Hotel recovery
Boston and Cambridge Lodging Market: Navigating Post-Pandemic Realities and Future Prospects
Rachel Roginsky | September 25, 2024
By Rachel Roginsky, ISHC The Boston and Cambridge lodging market, one of the most vibrant and dynamic in the United States, has undergone significant changes in recent years. These changes, spurred by external factors like the COVID-19 pandemic, economic fluctuations, and evolving consumer preferences, have created a complex landscape for hoteliers and investors alike. This article delves into the current status of the Boston/Cambridge market, examines historical data and trends, and offers short term projections for the future. Historical Overview: A Market Shaped by External Forces Pre-Pandemic Growth and Resilience (2015-2019) In the y...
An Overview of San Francisco’s Prolonged Recovery
Jason Lee | September 5, 2024
Since the COVID-19 pandemic, San Francisco has been navigating a difficult and lengthy road to recovery. Concerns over safety and street conditions, record-high office vacancies, a weak convention calendar, and limited visitation from Asia are among the challenges for local hoteliers. However, the long-term outlook remains cautiously optimistic given the growing presence of artificial intelligence companies, the fuller rebound of convention activity, and major sporting events planned for 2026, including Super Bowl LX and the FIFA World Cup. Lodging, Convention, and Travel Trends Following a rebound in 2022, San Francisco’s hotel perform...
Connecticut’s Post-COVID Climb
Kilian O’Brien | October 24, 2023
By Kilian O'Brien The onset of COVID-19 in March 2020 had devastating effects for the tourism industry across the country, and the state of Connecticut experienced the third-largest decline in travel, tourism, and outdoor recreation employment from Q2 2019 to Q2 2020. Connecticut was quick to rebound, however, with 2022 occupancy levels only slightly below those of 2019 and average daily rate (ADR) levels far surpassing those of 2019. The upcoming renovation of the XL Center in Hartford, Connecticut’s “Find Your Vibe” campaign, and the state’s current hotel development pipeline are all indicators of Connecticut’s recovery and s...
Japan Hotel Performance Recovery Accelerated During Summer Months
CoStar Group | October 13, 2023
Analysis by Shiori Sakurai July room rates stand out Even though room rates remained flat in comparison with 2019 during the first half of the year, Japan posted elevated average daily rate (ADR) of JPY18,507.46 in July. That level was 126.9% of what was seen in the comparable month of 2019. Japan’s hotel occupancy is still yet to reach full recovery, with July’s 73.4% average coming in at 88.3% of the pre-pandemic comparable. When looking at daily data, the highest occupancy level was on Saturday, 15 July (at 89.2%), which was the first day of Marine Day, a three-day-long national holiday in Japan. That occupancy level w...
The Rebounding San Diego Lodging Market Attracts Investor Interest
Marcus Lee | September 11, 2023
By Marcus Lee Following the COVID-19 pandemic and the significant decline in market performance, hotel demand levels in Greater San Diego[1] have rebounded. Some factors supporting the recovery included the following: Stability within the government and military sector Increased business activity, including growth in the biotechnology and life-sciences sectors, as six San Diego-based companies, including Janssen and Pfizer, worked on the production of the COVID-19 vaccine The strong rebound in leisure travel and the popularity of the region as a tourist destination A quick rebound in passenger traffic at San Diego Internat...
Mississippi Gulf Coast: A Record Recovery
Lauren Hock | September 1, 2023
By Lauren Hock 2020: Strength During the Pandemic The COVID-19 pandemic initially posed a major threat to the leisure-heavy Gulf Coast tourism industry, as the market only benefited from one month of Spring Break travel before the stay-at-home orders were issued. However, the state of Mississippi relaxed its COVID-19 restrictions sooner than competitive markets in nearby states, thereby allowing the state’s Secret Coast resorts to capture large amounts of pent-up leisure demand. As a result, occupancy and ADR for July and August nearly reached pre-pandemic levels. The hurricane season can have a negative or positive impact on Gulf Coas...
Europe Expects Bumper Year for MICE Travel According to MMGY Global’s Latest Portrait of European Meeting and Convention Travel Report
MMGY Global | August 24, 2023
In-person meetings are back for Europe, hotels and hotel conference rooms are seeing a revival, and sustainability considerations are on the rise Leading integrated travel, tourism and hospitality marketing agency MMGY Global exclusively reveals key industry insights in the latest Portrait of European Meeting and Convention Travel report. With key research conducted by the MMGY Travel Intelligence team who specialise in custom market research for the travel and tourism industry, the comprehensive study provides valuable findings on the MICE industry. The report – created in partnership with IMEX and MMGY Hills Balfour, sponsored by sev...
Capital Investment Fuels Growth in Travel & Tourism, Forecast to Reach Nearly $1 Trillion Says WTTC
The World Travel & Tourism Council | August 23, 2023
Strong travel growth spurred rise in sector investment in 2022 Asia-Pacific and Africa see investment up 161% in 2022 over 2000 Private capital investment integral to sector’s success Las Vegas, USA: The World Travel & Tourism Council’s (WTTC) Travel & Tourism Economic Impact 2023 Global Trends Report today reveals an encouraging resurgence in Travel & Tourism investment, overcoming pandemic setbacks and signalling a strong return to growth. From 2010 to 2019, investment grew steadily at 4.3% CAGR, growing from $754.6BN in 2010 to $1.1TN in 2019, or 4.5% of all economy-wide investment. COVID-19 hit hard, leading to a ...
