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%.
Canada’s hotel industry reported a third consecutive month of occupancy declines but continued growth in average daily rate (ADR), according to CoStar’s February 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
U.S. hotel performance increased from the previous week but showed continued declines year over year, according to CoStar’s latest data through 16 March. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.10-16 March 2024 (percentage change from comparable week in 2023):
The U.S. hotel industry reported higher performance results month over month, according to February 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
U.S. hotel performance increased from the previous week but declined year over year, according to CoStar’s latest data through 9 March. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Hilton (NYSE: HLT) today announced an agreement with Adventurous Journeys Capital Partners (“AJ Capital”) to acquire the fan-favorite Graduate Hotels® brand, adding a significant growth opportunity for the global hospitality leader in the fast-growing lifestyle hotel market.
Officials of R.M. Woodworth & Associates (RMWA), a leading provider of customized lodging research and advisory services, and Core Hospitality Advisors, a firm specializing in hospitality real estate appraisals, today announced the merger of their two firms. Adam Cowart and John Ritger will be joining Mark Woodworth, Henry B. “Hank” Staley, Jr. and Jill L. Bidwell as principals in the new firm, Woodworth Core Group (WCG). With the merger, WCG will have offices in Atlanta, Jacksonville, Washington, D.C., Birmingham, Baton Rouge and Boise, Idaho.
Spring break season is officially here, and tracking school calendar data becomes critical during this time in order to predict travel demand across the U.S. The swings in academic calendar patterns from year to year can generate substantial waves in hotel performance, as vacation scheduling directly impacts over 50 million public K-12 students and their families across the country.
Wyndham Hotels & Resorts (NYSE: WH) ("Wyndham") today commented on the expiration of Choice Hotels International, Inc.'s (NYSE: CHH) ("Choice") exchange offer and its decision to withdraw its slate of nominees for election to Wyndham's Board of Directors at the 2024 Annual Meeting of Shareholders: