los angeles hotel market
Destination Los Angeles: A Look at the Future of the Hotel Market
Kirsten Smiley | April 13, 2023
By Kirsten Z. Smiley, Aidan Martin In 2022, the Los Angeles market showed a significant rebound, as ADR well exceeded 2019 levels, although occupancy still trailed pre-pandemic levels. While concerns about COVID began to fade, business travel had yet to fully recover, and international travel was hit by flight shortages and a visa backlog. Regardless, ADR growth was fueled by inflation, the influx of high-quality new hotels that opened in the last few years, and Super Bowl LVI held in February 2022. Recent Los Angeles Hotel Metrics Source: STR Mega Events The 2022 Super Bowl was held at the new SoFi Stadium in February, dur...
Los Angeles Hotels Underperform Super Bowl Expectations
STR | March 2, 2022
Los Angeles hoteliers enjoyed a strong lift but underperformed due to the Omicron impact. Since 2011, STR has analyzed the top-line hotel performance impact for the Super Bowl host city, both in terms of absolute performance and year-over-year change. As usual, STR also made a prediction about Los Angeles hotel performance weeks before the event, forecasting revenue per available room (RevPAR) of US$396 for the weekend of the big game (Friday-Sunday). With actualized data now processed, that RevPAR projection was an overestimate as weekend RevPAR reached just US$310 RevPAR. Fortunately, that RevPAR level was still a 272% increase from t...
COVID-19’s Impact on the Los Angeles Hotel Market
Luigi Major | April 27, 2021
By Luigi Major The Los Angeles hotel market, along with the rest of the world, experienced an unprecedented drop in demand in 2020 following the start of the COVID-19 pandemic. Hotel occupancy declined to 49% in 2020, compared to 80% in 2019, while average daily rate (ADR) decreased to $139 in 2020 from $181 the previous year. Overall, revenue per available room (RevPAR) decreased 52.6%, the largest decline in the history of the market. Based on the latest dynamics of supply and demand, below we present our latest forecasts for the recovery of L.A.-area hotels in 2021 and beyond. As with the rest of the industry, while occupancy is antici...
Los Angeles Has the Largest Hotel Construction Pipeline in the United States
Lodging Econometrics (LE) | January 27, 2020
January 27, 2020 – PORTSMOUTH, NH – In the most recent Lodging Econometrics (LE) Construction Pipeline Trend report on Los Angeles, LE states that Los Angeles has a total of 168 projects/28,501 rooms in the construction pipeline, the largest pipeline of any market in the U.S. Of this total, hotels presently under construction are at 46 projects/7,064 rooms, projects scheduled to start construction in the next 12 months are at 56 projects/9,199 rooms, and those in early planning are at 66 projects/ 12,238 rooms. If all of the projects in the pipeline come to fruition, this will increase the city’s guest room supply by 27.1%. The thr...
