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Markets & Performance

Supplier News

Cendyn Reports Phoenix Leads in Top 25 Markets for the First Time in 2024

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.

Cendyn™ and The Knowland Group
United States
Press Release

U.S. hotel commentary - September 2024

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.

CoStar
United States
Press Release

CBRE Hotel Brand Performance 2024 Report: Navigating Slower RevPAR Growth to Make Strategic Brand Selections

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.

CBRE Hotels
United States
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Supplier News

Chattanooga Ranks in the Top Five of Secondary Markets for the First Time in 2024

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. Cendyn reports that Las Vegas ranked first in the top 25 markets with 34.2 percent year-over-year (YoY) growth, positioning it in the top five markets for eight consecutive months; however, Chattanooga, Tenn. ranked in the top five secondary markets for the first time, coming in second with 62.7 percent meeting volume growth. Louisville, Kentucky, headed up secondary markets with 80.4 percent YoY growth. This data is sourced from Cendyn’s Sales Intelligence platform, designed to help hoteliers protect and grow their revenue base.

Cendyn™ and The Knowland Group
United States
Press Release

U.S. hotel commentary - August 2024

U.S. hotel revenue per available room (RevPAR) rose 3.9% year over year (YoY) in August, following a lackluster July. Growth was driven by average daily rate (ADR), which increased 2.3%. For the first time since February, the ADR increase was nearly equal to the monthly rate of inflation (2.5%). After two months of declines, occupancy improved by 1ppt to 66.9%, which was 4.1ppts below August 2019.

CoStar
United States
Opinion Article

September 2024 Hotel Industry Outlook: Anticipating Accelerated Growth

Lower inflation, continued job creation, and the anticipated benefits of the recent cut in the federal funds rate provide a foundation for optimism about the U.S. economy. In the lodging sector, as different markets and segments continue to post varying results, we anticipate the overall trend of positive, albeit muted, growth to persist in the near term.

Anne Lloyd-Jones
By Anne Lloyd-Jones, MAI, CRE, Director of Consulting & Valuation Services, National Practice Leader, at HVS New York, HVS
United States