lodging market
U.S. Hotel Results for Week Ending 27 July
CoStar Group | August 2, 2024
WASHINGTON – 2 August 2024 – The U.S. hotel industry reported lower performance results than the previous week and mixed comparisons year over year, according to CoStar’s latest data through 27 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 21-27 July 2024 (percentage change from comparable week in 2023): Occupancy: 72.0% (-0.4%) Average daily rate (ADR): US$164.45 (+1.3%) Revenue per available room (RevPAR): US$118.37 (+0.9%) Among the Top 25 Markets, New Orleans saw the highest year-over-year occupancy increase (+16.9% to 66.7%). ...
Lodging Econometrics: Dallas Continues to Lead U.S. Construction Pipeline
Lodging Magazine | August 2, 2024
According to the recent Q2 2024 United States Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the quarter, the five markets with the largest hotel construction pipelines were led by Dallas with 189 projects, just four projects shy of its record-high at the end of Q4 2023 and a new record-high 22,392 rooms. Atlanta followed with a record-high 159 projects/18,522 rooms, then the Inland Empire with a record-high 124 projects/12,569 rooms, Nashville with 123 projects/15,924 rooms, and Phoenix with 120 projects/15,627 rooms. Ten states claim 60 percent of the rooms in the pipeline: Texas, California, Florida...
Recent Challenges Faced by the Monterey County Lodging Market
Curtis Herbolich | August 2, 2024
Similar to other resort destinations in California, Monterey County was initially affected by the COVID-19 pandemic; however, the economic effects in 2020 were somewhat minimized by the market’s proximity to the San Francisco Bay Area. Monterey’s appeal as a picturesque, lower-density, drive-to destination drew significant interest from those seeking refuge from urban centers during the pandemic. According to STR, Monterey County experienced a faster rebound across all hotel performance metrics in 2021 than the San Francisco Bay Area, driven by a surge in demand for outdoor leisure attractions, such as Pebble Beach Golf Resorts, Big...
Lodging Market Should Recover Fully by 2023
CBRE Group, Inc. | May 31, 2022
Drive-to and Leisure Hotels Continue to Perform Best Dallas – May 31, 2022 – CBRE is raising its forecasts of hotel performance for 2022 and beyond, based on Q1 2022 strength, continued slowing of construction activity, higher inflation and continued optimism about employment and economic growth. CBRE’s forecasts call for a full recovery in average daily rate (ADR) in 2022 and in demand and revenue per available room (RevPAR) in 2023. Despite headwinds from the Omicron variant, Q1 RevPAR reached $72.20, up 61 percent from year earlier. RevPAR growth was driven by a 39 percent increase in ADR)and a 16 percent increase in occupancy. ...
Q2 2019 U.S. Lodging Market Update
Daniel Lesser | August 6, 2019
By Daniel Lesser With 121 consecutive months of growth through Q2 2019, the U.S. economy is now in record territory for the longest expansion period in history. The decade long economic expansion has been fueled in part by job growth, record low unemployment rates, and low interest rates in the capital markets. During the first half of 2019, America has continued to add jobs, albeit at a slower pace compared to last year. U.S. consumer confidence remains vigorous and stock market indices continue to set record high levels. To mitigate the risks of slower global growth and trade-policy uncertainty, during the near term, the Federal Reserve ...
Q1 2019 U.S. Lodging Market Update
Daniel Lesser | April 24, 2019
By Daniel H. Lesser While the longer economic growth endures, intuitively the risk of recession rises. Despite GDP indicative of a slowing economy during Q4 2019, the U.S. economic expansion which commenced in June 2009, is soon approaching the longest post-World War II expansion with uninterrupted growth. Investors frequently ponder where we are in a cycle. Is the current economic climate most like 1995, 1999, 2000, 2003, 2008 or 2016? While history often rhymes, the reality is we are in 2019, which presents its own set of idiosyncratic risks and opportunities. Many economists have opined that expansions do not die of old age, rather t...
Tampa Lodging Market: Cause for Optimism
Allison Fogarty | July 19, 2018
Co-written by Allison Fogarty and Anu Lamichhane Ever since it was first settled and incorporated as a tiny village back in 1849, Tampa's population has shown a remarkably consistent growth trajectory with its subtropical climate, affordability, and robust local economy continuing to attract new residents from far and wide. Mirroring this population increase is the number of annual visitors making their way to this coastal Florida metropolis, which has subsequently led to a surge in hotel developments aiming to capitalize on strong demand growth. It is therefore little surprise that both demand and supply are expected to grow at above t...
Q3 2017 U.S. Lodging Market Update
Daniel Lesser | October 19, 2017
By Daniel Lesser As the world's economy strengthens, the outlook for America is bright, evidenced by heightened business and consumer confidence. Today, the U.S. is a goldilocks economy with GDP growth anticipated to remain between 2 and 3 percent, unemployment forecast to remain stable, and little evidence of inflation or deflation. While the Federal Open Market Committee has held the federal funds rate flat, experts expect several small increases through 2019. Some prognosticators perceive current record setting U.S. stock market indices may indicate exuberance, and a signal of a peak in the business cycle with potential for economic ...
