International Visitors Spent Nearly $20.1 Billion Traveling Within the United States in March
National Travel and Tourism Office (NTTO) | May 23, 2024
CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel
CBRE Group, Inc. | May 16, 2024
Market Reports
Unique Factors Shaping the Buffalo Lodging Market
Christian Cross | June 13, 2024
As a border town, Buffalo has historically been heavily reliant on Canadian visitors and U.S. travelers stopping over en route to/from Canada for lodging demand. Based on a recent hotel market study and many hotel appraisals in the greater Buffalo-Niagara area I have performed, it is clear that traffic volume at the land crossings has an impact on these border markets. Below is a brief timeline of the changing restrictions for border crossings from 2020 until 2023. Key Dates for Border-Crossing Restrictions As the one-year anniversary recently passed since all COVID-19 border restrictions were lifted, I wanted to take a look at the co...
March 2024 Total International Travel Volume To and From the United States
NATIONAL TRAVEL AND TOURISM OFFICE (NTTO) | June 13, 2024
In March 2024, International Visitor Arrivals to the United States Totaled 5,893,360, an Increase of 12.6% Compared to March 2023 Outbound Travel Departures from the United States by U.S. Citizens Totaled 9,009,439 in March 2024, an Increase of 15.4% Compared to March 2023 Data recently released by the National Travel and Tourism Office (NTTO) show that in March 2024: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 5,893,360 increased +12.6% compared to March 2023 and represented 94.2% of the pre-COVID total visitor volume reporte...
Tokyo Room Rates Reached a New Peak in May
CoStar Group | June 12, 2024
WASHINGTON – 12 June 2024 – Tokyo’s hotel industry reported record-high average daily rate (ADR) and revenue per available room (RevPAR) in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. May 2024 (year-over-year % change): Occupancy: 78.4% (+4.2%) ADR: JPY 37,671.27 (+44.0%) RevPAR: JPY 29,529.07 (+50.0%) According to daily data, Tokyo’s occupancy levels peaked on Saturday, 25 May (89.1%), helped by a number of music events held in Tokyo Dome. The market recorded its highest RevPAR levels on the...
Madonna Concert Drove Rio de Janeiro’s Hotel Performance in May
CoStar Group | June 12, 2024
WASHINGTON – 12 June 2024 –Madonna’s final concert of her Celebration Tour pushed Rio de Janeiro’s hotel performance in May, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. May 2024 (year-over-year % change): Occupancy: 62.0% (+6.0%) Average daily rate (ADR): BRL729.06 (+19.9%) Revenue per available room (RevPAR): BRL452.14 (+27.2%) On Saturday, 4 May, Madonna wrapped her Celebration Tour with a free concert on Rio de Janeiro’s Copacabana Beach, which attracted over 1.6 million fa...
Saudi Arabia’s Travel & Tourism Breaks All Records
World Travel & Tourism Council | June 10, 2024
Last year, the sector grew by more than 32% to contribute a record-breaking SAR 444.3BN to Saudi’s GDP, representing 11.5% of the entire economy, exceeding previous record by almost 30%. London, UK: The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed a record-breaking year for Travel & Tourism in Saudi Arabia, with new records in GDP contribution, sector jobs and visitor spend. Saudi Arabia’s Travel & Tourism sector is now soaring past all previous records, testament to the country’s commitment to becoming a global tourism hot spot. Last year, the sector grew by more tha...
Travel & Tourism in China Set to Surpass Pre-Pandemic Levels This Year
The World Travel & Tourism Council | June 6, 2024
Beijing, China: The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed today that China’s Travel & Tourism sector is set to inject a record-breaking ¥12.62TN into the national economy by the end of this year. In partnership with Oxford Economics, a world leader in global economic forecasting, WTTC’s latest research shows that domestic travel spend is also set to reach new heights this year – expected to contribute ¥6.79TN into China’s economy in 2024. According to the global tourism body, employment in Travel & Tourism is expected to represent 10.6% of all jobs in the countr...
Due to Memorial Day, U.S. Hotel Industry Reported Lower Performance Results From the Previous Week
CoStar Group | June 6, 2024
WASHINGTON – 6 June 2024 – Due to Memorial Day, the U.S. hotel industry reported lower performance results from the previous week but slightly positive comparisons year over year, according to CoStar’s latest data through 1 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 26 May through 1 June 2024 (percentage change from comparable week in 2023): Occupancy: 62.0% (+0.9%) Average daily rate (ADR): US$150.87 (+0.1%) Revenue per available room (RevPAR): US$93.50 (+1.0%) Among the Top 25 Markets, New Orleans saw the highest year-over-year occup...
New Labor Challenges Arise in 2023
Robert Mandelbaum | June 6, 2024
By Robert Mandelbaum, Andrea Grigg The scarcity of employees has long been the primary labor concern for U.S. hoteliers, even before the onset of the COVD-19 pandemic. Historically, jobs in the lodging industry have had a negative perception as being too physically demanding, requiring too long of hours, and requiring work on weekends and holidays. The shortage of personnel was exaggerated during 2021 and 2022 as many of the employees that were laid off during the pandemic in 2020 opted not to return to the industry. The difficulty of attracting workers to fill line-level positions within hotels lessened somewhat in 2023. Reductions in ...
STR, TE Downgrade U.S. Hotel Forecast
STR | June 3, 2024
NEW YORK – STR and Tourism Economics made significant downward adjustments to the 2024-25 U.S. hotel forecast just released at the 46th Annual NYU International Hospitality Industry Investment Conference. The latest revision reflects lower-than-expected performance thus far in 2024 as well as lessened growth projections for the remainder of the year. For 2024, projected gains in average daily rate (ADR) and revenue per available room (RevPAR) were downgraded 1.0 percentage points and 2.1 ppts, respectively. Occupancy for the year is now expected to decline after the previous forecast projected year-over-year growth in t...
Namibia – Where Sand Dunes Embrace the Atlantic
Abhijit B Menon | June 3, 2024
By Abhijit Menon Namibia’s Landscape A southern African nation known for offering extraordinary encounters with nature, Namibia has been considered historically as a sleeping giant and is now stirring to life in Africa's rising tourism scene. The country offers a wide variety of destinations and adventures for all. Home to the Namib Desert, the world’s oldest desert, and the Sossusvlei region with some of the world’s highest sand dunes, Namibia boasts spectacular scenery; some liken parts of the country to the sensation of ‘landing on Mars.’ The famous Etosha National Park in the North is home to numerous luxury safari camps,...
U.S. Hotel Results for Week Ending 25 May
CoStar Group | May 31, 2024
WASHINGTON – 31 May 2024 – The U.S. hotel industry reported mixed performance results from the previous week but positive comparisons year over year, according to CoStar’s latest data through 25 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 19-25 May 2024 (percentage change from comparable week in 2023): Occupancy: 67.7% (+1.6%) Average daily rate (ADR): US$160.67 (+2.3%) Revenue per available room (RevPAR): US$108.73 (+3.9%) Among the Top 25 Markets, Houston saw the highest year-over-year increases in occupancy (+20.9% to 74.1%) and RevPAR...
May 2024 Hotel Industry Outlook: Bright Spots and Challenges
Anne R. Lloyd-Jones | May 31, 2024
By Anne R. Lloyd-Jones Mixed messages abound these days, comprising some bright spots, some not so bright spots, and some challenges. With no coherent theme, the greatest challenge may be developing a forecast for the industry as a whole. But we are undaunted and herewith present our current expectations for the U.S. lodging industry. The recent successive increases in GDP, lower inflation levels, and continued strong job growth paint a positive picture of the U.S. economy, but ongoing international conflicts, the pending election, and uneven economic metrics have resulted in a lack of overall clarity. The specter of a recession remains...
