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.
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.
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:
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.
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)
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.
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.
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.
A Pictorial Update on Our Latest Thoughts and the Facts and Figures Influencing Our Industry
The Baird/STR Hotel Stock Index jumped 10.5% in December to a level of 6,760. For 2023, the stock index was up 38.4%.
U.S. Travel Association today released a study that found the United States ranks 17th out of 18 top travel markets in terms of global competitiveness, according to Euromonitor International. Decades of underinvestment and a lack of focus and coordination from federal policymakers caused the U.S. to fall behind, while other countries actively apply robust strategies to increase travel and grow economic output.
U.S. hotel performance decreased from the previous week, while year-over-year comparisons improved, according to CoStar’s latest data through 6 January. 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, while year-over-year comparisons were skewed downward due to a calendar shift, according to CoStar’s latest data through 30 December. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Year-over-year growth in RevPAR doubled to 2.4% compared to the 1.2% gain seen for October. The calendar was clean with equal numbers of weekdays and weekends, unlike the previous month when the calendar negatively impacted performance.
As anticipated ahead of the holidays, U.S. hotel performance fell from the previous week, according to CoStar’s latest data through 23 December. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.17-23 December 2023 (percentage change from comparable week in 2022)
U.S. hotel performance was expectedly lower from the previous week, but year-over-year comparisons were positive, according to CoStar’s latest data through 16 December. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.10-16 December 2023 (percentage change from comparable week in 2022)
As expected, Canada’s hotel performance fell month over month, but continued a stretch of year-over-year growth, according to CoStar’s November 2023 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
As expected, the U.S. hotel industry reported lower performance results from the previous month but improved year-over-year comparisons, according to November 2023 from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
Year-over-year growth in RevPAR softened to +1.2% after coming in at +3% a month prior. Demand dropped 1.2%, which was the largest decrease since April. Like April, a calendar shift was largely responsible for the fall. Compared to last year, this October included one less Saturday (from five last year to four this year) and the gain of Halloween Tuesday.
U.S. hotel performance increased from the previous week, according to CoStar’s latest data through 9 December. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets.
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