economic insights
China’s Hotel Construction Pipeline Continues to Remain Robust at the Q3 2020 Close
Lodging Econometrics | November 19, 2020
November 18, 2020 – PORTSMOUTH, NH - According to the latest China Construction Pipeline Trend Report, analysts at Lodging Econometrics (LE) report that China's total hotel construction pipeline remains robust at 3,409 projects/634,119 rooms, up 1% by projects and rooms year-over-year (YOY). These project and room counts are, however, down slightly over peak Q2 ’20 totals, which were the highest seen in China during this lodging real estate development cycle. There are currently 2,208 projects/405,530 rooms under construction in China, down YOY 13% by projects and 8% by rooms. Like last quarter, projects scheduled to start constructio...
Global Hotel Profit Improves in Q3, But Still Languishing
HotStats | November 9, 2020
Hotels globally performed better in the third quarter, but the improvement proved to be only less bad, as COVID-19 continues to roil the world. U.S. hotels in Q3 achieved a gross operating performance per available room (GOPPAR) of $-9.87, which was 58% higher than the GOPPAR recorded in Q2, but 110% down from the same period a year ago, according to data from HotStats. Though the quarter produced a jump, the U.S. remains the only global region yet to have achieved a positive month of GOPPAR since the pandemic began. The data follow similar trends in the U.S. GDP, which grew around 7.4% during the quarter, after shrinking 1.2% in the fi...
STR: U.S. Weekly Hotel Occupancy Lowest Since Late June
STR | November 5, 2020
HENDERSONVILLE, Tennessee—U.S. weekly hotel occupancy was the lowest for any week since late June, according to the latest data from STR through 31 October. 25-31 October 2020 (percentage change from comparable week in 2019): Occupancy: 44.4% (-29.0%) Average daily rate (ADR): US$91.56 (-27.4%) Revenue per available room (RevPAR): US$40.70 (-48.4%) With rising COVID-19 case numbers and less leisure travel, the U.S. saw a second consecutive week with fewer hotel guests. During October 25-31, room demand fell 1.3 million from the prior week, leading to the country’s lowest occupancy level (44.4%) since the week of June 14-2...
U.S. Travel Reacts to Economic Plunge
The U.S. Travel Association | July 31, 2020
WASHINGTON (July 31, 2020)—U.S. Travel Association Executive Vice President for Public Affairs and Policy Tori Emerson Barnes issued the following statement on the record plunge in U.S. GDP announced Thursday morning: “This morning’s news of a 32.9% Q2 contraction is evidence that this economy is not going to be able to make it up off the mat without bold action by Congress to provide significant and meaningful relief. “The travel industry, which helped employ one in 10 Americans last year, has been hit hardest by the economic fallout of the pandemic—having lost half its jobs already and on track for a drop of more than a half...
