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Press Releases

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
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
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Press Release

Recent Challenges Faced by the Monterey County Lodging Market

Similar to other resort destinations in California, Monterey County was initially affected by the COVID-19 pandemic; however, the economic effects in 2020 were somewhat minimized by the market’s proximity to the San Francisco Bay Area. Monterey’s appeal as a picturesque, lower-density, drive-to destination drew significant interest from those seeking refuge from urban centers during the pandemic.

Curtis Herbolich
By Curtis Herbolich, Project Manager in the HVS San Francisco office, HVS
Monterey, California, United States