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Sydney hotels pulled in record high averagedailyrate and revenue per available room on the night, according to December preliminary data from CoStar. CoStar reports occupancy levels of 78.8% for December 2024, up 2.1% year over year, while ADR stood at AU$314.15 (+0.9%) and RevPAR at AU$247.43 (+3.0%).
NASHVILLE—STR and Tourism Economics downgraded the growth rate in the final U.S. For 2024, projected gains in averagedailyrate (ADR) and revenue per available room (RevPAR) were each downgraded, -0.5 hotel forecast revision of 2024. percentage points to +1.5 percent and down 0.6 ppts to +1.4
hotel industry reported record-high averagedailyrate (ADR) and revenue per available room (RevPAR), but the countrys growth rate was its lowest since the declines of 2020, according to CoStars 2024 year-end data. percent) Among the Top 25 Markets, New York City experienced the highest occupancy level (up 3.3
DALLAS, TexasCBRE forecasted that revenue per available room (RevPAR) will grow modestly in 2025, driven by the continued outperformance of urban locations benefiting from increased group and business travel, as well as a projected rise in demand for drive-to and regional leisure destinations. CBRE projected a 1.3 CBRE projected a 1.3
Hotels in Asia-Pacific with water park amenities achieve higher revenues and guest satisfaction, demonstrating the growing trend of aquatic attractions as key to enhanced resort performance. higher than regional averages. For instance, data reveals that hotels in Asia-Pacific with WhiteWater installations achieved a RevPAR 119.6%
For 2025, projected gains in averagedailyrate (ADR) and revenue per available room (RevPAR) were unchanged from the previous forecast, +1.6 WASHINGTONCoStar and Tourism Economics made minimal adjustments to growth projections in the first U.S. percent and +1.8 percent, respectively. Occupancy for the year was raised 0.1
Hotels in Queenstown, Christchurch and Rotorua have enjoyed a strong start to the year with increased room rates, driven by an uptick in international visitors, while New Zealands main centres of Auckland and Wellington saw a decline. This follows a record averagedailyrate of NZ$673 that was reached on 31 December 2024.
HENDERSONVILLE, Tennessee—Las Vegas hotel averagedailyrate (ADR) is forecasted to reach $573 for Feb. The market is projected for a Friday through Sunday night occupancy of 87.9 That level combined with an ADR of $573 would result in revenue per available room (RevPAR) of $504.
DALLAS, TexasCBRE forecasted that revenue per available room (RevPAR) will continue to grow in 2025, as urban locations continue to outperform due to improved group and business travel and continued recovery of inbound international travel. CBRE forecasts a 2.0 percent.
hotel industry posted its highest averagedailyrate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. Among the Top 25 Markets, New York City experienced the highest levels in each of the three key performance metrics: occupancy (up 8.8 WASHINGTON—The U.S.
HENDERSONVILLE, Tennessee—STR and Tourism Economics lifted year-over-year growth projections for averagedailyrate (ADR) and revenue per available room (RevPAR) in the final U.S. Recent RevPAR trends demonstrate that rate continues to be the primary driver of performance. hotel forecast revision of 2023.
The cherry on top is that it preserves your averagedailyrate (ADR) while elevating the guest experience, satisfaction, and loyalty. Instead of putting discounts everywhere, you could create loyalty programs, offer member only rates, and offer bespoke incentives. can result in a stable revenue stream.
National occupancy rates sit at 71%, up 2% year-on-year, while averagedailyrate (ADR) remains stable at AU$240 and revenue per available room (RevPAR) is up 3.8% On the supply front, a total of 1,800 rooms were added to the market with delays and pipeline shifts pushing some planned hotel openings to 2025.
