corporate demand
U.S. Hotel Profitability Reflects Gains in Corporate Demand and Groups
CoStar Group | November 8, 2023
WASHINGTON – 8 November 2023 – A recent increase in U.S. hotel labor costs reflects a normalizing business mix and significant gains in group demand, according to September year-to-date P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2023 YTD per-available-room metrics (% change from September 2022 YTD) GOPPAR: US$75.74 (+6.2%) TRevPAR: US$208.34 (+8.6%) EBITDA PAR: US$52.95 (+5.1%) LPAR (Labor Costs): US$69.36 (+13.1%) “September labor costs were higher than the summer months even though overall dema...
Slow but Steady Recovery for the Silicon Valley Lodging Market
John Berean | August 21, 2023
Trends in Remote Work and Layoffs Since the onset of the COVID-19 pandemic, Silicon Valley has experienced drastic changes including the shift to remote work policies, the exodus of several major companies, and the widespread layoffs in Q4 2022 and Q1 2023. The table below summarizes recent layoffs and remote work policies at major companies in Silicon Valley. Recent Layoffs and Remote Work Policies Source: TechCrunch On top of the shift in workforce policies, a number of major companies have relocated out of Silicon Valley in recent years. Oracle (NYSE: ORCL) announced in December 2020 that it will move its headquarters from...
Düsseldorf’s Hotels See Corporate Demand Start to Grow, Says HVS
HVS | October 17, 2022
17 October 2022, London: Hotels in Düsseldorf, the world’s top destination for trade fairs and business conventions, have seen a market bounce in the second half of 2022 in line with the Germany’s economic growth and the slow return of international and business demand. The city, which has experienced consistent growth in tourism over the past decade, traditionally benefits from strong corporate and MICE demand with some 1.6 million visitors a year at its peak. However, the city’s MICE business was badly hit by the covid pandemic with visitation to Messe Düsseldorf, its main exhibition space, dropping 65% in 2020 and a further 45%...
