Markets & Performance USA & Canada Press Releases - Hospitality Net

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March 11, 2024

Choice Hotels Provides Update on Exchange Offer and Proposal to Acquire Wyndham Hotels & Resorts

Choice Hotels International, Inc. (NYSE: CHH) (the "Company" or "Choice") today announced the expiration of the exchange offer to acquire all of the issued and outstanding shares of Wyndham Hotels & Resorts, Inc. (NYSE: WH) ("Wyndham"). The Company is also withdrawing its nomination of the highly qualified, independent director candidates for election at Wyndham's 2024 Annual Meeting of Stockholders.

March 7, 2024

U.S. hotel results for week ending 2 March

U.S. hotel performance showed mixed results over the previous week, according to CoStar’s latest data through 2 March. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.25 February through 2 March 2024 (percentage change from comparable week in 2023):

March 5, 2024

U.S. hotel commentary - January 2024

RevPAR showed modest year-over-year (YoY) growth in January, reflecting a return to pre-COVID patterns of low single-digit gains. RevPAR was lifted by a healthy ADR increase, which was partially offset by an occupancy decline. Demand across the U.S. has declined year over year for the past 10 months. Fortunately, supply increases have remained modest and are expected to remain low for the rest of the year as the pace of rooms in construction has slowed. Looking further out, projects in planning are on the rise, which will put more pressure on occupancy next year. As a counter, inbound travel is expected to strengthen, after being at a deficit over several years, which should help ease this pressure.

March 1, 2024

Lodging Analytics Research & Consulting (LARC)’s 1Q-2024 Hotel Industry Outlook and Market Intelligence Reports

U.S. economic growth surprised to the upside in the fourth quarter with Real GDP increasing 3.3%, well above expectations, however below 3Q-2023’s 4.9% rise. Despite positive economic growth, U.S. RevPAR only increased 1.3%, as occupancy declined 1.6% during the quarter. While group demand continued to be strong, leisure demand continued to soften in 4Q-2023 and corporate transient demand did not accelerate as we had anticipated.

February 29, 2024

U.S. hotel results for week ending 24 February

U.S. hotel performance showed mixed results over the previous week, according to CoStar’s latest data through 24 February. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.18-24 February 2024 (percentage change from comparable week in 2023):

February 29, 2024

Deloitte: Concern Around Rising U.S. Prices is not Fading and Likely Weighs on Americans' Sense of Financial Well-being

A consumer's sense of personal financial well-being likely forms the bedrock for spending behavior — from their approach to budgeting, to what they buy at the grocery store, how they plan their vacations, and when they buy a car. In its fourth year, Deloitte's "ConsumerSignals" (formerly the Global State of the Consumer Tracker), a longitudinal consumer research study, explores shifts in global financial well-being sentiment and its potential impact on purchase decisions.

Deloitte Development LLP

February 23, 2024

Las Vegas hotels broke continental U.S. record for Saturday and Sunday ADR

Super Bowl LVIII in Las Vegas produced unprecedented hotel performance levels—not just for the Super Bowl but for any weekend in history.

Las Vegas, Nevada, United States

The next-gen metrics that move hotel P&L

Hotel tech has changed what's possible – and measurable. RevPAR and ADR aren't enough; discover the metrics that really matter.

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February 23, 2024

Canada hotel occupancy dipped because of less leisure demand in January

Canada’s hotel industry showed lower occupancy but continued growth in average daily rate (ADR), according to CoStar’s January 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.

February 23, 2024

U.S. hotel results for week ending 17 February

U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 17 February. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.11-17 February 2024 (percentage change from comparable week in 2023):

February 20, 2024

U.S. hotel performance for January 2024

The U.S. hotel industry reported lower performance results month over month, according to January 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.

February 15, 2024

U.S. hotel results for week ending 10 February

U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 10 February. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.

February 15, 2024

CBRE Hotels Expects RevPAR Growth in 2024 Fueled by Higher Rates and Stronger Demand

CBRE is forecasting revenue per available room (RevPAR) will continue to grow steadily in 2024, driven by improving group business, inbound international travel and traditional transient business demand.

February 12, 2024

PwC Manhattan Lodging Index: Q4 2023

The rate of growth in occupancy, average daily rate (“ADR”) and revenue per available room (“RevPAR”), while strong, continued to decelerate as the market moves on a path towards stabilization. Lower-priced hotels benefited from the customer's level of rate fatigue being felt in the market, with ADR growth levels for midscale properties triple that of higher-priced hotels in Q4. 2023 RevPAR experienced a year-over-year increase of 16.5 percent, with Q3 seeing an increase of 13.6 percent and Q4 being up 11.5 percent.

New York, New York, United States

February 12, 2024

Q4 Hotel RevPAR Declines by 1.9%

A 1.8% year-over-year decrease in hotel demand and a 0.8% increase in supply led to a 2.5% drop in occupancy in Q4 2023. Occupancy declines were partially offset by a 0.7% increase in average daily rates (ADR), resulting in a 1.9% decrease in revenue per available room (RevPAR) during the quarter.

February 8, 2024

U.S. hotel results for week ending 3 February

U.S. hotel performance decreased slightly from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 3 February. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.28 January through 3 February 2024 (percentage change from comparable week in 2023):

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February 2, 2024

U.S. hotel profitability gains led by full-service chains, major markets

Improvement in group business, especially across the Top 25 Markets and upper-upscale chains, drove growth in U.S. hotel revenues and profits, according to 2023 P&L data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.2023 per-available-room metrics (% change from 2022)

February 1, 2024

U.S. hotel results for week ending 27 January

U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 27 January. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.21-27 January 2024 (percentage change from comparable week in 2023):

January 31, 2024

U.S. hotel commentary - December/Full-Year 2023

December produced the lowest monthly RevPAR gain of 2023 (+0.3%). Remember, the year started with easy comparables due to the Omicron impact in Q1 2022, but performance growth softened as 2023 progressed due to calendar shifts, increased outbound travel, and other factors revealing the beginning of a return to normal industry patterns.

January 30, 2024

New York City and Washington, D.C. among top performing U.S. markets in 2023

In 2023, many key U.S. hotel markets caught up on recovery that was held back due to a lack of business travel. That is why markets like New York City and Washington, D.C., were atop the 2023 performance list, while growth leaders from previous years were more grounded due to diminished leisure travel.

January 29, 2024

Las Vegas forecasted for highest hotel ADR in Super Bowl history

Las Vegas hotel average daily rate (ADR) is forecasted to reach $573 for 9-11 February 2024, which would be the highest level for any Super Bowl weekend on record, according to STR.

Las Vegas, Nevada, United States

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