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.
The U.S. hotel industry reported mixed performance results from the previous month, but positive comparisons year over year, according to April 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
CBRE expects revenue per available room (RevPAR) growth to improve in the second half of 2024, following a weaker-than-expected first quarter.
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 11 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.5-11 May 2024 (percentage change from comparable week in 2023):
U.S. hotel performance showed mixed results from the previous week, according to CoStar’s latest data through 4 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Right in time for IPW, the National Travel and Tourism Office (NTTO) shared updated forecasts that affirm the resurgence of international visits to the United States. According to NTTO, there were 66.5 million international visits the U.S. in 2023, reflecting 31% annual growth, but still at just 84% of pre-pandemic inbound visitation levels.
Hawai‘i Gov. Josh Green today signed into law landmark legislation (SB 2919) that grants local governments the power to regulate short-term rentals to meet the needs of their communities. This legislation will give localities the power to rein in short-term rentals that have taken over local communities and bring back affordable housing for hotel employees and other Hawai‘i residents.
Revenue per available room (RevPAR) fell 2.2% year over year (YoY) in March, marking the first such decline since February 2021. The decrease was due in part to an extra Sunday—the lowest performing day of the week—on the calendar as well as the Easter calendar shift from April in 2023 to March this year. Even with those factors, there were still declines earlier in the month when calendar composition was not an issue, which is reason for caution moving forward. Additionally, Las Vegas continued to be an impactful factor on U.S. performance with 3.1% of the national room supply. Removing Las Vegas from the equation, March RevPAR declined 1.2% YoY.
As expected with Passover, U.S. hotel performance came in lower than the previous week and comparable period last year, according to CoStar’s latest data through 27 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Business travel in Canada is poised for a strong, evolving future, according to the takeaways and forecasts unveiled during the Global Business Travel Association (GBTA) Canada Conference 2024 held in Toronto this week, April 22-24. As the premier trade association and “voice” of the global business travel industry, GBTA welcomed business travel professionals, companies and guests from across Canada and beyond to the Beanfield Centre for its 20th annual regional event.
U.S. hotel performance showed mixed results from the previous week, according to CoStar’s latest data through 20 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
After four consecutive months of year-over-year declines, Canada’s hotel industry reported a marginal lift in transient occupancy, according to CoStar’s March 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.