boston hotel performance
Boston/Cambridge Lodging Market – 2023 Year End Review
Rachel Roginsky | January 31, 2024
By Rachel Roginsky The Boston/Cambridge lodging market ended 2023 at 76.4% occupancy, a 6.8% variance over 2022’s 69.6%. This 6-point increase in occupancy is a result of the market accommodating 8.6% more rooms in 2023 compared to the prior year; 0.6% more rooms occupied as compared to 2019. Seasonality appears to be in sync with what we typically expect for the Boston market. Peak season, May through October, monthly occupancies ranged between 84% and 89%, averaging 86%. The three-month shoulder season, March, April and November, market occupancy averaged 75%. December through February, our slow season, market occupancy averaged 58% in...
Boston/Cambridge Lodging Market – Outlook Is for Positive Growth for 2024
Rachel J. Roginsky | November 15, 2023
By Rachel Roginsky After spending the last 32 years tracking and analyzing the Boston/Cambridge (“the City”) lodging market, Pinnacle Advisory Group (“Pinnacle”) is quite comfortable forecasting top line (occupancy and ADR) revenue for the City. But projecting the future with precision can be complicated. Here’s our perspective on the City’s lodging market for 2024: • Convention and Group Demand – This segment of demand comprises approximately 23% of total demand in the City. According to Signature Boston, the Boston Convention and Exhibition Center will generate approximately 500,000 room nights in 2024, which will be a...
Boston & Cambridge Lodging Strengthens in 2022 With More Upside for 2023
Rachel Roginsky | February 21, 2023
By Rachel Roginsky Despite a slow start in the first Quarter 2022, the Boston & Cambridge lodging market ramped up quickly, and by year-end, the Revenues Per Available Room (RevPAR) reached a 90% index compared to its 2019 (pre-covid) top-line performance. Like many urban gateway cities, the city struggled in its recovery from the negative effects of the pandemic in 2021, as compared to other cities located in warmer climates, which showed strong recoveries one year following the outbreak of Covid in March of 2020. Yet despite the slower recovery, in 2022, leisure demand came roaring back in Boston, while corporate and group travel p...
