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
Middle East Hotel Construction Pipeline Rises to 612 Projects/144,222 Rooms at Q1 2024
Lodging Econometrics (LE) | May 15, 2024
May 15, 2024 – PORTSMOUTH, NH – The Q1 2024 Hotel Construction Pipeline Trend Report for the Middle East from Lodging Econometrics (LE) reveals, at Q1, the hotel construction pipeline in the region increased to 612 projects/144,222 rooms, up 5% by projects year-over-year (YOY). At Q1 2024, projects currently under construction stand at 302 projects/80,589 rooms. Projects scheduled to start construction in the next 12 months stand at 133 projects/30,447 rooms, up 28% by projects YOY and 24% by rooms YOY. Projects in the early planning stage stand at 177 projects/33,186 rooms, up 18% by projects and 12% by rooms YOY. New project announce...
A Deep Dive Into Japan’s Hotel ADR Growth Trends
CoStar Group | May 14, 2024
Analysis by Kelsey Fenerty Japan’s growth in hotel revenue per available room (RevPAR) has remained extremely impressive over the past 15 months – a function of a later opening post-pandemic, above-average inflation, and an influx of international demand. That’s largely reflected in average-daily-rate (ADR) growth, although through much of 2023, the first and third points helped drive double-digit occupancy increases as well. Occupancy growth has trailed off, however, with single-digit increases or declines year over year for the past five months. At the same time, rates have grown mor...
Forty-Five Percent of Hotel Projects in Europe’s Total Pipeline Are Under Construction at the End of Q1 2024
Lodging Econometrics (LE) | May 14, 2024
May 14, 2024 – PORTSMOUTH, NH – Lodging Econometrics (LE) has released its Q1 2024 Hotel Construction Pipeline Trend Report for Europe. According to LE analysts, the region’s total pipeline stands at 1,705 projects/253,777 rooms at the close of the first quarter. As of the first quarter's close, 45% of the hotel projects in Europe’s total pipeline are in the under construction stage, standing at 762 projects and 117,815 rooms. Another 411 projects with 60,356 rooms are scheduled to start construction in the next 12 months, while 532 projects with 75,606 rooms are in the early planning stage, slightly below the record-high reported ...
Nearly 44 Million Travelers Leaving Town for Unofficial Start of Summer
AAA | May 13, 2024
WASHINGTON, DC (May 13, 2024) – AAA projects 43.8 million travelers will head 50 miles or more from home over the Memorial Day holiday travel period*. This year’s total number of travelers is a 4% increase over last year and comes close to matching 2005’s record of 44 million Memorial Day travelers. “We haven’t seen Memorial Day weekend travel numbers like these in almost 20 years,” said Paula Twidale, Senior Vice President of AAA Travel. “We’re projecting an additional one million travelers this holiday weekend compared to 2019, which not only means we’re exceeding pre-pandemic levels but also signals a very busy summe...
Upscale and Upper Midscale Chain Scales Reach New Highs as China’s Construction Pipeline Grows
Lodging Econometrics (LE) | May 13, 2024
May 13, 2024 – PORTSMOUTH, NH – Lodging Econometrics’ (LE’s) Q1 2024 Hotel Construction Pipeline Trend Report reveals steady growth in China's construction pipeline, with 3,775 projects encompassing 695,212 rooms. The total pipeline in the country continues to expand, increasing 3% by projects and 2% by rooms year-over-year (YOY). At the close of the first quarter, China has 2,691 projects and a record-high 488,560 rooms under construction. Additionally, there are 377 projects/65,193 rooms scheduled to start construction in the next 12 months, while 707 projects/141,459 rooms are in the early planning stage. Projects in early plann...
Travel & Tourism Set To Add a Record QAR 81BN to Qatar’s Economy
The World Travel & Tourism Council | May 10, 2024
Sector set to break all records in 2024 Dubai, UAE: The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed the Qatari Travel & Tourism sector reached new heights last year, with GDP contribution, jobs and domestic traveller spend all surpassing previous peaks. Last year, the Travel & Tourism’s GDP contribution grew by 31% to reach a record-breaking QAR 81.2BN, representing 10.3% of Qatar’s total economic output, demonstrating the sector’s importance to the national economy. The sector also proved to be a vital source of employment, creating more than 20,300 new jobs, and rais...
