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.
The U.S. hotel industry reported higher performance results from the previous month, but mixed comparisons year over year, according to March 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
Helped by the total solar eclipse, U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 13 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Manhattan hotels have seen an increase in occupancy, average daily rate (ADR) and revenue per available room. But the growth rate has started to decline as the market stabilizes. Cheaper hotels gained from market fatigue, with midscale properties having three times the ADR growth than higher-priced hotels in Q4.
The volume of U.S. hotel rooms under construction grew year over year for the first time since June 2023, according to CoStar’s March 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
A Pictorial Update on Our Latest Thoughts and the Facts and Figures Influencing Our Industry.
U.S. hotel performance showed mixed results from the previous week but positive comparisons year over year, according to CoStar’s latest data through 6 April. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.31 March through 6 April 2024 (percentage change from comparable week in 2023):
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) revealed today that the U.S. Travel & Tourism sector has contributed more to the U.S. economy than any previous year on record, despite the slower return of international visitor spend.
In 2023, Airbnb guests traveled to more than 100,000 cities and towns around the world making it the most dispersed year of travel ever on the platform. In the US, nearly 600 cities and towns welcomed their first guest, demonstrating that travel on Airbnb continues to be a popular way for people to experience new places. Airbnb helps support travel that is good for Hosts, guests and communities that want to benefit from tourism:
As expected ahead of the Easter holiday, U.S. hotel performance decreased from the previous week, according to CoStar’s latest data through 30 March. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
The travel industry continues to boom, with a significant increase in travel intentions among U.S. adults in 2024 according to new research from MMGY Travel Intelligence. In the latest edition of the firm’s Portrait of American Travelers® study, three-quarters of Americans (76%) report they plan to take a vacation in the next 12 months, a notable increase from 70% observed this time last year. Furthermore, nearly two-thirds (64%) of these travelers plan to take a trip in the next six months – a significant boost from 58% reported in October 2023.
Wyndham Hotels & Resorts is expanding into the upscale extended stay segment, launching a strategic relationship with industry innovator WaterWalk. The deal adds 11 hotels and over 1,500 rooms to the Wyndham ecosystem, rebranding them under the newly created WaterWalk Extended Stay by Wyndham brand, the 25th in Wyndham's portfolio. Located in key markets such as Tucson, Jacksonville and Wichita, the offerings perfectly compliment Wyndham's existing economy and midscale extended stay brands and cater to guests seeking a local, yet elevated stay with the comforts of home.
RevPAR improved 2.0% year over year (YoY) in February, reflecting the continued return to pre-COVID patterns of low single-digit gains. Remove Las Vegas from the equation, however, and February RevPAR was down 1.4% YoY. The overall RevPAR increase was due to a solid YoY increase (+3.9%) in ADR, which was partially offset by an occupancy decline of 1.1 percentage points to 58.9%.