NOVEMBER BROUGHT A little less for U.S. hotels to be thankful for compared to the prior month, according to STR, but also saw improvements over 2019's performance. Meanwhile, with Christmas a week away, performance surpassed the comparable time period for 2019.
Occupancy for November reached 57.6 percent, down from 62.9 percent in October and down 6.2 percent compared to 2019. October's occupancy was 8.8 percent lower
than the same month in 2019. ADR was $128.50 for the month, lower than October's $134.78 but 2.4 percent higher than November 2019.
RevPAR also was down on a month-to-month basis, $74.03 versus $84.75, but it was only down 3.9 percent from the same month in 2019 versus a 7.6 percent difference between October 2021 and October 2019.
New York City had the highest occupancy for the month among STR's top 25 markets with 71.2 percent. That was still down 17.9 percent from 2019. None of the top 25 markets saw higher occupancy than 2019.
U.S. HOTEL OCCUPANCY has reached an all-time high in the fourth week of December though the numbers came in lower than the previous week, according to STR. Christmas Day occupancy was 47.2 percent, up from the previous high of 47 percent recorded in 2015.
Occupancy was 44.3 percent for the week ended Dec. 25, down from 53.8 percent the week before, and down 8.7 percent when compared to 2019. ADR was $129.67 for the
week, up from $121.87 the week before and an increase of 0.5 percent from 2019. RevPAR reached $57.46, down from $65.61 the week before, and dropped 8.3 percent
from two years ago.
According to STR, a steeper decline during the week from 2019 levels was due to the fact that Christmas fell on a Wednesday two years ago and allowed for an earlier return to non-holiday weekend levels that year.
"While Omicron-related closures and service disruptions affected performance in New York City, overall U.S. occupancy was less impacted," STR said.
REVPAR FOR U.S. hotels recovered to 83.2 percent of 2019 levels in 2021, according to STR. Also, in December 2021, ADR and RevPAR hit all-time highs.
U.S. hotel occupancy in 2021 was 57.6 percent, down 12.6 percent when compared to 2019. ADR for the year was $124.67, down just 4.8 percent from 2019. RevPAR at $71.87, down 16.8 percent when compared to two years ago.
"In addition to 2020, U.S. hotel occupancy failed to reach 60 percent for just the second time since 2011," STR said. "On a nominal basis, 2021 ADR was the fourth highest on record. The country's RevPAR level was its second lowest in eight years behind only 2020."
According to the report, none of the top 25 markets experienced an occupancy increase last year over 2019. Tampa reported the highest occupancy at 68.4 percent, down 5.2 percent from 2019.
The largest ADR increase in 2021 was in Miami, up 14.7 percent to $223.49, compared to 2019. Norfolk/Virginia Beach registered the highest growth in RevPAR, up 7.7 percent to $72.31.
AS A RESULT of a larger impact from the Omicron variant, U.S. hotel occupancy worsened in the second week of January in comparison with pre-pandemic levels,
according to STR. However, occupancy was higher than the previous week on an absolute basis.
Occupancy was 48.8 percent for the week ending Jan. 15, up from 45.4 percent the week before and down 16.3 percent from the comparable week in 2019. ADR was $122.12 for the week, up from $119.92 the week before, but down 1.6 percent from two years ago. RevPAR reached $59.57, up from $54.47 the prior week and down 17.6 percent from the same period two years ago.
According to STR, ADR and RevPAR were up week over week and when indexed to 2019.
ACCORDING TO THE March 2022 edition of CBRE's Hotel Horizons national forecast report, the total revenue for a typical U.S. hotel is not expected to return to
pre-COVID 2019 nominal dollars until 2023. Accordingly, hotel owners and operators continue to seek ways to control expenses, and that can include property taxes.
One potential reduction opportunity is property taxes, according to an article from Robert Mandelbaum, director of research information services for CBRE Hotels
Research, and Mark Whitney, managing director of CBRE's Property & Transaction Tax Services platform. Based on a sample of 3,400 hotels from CBRE's Trends in the
Hotel Industry database, U.S. hotel property tax expenditures declined by 13 percent from 2020 to 2021. This decline put 2021 property taxes 9.9 percent below 2019
levels. Unfortunately, this compares unfavorably to the 41.3 percent decline in revenues and 57.4 percent falloff in profits during the same period. For this
analysis, profits are defined as earnings before interest, taxes, depreciation, and amortization, or EBITDA.
Relationship to Profits
Compared with other forms of real estate, hotel financial performance is relatively volatile. Because of the lack of long-term leases, hotel revenues and
profits will react almost instantaneously to changes in the economy. This was evident during 2020 when we observed a sudden 64.3 percent drop in revenues along
with a 109.4 percent decline in EBITDA in reaction to the pandemic.
TWO-THIRDS OF U.S. travelers think that family and friend reunions bring the most joyful summer vacations, according to a survey from G6 Hospitality's Motel 6.
The survey, conducted by SWNS Media Group, revealed that 57 percent of the respondents plan to attend a family or friend reunion this summer.
The poll conducted May 20 to 26, also found 2,000 adults traveling this summer said that an average respondent has not gathered with extended family in four years.
U.S. travelers will journey nearly 80 miles to reunite with their favorite people and places, while about 32 percent will venture more than 100 miles.
More than half of those surveyed believe that reunions will look and feel different this year. The reunion invitee lists include friends (42 percent), significant
others (39 percent), neighbors (34 percent) and pets (36 percent).
According to the survey, 55 percent of those attending a family reunion this year look forward to celebrating both old traditions while creating new ones, and
64 percent are interested in becoming more connected to their family traditions.
