room rate
Understanding California’s New Hotel Industry Legislation and Its Impact
Cendyn | May 23, 2024
California’s hotel industry is gearing up for significant changes with the introduction of two pivotal laws: California Senate Bill 644 and California Assembly Bill 537. While the former focuses on cancelation policies, the latter emphasizes pricing display transparency. In this blog, we’ll delve into the key aspects of each bill and explore their potential impact for hoteliers. California Senate Bill 644 was officially endorsed by the Governor and filed with the Secretary of State on October 10, 2023, and mandates hotels in California to allow penalty-free cancelations within 24 hours after the confirmation if reservations are made at...
Boston/Cambridge Lodging Market – 2023 Year End Review
Rachel Roginsky | January 31, 2024
By Rachel Roginsky The Boston/Cambridge lodging market ended 2023 at 76.4% occupancy, a 6.8% variance over 2022’s 69.6%. This 6-point increase in occupancy is a result of the market accommodating 8.6% more rooms in 2023 compared to the prior year; 0.6% more rooms occupied as compared to 2019. Seasonality appears to be in sync with what we typically expect for the Boston market. Peak season, May through October, monthly occupancies ranged between 84% and 89%, averaging 86%. The three-month shoulder season, March, April and November, market occupancy averaged 75%. December through February, our slow season, market occupancy averaged 58% in...
Economic Headwinds and Geopolitical Tensions Will Likely Impact Hotel Performance Through 2024 According to PwC
Hospitality Directions | November 13, 2023
Leisure demand, while still strong, began to soften in the back half of this year for US hotels, as other parts of the world continued to reopen their vacation destinations and leisure travelers began to once again feel safe traveling abroad. Increases in individual business travel and group business have not yet been able to fully offset this softening. As a result, occupancy levels have declined in each of the past seven months, relative to comparable 2022 levels, and are expected to continue to be down during the remainder of this year and through at least the first quarter of 2024. Room rate growth had played a significant role in the ini...
