Due to the Thanksgiving calendar shift, the U.S. hotel industry reported lower year-over-year performance comparisons, according to CoStar’s latest data through 30 November. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.24-30 November 2024 (percentage change from comparable week in 2023):
Canadian travelers are the world’s most cautious when it comes to AI, according to SiteMinder’s Changing Traveler Report 2025, the largest survey globally on accommodation.
U.S. economic growth improved during 3Q-2024 with Real GDP growth of 2.8%, slightly below the 3.0% increase in 2Q-2024. Despite strong economic growth, U.S. RevPAR only increased 0.9%, a deceleration from the 2.4% RevPAR change in 2Q-2024.
WASHINGTON -- Due to the Thanksgiving calendar shift, the U.S. hotel industry reported higher year-over-year performance comparisons, according to CoStar’s latest data through 23 November. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
East West Hospitality, a leading provider of property management and vacation rental services across Colorado’s premier mountain destinations, has assumed the management of Woodrun Place in Snowmass Village and added the property to its collection of premier mountain vacation rentals. Effective immediately, East West Hospitality will take over operations for the property, from HOA management to rental reservations, guest services, and asset management. The addition of this iconic ski-in/ski-out property further expands East West Hospitality’s presence in the popular winter playground of Aspen Snowmass.
Canada’s October hotel average daily rate (ADR) exceeded CAD200 for the first time on record, according to data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
The US lodging sector is expected to experience muted growth in 2025, driven by moderate increase in average daily room rates and stable occupancy levels, resulting in an annual increase in revenue per available room of 1.5%. Despite stagnant supply levels over the past few quarters, new construction projects are expected to be spurred in 2025 by a combination of factors, including increasing optimism about a soft landing, easing monetary policies, and other capital markets tailwinds. However, overall impacts from the macroeconomic environment are expected to continue to suppress demand and occupancy growth in 2025.
Two significant changes will impact travel in the U.S. this holiday season. First, Thanksgiving is a week later, meaning there are five less days between Thanksgiving and Christmas and likely more travel compression between the two holidays. Second, Christmas and New Year’s Day move from a Monday last year to a Wednesday this year.
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.