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NASHVILLE—STR and Tourism Economics downgraded the growth rate in the final U.S. hotel forecast revision of 2024. Occupancy for the year was lowered 0.1 percent, after the previous forecast projected the metric to remain steady from 2023. Occupancy for the year was lowered 0.1 percentage points to +1.5 ppts to +1.4
WASHINGTONCoStar and Tourism Economics made minimal adjustments to growth projections in the first U.S. hotel forecast of 2025 released at the Americas Lodging Investment Summit (ALIS). For 2025, projected gains in average daily rate (ADR) and revenue per available room (RevPAR) were unchanged from the previous forecast, +1.6
HENDERSONVILLE, Tennessee—STR and Tourism Economics lifted year-over-year growth projections for average daily rate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2023. Occupancy was downgraded slightly (by 0.2 Hotel Forecast Revision of 2023 appeared first on LODGING Magazine.
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). The occupancy projection for this year was lowered 0.2% The occupancy projection for this year was lowered 0.2%
HENDERSONVILLE, Tennessee—STR and Tourism Economics made minimal adjustments to growth projections in the first U.S. hotel forecast of 2024 at the Americas Lodging Investment Summit (ALIS). percentage points, while occupancy and revenue per available room (RevPAR) were unchanged from the previous forecast.
Occupancies are at unparalleled levels over the concert periods, and we have also seen a surge in regional demand as Swifties take the opportunity to travel further. For both the Melbourne and Sydney concerts we’ve seen a bump in hotel occupancy around the event dates, and our restaurants have also seen great reservation numbers.
Event-related occupancyforecasts are particularly impressive, given STR and JLL report Melbourne has welcomed 81 new hotels and over 5,200 rooms in the five-year period between 2019 and 2024, with another 2,000 rooms still to come, said Accommodation Australia (Victoria) General Manager, Dougal Hollis.
NEW YORK—STR and Tourism Economics upgraded the 2023 U.S. hotel forecast at the 45th Annual NYU International Hospitality Industry Investment Conference. The occupancy projection for this year was lowered 0.2 The occupancy projection for this year was lowered 0.2 percent and 1.3 percent and 1.3
In Wellington, occupancy and average daily rates are down due to the central Governments reduction in spending but we do not see this as a long-term shift and expect demand to bounce back in line with the broader New Zealand economy. While transactions in the hotel space have been infrequent, Anderson says it is starting to pick up.
hotel forecast Second-quarter slowdown and macroeconomic headwinds weigh on RevPAR outlook, with modest recovery expected in the second half of the year Jun 12, 2025 Consulting firm PwC has revised its 2025 U.S. hotel performance forecast downward, citing economic uncertainty, geopolitical tensions, and a soft second quarter.
Amadeus, a leading provider of travel technology solutions, and UN Tourism , have released a new report with comprehensive data on travel in Asia Pacific. The report presents a detailed analysis of passenger traffic and capacity trends from March 2023 to February 2025 and provides a forecast extending to August 2025.
The data covers key hotel performance indicators such as occupancy, RevPAR, booking lead time, length of stay, international and domestic travel, direct and OTA bookings, as well as upsell performance to forecast trends shaping the hotel industry in 2023. Domestic tourism is still going strong.
The final forecast revision for U.S. hotel growth in 2024 shows downgraded projections for average daily rate (ADR), revenue per available room (RevPAR), and occupancy.
With a little creativity and lots of data and insights, low occupancy periods can be more efficiently managed Low occupancy is largely driven by seasonality with off-peak times being marked by fewer bookings and even lower forward bookings. To conclude Optimising revenue during low occupancy doesn’t have to be difficult.
In short, they largely do, which could spell another strong year for Southeast Asia’s hotel industry from both an occupancy and investment point of view. In 2024, JLL forecasts that value-add opportunities in Southeast Asia will be on the radars of investors. Trading should recover further, whilst real estate headwinds may ease.
One of the main challenges for hotels is creating accurate forecasts in the short, medium, and long term. 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. But traditional forecasting models no longer cut it.
Data shows strong growth, especially in the Caribbean and Central America April 30, 2024 – Demand for travel to destinations across the Americas is on the rise, a new report released today by Amadeus in collaboration with UN Tourism shows. UN Tourism data shows that an estimated 1.3 The full report is now available to download. [1]
The Collingwood property has seen occupancy double to 72% and RevPAR grow by $50 in Q1 FY23, when compared to the opening three months May-July FY22. Given Sydney’s CBD represents the epicentre of tourism and business within Australia, and noting the breadth of ancillary services (retail, hospitality, etc.),
Hotel forecasting is a critical component of successful hotel management, serving as the foundation for strategic decision-making and operational efficiency. For hotel managers and the industry as a whole, accurate forecasting is not just beneficial—it’s essential for maintaining competitiveness and profitability in a dynamic market.
STR and Tourism Economics lowered their year-over-year growth projections in the revised 2023-24 U.S. hotel forecast presented at the recent 15th annual Hotel Data Conference. per-cent downgrade in occupancy growth. per-cent downgrade in occupancy. The post STR and Tourism Economics Lower Growth Forecast for U.S.
Surging inbound tourism will help boost Australia’s hotel occupancy levels this year and next while spurring room rate growth in most markets, particularly Sydney and Brisbane, according to new CBRE forecasts.
CBRE is reducing its forecast for U.S. year-over-year growth in the first half, driven by international tourism and election-related events. year-over-year growth in the first half, driven by international tourism and election-related events. CBRE forecasts GDP growth of 2.3% and a 10-basis point increase in occupancy.
