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
The Serviced Apartment Sector in Europe 2024
Clemence Sennavoine | July 17, 2024
By Clemence Sennavoine, Alexandra Dumoulin A new and dynamic era has begun for the serviced apartment industry. Our latest Serviced Apartment survey reveals a landscape marked by robust performance, adept cost management, and a positive outlook. Profitability has not only bounced back to pre-pandemic levels but is also being driven by a surge in leisure demand and a booming interest in serviced apartments. This renewed enthusiasm is drawing significant investor attention, prompting both established brands and new players to expand and innovate, setting the stage for exciting growth and transformation in the industry. Operators' Sentiment ...
Celebrating Two Years of Progress in National Strategy to Reenergize U.S. Travel and Tourism
International Trade Administration | July 15, 2024
Two years after the U.S. Department of Commerce issued the National Travel and Tourism Strategy and set an ambitious five-year goal to welcome 90 million international visitors annually by 2027, the Department is announcing we expect to reach that goal ahead of schedule. According to the latest estimates from the International Trade Administration, the United States expects to welcome 91 million annual visitors by 2026, surpassing the Strategy’s goal one year in advance of the anticipated timeline. In celebration of all the progress made since the launch of the National Travel and Tourism Strategy, Secretary of Commerce Gina Raimondo issue...
Travel Prices Decline, Lead the Way for Overall Economy
U.S. Travel Association | July 15, 2024
WASHINGTON - Thursday’s Consumer Price Index (CPI) release for June reveals an encouraging trend: Inflation is easing across the board—and travel-related goods and services are at the forefront. For the second month in a row, prices throughout the travel sector have fallen, and at a steeper rate than the overall economy. According to the U.S. Travel calculated Travel Price Index (TPI), prices decreased an impressive 1.4% from the previous month, led by lower hotel, airline and gas prices. In contrast, the overall economy saw a modest 0.1% decrease, the first monthly decline since 2020. Comparisons month-to-month, year-over-year, and ...
U.S. Hotel Results for Week Ending 6 July
CoStar Group | July 11, 2024
WASHINGTON – 11 July 2024 – Due to the Fourth of July, the U.S. hotel industry reported lower performance results from the previous week and mixed comparisons year over year, according to CoStar’s latest data through 6 July. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 30 June through 6 July 2024 (percentage change from comparable week in 2023): Occupancy: 61.3% (-0.9%) Average daily rate (ADR): US$157.27 (+0.5%) Revenue per available room (RevPAR): US$96.35 (-0.4%) Among the Top 25 Markets, New Orleans saw the highest year-over-year increases...
Cologne Hotel ADR and RevPAR Reached Record-High Thanks to Euros
CoStar Group | July 10, 2024
WASHINGTON – 10 July 2024 – Pushed by the 2024 UEFA European Football Championship, Cologne’s hotel industry recorded its highest monthly average daily rate (ADR) and revenue per available room (RevPAR) on record, according to June preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. June 2024 (year-over-year % change): Occupancy: 81.2% (+7.9%) ADR: EUR174.18 (+35.5%) RevPAR: EUR141.47 (+46.2%) In addition to the all-time highs in monthly ADR and RevPAR, occupancy was the highest for the market since November 2019. ...
Formula One Drove Barcelona Hotel ADR and RevPAR to All-Time Highs in June
CoStar Group | July 10, 2024
WASHINGTON – 10 July 2024 – Thanks to a boost from the annual Spanish Grand Prix, Barcelona's monthly average daily rate (ADR) and revenue per available room (RevPAR) reached all-time highs, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. June 2024 (year-over-year % change): Occupancy: 87.3% (+1.7%) ADR: EUR 231.30 (+11.4%) RevPAR: EUR201.84 (+13.3%) The Grand Prix pushed occupancy to 95.3% on Saturday, 22 June, matching for the monthly high with the night of a Rammstein concert on Tuesday, 11 June. The level...
Revamping Fort Lauderdale: Convention Center Expansion and Omni Hotel Development
Emeldina Paratusic | July 9, 2024
Fort Lauderdale, a staple South Florida beach destination, is shifting its focus beyond leisure tourism with a $1.3-billion investment in the Broward County Convention Center and adjoining Omni Hotel. Following this project, Fort Lauderdale will position itself as both a vacation destination and a commercial city. Fort Lauderdale, known for its beaches and canals, has grown beyond a leisure destination in recent years. As the focus of this shift, the Broward County Convention Center is undergoing a $1.3-billion renovation and expansion. The highly anticipated project is underway and slated for completion in 2025. The first phase of th...
Digital Trends in Accommodation: Hotels, Booking.com and DMA
HOTREC | July 8, 2024
The European hotel industry has long been warning of unfair business practices from OTAs. Competition and collaboration are crucial for the hospitality sector, but create challenges that impact prices, operations, and guest experiences. As the largest OTA, Booking.com is now a gatekeeper platform under the DMA. The dominant platform will finally have to comply to the new digital rules. This should allow hotels to offer better prices on their own distribution channels. The results of our 2024 Hotel Distribution Study confirm the need for new digital rules that will ensure fair competition in the hotel accommodation sector. The findings...