Hotels Across Germany Are Filling Up for UEFA Euro 2024
CoStar Group | May 31, 2024
Analysis by William Anns With the summer months fast approaching, sports fans are looking at the 2024 UEFA European Football Championship, which kicks off on Friday, 14 June. Set to take place across multiple locations in Germany, the annual football tournament is expected to affect hotel performance just as much as football fans across the continent. Utilizing Forward STAR data, the markets are already showing spikes in hotel bookings on and around the match dates. Cologne leads the way Looking at the first two weeks of the championship, Cologne is showing the most significant hotel bookings thus far. As of 13 May, the highest o...
RNC and DNC: How Political Conventions Impact Host Market Hotel Performance
CoStar Group | May 31, 2024
Analysis by M. Brian Riley We are less than two months away from the first political party conventions to determine America’s 2024 presidential nominees, with the Republican National Convention (RNC) scheduled first in Milwaukee (15-18 July), and the Democratic National Convention (DNC) taking place in Chicago a month later (19-22 August). Each party’s convention draws thousands of appointed delegates along with a host of officials and attendees, not to mention a legion of external media. Typically, these four day-long events begin on a Monday and end with a Thursday speech by the party nominee. This summer quadrennial tradition con...
Resurgence in Full-Service Projects in the Global Construction Pipeline at Q1 2024
Lodging Econometrics | May 31, 2024
The Q1 2024 Global Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) reveals that the total global pipeline hit an all-time high for room counts and highlights a significant increase in full-service projects at the close of the first quarter. LE analysts report that, at Q1, the total global pipeline stands at 15,366 projects/2,382,195 rooms, a 6% increase in projects, and a 3% increase in rooms year-over-year (YOY). There are 6,195 projects/1,101,602 rooms currently under construction worldwide at Q1. Projects scheduled to start construction in the next 12 months stand at 3,840 projects/528,251 rooms, for an 8% incre...
HVS ANAROCK Hotels & Hospitality Overview, May 2024
Akash Datta | May 29, 2024
By Akash Datta, Dipti Mohan, Dhwani Gupta Read the latest edition of the HVS ANAROCK monthly industry update, Hotels & Hospitality Overview (H2O), for the key trends in the Indian hospitality industry. Key highlights include: In April 2024, domestic air passenger traffic in India reached 132 lakhs, marking a 2.4% increase compared to April 2023. Goa witnessed the largest year-on-year decline in occupancy rate, while Kolkata registered the highest growth during the month. Hyderabad showed the highest year-on-year ADR growth among the top 10 markets in the country, followed by Chennai. After a long hiatus, Mumbai recorded ...
New York Market Leads U.S. With Number of Hotels Under Construction in Q1 2024
Lodging Econometrics (LE) | May 29, 2024
May 29, 2024 – PORTSMOUTH, NH – Lodging Econometrics (LE) releases the latest on hotel development for the New York, NY market, prior to the NYU International Hospitality Industry Investment Conference (NYU Conference). In the Q1 2024 LE Market Trend Report for the New York market, analysts report the market has a total of 78 projects/13,549 rooms in the hotel construction pipeline, the tenth largest pipeline by projects of any market in the U.S. Of the top 50 markets in the U.S., the New York market leads with the greatest number of hotels presently under construction standing at 47 projects/7,655 rooms. Projects scheduled to start...
Travel & Tourism Set to Contribute a Record $182BN to the Canadian Economy This Year
The World Travel & Tourism Council | May 24, 2024
London, UK: The World Travel & Tourism Council (WTTC) is forecasting an historic year for Canada’s Travel & Tourism sector this year, with the economic contribution set to reach an all-time high of almost $182BN. Reaching $182.1BN in 2024 represents an additional $8.1BN over its previous peak, affirming the sector’s significant role as an economic force, responsible for generating one in every 15 dollars of economic activity. In partnership with Oxford Economics, WTTC’s latest research highlights a sector abundant with opportunities, supporting 1.84MN Canadian jobs, with an increase of 120,000 jobs compared to the previou...
