenue per Available Room Recovery Expected to Push Into 2023 Atlanta – May 21, 2020 – After suffering the greatest performance declines in the history of the U.S. lodging industry during 2020, the nation’s hotels will benefit from what is expected to be a relatively rapid economic turnaround in 2021 and 2022, according to the June 2020 edition of CBRE’s Hotel Horizons forecast report. CBRE foresees demand for U.S. lodging accommodations returning to precrisis levels in the third quarter of 2022. However, a lag in ADR (average daily rate) growth will stall the recovery in RevPAR (revenue per available room) until 2023. “Th...
STR: U.S. Hotel Performance for April 2020
STR | May 20, 2020
HENDERSONVILLE, Tennessee—Due to expanded restrictions around the COVID-19 pandemic, the U.S. hotel industry reported unprecedented lows during April 2020, according to data from STR. In a year-over-year comparison with April 2019, the industry recorded the following: Occupancy: -63.9% to 24.5% Average daily rate (ADR): -44.4% to US$73.23 Revenue per available room (RevPAR): -79.9% to US$17.93 The absolute occupancy and RevPAR levels were the lowest for any month on record in the U.S., while the ADR value was the lowest since December 1997. However, recent weekly data suggests that performance likely reached the bottom in e...
The Influence of COVID-19 on Travel Plans and Accommodation Types
STR | May 19, 2020
As the COVID-19 pandemic reshapes the world of travel, we investigated the impact on accommodation choices among international travellers. This piece builds on our analysis of propensity to travel in key English-speaking countries, in which we learned that desire for travel has declined but remains strong overall. More or less travel in 2020? The influence of accommodation types Below we can see changes in propensity to travel over the next 12 months broken out by the accommodation type travellers used for past international travel. Unsurprisingly, over the course of the month, the percentage of people anticipating less travel increased ...
China’s Hotel Construction Pipeline Hits All-Time High in the First Quarter of 2020 Despite COVID-19 Pandemic*
Lodging Econometrics | May 19, 2020
May 19, 2020 – PORTSMOUTH, NH - Analysts at Lodging Econometrics (LE) report that despite the COVID-19 outbreak, China's total construction pipeline continues to expand to an all-time high of 3,533 projects/645,764 rooms, up 24% by projects and 9% by rooms year-over-year (YOY). China has 2,330 projects/412,142 rooms presently under construction. Projects under construction remain near record-highs at the end of the first quarter even though many projects are delayed two to four months. Projects scheduled to start construction in the next 12 months experienced an enormous increase of 92% by projects and 45% by rooms YOY, to stand at a re...
STR: Canada hotel results for week ending 9 May
STR | May 15, 2020
HENDERSONVILLE, Tennessee—The Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 3-9 May 2020, according to data from STR. In comparison with the week of 5-11 May 2019, the industry reported the following: Occupancy: -73.9% to 17.5% Average daily rate (ADR): -37.7% to CAD101.47 Revenue per available room (RevPAR): -83.7% to CAD17.75 Among the provinces and territories, Newfoundland and Labrador experienced the largest decline in occupancy (-86.0% to 7.1%). British Columbia posted the steepest drop in ADR (-44.4% to CAD107.58). Quebec reported the larg...
STR: U.S. Hotel Results for Week Ending 9 May
STR | May 14, 2020
HENDERSONVILLE, Tennessee—STR data for 3-9 May 2020 showed continues modest gains in U.S. hotel occupancy compared with previous weeks, but a similar level of year-over-year decline in the three key performance metrics. In comparison with the week of 5-11 May 2019, the industry recorded the following: Occupancy: -55.9% to 30.1% Average daily rate (ADR): -42.1% to US$76.35 Revenue per available room (RevPAR): -74.4% to US$22.95 Previous weekly U.S. weekly occupancy levels: April 26 through May 2: 28.6% April 19-25 2020: 26.0% April 12-18 2020: 23.4% April 5-11 2020: 21.0% “The industry reported its fourth...
STR: Canada Hotel Results for Week Ending 9 May
STR | May 14, 2020
HENDERSONVILLE, Tennessee—The Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 3-9 May 2020, according to data from STR. In comparison with the week of 5-11 May 2019, the industry reported the following: Occupancy: -73.9% to 17.5% Average daily rate (ADR): -37.7% to CAD101.47 Revenue per available room (RevPAR): -83.7% to CAD17.75 Among the provinces and territories, Newfoundland and Labrador experienced the largest decline in occupancy (-86.0% to 7.1%). British Columbia posted the steepest drop in ADR (-44.4% to CAD107.58). Quebec reported the larg...
Canadian Lodging Outlook Quarterly 2020-Q1
HVS | May 13, 2020
HVS and STR are pleased to provide you with the quarterly report of the Canadian Lodging Outlook. Each report includes occupancy (occ), average daily rate (ADR), and revenue per available room (RevPAR) for six major markets. Source: STR Source: STR If you would like a detailed hotel performance data for all of Canada, STR offers their Canadian Hotel Review. The Canadian Hotel Review is available by annual subscription. For further Information, please contact: info@str.com or +1 (615) 824-8664 ext. 3504. HVS Canada performs major portfolio appraisals and single-asset consulting assignments and valuations from coast t...
Choice Hotels International Reports 2020 First Quarter Results
Choice Hotels | May 11, 2020
97% of domestic hotels remain open; Choice Hotels' brands experience RevPAR index gains versus competition in Q1 and April ROCKVILLE, Md., May 11, 2020 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest lodging franchisors, today reported its results for the three months ended March 31, 2020. "The safety and well-being of guests, franchisees and associates is our top priority during these challenging times. We sincerely thank those who have been working to keep all of us safe through the COVID-19 crisis, particularly healthcare workers and first responders. The strength of our brands and dedication of our fr...
Hersha Hospitality Trust Announces First Quarter 2020 Results
Hersha Hospitality Trust | May 7, 2020
- Implements Aggressive Cost Containment Strategies - - Amends Bank Credit Facility to Access Additional $100 Million - - Obtains Full Financial Covenant Waiver through March 31, 2021 - PHILADELPHIA, May 07, 2020 -- Hersha Hospitality Trust (NYSE: HT) (“Hersha,” “Company,” “we” or “our”), owner of high-quality upscale and lifestyle hotels in urban gateway markets and resort destinations, today announced results for the first quarter ended March 31, 2020. First Quarter 2020 Financial Results Net loss applicable to common shareholders was approximately ($29.1 million), or ($0.76) per diluted common share, in the first quart...
Ryman Hospitality Properties, Inc. Reports First Quarter 2020 Results
Ryman Hospitality Properties, Inc. | May 7, 2020
NASHVILLE, Tenn., May 07, 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 first quarter ended March 31, 2020. First Quarter 2020 Results (as compared to First Quarter 2019): Hospitality RevPAR decreased 20.6% and Hospitality Total RevPAR decreased 16.3% Consolidated Net Income Available to Common Shareholders declined 258.2% to a loss of $46.5 million including approximately $33 million in non-cash charges Consolidated Adjusted EBITDAre de...