Weekend Events Drove Dublin Hotel Rates Past €300
CoStar Group | July 3, 2024
Boosted by three large-scale events during the final weekend of June, Dublin hotel average daily rate (ADR) eclipsed EUR300 for just the second time this year and sixth time in history, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. Taylor Swift headlined the busy weekend in Dublin with three performances from Friday-Sunday (28-30 June) at the Aviva Stadium. Swift’s tour overlapped with Dublin Pride, which took place on Saturday as well as the All-Ireland GAA quarterfinals on Saturday and Sunday. The market’s ho...
APAC: Economic Boom or Financial Gloom?
HotStats | July 3, 2024
By Tareq Bagaeen 2024 has been very intense. Throughout my career as a hotelier, I've gone through 9/11, a few wars, a world financial crisis, pandemics, and a tsunami to name but a few significant milestones. And yet, 2024 has been the most intense year for me thus far in the quarter century of hospitality life. So, what is going on? It seems like my email inbox is impossible to keep clean. Projects keep stacking up one after another, I've already flown over 185,000 miles in 180 days, and every time I open LinkedIn, I find news of a major new signing or opening for the hotel industry around the Asia Pacific, and on top of it all I see ...
Travel & Tourism in Latin America Could Boost Region’s Economy by US$260BN Over the Next Decade
The World Travel & Tourism Council | July 3, 2024
WTTC’s latest report highlights actions to boost sector’s growth Mexico City, Mexico: The World Travel & Tourism Council (WTTC), in collaboration with VFS Global, revealed that the Latin American (LATAM) Travel & Tourism sector could add nearly US$260BN to the region’s economy and create nearly eight million new jobs over the next 10 years. According to the report, ‘Unlocking Opportunities for Travel & Tourism Growth in LATAM’, this potential growth is dependent on three key policies to unlock annualised growth of 3.4%, reaching a contribution of nearly US$909.2BN. The report includes a policy package focused on...
U.S. Hotel Results for Week Ending 29 June
CoStar Group | July 3, 2024
WASHINGTON – 3 July 2024 – The U.S. hotel industry reported higher performance results from the previous week and positive comparisons year over year, according to CoStar’s latest data through 29 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 23-29 June 2024 (percentage change from comparable week in 2023): Occupancy: 71.9% (+3.2%) Average daily rate (ADR): US$162.81 (+3.6%) Revenue per available room (RevPAR): US$117.13 (+6.9%) Among the Top 25 Markets, Minneapolis saw the highest year-over-year increases in each of the three key performa...
Sports and Conventions Support Hotel Industry in Cincinnati, OH
Brian Arevalo | July 2, 2024
Cincinnati is a significant hub of culture, commerce, and tourism in the Midwest. This dynamic metropolis boasts a rich tapestry of demand generators that fuel its hotel industry. From its renowned arts and music scene, highlighted by the Cincinnati Symphony Orchestra and a multitude of festivals, to its bustling business districts and expansive convention centers, the city attracts a diverse array of visitors year-round. Additionally, Cincinnati's historical landmarks, major sporting events, and burgeoning culinary landscape help draw a steady influx of leisure and business travelers alike. Convention Center Expansion The second largest ...
U.S. Hotel Results for Week Ending 22 June
CoStar Group | June 28, 2024
WASHINGTON – 28 June 2024 – The U.S. hotel industry reported lower performance results from the previous week and mixed comparisons year over year, according to CoStar’s latest data through 22 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 16-22 June 2024 (percentage change from comparable week in 2023): Occupancy: 69.5% (-2.5%) Average daily rate (ADR): US$159.88 (+0.1%) Revenue per available room (RevPAR): US$111.17 (-2.3%) Among the Top 25 Markets, Seattle saw the highest year-over-year increases in occupancy (+11.1% to 84.9%) and RevPAR...
Paris Hotel Booking Levels Nearing 80% for the Summer Olympics
COSTAR GROUP, INC. | June 27, 2024
WASHINGTON – 27 June 2024 – With one month until the start of the Summer Olympic Games, Paris hotel booking levels are nearing 80%, according to CoStar’s latest Forward STAR data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. A growth trajectory in occupancy on the books has accelerated in recent months, as levels were pacing just above 60% in April and at roughly 50% in February. As of 17 June, occupancy on the books is peaking at 77.8% on Saturday, 27 July, the night of 14 gold medal events. Opening night is a close second with occupancy on the bo...
Canada Hotel Industry Records Highest Performance Since September 2023
CoStar Group | June 24, 2024
WASHINGTON – 24 June 2024 – Canada’s hotel industry recorded its highest performance levels in eight months, according to CoStar’s May 2024 data. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. May 2024 (percentage change from 2023): Occupancy: 69.0% (+0.2%) Average daily rate (ADR): CAD206.39 (+4.5%) Revenue per available room (RevPAR): CAD142.32 (+4.8%) “Improvement in Canada’s hotel room rates drove a RevPAR lift in May,” said Laura Baxter, CoStar Group’s director of hospitality analytics for Canada. “The occupancy lift, however, w...
