boston hotel market
Boston Hotel Market Update: Ten Things to Know
Erich Baum | January 8, 2024
By Erich Baum, Brian Bisema, Raymond Parejo, Nico Cooper Boston is back. The three key demand channels have returned to an approximation of their pre-pandemic levels (conventions and business travel up, leisure down), and the city’s RevPAR has improved to third in the nation, supplanting Miami and various West Coast rivals. Here are ten things to know about the city. 1. Boston’s revenue per available room (RevPAR) is on pace to finish 2023 at approximately 110% of its 2019 level. Occupancy is lagging slightly, at 97% of the pre-pandemic peak, but average rate is picking up the slack. 2. Conventions came roaring back in 2023. The ...
NYC Leading U.S. Markets, Boston, D.C. and Alaska Join Occupancy Leaderboard
STR | May 25, 2023
Analysis by M. Brian Riley U.S. hotel performance produced an incremental gain during the four weeks ending 13 May, a period that falls in between the heavy, summer travel season and earlier year peaks that include solid leisure travel, improved demand from conventions and group bookings, and returning business travel in larger markets. At a market-level, New York City continued to hold down the top occupancy spot while markets like Boston, Washington, D.C. and Alaska joined the leaderboard. Four-weeks ending 13 May 2023: Occupancy grew 1.4 percentage points (ppts) from the previous four weeks to 66.0%. Occupancy was u...
Almost Home: The Boston Hotel Market Approaches a Recovery
Erich Baum | December 13, 2022
By Erich Baum, Brian F. Bisema, Raymond Parejo According to STR, Boston’s revenue per available room (RevPAR) finished 2021 at roughly half the pre-pandemic 2019 level, a discouraging performance. But the city took a leap forward in 2022 and is on pace to finish the year with a RevPAR level just a shade below the pre-pandemic performance. After adjusting for inflation, these results are less significant, of course, but the turnaround still represents a huge achievement, particularly considering that the recovery is still in progress for the international travel, corporate transient, and convention demand channels. As illustrated in the ...
Amidst Near-Term Headwinds, the Boston & Cambridge Lodging Market Awaits Recovery
Sebastian J. Colella | January 21, 2021
By Sebastian J. Colella The travel and leisure industry has finally wrapped up 2020; a year like no other, with hotels enduring devastating declines to demand and revenue, job losses across the industry, government restrictions to day-to-day business, and extreme levels of uncertainty. As the United States faces a growing number of COVID-19 cases, surpassing 20 million by year-end 2020, lodging markets across the country continue to face unprecedented declines in demand. The Boston & Cambridge lodging market’s demand, or occupied roomnights, declined approximately 68% in 2020 when compared to 2019. Following its worst performance on ...
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 ...
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...
Impacts of COVID-19 on the Boston and Cambridge Hotel Industry
April 22, 2020
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, with many hotels closing completely and others only renting rooms to essential workers, often at discounted rates. According to the Pinnacle Perspective, Revenue Per Available ...
Boston Lodging Market’s Strong Performance Expected to Continue Through Fourth Quarter
Sebastian J. Colella | October 25, 2017
By Sebastian J. Colella Through the third quarter, revenue per available room (RevPAR) in the Boston and Cambridge lodging market has grown 2.8% over the same time last year and the remaining three months will only help boost this performance further. Although the market's RevPAR declined in 2016 for the first time in six years, market dynamics have improved to drive growth in both occupancy and average daily rate (ADR). The market has benefitted from a strong convention calendar with well-placed citywides, limited supply growth, and increases to both corporate and leisure demand. Year-to-date through September 2017, lodging supply has ...
