Markets & Performance USA & Canada Press Releases - Hospitality Net

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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):

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.

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Ernest - Lighthouse's AI for hoteliers

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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

January 25, 2024

U.S. hotel results for week ending 20 January

U.S. hotel performance decreased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 20 January. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.

January 23, 2024

Canada’s record-high hotel ADR outpaced inflation in 2023

Canada’s hotel average daily rate (ADR) and revenue per available room (RevPAR) were the highest for any year on record, according to CoStar’s 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.

January 23, 2024

STR, TE maintain projections in first U.S. hotel forecast of 2024

STR and Tourism Economics made minimal adjustments to growth projections in the first U.S. hotel forecast of 2024 just released at the Americas Lodging Investment Summit (ALIS).

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January 22, 2024

Sonesta Executes 65 New Franchise Agreements in 2023

Sonesta International Hotels Corporation (Sonesta), the 8th largest hotel company in the U.S., announced the execution of 65 new franchise agreements in 2023, spanning 12 of the company’s 17 brands. The new agreements demonstrate the continued expansion of Sonesta’s global franchising presence with the addition of 5,697 new guest rooms.

January 19, 2024

U.S. hotel results for week ending 13 January

U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar’s latest data through 13 January. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.

January 19, 2024

Four months later: An update on New York City’s short-term rental rules

Four months after New York City’s restrictive short-term rental rules went into effect, a new analysis of publicly available data reveals no discernible improvement in rental prices or housing inventory in the city. Key findings include:

New York City, New York, United States

January 19, 2024

First Hospitality Grows Hotel Portfolio by Nearly 40% in 2023

First Hospitality, a national hotel operating and development company, witnessed significant growth in 2023, increasing its hotels and restaurants under management by nearly 40%. In addition, First Hospitality continued its focus on upscale, soft brand and lifestyle properties which is now approaching 40% of its portfolio. Last year, the company entered five new markets, bringing its diverse portfolio to more than 70 independent and branded properties, with over 10,000 keys, and 3,500 world-class associates.

First Hospitality

January 18, 2024

Planning phases of U.S. hotel pipeline reflect confidence in travel

Activity in the planning phases of the U.S. hotel pipeline remain up, while rooms in construction decreased after two months of gains, according to CoStar's December 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.U.S. Hotel PipelineDecember 2023 (percentage change from December 2022)

January 18, 2024

U.S. hotels posted record-high ADR and RevPAR in 2023

The U.S. hotel industry posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.

January 18, 2024

NEW Forecast Predicts United States will Continue to Struggle for International Inbound, Domestic Business Travel

The U.S. Travel Association today released its biannual forecast for travel to and within the United States through 2027, showing international inbound travel and domestic business travel will continue to remain below pre-pandemic levels in 2024. The forecast, prepared by Tourism Economics, was released just days after U.S. Travel revealed the findings of a global competitiveness report conducted by Euromonitor International. The report found the U.S. ranked 17th out of 18 top markets for travel due to decades of underinvestment and a lack of focus and coordination from federal policymakers.

U.S. Travel Association

January 15, 2024

U.S. Select-Service and Extended-Stay Hotel Outlook 2024

In the early 2000s, select-service and extended-stay hotels operated as more clearly defined sectors, differentiated by their target market and length of stays. During this period, individual owners dominated the market with only a handful of prominent brands available. However, in recent years, the distinctions between select-service and extended-stay hotels have become increasingly blurred.

January 15, 2024

U.S. Hotels State of the Union January 2024 Edition

A Pictorial Update on Our Latest Thoughts and the Facts and Figures Influencing Our Industry

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