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U.S. Hotel Results for Week Ending 26 October
CoStar Group | October 31, 2024
WASHINGTON – 31 October 2024 – The U.S. hotel industry reported positive year-over-year comparisons, according to CoStar’s latest data through 26 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 20-26 October 2024 (percentage change from comparable week in 2023): Occupancy: 69.0% (+4.5%) Average daily rate (ADR): US$168.69 (+4.6%) Revenue per available room (RevPAR): US$116.32 (+9.3%) Among the Top 25 Markets, Tampa saw the largest occupancy lift (+28.1% to 84.2%), due to continued displacement demand from Hurricane Milton. New Or...
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...
U.S. Hotel Construction Increased for Seventh Consecutive Month
CoStar Group | October 24, 2024
WASHINGTON – 24 October 2024 – The volume of U.S. hotel rooms under construction increased year over year for a seventh consecutive month, according to CoStar’s September 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. U.S. Hotel Pipeline September 2024 (percentage change from September 2023) In construction: 157,253 rooms (+7.0%) Final Planning: 268,190 rooms (+10.4%) Planning: 336,205 rooms (+38.4%) “Growth in rooms in construction has accelerated over the last seven months,” said Isaac Collazo, STR’s VP, analytics...
Hotel Pipeline Activity Increased Globally, Except for Europe
CoStar Group | October 24, 2024
WASHINGTON – 24 October 2024 – Europe is the only world region with lower hotel pipeline activity year over year, according to September 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. September 2024 (% change in comparison with September 2023): Europe In construction: 163,135 rooms (-1.0%) Final Planning: 87,779 rooms (-21.9%) Planning: 162,275 rooms (+1.7%) Total Under Contract: 413,189 rooms (-5.4%) Among countries in the region, Germany (27,175) led in construction activity, closely followed by the U.K. (24,733). ...
U.S. Hotel Results for Week Ending 19 October
CoStar Group | October 24, 2024
WASHINGTON – 24 October 2024 – The U.S. hotel industry reported positive year-over-year comparisons, according to CoStar’s latest data through 19 October. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 13-19 October 2024 (percentage change from comparable week in 2023): Occupancy: 70.1% (+1.6) Average daily rate (ADR): US$169.85 (+2.5%) Revenue per available room (RevPAR): US$119.01 (+4.2%) Among the Top 25 Markets, Tampa saw the largest occupancy lift (+23.6% to 83.7%), due to continued displacement demand from Hurricane Milton. Miami ...
77% of Global Markets Grew RevPAR Against Last Year, Japan Generating More Momentum
CoStar Group | October 24, 2024
Analysis by M. Brian Riley Note: All financial figures presented in US$. STR's global "bubble chart" update for the four weeks ending 12 October 2024 shows 77% of markets with year-over-year growth in revenue per available room (RevPAR). That was a substantial 14-point increase in the proportion of global hotel markets experiencing matched period RevPAR gains in last month's update Among countries with 50,000 rooms and sufficient hotel reporting levels, Greece ($255), Singapore ($241), Italy ($240), France ($232), and Switzerland ($196) posted the highest RevPAR on an actualized basis. That was the same set of countri...
Canada Hotels Record First Occupancy Decline in Nine Months
CoStar Group | October 22, 2024
WASHINGTON – 22 October 2024 – Canada’s hotel industry recorded its first month-over-month occupancy decline since January 2024, according to CoStar’s September 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. September 2024 (percentage change from 2023): Occupancy: 74.0% (-1.8%) Average daily rate (ADR): CAD227.99 (+2.6%) Revenue per available room (RevPAR): CAD168.69 (+0.8%) “Declines in both group and transient demand resulted in softer occupancy across Canada hotels,” said Laura Baxter, CoStar Group’s director of hospitalit...
U.S. Election Impact on Global Travel and Hotel Performance
CoStar Group | October 21, 2024
Analysis by Kelsey Fenerty American outbound travel was much stronger than anticipated across European markets this year, in part due to mega events such as the Summer Olympics and Taylor Swift’s Eras Tour. With the summer months past us, conversations are now swirling around how the U.S. presidential election will impact tourism outside of North America. Less international travel is standard this time of year There will be fewer Americans abroad this autumn and winter, which is entirely normal. U.S. schools resumed between mid-August to early-September with corporate conference season following swiftly thereafter. The U.S. h...