U.S. Hotel Performance Showed Mixed Results Through 4 May
CoStar Group | May 10, 2024
WASHINGTON – 10 May 2024 – U.S. hotel performance showed mixed results from the previous week, according to CoStar’s latest data through 4 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 28 April through 4 May 2024 (percentage change from comparable week in 2023): Occupancy: 64.4% (-0.8%) Average daily rate (ADR): US$159.97 (+1.3%) Revenue per available room (RevPAR): US$103.09 (+0.5%) Among the Top 25 Markets, Seattle reported the highest year-over-year increase in occupancy (+8.1% to 69.4%). Dallas posted the largest lift in ADR (+5.8% t...
Amsterdam Market Pulse – Full Recovery In Sight
Maxime Gauthier | May 10, 2024
By Maxime Gauthier With a population of more than 930,000 , the capital city of Amsterdam lies on the coast of the province of North Holland. The city – known for its historic canals, the famous Van Gogh Museum, the Rijksmuseum, and the coffee shops of the Red Light District – is also a significant financial and business centre in Europe. There were more than 3,500 international companies in the Amsterdam Metropolitan Area (AMA) in 2023, representing more than 30% of the private-sector jobs. The city is highly accessible via local, national and international transport links. Amsterdam has excellent domestic and international connecti...
Hyatt Reports First Quarter 2024 Results
Hyatt | May 9, 2024
CHICAGO (May 9, 2024) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported first quarter 2024 results. Highlights include: Comparable system-wide hotels RevPAR increased 5.5% compared to the same period in 2023 Comparable system-wide all-inclusive resorts Net Package RevPAR increased 11.0% compared to the same period in 2023 Net Rooms Growth was approximately 5.5% Net Income was $522 million and Adjusted Net Income was $75 million Diluted EPS was $4.93 and Adjusted Diluted EPS was $0.71 Adjusted EBITDA was $252 million Pipeline of executed management or franchise ...
Asia Pacific Excluding China Hotel Construction Reaches New Highs With 13% Year-Over-Year Project Count Growth
Lodging Econometrics (LE) | May 9, 2024
As seen in the Q1 2024 Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), the total pipeline in the Asia Pacific region, excluding China, (APEC) reached a record-breaking project total of 2,021 projects/402,312 rooms. This new all-time high represents a 7% year-over-year (YOY) increase in projects and a 2% YOY increase in rooms. At the close of the first quarter, there are 866 projects/198,267 rooms under construction throughout the region. Additionally, there are 340 projects/65,259 rooms scheduled to start construction in the next 12 months, marking a 13% YOY increase in projects and a 10% increase YOY in rooms. The...
Iconic Resort Destination Ocean City, MD Is Poised for Success
Michael Lambdin | May 8, 2024
By Michael Lambdin, Scott Killheffer Ocean City, Maryland, a perennial draw for travelers along the Eastern Seaboard, continues to solidify its reputation as a leading resort destination. Ocean City is known for its expansive beaches and its boardwalk and welcomes millions of visitors annually. This robust tourism industry fuels a thriving hospitality market, and recent strategic investments underscore Ocean City's focus on providing exceptional experiences for a range of visitors. The market’s hospitality sector is experiencing a dynamic transformation. Two beachfront resorts have recently undergone complete makeovers. First, the for...
Choice Hotels International Reports First Quarter 2024 Results
Choice Hotels | May 8, 2024
Record Global Rooms Pipeline, up 10% Sequentially including a 36% Increase for Conversion Hotels Repurchases $196.6 Million of Common Stock Year-to-Date through April 30, 2024 Relaunches Park Inn by Radisson NORTH BETHESDA, Md., May 8, 2024 -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's leading lodging franchisors, today reported its first quarter 2024 results. Highlights include: Net income was $31.0 million for first quarter of 2024, representing diluted earnings per share (EPS) of $0.62. As a result of one-time items, including due diligence and transaction pursuit costs, and the timing of net reimbursa...