Peak industry body Accommodation Australia (AA) has raised concerns over cuts to Victoria’s tourism marketing budget, saying the move will impact visitation to the state and ‘sends the wrong message’ to hotel investors. AA said that Visit Victoria typically receives AU$32.5
Advanced Strategies to Maximize Revenue a. Dynamic Pricing: Real-Time Revenue Optimization c. With consumer behaviours evolving, and the lines between tech platforms, marketing, and operations blurring, a modern strategy goes far beyond just listing rooms on online travel agents (OTAs). The New Age of Hotel Distribution 2.
increase in revenue per available room (RevPAR) growth for 2024, down from the previously estimated 1.2% The averagedailyrate (ADR) is expected to increase by 0.7%, a reduction of 40 bps from earlier projections. hotel market, leading to reaccelerated RevPAR growth heading into 2025.” CBRE now forecasts a 0.5%
According to data from CoStar, Canadas hotel industry witnessed a record-breaking performance in February 2025, with the highest AverageDailyRate (ADR) and Revenue Per Available Room (RevPAR) for any February to date. Vancouver claimed the top spot among the major markets with an occupancy rate of 71.5
. — The latest STR global update reveals that 77 per cent of international markets have seen year-on-year growth in hotel Revenue Per Available Room (RevPAR), marking a significant 14-point increase from the previous month. The Red Sea Resorts, Turkish Riviera, Istanbul, Mexico City, and Tokyo saw top market-level RevPAR growth.
DALLAS, TexasCBRE forecasted that revenue per available room (RevPAR) will grow modestly in 2025, driven by the continued outperformance of urban locations benefiting from increased group and business travel, as well as a projected rise in demand for drive-to and regional leisure destinations. CBRE projected a 1.3 CBRE projected a 1.3
Australia’s boutique hotel market is booming amid increased demand for unique and personalised stays. CBRE’s market analysis found that boutique properties have outperformed ‘big box’ international hotels on occupancy levels, AverageDailyRate (ADR) and Revenue Per Available Room (RevPar) since the onset of the pandemic in 2020.
India, Singapore, United Kingdom and New Zealand were the fastest markets to return. The average occupancy rate for commercial accommodation increased across all states and territories in Australia in 2022 and was 65% on average across the year higher than in the past two years, which averaged 43% and 47%, but below the rate of 74% in 2019.
Overall, the industry saw a slight decline in occupancy and revenue per available room (RevPAR), despite a modest increase in the averagedailyrate (ADR).
Minor Hotels recorded 450% core net profit growth in 2023 compared to the previous year, after reaching a new full-year core revenue record of THB 121.4 Revenue was up 25% on 2022 figures with topline total system sales reaching THB 157 billion (approx. The post Major result for Minor Hotels as group hits record global revenue of US$3.4
Secondly, international travel continued to bounce back, and the hotel sector in Asia continued to show strong revenue growth. Thailand’s well-established and diversified hospitality market also looks attractive. Investment volume is expected at THB9-10 billion, close to the 10-year average volume of THB11.7
markets have recovered 99.1% Group bookings are calculated using occupancy and averagedailyrate (ADR.) Q3 data shows that 13 of the top markets have recovered 100% of group revenue, including: Tampa 116.8% group revenue recovery appeared first on hotelbusiness.com. New York City 111.2%
Sydney, Australia Hotel bookings for the days leading up to Christmas, 21-25 December, are up significantly from last yearas much as 43% in Germanyshows new data from SiteMinder, the worlds leading hotel distribution and revenue platform. last year to 200.11 Among those most on the move that week will be British travellers.
The Market Insights report – Asia & subregions offers in-depth insights into passenger traffic, hospitality market indicators, top-performing destinations, and new routes in the Asia Pacific region. Notable growth rates include a 9.3% Asia and the Pacific is a hugely dynamic and innovative region.
Averagedailyrate (ADR) remains an important metric to talk about within the hotel industry. ADR, which stands for averagedailyrate, is the average income per occupied room your hotel makes in a set period of time. The formula for ADR is generally presented as room revenue / number of rooms sold.
The research shows these features could add around 12% to the averagedailyrate (ADR) charged by the hotel, which could increase revenues by over $5,300 per room*, per year, for an average mid-range hotel chain looking to sell these extra features.