More Asian Countries Stay Ahead of 2023 Levels, Japan Maintains Significant Rate Growth
CoStar Group | May 24, 2024
Analysis by Eddie Yeung Note: All financial figures presented in US$. STR's global "bubble chart" update for the four weeks ending 18 May 2024 shows 72% of markets with year-over-year growth in revenue per available room (RevPAR). That level was up from 60% in the previous update. Japan and South East Asian market led the growth. Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, Switzerland, France, and Italy posted the highest RevPAR on an actual basis. While Singapore and Switzerland remained leaders in actual levels, their RevPAR was moderately lower year over year by 1.7% and 5.2%, respectively. ...
Venice Market Pulse
Lorenzo Gullotta | May 24, 2024
By Lorenzo Gullotta, Giammarco Pignocchi, Ezio Poinelli The resurgence of travel activity in Venice following the years afflicted by the COVID-19 pandemic has not only been a sign of recovery but also an indicator of evolving trends within the city's tourism sector. In line with what was observed in other Italian cities, Venice's hotel market experienced an unprecedented surge in the post-pandemic era. While overall occupancy rates remain below pre-pandemic levels, the upper upscale and luxury market segments appear to have fully rebounded. This recovery, along with a significant increase in average rates, has resulted in a notably positi...
U.S. Hotel Results for Week Ending 18 May
CoStar Group | May 23, 2024
WASHINGTON – 23 May 2024 – The U.S. hotel industry reported higher performance from the previous week and positive comparisons year over year, according to CoStar’s latest data through 18 May. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 12-18 May 2024 (percentage change from comparable week in 2023): Occupancy: 67.4% (+0.2%) Average daily rate (ADR): US$163.11 (+2.6%) Revenue per available room (RevPAR): US$109.93 (+2.8%) Among the Top 25 Markets, Houston saw the only double-digit occupancy lift (+10.5% to 67.9%). Atlanta reported the hig...
Canada Hotels Report First Occupancy Increase in Four Months
CoStar Group | May 23, 2024
WASHINGTON – 23 May 2024 – After four consecutive months of year-over-year declines, Canada’s hotel industry reported an increase in occupancy, according to CoStar’s April 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. April 2024 (percentage change from 2023): Occupancy: 64.0% (+2.7%) Average daily rate (ADR): CAD188.39 (+5.1%) Revenue per available room (RevPAR): CAD120.64 (+8.0%) “The year-over-year growth in occupancy suggests that downward pressure on hotel demand related to weaker economic conditions will not be linear, as the per...
International Visitors Spent Nearly $20.1 Billion Traveling Within the United States in March
National Travel and Tourism Office (NTTO) | May 23, 2024
Data recently released by the National Travel and Tourism Office (NTTO) show that in March 2024: International visitors spent nearly $20.1 billion on travel to, and tourism-related activities within, the United States, an increase of more than 22 percent compared to March 2023 and very close to surpassing pre-COVID levels of monthly spending realized in 2019. Conversely, Americans spent nearly $20.7 billion traveling abroad during March, the thirty-sixth (36) consecutive month of growth, yielding a balance of trade deficit of $591 million for travel and tourism-related goods and services. International visitors have spent nearly $...
ITA Data Release: February 2024 Total International Travel Volume
National Travel and Tourism Office | May 22, 2024
In February 2024, International Visitor Arrivals to the United States Totaled 4,735,844, an Increase of 14.7% Compared to February 2023 Outbound Travel Departures from the United States by U.S. Citizens Totaled 7,050,562 in February 2024, an Increase of 14.1% Compared to February 2023 Data recently released by the National Travel and Tourism Office (NTTO) show that in February 2024: International Arrivals to the United States Total non-U.S. resident international visitor volume to the United States of 4,735,844 increased +14.7% compared to February 2023 and represented 93% of the pre-COVID total visitor volume reported for Fe...
