Austin has enjoyed a strong and resilient lodging market since the Great Recession. But why? This article explores the lodging demand drivers that make Austin one of the most attractive hotel markets in the U.S.
Hawaii enacted some of the strictest travel measures in the United States in response to the COVID-19 pandemic. A mandatory two-week quarantine was enforced in March 2020 for all travelers arriving to the Hawaiian Islands; this quarantine applied not only to out-of-state visitors, but also to local interisland travel. As a result, a majority of hotels and resorts suspended operations. In October 2020, a Safe Travels program was introduced, easing the quarantine for inbound travelers contingent upon a negative COVID-19 test result within three days prior to arrival. This policy, in addition to the outdoor living and lifestyle of the islands, contributed to Hawaii being perceived as a safe haven from the pandemic.
For the first time since the onset of the COVID pandemic, CBRE is forecasting the 2023 aggregate revenue per available room (RevPAR) for the nation’s 65 major markets to return to 2019 levels. In 2022, RevPAR recovered nationally but continued to lag in the major markets. According to the February 2023 edition of Hotel Horizons®, 88% of the 65 Horizons® markets are expected to have reached or surpassed their 2019 RevPAR levels by year-end 2023. This compares favorably to 2022 when just 58 of the Horizons® markets saw RevPAR return to 2019 performance levels. The eight markets lagging in recovery are in northern California, the upper-Midwest, and along the northeast corridor from Washington, D.C. through New York.1
India's amusement & theme parks industry is still nascent, accounting for only a minuscule global market share, however, demand in this segment is expected to increase in the future. Read on to know more.
We are well into 2023, and the U.S. finally officially announced this week that it will be ending the COVID-19 vaccine requirements for international air travelers on May 11, the same day that the COVID-19 public health emergency ends. This announcement is especially symbolic as the U.S. was the last major market to have such a restriction in place
The Kansas City hotel market has rebounded following the impacts of the COVID-19 pandemic, and high levels of leisure demand and the return of convention activity have driven the recovery. Despite rising construction costs, a number of hotel developments are proposed in Kansas City, signaling an optimistic outlook for the market.
Within the hotel and lodging sector, Dallas’s popularity with visitors and its ability to attract new businesses have contributed to an unhesitating redemption. In the wake of the COVID-19 pandemic, revenue per available room (RevPAR) in the greater Downtown Dallas area for 2022 rebounded to levels similar to 2019; however, the year-to-date period ending February 2023 shows RevPAR exceeding prior peak levels, as illustrated in the Kalibri Labs data below.
This paper presents findings from a survey of business event participants conducted in February and March of 2023. The survey aims to explore changes in the frequency of travel, motivations for travel, and changes in travel behaviors. Results show promising growth in 2023 and that the desire to network with peers and destination appeal are the strongest factors influencing decisions to travel to business events.
Most management contracts include an incentive management fee in addition to the base management fee. The incentive fees are designed to make management more conscious of the bottom line since owners achieve their returns and pay their debts from profits, not revenue. Incentive management fees are earned by the operator once a designated profit threshold is achieved.
The industry’s outsized role in bolstering the U.S. economy is clear. Direct travel spending totaled $1.2 trillion in 2022, which produced an economic footprint of $2.6 trillion—a return to 2019 levels. Travel directly employed 8 million Americans and supported nearly 15 million jobs.
In 2022, Boise's convention industry flourished thanks to expanded Boise Airport routes. Despite lacking a large convention hotel, Boise hotels enjoyed a remarkable rise in RevPAR in 2022, with Downtown hotels surpassing pre-pandemic levels. Furthermore, Micron Technology's expansion and the city's growth in tech and commercial development bode well for Boise's economic future.
The year 2022 painted a mixed picture for the global hospitality sector. It was the year that travel finally made a comeback after a majority of countries lifted their travel restrictions and most people resumed their pre-pandemic way of life. As a result, travel demand increased significantly across the globe with people trying to make up for the lost time. However, inflation, the Russia-Ukraine war, and the “great resignation” negatively impacted the hospitality business in a few countries. The Indian hospitality sector also witnessed similar trends during the year but was more resilient than some of its global counterparts.
Driven by the strong recovery in demand, hotel companies accelerated their growth plans in 2022, resulting in an over 33% rise in brand signings by keys compared to the previous year. During the year, 166 new hotels with 14,885 rooms were signed, while 90 hotels with 5,702 rooms were rebranded.
Situated midway between Boston and Portland, picturesque Portsmouth features a waterfront downtown with a growing hotel market. This article serves as a primer on the market’s history, recent performance, and outlook.
With Gen Y and Gen Z now representing more than half of hotel guests, their lifestyle choices drive their hotel selections and are changing the way that spaces in the hotel are being used.
Coming out of past recessions, the diverse employment base has benefited the Minneapolis-St. Paul market. Major employers within the medical technology, consumer goods, healthcare, higher-education, financial, and consumer goods industries and sectors have historically generated a sufficient level of hotel demand. The natural beauty of the area attracts outdoor enthusiasts, its central U.S. location makes it a convenient destination for conventions, and the Mall of America draws visitors from around the world.
In 2022, waterpark owners and operators breathed a sigh of relief as the industry shifted back to normal in the wake of two years of uncertainty. With the pandemic a rearview concern in 2022, most waterparks continued their recovery to see attendance improve. This robust performance paved the way for new growth in all segments of the industry. Several large-scale projects planned for 2023 and beyond will alter the waterpark landscape at both indoor and outdoor waterparks. These projects will continue to encourage existing properties to innovate and update to keep market share.
While most markets across Europe experienced a robust hotel performance recovery, the transaction activity recorded only a modest growth in 2022 hampered by the raised cost of financing, economic and geopolitical concerns. Nevertheless, nearly 800 hotels were sold in 2022 worth €18 billion, 2% more than in 2021. The UK remained the most active hotel investment market , although its lead over other markets has narrowed with the rise of France and Spain, ranked the second and third respectively.
This article provides a brief update on the state of Nashville’s lodging market as of April 2023.
Los Angeles, the entertainment capital of the world, boasts a thriving tourism industry that draws millions of visitors every year. In this article, we will pinpoint the trends, innovations, upcoming events, and challenges that are shaping the future of the Los Angeles hotel industry.