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Markets & Performance

Opinion Article

Hotel Performance Outlook for Denver: Growth Picking up through 2026

For Denver hotels, the first five months of 2024 were somewhat volatile, with March declines being offset by April gains. This trend can be partially attributed to Easter falling in March this year. After two months of RevPAR declines in Denver in June and July, August was a stellar month for the city’s hotels, with the RevPAR increase nearing 10%. However, the declines in June and July resulted in little growth for the city in the summer of 2024, as overall RevPAR growth through August is less than 0.5%.

Katy Black
By Katy Black, Senior Vice President at HVS Denver, HVS
Denver, Colorado, United States
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Supplier News

U.S. Open Serves Up Growth for New York Events Industry Increasing Year-over-Year Volume by 30.2 percent in August, Knowland Reports

Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, reported that New York ranked second among the top 25 markets, with over 30 percent year-over-year (YoY) meeting volume growth driven primarily by sports tourism for August. Las Vegas ranked first with 36 percent YoY growth. This data is sourced from Knowland’s sales intelligence platform designed to help hoteliers protect and grow their revenue base.

The Knowland Group
Eugene, Oregon, United States
Opinion Article

Parking and EV Stations Charge U.S. Hotel Performance

Parking revenues have increased by 23.1% from 2019 to 2023, based on a sample of U.S. properties in CBRE’s Trends® in the Hotel Industry database, which is more than four times greater than the growth rate for total hotel revenues during that period. Not only is parking a growing source of revenue, but it is relatively profitable as well. In 2023, parking department profit margins for the CBRE sample were 61.3% of total department revenue, while the average profit margin for all other-operated departments was 58.7% at those hotels.

Robert MandelbaumJim Hurless
By Robert Mandelbaum and Jim Hurless
United States
Press Release

Lodging Analytics Research & Consulting (LARC)’s 3Q-2024 Hotel Industry Outlook and Market Intelligence Reports

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. 

LARC
United States
Press Release

U.S. hotel commentary - July 2024

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.

CoStar
United States
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Press Release

PwC Manhattan Lodging Index: Q2 2024

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.

PwC (US)
New York, New York, United States
Press Release

Canadian Lodging Outlook Quarterly 2024-Q2

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!

HVS
Canada