“Investors have consistently shown an appetite to play larger in the hotel sector in Asia Pacific and we see no signs that activity will wane in the last quarter of 2024, making us increase our investment volume forecast to $12.2 Given that investor interest is unlikely to wane, JLL forecasts in total sales of $4.7
Hotel occupancy, which is at a market average of 70%, is up 15% year-on-year, but remains down (-9%) on pre-pandemic levels. Rotorua’s hotel occupancy rate showed the most improvement, up 39% compared to 2022, slightly ahead of Queenstown, which was up 38%, and higher again than Auckland, which has had a 33% lift.
Dynamic Pricing : Real-Time Revenue Optimization Channel Managers like STAAH enable rule-based pricing automation , adjusting your rates based on demand, occupancy, and even competitor pricing. A drop below 30% occupancy? Your rates drop automatically to drive last-minute bookings, across all OTAs. No more repetition. Just results.
STR and Tourism Economics adjusted occupancy slightly downward but maintained previous projections for average daily rate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2022.
Air capacity is well over 100% of 2023 volumes across all regions, demonstrating increased opportunities for travel January 24, 2024 – A new report released today by Amadeus in collaboration with UN Tourism shows a positive trend for air travel and hospitality in the Americas at the start of 2024.
Surging inbound tourism will help boost Australia's hotel occupancy levels this year and next while spurring room rate growth in most markets, particularly Sydney and Brisbane, according to new CBRE forecasts.
According to the latest forecast by CoStar Group and Tourism Economics, U.S. The forecast also predicts a 1.6-per-cent per-cent growth in the Average Daily Rate, with an occupancy level of 63.1 The forecast suggests that the luxury RevPAR is expected to grow by 2.9 HENDERSONVILLE, Tenn. per cent in 2025.
Domestic tourism definition Domestic tourism’s definition is much the same as domestic travel, except it takes into account only those who are travelling for leisure. Domestic tourism example An example of domestic tourism might be an American family travelling from another state to visit California and stay at Disneyland.
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. For 2023, growth in revenue per available room (RevPAR) was lowered by 0.5 Average daily rate (ADR) was upgraded 0.1ppts for 2023 but kept flat for 2024.
JLL’s Hotels & Hospitality Group ‘s Global Hotel Investment Outlook 2024 forecasts that global hotel investment volume will increase 15% to 25% year-over-year. International travel plays a crucial role in urban hotel demand, with a strong correlation between inbound foreign arrivals and urban hotel occupancy.
January 2025 (percentage change from 2024) Occupancy: 49.8 Among the provinces and territories, British Columbia recorded the highest occupancy level (52.9 Among the major markets, Vancouver saw the highest occupancy (60.7 The lowest occupancy among provinces was reported in Prince Edward Island (28.5 per cent (up 0.3
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 average daily rates (ADR) in the region of US$750-$850 for 2024.
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.
The PwC hotel forecast for 2025 shows 1.9% occupancy growth. occupancy growth this year. One of the big areas that we’ve seen a massive rise in the industry is the tour operator space, said Claire Steiner, UK Director of Global Travel and Tourism Partnership. Business hurdlesor opportunities?
October’s occupancy rate was 68.5 The rise in occupancy was mainly driven by transient and week-day occupancy, indicating an influx of individual business travellers. Among the provinces and territories, Nova Scotia reported the highest occupancy level at 74.7 Toronto topped the major markets with an occupancy rate of 79.6
Did you know that hotel taxes contribute billions of dollars annually to local economies, funding everything from infrastructure projects to tourism promotion? Hotel tax, often referred to as occupancy tax, lodging tax, or tourism tax, is a fee imposed on guests staying at hotels , motels, or other lodging facilities.
Marsha Walden: Our latest Tourism Outlook report shows total tourism revenue is set to exceed 2019 levels, generating a projected $109.5 Marsha Walden: Our latest Tourism Outlook report shows total tourism revenue is set to exceed 2019 levels, generating a projected $109.5 billion by the end of 2023.
In addition to the monthly ADR and RevPAR levels, Canada’s occupancy level was its highest since August 2022. For July 2023 (percentage change from July 2022) occupancy rose 0.1 Among the provinces and territories, Newfoundland and Labrador recorded the highest July occupancy level (87.9 per cent to 75.6 per cent to $232.13.
Sales and revenue-related tax documents: VAT/GST/sales tax returns , documents on hotel/room occupancy taxes , tourism levies, merchant transaction reports for card payments. Financial planning and forecasting The key to financial planning and forecasting? mortgage or loan interest statements.
In May 2023 (year-over-year percentage change), occupancy came in at 69.2 Among the provinces and territories, Newfoundland recorded the highest May occupancy level (79.9 Among the major markets, Vancouver reported the highest occupancy (83 per cent), which was 8.5 per cent) matched for the lowest occupancy among provinces.
Occupancy has a strong foothold in the Canadian marketplace today, said Nguyen, forecasting that 2025 will be a year of moderation with limited room for occupancy growth and slower ADR momentum. Nguyen also noted that Quebec City and Montreal are expected to perform steadily, bolstered by European and domestic tourism.
On Air with Russell of Hotels Hosted by Russell Edmond, On Air discusses hospitality trends and marketing strategies and features interviews with industry professionals from hotels, tourism bureaus, food & travel influencers, and more. Topics range from travel technology to hospitality and tourism developments. Who’s it for?
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