tourism economics
STR, TE Maintain 2024-25 U.S. Hotel Forecast
STR | August 8, 2024
NASHVILLE – STR and Tourism Economics made slight adjustments to the 2024-25 U.S. hotel forecast just released at the 16th Annual Hotel Data Conference. For 2024, projected gains in average daily rate (ADR) were downgraded 0.1 percentage points, while revenue per available room (RevPAR) was held steady at +2.0% year over year. Occupancy for the year was upgraded 0.2 ppts, after the previous forecast projected a year-over-year decline in the metric. For 2025, the occupancy growth projection was also lifted (+0.2ppts), while the forecast for ADR and RevPAR increases were kept at +2.0% and +2.6%, respectively. “Midscale and Eco...
STR, TE Downgrade U.S. Hotel Forecast
STR | June 3, 2024
NEW YORK – STR and Tourism Economics made significant downward adjustments to the 2024-25 U.S. hotel forecast just released at the 46th Annual NYU International Hospitality Industry Investment Conference. The latest revision reflects lower-than-expected performance thus far in 2024 as well as lessened growth projections for the remainder of the year. For 2024, projected gains in average daily rate (ADR) and revenue per available room (RevPAR) were downgraded 1.0 percentage points and 2.1 ppts, respectively. Occupancy for the year is now expected to decline after the previous forecast projected year-over-year growth in t...
STR, TE Maintain Projections in First U.S. Hotel Forecast of 2024
STR | January 24, 2024
HENDERSONVILLE, Tennessee—STR and Tourism Economics made minimal adjustments to growth projections in the first U.S. hotel forecast of 2024 just released at the Americas Lodging Investment Summit (ALIS). For 2024, growth in average daily rate (ADR) was raised by 0.1 percentage points, while occupancy and revenue per available room (RevPAR) were unchanged from the previous forecast. For 2025, growth projections for each of the key performance metrics were downgraded due to the long-term, average trends beginning to stabilize: occupancy (-0.1 ppts), ADR (-0.3 ppts) and RevPAR (-0.5 ppts). “U.S. ADR and RevPAR reached record ...
STR, TE Upgrade U.S. ADR and RevPAR Forecast
STR | November 20, 2023
HENDERSONVILLE, Tennessee—STR and Tourism Economics lifted year-over-year growth projections for average daily rate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2023. For 2023, growth in RevPAR was raised by 0.3 percentage points, due to a 0.6ppt lift in ADR growth. Recent RevPAR trends demonstrate that rate continues to be the primary driver of performance. Occupancy was downgraded slightly (by 0.2ppts). For 2024, the growth projections for each of the key performance metrics remained flat from the previous forecast due to the above long-term average trends beginning to stabilize. ...
New York State’s Sullivan Catskills Visitors Association Reports Remarkable Surge in Tourism Spending
the Sullivan Catskills Visitors Association | September 22, 2023
Continues to Surpass Pre-Pandemic Levels of Visitor-Generated Revenue SULLIVAN CATSKILLS — [September 22, 2023] — The Sullivan Catskills Visitors Association is thrilled to announce a significant increase in tourism spending that has invigorated the region's economy and positioned it as a premier travel destination. Sullivan County has witnessed a remarkable surge in tourism, highlighting its enduring appeal and unique offerings to visitors from near and far. According to recent data compiled by Tourism Economics, traveler spending in Sullivan County in 2022 (the most recent data available) grew 25.8 percent, an increase of 154.4 percen...
STR, TE Lower Growth Forecast for U.S. Hotels
STR | August 10, 2023
NASHVILLE—STR and Tourism Economics lowered their year-over-year growth projections in the revised 2023-24 U.S. hotel forecast just presented at the 15th Annual Hotel Data Conference. For 2023, growth in revenue per available room (RevPAR) was lowered by 0.5 percentage points, due to a 0.6ppt downgrade in occupancy growth. While that RevPAR growth remains above the long-term historical average, most of the increase was frontloaded to the early portion of the year. For 2024, the RevPAR growth projection was also lowered 0.5ppts on a 0.5ppt downgrade in occupancy. Average daily rate (ADR) was upgraded 0.1ppts for 2023 but kept flat for ...
STR, TE Lift U.S. ADR and RevPAR Forecast; Profit Growth To Be Limited
STR | June 6, 2023
NEW YORK —STR and Tourism Economics upgraded the 2023 U.S. hotel forecast just presented at the 45th Annual NYU International Hospitality Industry Investment Conference. While top-line performance advances, growing operating expenses are projected to limit profit growth over the remainder of the year. The occupancy projection for this year was lowered 0.2% from the previous forecast, but projections for average daily rate (ADR) and revenue per available room (RevPAR) were lifted 1.5% and 1.3%, respectively. For 2024, a 1.4% downgrade in occupancy coupled with a 0.7% lift in ADR meant a RevPAR downgrade of 0.6%. RevPAR, the key t...
STR, TE Make Modest Upgrade to First U.S. Hotel Forecast of 2023
STR | January 24, 2023
LOS ANGELES—STR and Tourism Economics made a modest upgrade to the 2023 U.S. hotel forecast just released at the Americas Lodging Investment Summit (ALIS). Additionally, a subsequent downward adjustment was made for 2024. The occupancy projection for this year was lower than the previous forecast by 0.1% while projections for average daily rate (ADR) and revenue per available room (RevPAR) were lifted 0.5% and 0.3%, respectively. For 2024, a 0.3% downgrade in occupancy coupled with a 0.1% lift in ADR meant a RevPAR downgrade of 0.4%. RevPAR, the key top-line performance metric, was fully recovered in 2022 on a nominal basis but w...
