Raymond Parejo
Boston Hotel Market Update: Ten Things to Know
Erich Baum | January 8, 2024
By Erich Baum, Brian Bisema, Raymond Parejo, Nico Cooper Boston is back. The three key demand channels have returned to an approximation of their pre-pandemic levels (conventions and business travel up, leisure down), and the city’s RevPAR has improved to third in the nation, supplanting Miami and various West Coast rivals. Here are ten things to know about the city. 1. Boston’s revenue per available room (RevPAR) is on pace to finish 2023 at approximately 110% of its 2019 level. Occupancy is lagging slightly, at 97% of the pre-pandemic peak, but average rate is picking up the slack. 2. Conventions came roaring back in 2023. The ...
The Strong Rebound of Newport, Rhode Island, America’s First Resort City
Raymond Parejo | May 18, 2023
By Raymond Parejo Newport, Rhode Island, became America’s first resort city in the 1720s, as wealthy passengers traveled by ship from the southern colonies and the Caribbean to escape the summer heat and humidity. Among the significant historical attractions in the city, which boasts more standing buildings constructed before 1830 than any other American community, are the legendary Newport mansions that served as summer homes for the likes of Cornelius Vanderbilt in the early 20th century. Newport’s modern-day economy continues to be fueled by the seasonal tourist trade. Newport County, which comprises Newport, Middletown, Portsmout...
Recent Trends in Vacationland: The Ebb and Flow of the Coastal Maine Lodging Market
Brian Bisema | December 19, 2022
By Brian F. Bisema, Raymond Parejo The primary economic engine of Coastal Maine, also known as Vacationland, is the summer tourist season, which experienced tremendous growth in 2021 and continued strengthening in 2022. Attractions such as Acadia National Park, local beaches, lighthouses, and a host of restaurants, bars, breweries have remained the drivers of leisure travel. Bleisure travel (a combination of business and leisure travel) to the Maine/Greater New England area has also increased substantially over the past 18 months, further bolstering lodging performance. Despite the staggered opening of the U.S.–Canada border, and with C...
Almost Home: The Boston Hotel Market Approaches a Recovery
Erich Baum | December 13, 2022
By Erich Baum, Brian F. Bisema, Raymond Parejo According to STR, Boston’s revenue per available room (RevPAR) finished 2021 at roughly half the pre-pandemic 2019 level, a discouraging performance. But the city took a leap forward in 2022 and is on pace to finish the year with a RevPAR level just a shade below the pre-pandemic performance. After adjusting for inflation, these results are less significant, of course, but the turnaround still represents a huge achievement, particularly considering that the recovery is still in progress for the international travel, corporate transient, and convention demand channels. As illustrated in the ...
