Each quarter, we continue to dig deeper into the traveler experience and identify barriers and points of friction that keep travelers at home or traveling less frequently based on a quarterly consumer survey with Ipsos.
When the Patel family opened a hotel in Dickinson, North Dakota in 2007, they agreed that brand recognition offered by a large franchise chain would be a valuable trade-off to operating independently. After careful analysis, they chose to operate their family hotel as a Quality Inn and Suites with Choice Hotel International Inc. (Choice Hotels). This is similar to the decisions being made by thousands of entrepreneurs each year to become franchisees of large brands instead of working as independent small business owners.
Central Oregon is a drive-to destination market situated east of the Cascade Mountain range. Home to twelve cities, this region of Oregon benefits as a popular leisure destination for travelers from throughout the Pacific Northwest. Surrounded by a diverse natural landscape, Central Oregon welcomes nearly four million overnight visitors per year looking to take advantage of all the area has to offer. In recent years, cities throughout the region have seen significant changes in the travel industry as hotels, businesses, and attractions have weathered the impacts of the COVID-19 pandemic.
Based on a sample of more than 3,000 hotels from CBRE’s Trends® in the Hotel Industry database, U.S. hotel property tax expenditures averaged $2,626 per available room (PAR) in 2022. This is 10.8% less than the $2,943 PAR recorded in 2019, before the COVID-19 pandemic. Concurrently, the earnings before interest, taxes, depreciation, and amortization (EBITDA) for these same properties fell by 1.7%.
As we enter the final quarter of the year, is this recession still happening? And what does this mean for travel?
Albany's hotel industry continues to rebound from the pandemic. This article reviews the performance and recent trends of two distinct Albany submarkets and the market’s extended-stay hotel segment. Through this review, we provide a comprehensive overview of Albany’s performance coming out of the pandemic.
Since room sales generate lodging tax revenues, an overview of hotel market trends provides a perspective on the industry's current and future fiscal impacts. While the negative impacts of the COVID-19 pandemic were unprecedented, as documented in our 2022 HVS Lodging Tax Study, nearly all lodging markets have reached or exceeded pre-COVID levels of revenue generation. Revenue per available room (“RevPAR”), the product of average daily room rate and occupancy rate, is a standard industry metric that combines the effects of occupancy and average daily room rate changes on hotel revenue performance. The figure below compares the amounts of RevPAR in the 25 US urban markets for each month from January 2019 through July 2023.
The Meadowlands development in northern New Jersey features the Meadowlands Sports Complex, with the MetLife Stadium as a centerpiece, and hosts numerous major companies. This development is anticipated to strengthen its presence going forward with the addition of a convention center.
You’ve likely heard that Taylor Swift recently completed the U.S.-based first leg of her Eras Tour, but have you heard about the impact that tour had on local communities and economies across the United States? We lay it out below.
Phoenix has exploded in growth over the last decade, developing a diverse and welcoming economy that has allowed the city and surrounding communities to outperform other top-25 markets.
A strong RevPAR rebound in the first quarter of 2023 was stalled by increasing costs of capital, inflationary pressures, outflow of domestic demand with limited international infill, and economic concerns. How can hoteliers expect 2023 to end and the next few years to trend? This article presents our latest forecast and insights.
In the past three years, the city of Richmond has seen significant growth in RevPAR, outpacing the regional area and the state of Virginia in the post-pandemic recovery period. This article provides an overview of Richmond’s hotel performance and demand sources.
Conroe provides small-town living while located only 40 miles north of Houston, the fourth-largest city in the country. This quaint city is currently having a resurgence and is considered one of the fastest-growing cities in Texas. Conroe has a reported population of 103,035 as of August 31, 2023, a 36% increase from 2013, and it is only projected to grow. The town has ample land for new development, and the recent improvements are heavily influenced by the city development model of The Woodlands just ten miles south.With this location near The Woodlands and so much available land, Conroe is starting to experience spillover from that city and become popular as a "bedroom community," resulting in additional residential development. One such project in the city is the highly anticipated Grand Central Park, a 2,046-acre residential community development along Interstate 45 and South Loop 336, just five miles north of The Woodlands.
In 2022 and the first half of 2023, San Diego hotels experienced unprecedented RevPAR growth, similar to much of California, as markets recovered from the impact of the COVID-19 pandemic. As a result, hotel development and transactions have been strong. However, construction of full-service hotels remains challenging amid a steep rise in development costs.
Approximately 92,000 Nebraska volleyball fans packed Memorial Stadium on August 30, 2023, to watch the Nebraska Huskers sweep Omaha in an outdoor match, setting a new women’s sporting event attendance record. Local hotels benefited from the midweek event, as most available guestrooms in the market were filled.
International visitors to the U.S. love to shop and spend money at stores across the country. In fact, according to NTTO’s Survey of International Travelers (SIAT), more than 80% of overseas travelers reported that they engaged in shopping, more than any other activity. The U.S. was—and remains—the “single most popular destination for shopaholics” according to a recent WTTC report. In an age when online shopping has replaced many in-person purchases at diverse U.S. businesses throughout the country, the full return—and continued growth—of inbound travel is critical for numerous U.S. retailers.
The COVID-19 pandemic initially posed a major threat to the leisure-heavy Gulf Coast tourism industry, as the market only benefited from one month of Spring Break travel before the stay-at-home orders were issued. However, the state of Mississippi relaxed its COVID-19 restrictions sooner than competitive markets in nearby states, thereby allowing the state’s Secret Coast resorts to capture large amounts of pent-up leisure demand. As a result, occupancy and ADR for July and August nearly reached pre-pandemic levels.
Known for its beautiful beaches stretching along the Atlantic Ocean, the Jersey Shore comprises four diverse counties, each with its own distinct character and attractions. Featuring all types of lodging, from economy motels to luxury beachfront resorts, the Jersey Shore is a hot spot for many leisure travelers seeking a coastal getaway during the summer months.
The Florida Panhandle remains popular among hotel developers and investors given the strength of the market in the post-pandemic period. An easy-to-reach destination for drive-to and out-of-state travelers alike, this Gulf Coast region has been a hotbed of activity for construction and transactions in the traditional-model hotel space since the summer of 2020.
Leisure demand normalizing and returning to pre-pandemic trendsHilton CEO, Chris Nassetta: Leisure demand in the U.S. remained strong but grew more modestly year-over-year due to tougher comparisons. We’re having a wildly strong summer in leisure. The only places where leisure has backed off a bit is where you would expect it, where it’s normalizing from crazy highs.