article thumbnail

HVS Las Vegas Casino and Hotel Market Outlook 2024

Hospitality Net

In 2023, occupied room nights, as well as total occupancy (83.5%), continued to lag 2019 performance; however, like gaming revenue, the market’s ADR ($191.29) and RevPAR ($159.73) for 2023 reached record levels for the second year in a row.

Casinos 236
article thumbnail

Louisville, KY Hotel Market: Room to Grow

Hospitality Net

Since 2020, the Louisville hotel market has seen an increase in leisure travel associated with bourbon tourism, its nearby universities, and the Kentucky Derby. It is because of these large demand generators that the market has been able to recover most of its occupancy-based COVID-19 losses.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

More global hotel markets growing RevPAR

Hospitality Net

STR’s global "bubble chart" update as of 9 March 2024 shows that 77% of markets increased revenue per available room (RevPAR) from the comparable period in 2023, which was 4% more than the last update. Occupancy and average daily rate (ADR) were also steadily higher than last year.

article thumbnail

Exclusive: hotel market expansion to peak in next 12 months, says CBRE

Hotel Management

As part of HM’s 2023-24 Development Outlook, CBRE Hotels Managing Director – Capital Markets, Michael Simpson, and Pacific Head of Hotels Research, Ally McDade, discuss the challenges and opportunities that lie ahead in the Australian hotel market.

article thumbnail

Philadelphia’s Hotel Market: Poised for Success

Hospitality Net

Since the COVID-19 pandemic, Philadelphia’s ADR has fully recovered, but occupancy and RevPAR remain below 2019 levels. The primary factor limiting the recovery is the stagnant commercial and group demand segments.

article thumbnail

Avison Young Releases Canada Hotel Market Report

Hotelier Magazine

TORONTO — Avison Young has released its Canada Hotel Market Report: 2023 Review and 2024 Outlook. The report reveals robust recovery and remarkable resilience across major Canadian markets, surpassing pre-pandemic levels in Average Daily Rate (ADR), Revenue Per Available (RevPAR) and occupancy.

article thumbnail

Exclusive: the pub business taking on Sydney’s boutique hotel market

Hotel Management

“We’ve got some other more lifestyle hotels coming to market over the next six to 12 months and we’re going to be adding about 200 rooms into the Sydney [hotels] landscape.” With its recently opened hotels, Public is seeing strong occupancy rates continue.

Business 242