One year after passage, New York City’s unprecedented short-term rental regulations have failed to deliver on their promise to combat the housing crisis. In the wake of stringent measures, consumers are instead facing all-time high hotel prices and residents facing all-time high rents.
A year after a series of tragic fires in Maui, the island’s hotels and Hawaii's governor want visitors to return to the destination to help support the local economy and regain a sense of normalcy.
U.S. economic growth improved during 2Q-2024 with Real GDP having risen 2.8%, well above the 1.4% increase achieved in 1Q-2024. A strong U.S. economy fueled a national 2.5% RevPAR increase, an acceleration from the 0.0% RevPAR change during 1Q-2024. However, 2Q2024 performance was aided by an earlier than normal Easter observance as well as the rare total solar eclipse that occurred over a large swath of the nation in April.
After three months of year-over-year growth, U.S. RevPAR was flat (0.0%) compared with last July. The result was due to falling occupancy (-0.5%), which was not offset by a small gain (+0.5%) in ADR. The Top 25 Markets saw some growth (+0.5%), but the increase did not rise to the level of Q2 and was not enough to erase decreases in the remaining markets (-0.4%). Chain scale results remained bifurcated with the upper tier (Luxury, Upper Upscale and Upscale) posting gains of 1.6% and the remaining chains scales falling by the same amount in aggregate.
The U.S. hotel industry reported positive comparisons year over year, according to CoStar’s latest data through 24 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.18-24 August 2024 (percentage change from comparable week in 2023):
The rate of growth in occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), while robust, continued to decelerate. Luxury hotel occupancy benefitted from increased demand, while ADR growth levels for lower priced properties continued to show significant improvements. For the overall Manhattan hotel market, Q1 RevPAR increased 9.4 percent while Q2 increased 6.8 percent, from the same respective periods in 2023.
Canadian Hotel demand continues to outperform 2019 levels in terms of overall occupancy and is even neck and neck with 2018 which was Canada’s occupancy peak. ADR’s robust growth above inflationary rates at 4.3% YTD leads healthy RevPAR growth of 4.0% YTD June. In spite of inflation, deflated RevPARs are higher than pre-COVID levels. We have faced many headwinds with consumer disposable income constraints and geopolitical uncertainty; however, hotel performance continues to roar forward!
After three consecutive months of year-over-year increases, Canada’s hotel industry recorded a decline in occupancy, according to CoStar’s July 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
The U.S. hotel industry reported mixed comparisons year over year, according to CoStar’s latest data through 17 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
WASHINGTON -- The U.S. hotel industry reported mostly flat performance comparisons year over year, according to July 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Newark, New Jersey, has been undergoing gradual revitalization efforts during the last roughly 15 years. The city has been gaining recognition given the ease of access to Manhattan and within New Jersey, the newly renovated Newark Liberty International Airport, and waterfront areas along the Passaic River and Newark Bay.
The U.S. hotel industry reported positive comparisons year over year, according to CoStar’s latest data through 10 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
CBRE is reducing its forecast for U.S. hotel performance this year, as lodging demand softens due to weaker-than-expected leisure travel and slowing corporate profit growth.
Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, and Amadeus, a leading technology provider for the travel industry, today present the metrics from the companies’ Hospitality Group and Business Performance Index (the “Index”). For the second quarter of 2024, the Index shows overall health of 105.5 percent year-over-year (YOY.) This is the first time the overall Index has exceeded 100 percent, reflecting continued industry health across all reported indices. In addition, 22 of the top 25 U.S. markets have achieved 100 percent or more in overall performance compared to the same time in 2023.
The volatility of markets over the last few days has raised important questions about economic health globally, for the U.S. and for the travel industry. The U.S. Bureau of Labor Statistics released employment figures for July that showed fewer new jobs created than prior months, and an increased unemployment rate of 4.3%.
The U.S. hotel industry reported slightly positive comparisons year over year, according to CoStar’s latest data through 3 August. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
STR and Tourism Economics made slight adjustments to the 2024-25 U.S. hotel forecast just released at the 16th Annual Hotel Data Conference.
A Pictorial Update on Our Latest Thoughts and the Facts and Figures Influencing Our Industry.
Hotel rooms for the finals weekend of the US Open Tennis Championships have been snapped up for 16% more than the average banked by New York City’s hotels this summer. This is according to new data from the world's leading distribution and revenue platform SiteMinder, which analyzed bookings for the two-week-long tournament commencing at the end of August.
The U.S. hotel industry reported lower performance results than the previous week and mixed comparisons year over year, according to CoStar’s latest data through 27 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
To discover more content beyond these 20 pages, please use our search feature or browse by category.