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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
Skift Take: The ongoing live tourism boom provides compelling opportunities for hotels to maximize revenue by boosting averagedailyrates, extending stays, increasing guest volumes, and building long-term growth and loyalty. Robin Gilbert-Jones Read the Complete Story On Skift
But in May, there was a significant decline in averagedailyrates and revenue per available room compared to April. Skift Take: We're always talking about growth in India, and the hotel industry has had a significant number of branded signings and openings this year. Bulbul Dhawan Read the Complete Story On Skift
WASHINGTONCoStar and Tourism Economics made minimal adjustments to growth projections in the first U.S. For 2025, projected gains in averagedailyrate (ADR) and revenue per available room (RevPAR) were unchanged from the previous forecast, +1.6 percent and +1.8 percent, respectively.
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%
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.
According to Colliers Hotels New Zealand Hotel Market Snapshot for Q1, based on information from Hotel Data New Zealand, revenue per available room (RevPAR) was up 6.5% This follows a record averagedailyrate of NZ$673 that was reached on 31 December 2024. to NZ$239 in Queenstown for the year ending 31 March.
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
Following a surge in international arrivals and steady domestic demand last year, CBREs latest Hotels Australia Overview and Outlook report shows that the pace of growth will continue at a moderate rate in 2025. Australias international arrivals are now at 13% below pre-pandemic levels with strong demand from China, India and Southeast Asia.
HENDERSONVILLE, Tennessee—STR and Tourism Economics made minimal adjustments to growth projections in the first U.S. For 2024, growth in averagedailyrate (ADR) was raised by 0.1 percentage points, while occupancy and revenue per available room (RevPAR) were unchanged from the previous forecast.
Advanced Strategies to Maximize Revenue a. Dynamic Pricing: Real-Time Revenue Optimization c. Todays winners in hospitality are those who use tools like a Channel Manager not only to sync availability but to maximize revenue, streamline operations, and build a resilient digital strategy. The New Age of Hotel Distribution 2.
STR and Tourism Economics lifted year-over-year growth projections for averagedailyrate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2023.
STR and Tourism Economics have upgraded the 2023 United States hotel forecast, released at the 45th Annual NYU International Hospitality Industry Investment Conference in New York this week (June 5). from the previous forecast, but projections for averagedailyrate (ADR) and revenue per available room (RevPAR) were lifted 1.5%
Amadeus, a leading provider of travel technology solutions, and UN Tourism , have released a new report with comprehensive data on travel in Asia Pacific. Notable growth rates include a 9.3% The post Amadeus and UN Tourism report provides comprehensive look at Asia Pacific travel market appeared first on Amadeus Hospitality.
The long-term outlook for Australia’s visitor economy remains bright, despite the impact of interest rate rises and lower household savings rates in the near term, but a full recovery may take until 2025, according to Tourism Research Australia’s 2022 State of the Industry report.
NEW YORK—STR and Tourism Economics upgraded the 2023 U.S. percent from the previous forecast, but projections for averagedailyrate (ADR) and revenue per available room (RevPAR) were lifted 1.5 hotel forecast at the 45th Annual NYU International Hospitality Industry Investment Conference. percent and 1.3
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.
hotel growth in 2024 shows downgraded projections for averagedailyrate (ADR), revenue per available room (RevPAR), and occupancy. The final forecast revision for U.S.
Secondly, international travel continued to bounce back, and the hotel sector in Asia continued to show strong revenue growth. Vietnam has faced some of the strongest headwinds in the real estate sector in the region, and international tourism has been relatively slow to recover.
For 2024, projected gains in averagedailyrate (ADR) were downgraded 0.1 percentage points, while revenue per available room (RevPAR) was held steady at +2.0% year over year.
CoStar and Tourism Economics project gains in averagedailyrate (ADR) and revenue per available room (RevPAR) to be +1.6% respectively in 2025, with occupancy raised to 63.1%.
During the Santos Tour Down Under, between January 12-21, hotel occupancy reached 78.1%, while revenue per available room (RevPAR) increased 11.4% The AFL Gather Round returned to Adelaide for a second year, from April 4-7, and while year over year occupancy dripped slightly by 1.2%, averagedailyrate (ADR) jumped 15% to AU$372.77.
The figure represents a 15 percentage point increase from actual check-ins during the same period last year, reports SiteMinder, the worlds leading hotel distribution and revenue platform. Only hotels in Koh Samui and Phuket are set to witness an increase in averagedailyrate (ADR), rising by 38.0%
With travel and tourism in Asia Pacific (APAC) projected to grow at a compound annual growth rate (CAGR) of 4.10% from 2025 to 2029 – reaching an estimated market volume of US$358.70 With that in mind, it’s an opportune time for hotel operators to reassess their revenue strategies to capitalise on the influx of travellers.
