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U.S. HOTEL DEMAND declined by 0.5 percent year over year in the third quarter of 2023, according to CBRE. Simultaneously, there was a matching 0.5 percent increase in supply. The combined effect of these factors led to a 1 percent decrease in occupancy. ADR increased by 0.6 percent during the quarter, marking the slowest improvement since the pandemic recovery began 10 quarters ago, the CBRE data revealed. RevPAR decreased by 0.3 percent, as a modest decline in occupancy was partially offset by the rise in ADR. Despite sustained consumer spending, hotel demand and pricing power in Q3 were hampered by competition from alternative lodging sources like short-term rentals and cruise lines, along with an uptick in outbound international travel. According to the report, hotel wage growth in September outpaced the national average of 4.3 percent, registering at 4.7 percent, but declined from 7 percent at year-end 2022. Average hourly hotel wages fell nearly $10 below the national average, suggesting ongoing pressure for wage increases.

HOSPITALITY RESEARCH FIRM Knowland recently launched the Knowland Certification Program. The program offers three certification credentials aimed at enabling hotel sales professionals to enhance their skills, elevate their professional profiles and demonstrate proficiency in management, Knowland said in a statement. "Today's data-driven solutions require hoteliers and software companies to work together to ensure software investments are being used to their fullest potential," said Jessica Carey, VP customer operations, Knowland. "Knowland is a vital sales skill and a must-have expertise for today's sales teams; therefore, having a certification program advances our efforts to demonstrate that sales teams are comfortable and knowledgeable in all aspects of the platform and can prove that knowledge." Sales professionals who come to the table with verifiable experience can advance their careers by documenting their skills and efficiently communicating that value to current or potential employers, Knowland said. The program provides three credential levels: Certified Knowland Sales Leader Professional, Certified Knowland Power User Professional and Certified Knowland Revenue Leader Professional (launching in 2024).

U.S. HOTEL REVENUE and profitability saw a rise in October, propelled by increased group demand across the top 25 markets, according to CoStar's October 2023 Profit & Loss data. Meanwhile, the U.S. hospitality industry also witnessed its largest year-over-year increases in GOPPAR and TRevPAR since March 2023. In October, GOPPAR reached $97.45, marking a 3.7 percent increase from the same month in 2022. TRevPAR stood at $240.74, indicating a 4 percent increase, whereas EBITDA PAR amounted to $69.60, down 1.2 percent from September 2022. Labor costs notably rose to $74.48, reflecting a 5.9 percent increase. "The top 25 markets have demonstrated an 11 percent year-to-date increase in GOPPAR, surpassing a 14 percent rise in labor costs," said Audrey Kallman, research analyst at STR. "This double-digit GOPPAR growth is over 10 times the level observed in all other markets. New York City, a prominent business-centric market, spearheaded growth in the metric across major markets both on a year-to-date and monthly basis."

COSTAR GROUP, A real estate marketplace and analytics provider, granted STR's hotel data subscribers access to its full product suite, enabling users to leverage multisegmented market analytics and forecasts. The services include a tenant database of 7.8 million spaces, an inventory of 6.7 million properties, a pipeline tracking 79,000 projects and a transactions database with 4.2 million sales comparables, CoStar said in a statement. "Today, CoStar becomes the product for tens of thousands of hotel users worldwide," said Andy Florance, CoStar Group's founder and CEO. "With access to the full product offering, hotel owners, operators and brand representatives will gain comprehensive insights across all commercial asset categories, enabling them to refine their sales strategy and identify new investment opportunities." STR's latest benchmarking solution debuted within the CoStar product in May 2023, the statement added. This comprehensive, multilingual tool offers enriched STAR Reports, detailed property and portfolio insights, and advanced visualizations to streamline revenue and performance management, operations, sales, marketing, and finance.

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