Thursday’s Consumer Price Index (CPI) release for June reveals an encouraging trend: Inflation is easing across the board—and travel-related goods and services are at the forefront. For the second month in a row, prices throughout the travel sector have fallen, and at a steeper rate than the overall economy.
U.S. hotel RevPAR rose 4% year over year (YoY) in May, following a 1.9% increase in April, marking the second consecutive month of growth after a slow Q1. Occupancy also grew for the second month in a row (+1.0 percentage points [ppts]), which was the largest gain since March 2023.
The U.S. hotel industry reported higher performance results from the previous week and positive comparisons year over year, according to CoStar’s latest data through 29 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
The U.S. hotel industry reported lower performance results from the previous week and mixed comparisons year over year, according to CoStar’s latest data through 22 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Canada’s hotel industry recorded its highest performance levels in eight months, according to CoStar’s May 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 improved performance results from the previous month, according to May 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
The Average Daily Rate (ADR) and Revenue Per Available room (RevPAR) growth for the greater U.S. hospitality market was nearly flat in Q1 2024, increasing by 2.6% and 1.5% respectively. Occupancy rates trended downward, decreasing by 1.1% when compared to the same period a year prior. A slowdown in hotel room demand has been a partial influence behind the softening of the hospitality market’s operating fundamentals. While hotel room demand has receded the last four consecutive quarters, the Easter and Passover calendar shift had a significant downward impact on demand in Q1 2024, and in-turn impacted occupancy rates, ADR and RevPAR. While highend leisure travel has been resilient and Q1 marked a potential return of corporate transient travel, sticky inflation and higher costs of living has stunted hotel room demand for lower-income households. A stabilization of demand measures, in the wake of an irregular holiday calendar, will be focal point through the rest of the 2024, particularly through the summer months. Despite a cloudy economic outlook, continued regulation and in-place regulation on short-term rentals should drive summertime leisure travel demand towards hotels. ADR is expected to continue to grow so long as inflation measures continue to come in above the Fed’s target level of 2%.
U.S. RevPAR rose 2% year over year (YoY) after declining in March (-2%). That loss then gain pattern can be partly attributed to the Easter calendar shift, which is why it is helpful to look at the two months together. Combining both March and April, RevPAR was flat (-0.1%), which represents a downward shift from January and February with RevPAR up more than 1%.
https://www.cbre.com/insights/reports/us-hotels-state-of-the-union
The U.S. hotel industry reported higher performance results from the previous week but mixed comparisons year over year, according to CoStar’s latest data through 8 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.2-8 June 2024 (percentage change from comparable week in 2023):
The Global Business Travel Association (GBTA) today unveiled a new study, the “GBTA U.S. Economic Impact Study: Business Travel’s Impact on Jobs and the U.S. Economy,” which quantifies the significant economic impact of traveling for work in the U.S. The report shows the business travel industry provided a major boost to the U.S. economy in 2022*, the latest full year for which a complete set of data is available for analysis.
U.S. economic growth slowed during 1Q-2024 with Real GDP increasing 1.6%, well below 4Q-2023 growth of 3.4%. Despite positive economic growth, U.S. RevPAR only increased 0.2%, as both demand and occupancy declined for the fourth consecutive quarter. January and February RevPAR increased by1.0% and 2.4% respectively, while March decreased 2.2%, largely tied to the Easter calendar shift. While this quarter’s RevPAR growth was negatively impacted by the Easter calendar shift by roughly 100 bps, the second quarter should experience a similar tailwind.
STR and Tourism Economics made significant downward adjustments to the 2024-25 U.S. hotel forecast just released at the 46th Annual NYU International Hospitality Industry Investment Conference. The latest revision reflects lower-than-expected performance thus far in 2024 as well as lessened growth projections for the remainder of the year.
We are less than two months away from the first political party conventions to determine America’s 2024 presidential nominees, with the Republican National Convention (RNC) scheduled first in Milwaukee (15-18 July), and the Democratic National Convention (DNC) taking place in Chicago a month later (19-22 August).
The U.S. hotel industry reported mixed performance results from the previous week but positive comparisons year over year, according to CoStar’s latest data through 25 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.19-25 May 2024 (percentage change from comparable week in 2023):
The World Travel & Tourism Council (WTTC) is forecasting an historic year for Canada’s Travel & Tourism sector this year, with the economic contribution set to reach an all-time high of almost $182BN.
This summer, millions of Americans will travel to Europe, many to visit historical cities and one-of-a-kind beaches like Sitges, Biarritz, Tropea and Mykonos. But in Europe this year there is another one-of-a-kind attraction drawing travelers from the States in record numbers—the European leg of Taylor Swift’s “Eras” tour.
After four consecutive months of year-over-year declines, Canada’s hotel industry reported an increase in occupancy, according to CoStar’s April 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 higher performance from the previous week and positive comparisons year over year, according to CoStar’s latest data through 18 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.12-18 May 2024 (percentage change from comparable week in 2023):
Growth in leisure demand has moderated for US hotels. Domestic travelers have continued to seek out experiences internationally and inbound international traffic has yet to recover to pre-pandemic levels. An increased appeal of short-term rentals by leisure travelers has contributed to moderating leisure demand for hotels. Individual business travel and group demand have continued to improve but have still not been able to offset the softening of leisure demand.