DALLAS TAKES THE lead in top five U.S. hotel construction markets in the third quarter of 2023, setting a record with 189 projects and 21,840 rooms,
according to Lodging Econometrics. The top markets all saw growth in new openings as well.
Atlanta follows closely with 140 projects and 17,775 Rooms, while Nashville comes next with 122 projects and 16,046 rooms. Phoenix recorded 119 projects,
totaling 16,455 rooms, while the Inland Empire reported 117 projects comprising 11,784 rooms, according to the third quarter United States Construction Pipeline
Trend Report by LE.
New York City leads with the highest number of projects under construction, totaling 46, and 8,386 rooms at the close of the third quarter, LE said. Phoenix
follows with 26 projects and 5,353 rooms, followed closely by Atlanta with 26 projects and 4,354 rooms. Dallas trails with 25 projects and 3,178 rooms, and the
Inland Empire with 23 projects and 2,386 rooms.
U.S. hotel performance has declined in the fourth week of October compared to the previous week, according to CoStar. However, year-over-year comparisons
revealed positive results.
Occupancy came in at 66 percent for the week ending Oct. 28, slightly lower than the previous week's 69 percent, but with year-over-year growth of 0.7 percent.
ADR dropped to $160.89, down from the previous week's $165.32, yet showing a notable 3.9 percent increase from the previous year. Similarly, RevPAR saw a decrease,
reaching $106.16 compared to the previous week's $114.04, but reflecting a solid 4.6 percent rise from 2022.
Among the top 25 markets, Minneapolis saw the largest year-over-year increase in occupancy, rising by 12.7 percent to reach 64.5 percent.
U.S. HOTEL PERFORMANCE saw a significant increase in the first week of December compared to the previous week, with improvements in hotel occupancy,
ADR and RevPAR, according to CoStar. Year-over-year results also reflected positive trends.
Occupancy rose to 58.7 percent for the week ending Dec. 9, up from the previous week's 54.2 percent, reflecting a year-over-year decrease of 1.1 percent.
ADR increased to $153.36, compared to the previous week's $144.88, showing a 4.5 percent uptick from the prior year. RevPAR also soared to $89.98, compared
to the prior week's $78.54, indicating a 3.3 percent decrease from the corresponding period in 2022.
Among the top 25 markets, Boston saw the largest year-over-year occupancy increase, surging by 4.1 percent to 72.7 percent. Helped by Miami Art Week and Art
Basel, Miami reported significant increases in ADR, soaring 48.8 percent to $314.55, and RevPAR, jumping 67 percent to $262.16.
U.S. HOTEL PERFORMANCE stayed below the levels of the previous week as anticipated, according to CoStar. Occupancy, ADR, and RevPAR all saw declines
compared to the preceding week. However, year-over-year comparisons remained positive.
Occupancy dropped to 54.7 percent for the week ending Dec. 16, down from the previous week's 58.7 percent, but reflected a year-over-year increase of 1.1 percent.
ADR decreased to $142.62, compared to the previous week's $153.36, showing a 4.7 percent uptick from the prior year. RevPAR also declined to $77.99, compared to
the prior week's $89.98, indicating a 5.8 percent increase from the corresponding period in 2022.
Among the top 25 markets, San Francisco saw the largest year-over-year increases in all three key performance metrics: occupancy surged by 32.0 percent to 70.2
percent, ADR soared 21.5 percent to $223.78, and RevPAR increased by 60.3 percent to $157.14.
THE U.S. STATE Department has indefinitely extended a program allowing consular offices to waive in-person interviews for low-risk non-immigrant visa
applicants who apply within 48 months of their most recent visa's expiration. Initially scheduled to conclude on Dec. 31, the program will now persist without
a specified end date, undergoing regular reviews. This policy applies to consular offices globally.
Under the updated program rules, the State Department anticipates the pool of applicants eligible for an interview waiver will at least double, the U.S.
