The Manhattan market was severely affected by the COVID-19 pandemic but has been experiencing a rebound, primarily driven by strong gains in average rate over the last three years. Legislative and supply changes are expected to positively affect hotel market trends going forward, and our demand forecast shows a rebound beyond 2019 levels by 2025.
This article examines Florence's tourism industry resilience amidst crises, including the COVID-19 pandemic, analyzing key performance indicators such as airport statistics, hotel supply, and operating performance. Despite setbacks, Florence witnessed a remarkable recovery, notably in 2023, with record-breaking Revenue Per Available Room (RevPAR). The analysis also highlights investment trends and future challenges, including concerns about over-tourism and evolving market dynamics.
The $600-million Hard Rock Hotel & Casino Tejon project, which broke ground on December 14, 2023, promises to inject vitality into the Bakersfield suburb of Mettler. Phase I encompasses 150,000 square feet of gaming space, multiple dining options, and a 2,800-seat event venue. Phase II will include a 400-room hotel and additional dining and entertainment amenities. Phase I is slated to open in October 2025, with Phase II following 20 months later. Though situated 30 minutes from Bakersfield, this project is poised to become a prominent leisure demand generator for the region.
Orlando, nicknamed the City Beautiful, was one of the first of the top 20 U.S. hotel markets to recover from the pandemic. As average hotel rates and revenue now exceed historic peaks, demand continues to ramp up.
Group business is back in a big way. In-person events are returning to their pre-COVID normal pace. In 2024, 81 percent of meetings will have an in-person component in them. A recent study by Deloitte anticipates that by 2024, business travel spending will return to its level before the pandemic. This view is echoed in Accor's data, which shows in their latest survey regarding client business travel that 57 percent of those surveyed anticipate a budget increase for travel in 2024 compared to 2023.
Formerly a haven for retirees and snowbird travelers, Naples has been revitalized as a popular destination for all generations. While the area’s natural attractions, hotels, restaurants, and shopping districts will remain its most popular attractions, sports tournaments and events have become a new focus in Naples.
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%.
In today’s world, the most in-demand skill sets change yearly, young graduates have trouble bagging their dream jobs, and employers struggle to fill essential roles. Yet, one sector doesn’t suffer from this disconnect between academic education and industry needs. It’s the hospitality industry, and vocational education is its proven solution.
With inflation decelerating, fears of a recession receding, and supply growth muted, the overall outlook for U.S. hotel metrics in 2024 is one of modest, steady growth. The investment market is also showing increased signs of life, as inflationary concerns are diminishing and interest rates are improving modestly.
The Brooklyn hotel industry has been experiencing post-pandemic recovery due in part to strong leisure demand, an increase in meeting and group business, and the gradual return of commercial demand. Additionally, the New York City Department of Homeless Services and related entities have been utilizing many hotels as temporary shelters for homeless residents and migrants/asylum seekers.
Little Rock is experiencing growth, both recent and potential. Propelled by average rate growth, hotel RevPAR in Little Rock continued to improve in 2023, with occupancy meeting or exceeding prior pandemic levels at most hotels. In addition to a recovery trend in both business travel and group demand, tourism and leisure demand in the Natural State experienced significant growth after the pandemic.
To help hotel developers and investors with their due-diligence process, CBRE Hotels Research collected more than 20 years, and analyzed ten years, worth of hotel key performance indicators (KPIs) disclosed in the SEC filings of six large public companies: Choice, Hilton, Hyatt, IHG Hotels & Resorts, Marriott and Wyndham. Combined, these companies had more than three million rooms or approximately 60% of total U.S. hotel supply at year-end 2022. Underlying data used to conduct this analysis is available for purchase here.
In the world of real estate, hotel acquisitions stand apart, blending the intricacies of property deals with the dynamics of the hospitality industry. Here, we shine a light on the specialized factors that differentiate hotel acquisitions.
In 2023, Portland's hotel demand faced setbacks from public safety concerns and absorption of new hotel supply. However, initiatives like the Hotel Security District and a government task force addressing homelessness signaled change. The opening of the Ritz-Carlton Hotel & Residences and several upcoming events contribute to a cautiously optimistic 2024 outlook.
Wildlife tourism in India is experiencing a strong comeback, evolving into a luxury experience. Eco-friendly accommodations have been leveraging this growing demand, offering distinctive experiences with minimal ecological impact. Read on to know more.
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.
This year revealed diverse hotel performance trends across Africa’s 54 countries, reflecting the vast expanse and distinctiveness of the continent and emphasizing the regional disparities. Indeed, certain areas saw substantial growth and an uptick in international arrivals, while others grappled with persistent challenges.
Despite prevailing global challenges, India's economic resilience had a positive ripple effect on the hospitality sector. Read on to know more.
As of year-end 2022, the average hotel in CBRE’s Trends® in the Hotel Industry survey sample had surpassed its 2018 total revenue figure by 1.5%. This was achieved even though the average hotel had rented 8.2% fewer room nights in 2022 than it did in 2018. The improvement was largely due to continued improvement in average daily rate and revenue from other sources. The strategy to drive revenue from other sources was in direct response to the reduced number of occupied rooms and the increased cost of conducting business. One of these ancillary revenue sources was spa services.