U.S. TRAVELERS SAID that gas prices and inflation will impact their summer travel decisions more than COVID-19 concerns, according to a survey commissioned
by the American Hotel & Lodging Association.
The survey, conducted by Morning Consult and released just ahead of the Memorial Day holiday weekend ending May 30, revealed that more than half of the respondents,
57 percent, are likely to take fewer leisure trips and 54 percent will take shorter trips due to current gas prices.
The majority of people surveyed, 82 percent, said that gas prices will have at least some impact on their travel destinations.
U.S. HOTELS REACHED record-breaking ADR level during the last week of December, particularly by luxury resorts, according to STR. STR's top 25 markets also led the expansion.
Occupancy was 54.3 percent for the week ending Jan. 1, up from 44.3 percent the week before and increased 10.7 percent when compared to 2019. ADR was $157.91 for the week, up from $129.67 during the fourth week and up by 15.1 percent compared to two years ago. RevPAR was $85.74 during the week under review, up from $57.46 the week before and increased 27.4 percent compared to 2019.
STR's top 25 markets all together reached almost $200 in ADR, led by Miami with $455.31 and Oahu with $411.47.
Norfolk/Virginia Beach recorded the largest occupancy increase during the week, up 25.3 percent to 49.4 percent.
Phoenix registered the largest ADR increase, increased 36.9 percent to $155.71.
U.S. HOTEL PERFORMANCE remained relatively flat during the third week of January, according to STR. Tampa, Florida, led the top 25 markets in terms of occupancy.
Occupancy was 48.7 percent for the week ending Jan. 22, and it was 48.8 percent the week before. It was down 15.9 percent from the comparable week in 2019. ADR was
$122.17 for the week, almost same as the week before at $122.12 and down 1.4 percent from two years ago. RevPAR reached $59.52, it was $59.57 the prior week and
down 17.1 percent from the same period two years ago.
None of STR's to 25 markets recorded an occupancy increase during the period compared to two years ago. Tampa came closest to its pre-pandemic comparable in the third week, down just 1.7 percent to 72.1 percent. It also posted the largest ADR rise, up 14 percent to $151.74. The only RevPAR increase was also registered at Tampa, up 12 percent to $109.39.
U.S. HOTEL PERFORMANCE was up in the second week of December compared to the week before, according to STR. When compared to 2019, performance was higher
during the week.
Occupancy was 59.6 percent for the week ending Dec. 10, up from 55.4 percent the week before and a slight decrease of 1.2 percent from 2019. ADR was $144.79
during the week, increased from $141.71 the week before and up 15.4 percent from three years ago. RevPAR reached $86.29 during the week, up from $78.50 the week
before and up 14 percent from 2019.
Among STR's top 25 markets, Tampa reported the highest occupancy increase during the week, up 10.2 percent to 80.1 percent, over 2019. New York City achieved the
highest occupancy level at 90.2 percent. New Orleans posted the highest ADR, increased 57.3 percent to $202.67, and RevPAR, up 63.8 percent to $136.92, over 2019.
U.S. HOTEL PERFORMANCE declined in the third week of December as anticipated ahead of the holidays, according to CoStar. Three key metrics-occupancy, ADR,
and RevPAR-all dipped compared to the previous week.
Occupancy fell to 43.9 percent for the week ending Dec. 23, down from the previous week's 54.7 percent, but demonstrated a year-over-year increase of 0.5 percent.
ADR decreased to $131.97, compared to the prior week's $142.62, marking a 0.9 percent decline from the previous year. RevPAR also declined to $57.9, compared to
the prior week's $77.99, indicating a 0.4 percent decrease from the corresponding period in 2022.
Among the top 25 markets, Boston experienced the most significant year-over-year increases, with occupancy rising by 21.5 percent to 46.2 percent and RevPAR up by
23.1 percent to $65.68. Anaheim recorded the highest ADR increase, rising by 14.7 percent to $190.86.
Giri Bar Harbor Kebo Inc. and Giri Peabody 57 LLC, doing business as Giri Hotel Management led by Ash Sangani, recently acquired Hampton Inn and Homewood
Suites Boston Peabody hotels in Peabody, Massachusetts, respectively. The two properties offer a total of 205 rooms.
The hotels are within a 10-mile radius of Salem and 13 miles south of Boston. The properties are near the headquarters of Analogic Corp., Neurological, Lahey
Medical, North Shore Medical, and Boston Children's Hospital Peabody.
"With the acquisition of these two hotels, we're thrilled to announce the expansion of our portfolio to include eight Hilton-branded hotels," said Sagar Malavia,
GHM's partner. "Situated along Route 1, these locations offer prime positioning for an exceptional guest experience for short- and long-term guests. We're
dedicated to fostering a welcoming, family atmosphere for our new hotel team members and look forward to fostering excellent relationships with the community
for mutual economic success."
THE U.S. HOTEL industry showed improved performance in May compared to the same month last year, according to CoStar. All three performance metrics-occupancy,
ADR, and RevPAR-increased year-over-year. The top 25 markets reported higher occupancy and ADR than all other markets.
Occupancy increased to 65.7 percent in May, up from 65.2 percent in April, and increased by 1.5 percent compared to May 2023. ADR climbed to $160.40 from $157.31
the previous month, a 2.4 percent rise from 2023. RevPAR reached $105.46, up from $102.51 the preceding month, reflecting a 4 percent increase from May of the
previous year.
Among the top 25 markets, New York City led in all three key performance metrics: occupancy rose 5.8 percent to 88.9 percent, ADR increased 6.3 percent to $339.25,
and RevPAR climbed 12.5 percent to $301.57. Markets with the lowest occupancy for the month included Detroit at 46.1 percent and Chicago at 49.4 percent.
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