market report
A Focus on Sports in Naples Attracts a Younger Demographic
Hannah McManus | February 5, 2024
By Hannah McManus The Paradise Coast Sports Complex, Naples’ premier sports and special-events venue, opened in December 2020 and has been ramping up operations and expanding since. The 180-acre venue features eight multi-use fields (for soccer, lacrosse, and football), a stadium, and six sand volleyball courts as athletic facilities. Event, entertainment, and recreational spaces at the complex include the Great Lawn and Great Lawn Amphitheater, the Factory outdoor fitness facility with the MoveStrong obstacle course, and the Cove beer and wine bar. Phase III of development is currently underway. A ninth field and eleven diamond fields ...
Competition for Leisure Guests Heats Up Between Hotels and Short-Term Rentals
AirDNA | November 14, 2022
DENVER, Nov. 14, 2022 -- A new joint report from hospitality data supplier STR and short-term rental analytics provider AirDNA shows that competition between short-term rentals and hotels has accelerated in the fight for leisure guests, with the price gap tightening and rental supply falling behind in urban markets. During the pandemic, the U.S. short-term rental sector used its supply flexibility to recover faster than hotels, especially in coastal and mountain destinations, pushing rentals' market share to a record 17% of total lodging in summer 2020. Hotels retargeted towards leisure guests to reclaim demand, focusing on urban areas, pu...
Europe’s Historical and Forward-Looking Hotel Data Shows Music Event Boost
STR | August 16, 2022
When big name musicians come to town, hotels usually see significant uplift in demand, and subsequently, command strong room rates. With the 2022 summer months drawing to a close in the northern hemisphere, European markets have been a prime example. In this analysis from STR, both forward-looking and historical data show that music is good for the hotel industry—especially when icons such as Bruce Springsteen, Ed Sheeran, Elton John, and Westlife come to town. Early birds get in quick for Springsteen After his U.S. tour commences at the start of 2023, rock legend, Bruce Springsteen, will perform in the U.K. for the first...
Baird/STR Hotel Stock Index dropped 5.8% in May
Baird | June 13, 2022
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index dropped 5.8% in May to a level of 5,584. Year to date through the first five months of 2022, the stock index has decreased 2.8%. “Hotel stocks declined in May amid the broader stock market volatility as investors grew concerned about macroeconomic slowing and inflationary pressures, among other risks and uncertainties,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Hotel fundamentals have continued to improve and are showing no signs of slowing; the demand recovery is broadening, the harder-hit urban markets are re...
Despite Global Pressures, April Hotel Profit Up
HotStats | May 31, 2022
The higher cost for goods is not yet wrecking traveler appetite. Despite record gas prices, ballooning airfares and crippling inflation roiling the globe, hotel performance remained widely steady, if not getting better, in April, with increases in both the top and bottom line. In the U.S., April gross operating performance per available room (GOPPAR) hit $96.08, which was 92% back to where it was pre-pandemic. Accounting for the rise was a strong top line that featured both growth in occupancy and average daily rate, with the latter outpacing where it was in April 2019, $5 higher on a nominal basis. Total revenue per...
LAC Profit Pops in Q1 Amid Enduring COVID-19, Inflation Worry
HotStats | May 24, 2022
If it’s not one thing, it’s another—or two or three. The Latin America and Caribbean region is not alone in the hardship exacted by COVID-19 and now added detriments, including high inflation, rising interest rates and labor costs, but the region’s hotels are showing resilience. Like the rest of the world, COVID is not through with the LAC region. As of May 2022, LAC had nearly 1.7 million deaths, which amounts to more than 27% of deaths worldwide, according to the Pan American Health Organization (PAHO). Peru had the highest recorded COVID-19 mortality rate in the region, followed by Brazil, Chile, Argentina, Colombia and Trinidad...
Strength in Average Daily Rate Now Expected to Drive 2022 RevPAR Above 2019 Levels
PwC Hospitality Directions | May 23, 2022
Despite an initial pullback in the recovery timeline caused by a surge in infections from a new omicron variant of the COVID-19 virus in December and January, continued improvement in top-line metrics for US hotels is expected for the remainder of this year and next. While leisure travel continued to drive much of lodging’s demand in Q1, individual business travel and group business have started to emerge as we head into the warmer months. Strong leisure business is expected to cause demand compression over the summer, driving room rates and resultant RevPAR levels to new highs. If tensions ease in Ukraine and immunity levels continue to in...
STR: Australian Grand Prix Drove Melbourne Hotel Rates to Record High in April
STR | May 10, 2022
LONDON—Lifted by the Australian Grand Prix, Melbourne’s hotel industry reported its highest monthly room rates on record, according to preliminary April 2022 data from STR. Occupancy: 65.1% Average daily rate (ADR): AUD238.30 Revenue per available room (RevPAR): AUD155.14 The market’s occupancy level was its highest since February 2020, while RevPAR was the highest since November 2019. When looking at daily data, the night prior to race day (9 April) showed the highest performance levels for the month: occupancy (89.2%), ADR (AUD387.51) and RevPAR (AUD345.68). The Grand Prix weekend (8-10 April) was the only time durin...