International Visitors to the U.S. Spent $20.7 Billion in April 2024
National Travel and Tourism Office (NTTO) | June 24, 2024
Data recently released by the National Travel and Tourism Office (NTTO) show that in April 2024: International visitors spent more than $20.7 billion on travel to, and tourism-related activities within, the United States, an increase of nearly 13 percent compared to April 2023 and surpassing pre-COVID levels of monthly spending realized in April 2019. Conversely, Americans spent more than $20.1 billion traveling abroad during April, the 37th consecutive month of growth, yielding a balance of trade surplus of $561 million for travel and tourism-related goods and services. International visitors have spent more than $83.3 billion ...
Nearly 71 Million People Expected To Travel Over July 4th Week
AAA | June 20, 2024
WASHINGTON, DC (June 20, 2024) – AAA projects 70.9 million travelers will head 50 miles or more from home over the Independence Day holiday travel period*. For the first time, AAA looked at the entire July 4th week, plus the Saturday before and the Sunday after the holiday. This year’s projected number of travelers for that time period is a 5% increase compared to 2023 and an 8% increase over 2019. “With summer vacations in full swing and the flexibility of remote work, more Americans are taking extended trips around Independence Day,” said Paula Twidale, Senior Vice President of AAA Travel. “We anticipate this July 4th week wi...
U.S. Hotel Performance Improved in May 2024 Compared to Previous Month
CoStar Group | June 20, 2024
WASHINGTON – 20 June 2024 – The U.S. hotel industry reported improved performance results from the previous month, according to May 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. May 2024 (percentage change from May 2023): Occupancy: 65.7% (+1.5%) Average daily rate (ADR): US$160.40 (+2.4%) Revenue per available room (RevPAR): US$105.46 (+4.0%) Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (+5.8% to 88.9%), ADR (+6.3% to US$339.25) and RevPAR (+...
U.S. Hotel Results for Week Ending 15 June
CoStar Group | June 20, 2024
WASHINGTON – 20 June 2024 – The U.S. hotel industry reported higher performance results from the previous week but mixed comparisons year over year, according to CoStar’s latest data through 15 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 9-15 June 2024 (percentage change from comparable week in 2023): Occupancy: 70.3% (-0.6%) Average daily rate (ADR): US$161.70 (+0.9%) Revenue per available room (RevPAR): US$113.62 (+0.3%) Among the Top 25 Markets, San Francisco saw the highest year-over-year increases in occupancy (+17.0% to 79.4%), AD...
HITEC 2024 Spotlight on Hotel Development in Charlotte, NC
Lodging Econometrics | June 18, 2024
June 18, 2024 – PORTSMOUTH, NH Lodging Econometrics (LE) has released the Q1 hotel development data for the Charlotte, NC market ahead of the Hospitality Industry Technology Exposition and Conference (HITEC). The Q1 2024 LE Market Trend Report for the Charlotte market highlights that Charlotte has a total of 67 hotel projects and 7,772 rooms in the construction pipeline, positioning it fifteenth among the top 25 U.S. markets for the largest hotel construction pipeline by project count. Within the Charlotte market, at the close of the first quarter, hotels presently under construction stand at 11 projects/1,435 rooms. Projects sched...
Türkiye’s Travel & Tourism Sector Reached Record-Breaking New Heights Last Year
The World Travel & Tourism Council | June 13, 2024
London, UK: The World Travel & Tourism Council (WTTC) 2024 Economic Impact Research (EIR) has revealed Türkiye’s Travel & Tourism sector broke all records last year, reaching new milestones across four key metrics. In 2023, the sector contributed TRY 3.11TN to the economy, accounting for 12% of total GDP. This is a significant increase of almost 30% from the previous peak in 2019. The sector also supported more than 3.2MN jobs, representing one in 10 jobs across the country, and more than 18% above the 2019 high point. International and domestic visitor spending also exceeded their previous records, reaching TRY 1.68TN a...
May Events Pushed Berlin Hotel Performance
CoStar Group | June 13, 2024
WASHINGTON – 13 June 2024 – Helped by a number of events, Berlin hotels saw improved 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: 78.8% (+2.6%) Average daily rate (ADR): EUR133.90 (+6.0%) Revenue per available room (RevPAR): EUR105.57 (+8.7%) Berlin was the host of several events in May, including CWIEME Berlin, Carnival of Cultures, Desertfest Berlin, and the Global Business Summit. The market’s highest daily occupancy levels were...
U.S. Hotel Results for Week Ending 8 June
CoStar Group | June 13, 2024
WASHINGTON – 13 June 2024 – The U.S. hotel industry reported higher performance results from the previous week but mixed comparisons year over year, according to CoStar’s latest data through 8 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 2-8 June 2024 (percentage change from comparable week in 2023): Occupancy: 69.1% (-0.1%) Average daily rate (ADR): US$160.90 (+1.8%) Revenue per available room (RevPAR): US$111.26 (+1.7%) Among the Top 25 Markets, Houston saw the highest year-over-year increases in occupancy +14.8% to 71.1%) and RevPAR (...