economic insight
The Middle East Hotel Construction Pipeline Continues to Decline
Lodging Econometrics | November 23, 2020
November 23, 2020 – PORTSMOUTH, NH - According to the latest published Construction Pipeline Trend Report for the Middle East, analysts at Lodging Econometrics (LE) state at the end of the third quarter of 2020, the hotel construction pipeline in the Middle East declined again to 579 projects/168,042 rooms. The Middle East’s pipeline is down 7% by projects and 6% by rooms year-over-year (YOY). This is the fifth consecutive quarter the pipeline has declined since reaching its cyclical peak by projects in Q2 2019. Projects currently under construction stand at 359 projects/117,274 rooms, down slightly from the peak projects and rooms ...
STR: U.S. Hotel Results for Week Ending 14 November
STR | November 19, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy slipped further from previous weeks, according to the latest data from STR through 14 November. 8-14 November 2020 (percentage change from comparable week in 2019): Occupancy: 43.2% (-32.7%) Average daily rate (ADR): US$90.58 (-28.6%) Revenue per available room (RevPAR): US$39.11 (-52.0%) After ranging between 48% and 50% occupancy from mid-July into the later portion of October, the last three weeks have produced levels of 44.4%, 44.1% and 43.2%. Aggregate data for the Top 25 Markets showed lower occupancy (39.7%) but higher ADR (US$96.31) than all other markets....
STR: Canada Hotel Results for Week Ending 14 November
STR | November 19, 2020
HENDERSONVILLE, Tennessee—STR data for 8-14 November 2020 showed slightly lower occupancy from the previous week for Canada’s hotel industry. 8-14 November 2020 (percentage change from comparable week in 2019): Occupancy: 27.8% (-53.5%) Average daily rate (ADR): CAD110.36 (-25.9%) Revenue per available room (RevPAR): CAD30.70 (-65.5%) Occupancy for previous weeks came in at 29.4% (7 November), 29.2% (31 October), and 31.1% (24 October), respectively. For the week ending with 14 November, Nova Scotia recorded the highest occupancy level (35.0%) among the provinces. Among the major markets, Vancouver (29.0%) saw the ...
STR: U.S. Hotel Performance for October 2020
STR | November 18, 2020
HENDERSONVILLE, Tennessee—The U.S. hotel industry showed slightly lower performance from the month prior, according to October 2020 data from STR. October 2020 (percentage change from October 2019): Occupancy: 48.3% (-30.1%) Average daily rate (ADR): US$97.61 (-26.8%) Revenue per available room (RevPAR): US$47.13 (-48.8%) Occupancy remained flat from the previous month, while the ADR and RevPAR levels came in lower than September. More recently, November weekly data showed that occupancy reached its lowest level since the week of June 14-20. Among the Top 25 Markets, Oahu Island, Hawaii, reported the lowest October occ...
STR: Canada Hotel Results for Week Ending 7 November
STR | November 13, 2020
HENDERSONVILLE, Tennessee—STR data for 1-7 November 2020 showed slightly higher occupancy from the previous week for Canada’s hotel industry. 1-7 November 2020 (percentage change from comparable week in 2019): Occupancy: 29.4% (-54.3%) Average daily rate (ADR): CAD110.45 (-26.7%) Revenue per available room (RevPAR): CAD32.53 (-66.5%) Occupancy for previous weeks came in at 29.2% (31 October), 31.1% (24 October), and 29.9% (17 October), respectively. For the week ending with 7 November, Nova Scotia recorded the highest occupancy level (36.1%) among the provinces. Vancouver (31.9%) was the only major market at or abo...
STR: U.S. Weekly Hotel Occupancy Relatively Flat From Previous Week
STR | November 12, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy was relatively flat from the previous week, according to the latest data from STR through 7 November. 1-7 November 2020 (percentage change from comparable week in 2019): Occupancy: 44.2% (-35.9%) Average daily rate (ADR): US$91.40 (-31.1%) Revenue per available room (RevPAR): US$40.36 (-55.8%) Down slightly from 44.4% the prior week, the country’s occupancy level was its lowest since the week of June 14-20. Aggregate data for the Top 25 Markets showed lower occupancy (39.9%) but higher ADR (US$97.13) than all other markets. Only two of those major markets rea...
COVID-19’s Impact on Values
Rod Clough | November 11, 2020
By Rodney G. Clough, Ryan Mark, Chris Cabrera The hotel sector is most certainly managing its way through the trough of the current downcycle, and a tough winter lies ahead for the U.S. lodging industry, although brighter skies should emerge next year. We took this opportunity to review our valuation findings and compare these to valuations of the same hotels we completed in the years and months leading up to the spring 2020 decline. We have appraised over 1,000 hotels since the start of the pandemic (most from mid-summer to today). Of these, 140 were also appraised by our firm in the 2017–2019 peak-value timeframe. The percentage change...
U.S. Looks Set to Lose 9.2 Million Jobs in 2020 Due to COVID-19 and Travel Restrictions, Says WTTC
November 11, 2020
London, UK: A staggering 9.2 million jobs could be lost in the U.S. Travel & Tourism sector in 2020 if barriers to global travel remain in place, the World Travel & Tourism Council (WTTC) revealed. The new figure comes from WTTC’s latest economic modelling, which looks at the punishing impact of COVID-19 and travel restrictions on the Travel & Tourism sector. According to the latest data, 7.2 million jobs in the U.S. have been impacted. If there is no immediate alleviation of restrictions on international travel, as many as 9.2 million jobs – more than half of all jobs supported by the sector in the U.S. in 2019 – woul...