As demand surged, the averagedailyrate (ADR) for hotels increased by 30%, with luxury hotels seeing the highest influx of international visitors seeking premium accommodations. This highlights how major events like concerts create new revenue streams across various accommodation options, not just traditional hotels.
First launched in September 2019, Crossroads Maldives is one of the most pivotal projects in the history of the Maldivian tourism industry. Just four months after its initial soft-opening, SO/ Maldives reached an occupancy of almost 60% in February, and expected averagedailyrates (ADR) in the region of US$750-$850 for 2024.
“Since hotels differ from other commercial real estate assets, with many continuing to enjoy strong income growth amidst resurgent tourism markets, transaction volumes are expected to reach $2.5 billion by end of year.”
STR and Tourism Economics lifted year-over-year growth projections for averagedailyrate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2023.
For 2023, growth in revenue per available room (RevPAR) was lowered by 0.5 Averagedailyrate (ADR) was upgraded 0.1ppts for 2023 but kept flat for 2024. percentage points, due to a 0.6ppt downgrade in occupancy growth. For 2024, the RevPAR growth projection was also lowered 0.5ppts on a 0.5ppt downgrade in occupancy.
STR and Tourism Economics adjusted occupancy slightly downward but maintained previous projections for averagedailyrate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2022.
Income statement Also known as the profit and loss statement, this report summarises a hotel’s revenues and expenses, then determines the profits or losses over a specific period. A basic annual budget for a hotel will encompass three main categories: revenue, expenses and expected profit. mortgage or loan interest statements.
STR and Tourism Economics lowered their year-over-year growth projections in the revised 2023-24 U.S. For 2023, growth in Revenue Per Available Room (RevPAR) was lowered by 0.5 While that RevPAR growth remains above the long-term historical average, most of the increase was frontloaded to the early portion of the year.
In 2022, analysis from SiteMinder’s Hotel Booking Trends showed: Travelers globally booked hotel stays considerably further in advance than in 2021, with hotels seeing a 38% increase in average booking lead time, year-on-year. Travelers showed a continued openness to book directly with hotels in 2022, despite OTAs regaining ground.
This is according to new data from SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels, which analysed forward bookings during the world’s most iconic beer festival celebrated in Bavaria within southern Germany.
Canadas hotel industry reported positive performance year-over-year, driven by growth in room rates, according to January data from CoStar. per cent) AverageDailyRate (ADR): $180.04 (up 2.7 per cent) Revenue Per Available Room (RevPAR): $89.60 (up 3.1 January 2025 (percentage change from 2024) Occupancy: 49.8
What is revenue management consulting? Revenue management consulting is specialised expertise that a business can bring in to gain guidance on managing and optimising revenue. An investment in hotel revenue management services is therefore one that can quickly deliver an attributable return.
Bangkok, Thailand – It was a lucrative Songkran festival for Thai hotels as the average cost of a hotel room surged by 33% during the festival period in April. This is according to data from SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels.
WASHINGTON — Canadian hotels witnessed a significant landmark in October 2024, as the AverageDailyRate (ADR) surpassed $200 for the first time ever, according to data from CoStar. October’s occupancy rate was 68.5 per cent to $200.59, while the Revenue Per Available Room (RevPAR) increased by 3.2
UK: The UK’s travel and tourism sector is expected to see a boost of more than £200 million as a result of King Charles III’s Coronation weekend [6-8 May] and fortnight around those dates, as consumers travel across the country to celebrate with friends and millions across the UK make the journey to London to catch a glimpse of the historic event.
Canada’s hotel industry reported its highest AverageDailyRate (ADR) and Revenue Per Available Room (RevPAR) for any month on record, according to CoStar’s July 2023 data. STR and Tourism Economics’ most recent forecast has been upgraded, with full-year ADR expected to be up 8.6 HENDERSONVILLE, Tenn.
A new report by SiteMinder, the name behind the only software platform that unlocks the full revenue potential of hotels, reveals the momentum of global bookings for accommodation in the Northern Hemisphere, as summer commences. The averagedailyrate (ADR) has increased in 9-out-of-10 countries. nights, compared to 2.25
per cent); AverageDailyRate (ADR) came in at $197.10 (up 15 per cent) and Revenue Per Available Room (RevPAR) came in at $136.32 (up 25.7 STR and Tourism Economics launched an updated forecast in June and the new version remains similar to the last, projecting full-year occupancy to return to 2019 levels this year.
Understanding future demand trends, their causes, and the guest segments driving them can help hotel revenue managers adjust room rates to boost occupancy and sales. How forecasting is done today Here, we can visualize a typical revenue management forecasting scenario that relies on historical data.
Why eCommerce is important for lodging operators According to Statista , 69% of total revenue from the global travel and tourism market is booked online, representing approximately $475 billion in revenue in 2022 and forecasted to surpass $521 billion in 2023. Keep online listings current and consistent.
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