Management Company Compensation Slows in 2023
Robert Mandelbaum and Tim Dick | May 8, 2024
By Robert Mandelbaum, Tim Dick Prior research conducted by CBRE Hotels Research revealed that hotel management companies were rewarded handsomely as the U.S. lodging industry recovered from the COVID-19 pandemic. An analysis performed by CBRE in April 2023 found that total hotel revenue increased by 153% from 2020 to 2022, while Gross Operating Profits (GOP) grew by 437%. This resulted in a 68% increase in the fees paid to management companies and brought management fees back to pre-pandemic levels. The increases in fees were largely due to the improved performance of U.S. lodging properties, which in turn triggered the payment of incentiv...
Travel & Tourism Injected €215BN Into Italy’s Economy
The World Travel & Tourism Council | May 6, 2024
Employment and international visitor spend breaks all records Milan, Italy: The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) has revealed Italy’s Travel & Tourism sector contributed €215BN, representing 10.5% of Italy’s total economic output last year, underscoring the sector’s prominence as a backbone of the Italian economy. The sector also proved a significant source of employment in 2023, breaking all records generating nearly 185,000 new jobs, raising the total to 2.97MN nationwide, representing one in every eight jobs across the country. The resurgence of international visitors to It...
IHG Hotels & Resorts Shares Q1 2024 Trading Update
IHG | May 6, 2024
Highlights Q1 global RevPAR +2.6% YOY, with Americas -0.3%, EMEAA +8.9% and Greater China +2.5% Average daily rate +2.3%, occupancy +0.2%pts Gross system size growth +5.0% YOY, +0.7% YTD; opened 6.3k rooms (46 hotels) in Q1, +11.1% more YOY adjusting for Iberostar Net system size growth +3.4% YOY, +0.0% YTD; adjusting for Iberostar +3.2% YOY, +0.0% YTD Global system of 946k rooms (6,368 hotels); 66% across midscale segments, 34% across upscale and luxury Signed 17.7k rooms (129 hotels) in Q1, +7.1% YOY; global pipeline of 305k rooms (2,079 hotels), +6.6% YOY $239m of 2024’s $800m share buyback programme completed to d...
U.S. Hotel Results for Week Ending 27 April
CoStar Group | May 2, 2024
WASHINGTON – 2 May 2024 – As expected with Passover, U.S. hotel performance came in lower than the previous week and comparable period last year, according to CoStar’s latest data through 27 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 21-27 April 2024 (percentage change from comparable week in 2023): Occupancy: 65.7% (-1.2%) Average daily rate (ADR): US$154.44 (-1.3%) Revenue per available room (RevPAR): US$101.42 (-2.5%) Among the Top 25 Markets, Seattle reported the only double-digit increase in occupancy (+15.6% to 74.6%). Detroit,...
Marriott International Reports First Quarter 2024 Results
Marriott International, Inc. | May 2, 2024
First quarter 2024 comparable systemwide constant dollar RevPAR increased 4.2 percent worldwide, 1.5 percent in the U.S. & Canada, and 11.1 percent in international markets, compared to the 2023 first quarter; First quarter reported diluted EPS totaled $1.93, compared to reported diluted EPS of $2.43 in the year-ago quarter. First quarter adjusted diluted EPS totaled $2.13, compared to first quarter 2023 adjusted diluted EPS of $2.09; First quarter reported net income totaled $564 million, compared to reported net income of $757 million in the year-ago quarter. First quarter adjusted net income totaled $620 million, compared to...
NTTO Releases International Travel Statistics for Calendar Year 2023
National Travel and Tourism Office (NTTO) | May 2, 2024
International Visitor Arrivals of 66.5 million Increased 31% from 2022 Overseas Visitation to Four States/Territories Exceeded Visitation in 2019 Data recently released by the National Travel and Tourism Office (NTTO) show that in Calendar Year 2023: International Visitor Arrivals to the United States in 2023 Total international visitor arrivals1 of 66.5 million in 2023 increased 15.7 million (+31%) from 50.8 million in 2022 to a level 84% of the 79.4 million arrivals in 2019. Annual international arrivals from 2000 to 2023 covering all countries and world regions are available on NTTO's ADIS/I-94 Visitor Arrivals Program p...
