The Canadian hotel industry posted decreases in all three key performance measurements during the week 26 July-1 August 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 4.5 percent to end the week at 69.9 percent. Average daily rate dropped 8.8 percent to finish the week at CAD$120.06. Revenue per available room for the week decreased 12.9 percent to finish at CAD$88.18.
The U.S. hotel industry revenue per available room dropped 18.7 percent to US$53.87 percent for the first half of 2009 in year-over-year measurements, according to data from STR. In year-over-year measurements, the industry’s occupancy dropped 10.9 percent to 54.6 percent and average daily rate fell 8.7 percent to US$98.66.
As the U.S. lodging industry moves into the second half of 2009, it’s a good opportunity to review first-half market performance and look for clues to what’s ahead. By almost any measure, 2009 has been an extraordinarily challenging year. A weak economy combined with unemployment levels not seen in more than 25 years have been a gut shot to the hotel industry. Based on May year-to-date numbers, demand (rooms sold) declined more than 9 percent in the top 25 markets (excluding Las Vegas) and just under 8 percent in smaller markets (the remaining 136 U.S. markets tracked by Smith Travel Research). At the same time, room supply increased more than 3 percent in both the top 25 markets and all other markets. The combination of weak demand and above-long-term-trend supply growth pushed occupancy down nearly 12 percent in the top 25 and almost 11 percent elsewhere.
The U.S. hotel industry posted declines in all three key performance measurements during June, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 9.7 percent to end the month at 61.3 percent. Average daily rate dropped 9.9 percent to finish the month at US$96.77. Revenue per available room for the month decreased 18.6 percent to finish at US$59.34.
The U.S. hotel industry posted declines in all three key performance measurements during the week of 12-18 July 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 8.9 percent to end the week at 66.2 percent. Average daily rate dropped 9.4 percent to finish the week at US$97.33. Revenue per available room for the week decreased 17.5 percent to finish at US$64.41.
The National Business Travel Association (NBTA) and Egencia™, the corporate travel arm of Expedia Inc., today released a sample of findings from a landmark study that quantifies global business travel spend and projects business travel growth through 2013. Evaluating 72 countries, the study shows that business travel growth patterns vary dramatically across the globe with North America advancing at an average rate of just over 2 percent per year for the last decade, Western Europe growing 4.6 percent annually and Asia Pacific advancing by 7.2 percent annually over the same period. Emerging Europe and the Middle East/Africa region advanced annually by 12.4 percent and 7.7 percent, respectively, from 1998 to 2008.
Smith Travel Research recently released its 2009 Hotel Operating Statistics (HOST) report. While reviewing a 10-year history of full-service hotels’ expenditures and revenues, several questions come to mind: How effectively has this segment of the hospitality industry been managing profitability during poor and strong economic cycles? During market downturns, how were expenses managed while revenues declined? Was profitability maximized during robust economic periods?
The current economic environment is apparently influencing consumers’ interest in certain types of lodging accommodations as revealed in the just-released Ypartnership/Yankelovich 2009 National Travel MONITOR℠. Compared to last year, preference for independently operated hotels and resorts is up, while preference for chain-affiliated properties is declining. Leisure travelers are also more likely to cite “value for the price” as a key consideration when selecting lodging accommodations.
The total active U.S. hotel development pipeline includes 4,690 projects with 501,476 rooms, according to the June 2009 STR/TWR/Dodge Construction Pipeline Report released this week. This represents a 4.1-percent decrease in the number of rooms in the total active pipeline compared to May 2009 and a 24.5-percent decrease compared to June 2008. The total active pipeline data includes projects in the In Construction, Final Planning and Planning stages, but does not include projects in the Pre-Planning stage.
Ground-up development is rolling at Concord Hospitality. The Raleigh, North Carolina-based hotel management and development company added three new hotels to its 51-hotel portfolio in the past six weeks, and it expects to add at least six more by the end of the year.
The U.S. hotel industry posted declines in all three key performance measurements during the week of 5-11 July 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 9.7 percent to end the week at 60.3 percent. Average daily rate dropped 9.6 percent to finish the week at US$93.97. Revenue per available room for the week decreased 18.4 percent to finish at US$56.65.
This monthly report provides Hitwise data on: (1) The websites That Entered and Left the Top 100 Travel Category websites - Top 20 websites for the past month based on visits - Most popular search terms typed into a search engine that resulted in traffic to websites classified by Hitwise within the Travel industry. (2) The Traffic Distribution Analysis of visits to the Travel category - The Visits Duration Analysis to the Travel Category - Fast Movers - indicating websites which have witnessed substantial increases in rank in the online Travel industry
While the national recession continued into the first half of 2009, the Chicago hotel industry, as with many major cities throughout the United States, continued to experience shrinking demand. Looking to the second half of 2009, some evidence suggests that the recession may be nearing an end and the pace of decline may be moderating in the hotel industry. This article examines several of the historical trends and future sources of supply and demand that are expected to shape the city of Chicago’s hotel industry performance during the next three to four years. Additionally, we present findings from our survey of hotel managers throughout Chicago. Based on this data, HVS developed projections of hotel demand, supply, and performance through 2012.
According to a survey conducted by Colliers International Hotels and HLT Advisory, the economic recovery is unlikely to benefit the Canadian hotel industry until 2010. The survey of 325 hotel owners, managers and advisors found that 59 per cent of respondents anticipate seeing clear signs of economic recovery in 2010, with only one-fifth (19%) of respondents expecting a recovery this year.
Mark Woodworth, president of PKF Hospitality Research, discussed the firm's revised forecasts during a break at the AH&LA Summer Summit.
The U.S. hotel industry posted declines in all three key performance measurements during the week of 28 June-4 July 2009, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 6.0 percent to end the week at 57.7 percent. Average daily rate dropped 7.4 percent to finish the week at US$95.16. Revenue per available room for the week decreased 13.0 percent to finish at US$54.94.
In the battle for domestic travel dollars during the year ahead, the just-released Ypartnership/Yankelovich 2009 National Travel MONITOR(SM) reveals that the West is likely to win, with the South not far behind. When asked about their interest in visiting specific regions across the country during the next two years, more than seven in ten (72%) leisure travelers said they'd like to visit the western region of the United States, followed by the South with 62 percent (62%), the Northeast with 33 percent (33%) and the Midwest with 21 percent (21%). Interest in the West and Northeast has decreased since 2008, however, while the appeal of the South and Midwest remained consistent.
When close competitors cut their prices, the temptation for hotel operators is to follow with reductions of their own. While that strategy may increase occupancy, it reduces revenue per available room (RevPAR), when compared to a hotel’s competitive group. This is the key finding of a new study from Cornell's Center for Hospitality Research, “Competitive Pricing in Uncertain Times,” by Cathy A. Enz, Linda Canina, and Mark Lomanno.
The U.S. hotel industry posted declines in all three key performance measurements during May, according to data from STR. In year-over-year measurements, the industry’s occupancy fell 11.8 percent to end the month at 55.7 percent. Average daily rate dropped 9.8 percent to finish the month at US$97.03. Revenue per available room for the month decreased 20.4 percent to finish at US$54.05.
The U.S. hotel industry average daily rate reached a record high, ending 2008 at US$106.55, but Pre-Tax Income Profits for the year were down 7.9 percent to US$25.8 billion, according to STR’s Hotel Operating Statistics (HOST) Study.