The U.S. hotel industry reported higher performance results from the previous month, according to October 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Due to the Veteran’s Day calendar shift, the U.S. hotel industry reported mixed year-over-year performance comparisons, according to CoStar’s latest data through 16 November. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
STR and Tourism Economics downgraded the growth rate in the final U.S. hotel forecast revision of 2024.
Despite facing challenges from subdued summer demand and a sluggish third quarter, U.S. hotel performance is expected to reaccelerate in the fourth quarter and extend into 2025, according to CBRE’s latest forecast.
A Pictorial Update on Our Latest Thoughts and the Facts and Figures Influencing Our Industry.
Downtown Kansas City and the Country Club Plaza are established submarkets in Kansas City, each with strong demand generators and numerous hotels, while Village West is a growing submarket with a strong pipeline of development. While these markets are all in different economic stages, the outlook is optimistic for all three.
Cendyn’s Sales Intelligence platform, previously known as Knowland, and Amadeus, a leading travel intelligence and technology provider for the travel industry, today present the metrics from the companies’ Hospitality Group and Business Performance Index (the “Index”). For the third quarter of 2024, the Index shows an overall health metric of 107.9 percent year-over-year (YOY), showing the highest overall index rating in four quarters.
Hard hit by a multitude of factors during the pandemic, the Twin Cities hotel market has experienced significant fluctuations in supply, demand, and operating performance. Signs of resilience are evident in the year-to-date trends, as the hotel market adjusts to supply changes and a different demand mix.
The U.S. hotel industry reported positive year-over-year comparisons, according to CoStar’s latest data through 2 November. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Cendyn’s Sales Intelligence platform, previously known as Knowland, shares its monthly data findings for hoteliers to gain insight into the top locations selected by today’s meeting planners. Today, Cendyn announced that Phoenix ranked first in the top 25 markets with year-over-year (YoY) growth at 19.7 percent. Las Vegas followed closely with growth at 17.7 percent, placing it in the top five markets for the tenth consecutive month. South Michigan and the Florida Panhandle led in secondary markets, while Kauai, Hawaii, experienced significant YoY growth at 72 percent. This data is sourced from Cendyn’s Sales Intelligence platform, designed to help hoteliers protect and grow their revenue base.
U.S. RevPAR decreased 1.3% year over year (YoY) in September following a robust August which followed a lackluster July. The primary reason for the decline was the change in the calendar composition of the month. September 2024 had one less weekend (Friday & Saturday) and an extra Sunday and Monday when compared to 2023.
Slowing RevPAR growth and maturation of the U.S. hotel industry are driving brand proliferation to attract new customers. The average number of brands per brand family tracked by CBRE increased to 25 in 2023 from 13 in 2013. RevPAR growth fell to 1.5% between 2018 and 2023 from 3% between 2013 and 2018. Given that year-to-date 2024 RevPAR growth is lower than it was a year ago, we believe this slowdown is more reflective of increasing competition from alternative lodging sources rather than a lagging pandemic recovery. To maximize profits, owners and developers must pick an attractive chain scale and an outperforming brand. Selecting a brand that outperforms the average has become increasingly difficult. Only 30% of brands delivered above-average RevPAR growth over the past five years, down from the 52% of brands with above-average RevPAR from 2013 to 2018.
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):
Just days before a national election with global implications, North Americans are weighing in on another increasingly complex topic – traveling abroad. International marketing firm MMGY, in partnership with the United States Tour Operators Association (USTOA), revealed today the findings of the 2024 Portrait of American and Canadian International TravelersTM study. The survey reveals that, among those who plan to take at least one international vacation during the next two years, American travelers intend to spend an average of $11,906 on international travel annually while Canadians plan to spend approximately $8,222 annually.
A new report released today by Amadeus in collaboration with UN Tourism reveals continued growth in demand for travel to destinations across the Americas, despite economic and geopolitical challenges.
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.
The volume of U.S. hotel rooms under construction increased year over year for a seventh consecutive month, according to CoStar’s latest 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)
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.
2024 has been a turbulent year thus far as we have witnessed dramatic national and global events that may very well alter the course of history. During this past quarter alone:
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.