market trends
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...
Rio de Janeiro’s Room Rates Jumped to Eight-Year High Thanks to Rock in Rio
CoStar Group | October 17, 2024
WASHINGTON – 17 October 2024 – Boosted by the Rock in Rio music festival, Rio de Janeiro’s hotel industry reached its highest monthly average daily rate (ADR) and revenue per available room (RevPAR) in eight years, according to September preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. September 2024 (year-over-year % change): Occupancy: 71.5% (+10.3%) ADR: BRL907.20 (+35.5%) RevPAR: BRL648.33 (+49.4%) The only month with higher ADR and RevPAR in Rio was August 2016 during the Summer Olympics. The first night of the R...
U.S. Hotel Results for Week Ending 12 October
CoStar Group | October 17, 2024
WASHINGTON – 17 October 2024 – Helped by the Columbus Day/Indigenous Peoples' Day calendar shift, the U.S. hotel industry reported positive year-over-year comparisons, according to CoStar’s latest data through 12 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 6-12 October 2024 (percentage change from comparable week in 2023): Occupancy: 70.3% (+2.4%) Average daily rate (ADR): US$166.88 (+1.4%) Revenue per available room (RevPAR): US$117.28 (+3.8%) Among the Top 25 Markets, New Orleans saw the largest performance lifts across each of ...
Events Pushed Brisbane Hotel Performance to September Highs
CoStar Group | October 17, 2024
WASHINGTON – 17 October 2024 – Events pushed Brisbane hotel average daily rate (ADR) and revenue per available room (RevPAR) to all-time highs for September, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. September 2024 (year-over-year % change): Occupancy: 78.5% (+3.3%) ADR: AUD236.64 (+1.7%) RevPAR: AUD185.82 (+5.0%) Noteworthy nights for hotels occurred during the Brisbane Festival, Brisbane Lions elimination AFL final, and consistent events at the Convention Centre. On Saturday, 7 September...
Growth Across Pacific Slows as Post-Pandemic Rebound Fades, Says World Bank
World Bank | October 17, 2024
By Kirsty Needham SYDNEY (Reuters) - Growth across the Pacific Islands is expected to slow to 3.6% this year, down from 5.8% in 2023, as a post-pandemic rebound fades and Fiji, contributing half of the region's output, slowed significantly, the World Bank said on Tuesday. A long-term slowdown was caused by weaker investment, increasing climate risks, and structural challenges, a report said. Without immediate action to ramp up investment, Pacific Island nations may struggle to reduce poverty and generate new economic opportunities, it added. The Washington-based global lender said investment had shrunk on average across Pacific Island coun...
Jamie Dimon Charts JPMorgan Expansion Plan Into Africa
JPMorgan Chase | October 17, 2024
By Nupur Anand NEW YORK (Reuters) -JPMorgan Chase, the largest U.S. lender, plans to enter Kenya and Ivory Coast this year and grow its footprint in Africa, CEO Jamie Dimon told Reuters. International markets are a growth area for JPMorgan, which has more than $4.2 trillion in assets and operates in over 100 countries. That compares with Citigroup, which does business in almost 180 countries and has the largest global footprint among U.S. banking giants. "We want to add a country or two (enter or deepen presence) in Africa, every couple of years or so," Dimon said by phone from New York on Friday before departing on a trip to Africa. The c...
UK’s Premier Inn Owner Whitbread Enjoys Bookings Boost After Lower Profits
Premier Inn | October 17, 2024
By Shanima A (Reuters) -Bookings at British hotel group Whitbread are picking up for the holiday season, the company said on Wednesday, after reporting a fall in first-half profit. Whitbread shares rose more than 4% in early trade after the group, which also owns restaurant and pub chains such as Beefeater and Bar+Block Steakhouse, raised its interim dividend and announced a share buyback programme worth 100 million pounds ($129.95 million). "After a slightly softer start in September we've seen trading pick back up and we're outperforming the market," CEO Dominic Paul told Reuters. UK revenue per available room (RevPAR) - an important me...
U.S. Hotels Posted Record-High ADR and RevPAR in 2023
CoStar Group | January 18, 2024
WASHINGTON – 18 January 2024 – The U.S. hotel industry posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 2023 (percentage change from 2022): Occupancy: 63.0% (+0.6%) ADR: US$155.62 (+4.3%) RevPAR: US$97.97 (+4.9%) The country’s occupancy level was its highest since 2019. Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+8.8% to 81.6%), ADR ...
