demand
HVS ANAROCK MONITOR, October 2024
Dipti Mohan | October 29, 2024
Read the latest edition of the HVS ANAROCK monthly industry update, MONITOR (Monthly Overview of National Industry Trends and Hospitality Report), for the key trends in the Indian hospitality industry. Key highlights include: September 2024: Sustained demand growth has led to consistent improvements in occupancy rates across key markets in September 2024, compared to the same period last year During the month, the average rates showed varied trends across key markets. Q3 CY2024: An increase in occupancy rates was seen during Q3 CY2024 over the same period in CY2023, across all markets except Mumbai. Goa stands out as the...
Hospitality Industry Statistics To Have on Your Radar 2024
EHL | August 28, 2024
The hospitality industry is a vast sector with many different sub-sectors that include recreation, lodging, entertainment, food and beverage which are constantly evolving. Due to the overwhelming amount of data available today, it has become increasingly challenging for industry players to gather all the necessary hospitality statistics to keep up with the latest trends. As a result, staying informed and up-to-date has become an impossible task. Despite being an exhilarating career path with many avenues that demand a diverse skill set, the hospitality industry is currently struggling to fill open positions. This is partly due to the chan...
CBRE Hotels Expects RevPAR Growth in 2024 Fueled by Higher Rates and Stronger Demand
CBRE Group, Inc. | February 15, 2024
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Transforming Coachella Valley: Setting the Stage for Success
Aidan Martin | October 11, 2023
By Aidan Martin, Kirsten Z. Smiley In 2022, the Coachella Valley experienced a resurgence in tourism, with visitor numbers surpassing pre-pandemic levels and spending reaching new heights. The direct visitor spending of $7.1 billion had a total economic ripple effect of $8.7 billion, showcasing the area's growing appeal. A significant chunk of this spending, more than 30%, was dedicated to lodging, including hotels and short-term rentals. Tourism is expected to remain robust throughout 2023, with major events like the Power Trip music festival in October 2023 poised to attract visitors from across the region. Acrisure Arena Sou...
U.S. Hotel Performance Cooled a Bit in the Leadup to Summer
STR | June 26, 2023
Analysis by M. Brian Riley U.S. hotel industry performance slowed a bit more than expected in the four weeks ending 17 June 2023. That period, which spanned the slower business time around Memorial Day but also the start to the leisure-centered summer travel, produced flat demand and occupancy compared to the previous version of this “bubble chart” series. At the same time, gains in average daily rate (ADR) continued to level down. Before diving into market specifics, it is important to note that one flat performance period does not signal an alarming trend. Recent demand trends have shown a healthy return, particularly in weekday/b...
Adjusting for Inflation: Should You Raise Your Hotel Room Rates?
David Millili | February 1, 2023
By David Millili If you’ve scanned through the top news stories of the last few months, you’re likely well acquainted with the post-pandemic elephant in the room: record-high inflation. As expected, the collective (and prolonged) halt of global economies, the subsequent critical supply chain disruptions, and the ongoing war in Ukraine has placed significant pressure on the economic outlook. With inflation staying low over the last ten years (1.88% on average), the current rise (8% annual average in 2022) has begun to make ripples across industries, and hospitality is no exception. The latest set of inflation data, which the Bureau...
Global Hotel Demand Recovery Reached a Pandemic-Era High in September
STR | October 31, 2022
Global hotel hotel demand continues to strengthen, and the recovery index for the metric hit a pandemic-era high at the end of the third quarter of 2022. Among comparable, reporting hotels—those properties reporting data for the 2019 and 2022 year-to-date periods—September demand was just 6% shy of pre-pandemic levels. September was the fifth consecutive month with global demand recovery at a relatively stable point, at slightly more than 90% of pre-pandemic levels. That means recovery hasn’t ramped up significantly since earlier this year, however, that isn’t necessarily a bad sign. Recall that for most of this COVID-era, leisur...
Airbnb v. Hotels: New Research Sheds Light on How They Can Compete and Benefit in the Sharing Economy
INFORMS and Marketing Science | May 1, 2019
Key Takeaways: Airbnb cannibalizes hotel sales, particularly in the lower-priced leisure travel segment, while at the same time creating market expansion. Airbnb can help stabilize or even increase demand during peak travel seasons, offsetting the potential for higher hotel prices which can sometimes be a deterrent. The flexible lodging capacity created by Airbnb may disrupt traditional pricing strategies in some markets, actually helping to minimize the need for seasonal pricing. As Airbnb targets business travelers, higher-end hotels are most likely to be affected. CATONSVILLE, MD, May 1, 2019 – Researchers from the Teppe...