Ive been in the revenue game for 20+ years, and let me tell you nothing grinds my gears like watching hotels leave money on the table. Not because of the market. So, Im calling the mistakes out Here are 5 brutal revenue management mistakes I see hotels make all the time as a CEO of a revenue management consulting firm.
The right sales tactics can help increase revenue, boost occupancy rates , and ensure guests have a positive experience. By encouraging guests to book directly through your website, you can keep more of the revenue and build stronger relationships with your guests. Use Urgency Messaging: Messages like "Only 2 rooms left!"
Percent All of the top 25 markets except San Francisco achieved an Index score over 100 percent, with Houston and Philadelphia reaching the highest scores for GDS performance. The top Group growth markets were New Orleans (152.6 Houston / 120.0 Percent New Orleans / 118.0 Percent Chicago / 114.8 Percent New York City / 112.1
Thats where STAAHs Reports module comes in – a centralised hub designed to give properties deep, actionable insights across revenue streams. Regularly reviewing reports – ideally every week or at least monthly – allows properties to align their strategies with market demand, promotional performance, and guest behavior.
compared to the same period last year, shows new data from SiteMinder, the worlds leading hotel distribution and revenue platform. Two-thirds of hotels secure higher rates, led by Portugal and Spain The data reveals contrasting trends in AverageDailyRate (ADR) across markets.
Optimizing Revenue per Available Room (RevPAR) is one of the key focuses of most hoteliers. Navigating the complex world of revenue management requires innovative solutions. While dedicated revenue management software is a component of this process, all of your technology must work together to increase your bottom line.
TORONTO Canadas hotel investment market saw significant growth in 2024, with total transaction volume reaching $2 billion, a 16 per cent year-over-year increase, according to Colliers INNvestment Canada Hotel Report Q4 2024. Growth was largely driven by higher AverageDailyRates (ADR), which outpaced inflation.
Nearly 20% of guests checked in online, and one in five hotels diversified revenue by monetizing spaces beyond hotel rooms. With rising inflation across the world, it’s not surprising that the averagedailyrate has risen, but it didn’t deter reservations in 2023. For the U.S.
Total revenue per available room (TRevPAR), gross operating profit per available room (GOPPAR), and payroll per available room (PayPAR) have all posted year-over-year gains. While revenue growth has been stubbornly slow to catch up to inflation, labor costs have charged ahead. Figure 2 Revenue is up, but margins are squeezed.
A robust sales distribution strategy is indispensable for hotels striving to maximise revenue and drive direct bookings. Therefore, ensuring it’s easy for guests to book, whether direct or through third parties, is paramount to fulfilling a successful occupancy strategy and higher AverageDailyRate (ADR) goal.
Hoteliers need to employ smart strategies to optimize revenue and profitability. One of the most powerful tools in their arsenal is a robust Revenue Management Solution (RMS). This enables hoteliers to adjust room rates dynamically to maximize revenue based on current market conditions.
Ever wondered why some hotels consistently outperform their competitors, even in challenging market conditions? The secret often lies in their ability to master market segmentation - a strategy that's becoming increasingly crucial in today's diverse hospitality landscape.
Choice Hotels Asia- Pac CEO Trent Fraser called it the “standout” performer in a strong year for the business saying it reflects the investment made in marketing during tough times. In 2022, Choice Hotels Australian RevPAR rose 31% on 2019, with averagedailyrates (ADR) up 10% on the same period.
Marriott International has reported a strong second quarter with RevPAR increases across the board and an improved performance in the recently reopened market of China. In the US and Canada, RevPAR was up 6%, with many urban markets showing impressive growth in the second quarter.
As a reflection of the lucrative Chinese travel market’s spending habits, the averagedailyrate of those bookings was 10 percentage points higher than the global average. The global company is headquartered in Sydney with offices in Bangalore, Bangkok, Barcelona, Berlin, Dallas, Galway, London and Manila.
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