Las Vegas hotel average daily rate (ADR) is forecasted to reach $573 for 9-11 February 2024, which would be the highest level for any Super Bowl weekend on record, according to STR . ... “The Super Bowl’s unique volume of demand, driven by not only the game but the leadup festivities, as well as the attractions Las Vegas has to offer, is the perfect recipe to drive record-breaking prices
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) . ... “Among the chain scales, luxury and upper upscale hotels are projected to see the largest increases in those costs as a result of growing group demand.
Nevertheless, leisure demand should remain well above pre-pandemic norms. ... Overall, occupancy is forecast to increase modestly over the next several years.
Segmentation Reflecting seasonality, Luxury and Upper Upscale hotels saw group demand growth softened from the previous month while transient demand accelerated. ... On the other hand, group demand was just shy of 2019 levels while transient demand has slowed relative to 2019 levels since August.
Holiday Forecast Methodology Travel Forecast In cooperation with AAA, S&P Global Market Intelligence developed a unique methodology to forecast actual domestic travel volumes. ... The travel forecast is reported in person-trips. In particular, AAA and SPGMI forecast the total U.S. holiday travel volume and expected mode of transportation.
Our forecast with Tourism Economics reflects that optimism as 2024 RevPAR is predicted to grow 4.1%, unchanged from the previous forecast. ... October Group demand exceeded both 2022 and 2019 levels, making it the highest level in the metric since October 2018. Transient demand slightly edged past 2022 but remained behind 2019.
popular luxury destination is leveraging the complete portfolio of Aptech solutions – PVNG, Execuvue, and Targetvue – to streamline all enterprise accounting, business intelligence and budgeting and forecasting ... Automated forecast snapshots offers users ad-hoc capabilities to previous and future performance projections.
Hotel demand in Las Vegas has also been increasing, up to 99% of 2019. ... Short-term rentals appear to be taking share from hotels. - Hotel demand growth declined 2.4% in October while short-term rental demand rose 15.0%, suggesting that short-term rentals are taking share from
“As expected, U.S. hotel demand dipped slightly in November due to lessened group travel during Thanksgiving week,” said Amanda Hite, STR president. ... We recently upgraded our 2023 ADR and RevPAR forecast , which reflects the continued buoyancy of travelers, and expect to see continued RevPAR growth into the new year as room rates remain strong.”
leisure demand. ... Ultimately, our 2023 view for supply and demand both moderated, driving our occupancy forecast slightly lower.
Here’s our perspective on the City’s lodging market for 2024: Convention and Group Demand – This segment of demand comprises approximately 23% of total demand in the City. ... Corporate Transient Demand – We believe that corporate transient demand will continue its slow and steady recovery from the pandemic, based on our research into local demand trends.
CBRE’s baseline forecast anticipates 0.8% average GDP growth and 2.9% average inflation in 2024. ... CBRE’s baseline forecasts do not contemplate an international war or a pervasive recession. CBRE also produces forecasts based on upside and downside scenarios.
This year’s Thanksgiving forecast is an increase of 2.3% over last year and marks the third-highest Thanksgiving forecast since AAA began tracking holiday travel in 2000. ... Travel demand has been strong all year, and AAA’s Thanksgiving forecast reflects that continued desire to get away and spend time with loved ones.
As the market prepares to welcome several additional properties, we forecast demand to achieve further growth. ... However, we forecast continued improvement in demand levels as international visitation to Atlanta is expected to fully recover by year-end 2024, and major convention bookings and leads in the group segment
Despite weakening hotel demand, consumers are spending on travel, as STR demand grew 12.2% year-over-year and supply increased 13.5%. ... Q3 Brand.com demand was 11.8% above 2019, outperforming OTAs. Consistent with the underperformance of Independent hotels, Brand.com demand outpaced OTAs, which was 2.5% below 2019 levels.
STR demand growth continues to exceed hotel demand growth. ... Hotel demand growth declined 1.3% in August while short-term rental demand rose 7.6%, suggesting that short-term rentals continue to take share from hotels. Looking for a PDF of this Content?
Our latest forecast has already factored in a mild slowdown in fall 2023 travel and into 2024. We are largely expecting that forecast to materialize. ... Hotel Forecast, while still expecting growth to remain above the long-term historical average.
The strong government demand in the Downtown Albany market resulted in both the severe decline and quick recovery from the pandemic, as demand from lobbyists and activity tied to the New York State Assembly ... , and contract demand from airline crews.
As leisure demand softened, the market rapidly regained meeting and group demand, reaching 2019 levels in 2022. Citywide and convention demand rapidly rebounded and continues to grow. ... to meeting and group demand.
Despite inflation, an active Fed , and persistent recessionary concerns, the lodging industry continued to benefit from robust leisure and “bleisure” demand, supplemented by accelerating group demand. ... in both demand and ADR as group activity accelerates and business travel improves.