Hotels Benefit as Travelers Plan Further Ahead, Says Cloudbeds
Cloudbeds | April 30, 2024
Hospitality management platform Cloudbeds has found travellers were booking accommodation further in advance in 2023 across all regions, except in North America. The findings, revealed in Cloudbeds’ 2024 ‘State of Independent Lodging Report’, indicate that the average booking window – i.e. the number of days prior to arrival when travellers reserve a room – increased relative to the previous three years in Europe, LATAM and the Asia-Pacific region. At 46 days, Europe had the longest average booking window of the four regions – an increase of six days over 2022. In Latin America and Asia Pacific, booking windows were much shorte...
Ramadan and Eid al-Fitr a Success for Dubai Hotels
CoStar Group | April 29, 2024
WASHINGTON – 29 April 2024 – Dubai’s hotel occupancy and average daily rate (ADR) reached elevated levels during Ramadan and Eid al-Fitr, according to recent data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. Ramadan During Ramadan (11 March - 9 April), Dubai saw its highest daily occupancy levels on Friday, 29 March (at 78.9%), which coincided with the Easter holiday weekend. The market’s ADR levels peaked on Saturday, 30 March, at AED901.25. “As expected, Dubai hotel occupancy dipped slightly at the beginning of Ramadan, fluctuating betw...
Dallas’ Hotel Construction Pipeline Largest at Q1; Atlanta Hits Its All-Time High
Lodging Econometrics (LE) | April 29, 2024
April 29, 2024 – PORTSMOUTH, NH The recent U.S. Construction Pipeline Trend Report from Lodging Econometrics (LE) reports that, at the close of the first quarter, the top five markets with the largest hotel construction pipelines are led by Dallas with 185 projects/21,882 rooms, slightly below record-highs recorded at the end of Q4 2023. Next is Atlanta, with an all-time high of 153 projects with 17,929 rooms, then Nashville with 127 projects/16,199 rooms. Phoenix follows with 123 projects/16,198 rooms, and the Inland Empire with a new record-high 121 projects/12,324 rooms. U.S. markets with the greatest number of projects already und...
Fewer Global Markets Recording RevPAR Growth, Japan a Big Exception
CoStar Group | April 26, 2024
Analysis by Eddie Yeung Note: All financial figures presented in US$. STR's global "bubble chart" update for the four weeks ending 6 April 2024 shows 60% of markets with year-over-year growth in revenue per available room (RevPAR). That volume was noticeably less than the 77% of markets with growth in our last update, showing more of the world has reached a normalization period. China contributed the most to the decline against 2023 levels, with 90% of its markets experiencing lower performance compared to last year. This further underscores the slowdown in the country's economy. When excluding China, 67% of global markets recorded ...
Wyndham Hotels & Resorts Reports Strong First Quarter Results
Wyndham Hotels & Resorts | April 26, 2024
PARSIPPANY, N.J., April 26, 2024 -- Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended March 31, 2024. Highlights include: Global RevPAR grew 1% in constant currency and ancillary revenues grew 8% compared to first quarter 2023. System-wide rooms grew 4% year-over-year. Opened over 13,000 rooms, representing a year-over-year increase of 27%. Awarded 171 development contracts, an increase of 8% year-over-year. Development pipeline grew 1% sequentially and 8% year-over-year to a record 243,000 rooms. Entered upscale extended stay segment through a strategic relationship with WaterW...
Hilton Reports First Quarter Results
Hilton | April 26, 2024
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton," "the Company," "we," "us" or "our") (NYSE: HLT) today reported its first quarter 2024 results. Highlights include: Diluted EPS was $1.04 for the first quarter, and diluted EPS, adjusted for special items, was $1.53 Net income was $268 million for the first quarter Adjusted EBITDA was $750 million for the first quarter System-wide comparable RevPAR increased 2.0 percent, on a currency neutral basis, for the first quarter compared to the same period in 2023 Approved 29,800 new rooms for development during the first quarter, bringing Hilton's development pipeline to a record...
