Group items tagged

U.S. HOTEL PERFORMANCE is expected to rebound in the fourth quarter and continue into 2025 despite subdued summer demand and a sluggish third quarter, according to CBRE. RevPAR growth for 2024 is now projected at 0.5 percent, down from 1.2 percent in August, due to a 40 bps drop in expected occupancy. Occupancy is forecast to decline 30 bps year-over-year while ADR is projected to rise 0.7 percent, 40 bps below earlier forecasts, the report said. RevPAR growth is expected to rebound in the four quarter of 2024, driven by rate cuts, easing inflation and stock market gains. "U.S. hotels performance was softer-than-expected during the summer months, partly due to Americans traveling overseas in record numbers," said Rachael Rothman, CBRE's head of hotel research and data analytics. "At the same time, the slow recovery in inbound international travel has created an imbalance in U.S. leisure demand. Despite this, continued improvements in group and business travel served as relative bright spots in the third quarter."

U.S. HOTEL PERFORMANCE showed mixed year-over-year results in the third week of August compared to the previous week, according to CoStar. Key metrics, including occupancy, RevPAR and ADR, all experienced a decline from the previous week. Occupancy dropped to 66.9 percent for the week ending Aug. 17, down from 68.7 percent the previous week, and showed a 0.2 percent decrease year-over-year. The ADR was $156.35, lower than the prior week's $159.49, but 1 percent higher than the same week last year. RevPAR fell to $104.54 from $109.51 the previous week, yet remained 0.9 percent higher compared to the same period in 2023. Among the top 25 markets, Houston reported the largest year-over-year increase in all three key performance metrics: occupancy surged 34.3 percent to 75.3 percent, ADR rose 14.5 percent to $121.89, and RevPAR climbed 53.8 percent to $91.73.

U.S. HOTEL PERFORMANCE continued to decline in the first week of August compared to the previous week, despite slightly positive year-over-year comparisons, according to CoStar. Key metrics, including occupancy, RevPAR and ADR, all fell from the prior week. Occupancy reached 69.4 percent for the week ending Aug. 3, down from 72 percent the previous week, yet showing a 0.8 percent year-over-year increase. ADR stood at $159.63, compared to $164.45 the prior week, reflecting a 0.6 percent increase from last year. RevPAR dropped to $110.84 from $118.37 the previous week but was 1.3 percent higher compared to the same period in 2023. Among the top 25 markets, Houston experienced the highest year-over-year increase in occupancy, up 28.1 percent to 75.8 percent, and RevPAR rose 45.7 percent to $93.88.

U.S. HOTEL PERFORMANCE continued its downward trajectory in the second week of August compared to the first week, despite positive year-over-year comparisons, according to CoStar. Key metrics such as occupancy, RevPAR and ADR all decreased from the previous week. Occupancy fell to 68.7 percent for the week ending Aug. 10, down from 69.4 percent the previous week but marking a 0.5 percent increase year-over-year. The ADR was $159.49, slightly lower than the prior week's $159.63, yet 1.4 percent higher than last year. RevPAR decreased to $109.51 from $110.84 the previous week but was 1.9 percent higher compared to the same period in 2023. Among the top 25 markets, Houston saw the largest year-over-year increase in occupancy, rising by 31.1 percent to 76.3 percent. The city's RevPAR also increased 47.2 percent to $93.89.

U.S. HOTEL PERFORMANCE reported positive year-over-year comparisons for the fourth week of August, according to CoStar. However, key metrics, including occupancy, RevPAR, and ADR, declined compared to the previous week. Occupancy fell to 66.1 percent for the week ending Aug. 24, down from 66.9 percent the previous week, but up 1.7 percent year-over-year. ADR was $154.80, lower than the prior week's $156.35, but 2.7 percent higher than the same week last year. RevPAR fell to $102.30 from $104.54 the previous week, yet was still 4.5 percent higher compared to the same period in 2023. Driven by the Democratic National Convention, Chicago experienced the largest increases in ADR, which rose 41.8 percent to $215.60, and RevPAR, which jumped 51.1 percent to $156.32. The market's occupancy increased 6.5 percent to 72.5 percent.

U.S. HOTEL PERFORMANCE saw year-over-year gains in late August, though occupancy, RevPAR and ADR declined from the previous week, according to CoStar. Tampa led the top 25 markets with a 15.2 percent year-over-year occupancy increase to 61.7 percent. Occupancy dropped to 63.9 percent for the week ending Aug. 31, down from 66.1 percent the previous week but up 1.9 percent year-over-year. ADR was $153.67, slightly below the prior week's $154.80 but 1.6 percent higher than the same week last year. RevPAR fell to $98.18 from $102.30 but was still 3.6 percent higher than the same period in 2023.