Department of State said in a statement. From October 2022 to September 2023, the State Department issued a near-record 10.4 million non-immigrant visas
worldwide, partly attributed to interview waiver authority.
"Interview waiver authorities have significantly reduced visa appointment wait times at embassies and consulates," the State Department said. "In Fiscal Year
2022, almost half of the nearly seven million non-immigrant visas issued by the Department were processed without an in-person interview. This success in reducing
global visa wait times, particularly post-pandemic closures, is ongoing, with continued efforts to swiftly minimize wait times, including for first-time tourist
visa applicants."
THE STOP-AND-GO economy of 2021 did not slow down progress for Peachtree Hotel Group of Atlanta. The accrued a record of $2 billion in total capitalization through 140 transactions, including acquisitions, developments, lending and hotel investments.
Representatives of the company, which is led by Mitul Patel and Jatin Desai as managing principals along with Greg Friedman as CEO, discussed the record year at
the Americas Lodging Investment Summit in Los Angeles last week.
"We are extremely pleased to have completed an extraordinary year of investment activity," Friedman said. "Our strategy of investing up and down the capital stack and opportunistically pivoting as markets shift allows us to capitalize on investments during any business cycle. 2021 exemplified our ability, and we expect that 2022 should be another strong year on the investment side."
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NOBLE INVESTMENT GROUP, led by Mit Shah as CEO, has closed the latest installment in its Noble Hospitality Fund V, securing $1 billion. The fund focuses
on value-added investments in select-service and extended-stay hotels across the U.S. and was oversubscribed, attracting $1 billion in equity commitments from
a global institutional base, Noble said in a statement.
Ninety percent of Noble's existing limited partners recommit to Noble Fund V, alongside new institutional investors, Noble said. The company has achieved a
15 percent net IRR on $3 billion of realized capital over thirty years, spanning multiple market cycles.
"Our team, sourcing relationships, research DNA, data, and insights continue to generate outstanding returns for our investors and provide Noble with a
significant and scalable competitive advantage," said Shah. "The overwhelming support of Noble Fund V reflects the enduring trust of our limited partners,
and we remain deeply grateful for their continued confidence in us as their fiduciary."
APPROXIMATELY 51 PERCENT of hospitality industry professionals participating in STR's Hospitality Industry Sentiment survey expressed optimism about their
business confidence over the next two years. Respondents rated their confidence at "8" or higher on a 10-point scale. Analyzing the results over the survey's first
year reveals a gradual, consistent decline in confidence ratings for each time span.
Meanwhile, global recession fears have diminished since the last survey, STR said. Among various industry challenges, "concerns regarding a potential recession" saw
the most significant drop between the last two surveys, ranking third behind labor costs and supply issues. Energy and utility costs are slightly increasing, while
supply chain challenges and group demand issues are gradually diminishing.
Regarding hotel performance, outlined trends influence demand forecasting expectations, the survey said. The percentage of respondents anticipating "strong
improvement" or "some improvement" is gradually declining across all three hotel demand segments. A majority of experts still foresee growth in both business
transient and group demand.
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THE BAIRD/STR Hotel Stock Index rose 10.5 percent to 6,760 in December, according to STR. Moreover, the stock index closed the year with a 38.4 percent gain
in 2023, driven by a favorable interest rate outlook boosting investor sentiment and valuation multiples.
"Hotel stocks - like the broader market - finished 2023 on a high note as the 'soft landing' narrative and lower interest rate outlook continued to boost investor
sentiment and valuation multiples," said Michael Bellisario, senior hotel research analyst and director at Baird. "Both the hotel brands and hotel REITs were up
more than 10 percent in December and outperformed their respective benchmarks. For the year, the hotel REITs' 19 percent gain more than doubled the return of real
estate stocks broadly, while the hotel brands' 44 percent increase nearly doubled the performance of the S&P 500."
The U.S. hotel industry closed the year on a strong note, said Amanda Hite, president of STR.