market reports
STR Weekly Insights: 13-19 October 2024
CoStar Group | October 25, 2024
Analysis by Isaac Collazo, Will Anns Highlights Hurricane recovery, college football, Taylor Swift and more lift U.S. RevPAR Strong RevPAR growth seen in Northeastern U.S. hotels Global performance unwavering In the week ending 19 October 2024, U.S. revenue per available room (RevPAR) advanced 4.2% on 2.5 growth in average daily rate (ADR) and a 1.1 percentage point (ppt) increase in occupancy. RevPAR growth in the Top 25 Markets trailed slightly versus the remaining markets, which saw ongoing demand and ADR gains from areas impacted by Hurricanes Helene and Milton. Additionally, Taylor Swift’s tour stop and the Ado...
Auckland Hotel Booking Levels Topping 80% for Upcoming Coldplay Concerts
CoStar Group | October 11, 2024
WASHINGTON – 11 October 2024 – Auckland hotel booking levels are as high as 84% for Coldplay’s ‘Music of the Spheres’ World Tour next month, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Over the course of October and November, Coldplay is set to perform 11 times across three markets in the region: Melbourne, Sydney, and Auckland. As of 30 September, Auckland was showing the highest levels in occupancy on the books, peaking at 84.1% for Friday, 15 November. That represents a 33.9% increase from the same time last ...
U.S. Hotel Results for Week Ending 5 October
CoStar Group | October 11, 2024
WASHINGTON – 11 October 2024 – Due to Rosh Hashana, the U.S. hotel industry reported negative year-over-year comparisons, according to CoStar’s latest data through 5 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 29 September through 5 October 2024 (percentage change from comparable week in 2023): Occupancy: 65.6% (-3.4%) Average daily rate (ADR): US$156.25 (-4.4%) Revenue per available room (RevPAR): US$102.44 (-7.7%) Among the Top 25 Markets, Tampa saw the highest year-over-year increases in occupancy (+24.1% to 81.3%) and RevPAR (...
Dubai Welcomes a Record 9.31 Million Visitors in the First Half of 2024
Dubai Department of Economy and Tourism | August 2, 2024
National, 2nd August 2024: Dubai welcomed 9.31 million international overnight visitors from January to June 2024, a 9% increase over the 8.55 million tourist arrivals in the first half of 2023, according to data published by Dubai Department of Economy and Tourism (DET). Following a landmark 2023, when the city hosted 17.15 million international overnight visitors, Dubai maintained its robust tourism momentum into the first six months of this year, putting the city on track for a record performance in 2024. Driven by DET’s efforts in collaboration with stakeholders and partners, the growth in international visitation aligns with the ove...
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...
US Solar Eclipse Hotel Occupancy Increases by Another 10 Percent
Amadeus | March 21, 2024
Amadeus Demand360+ data shows demand is still on the rise On April 8th, there will be a total solar eclipse that traverses North America. Being able to witness this from land is incredibly rare, with astronomers at NASA saying that it could be as long as 375 years before a similar event occurs in this North American pathway. Over the past few months, Amadeus has been tracking the impact of the eclipse on hotel booking patterns across America using forward-looking business intelligence data from Demand360+®. The highlights from the latest data drawn on February 29, 2024, are as follows: Average hotel occupancy across the 9 markets of...
