U.S. Hotels State of the Union June 2024 Edition
https://www.cbre.com/insights/reports/us-hotels-state-of-the-union
Press Releases
U.S. hotel results for week ending 8 June
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):
U.S. Business Travel Industry Responsible for 2% of U.S. GDP and 3.5% of Employment in Latest Full-Year Figures
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.
Lodging Analytics Research & Consulting (LARC)’s 2Q-2024 Hotel Industry Outlook and Market Intelligence Reports
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, TE downgrade U.S. hotel forecast
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.
RNC and DNC: How political conventions impact host market hotel performance
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).
U.S. hotel results for week ending 25 May
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):
Travel & Tourism Set to Contribute a Record $182BN to the Canadian Economy This Year
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.
Taking the “Swift Lift” Overseas
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.
Canada hotels report first occupancy increase in four months
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.
U.S. hotel results for week ending 18 May
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):
PwC’s US Hospitality Directions – May 2024
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.
U.S. hotel performance for April 2024
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 U.S. RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE expects revenue per available room (RevPAR) growth to improve in the second half of 2024, following a weaker-than-expected first quarter.
U.S. hotel results for week ending 11 May
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 results for week ending 4 May
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.
New Economic Forecast Highlights Growth of International Visits to U.S.
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.
AHLA victory: Hawai‘i passes landmark legislation to rein in illegal short-term rentals, help keep housing affordable for Aloha State residents
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.
U.S. hotel commentary - March 2024
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.