Upper Midscale News Today

U.S. revenue per available room (RevPAR) grew 2.8% year over year (YoY) for the week ending 18 May 2024. Once again group and midweek demand across the upper chain scales drove performance. The increase in RevPAR was driven almost entirely by average daily rate (ADR), which rose 2.6%. Occupancy was up 0.1 percentage points (ppts) at 67.4%, which was the highest weekly occupancy of 2024 but still 3.0 ppts below the 2019 comparable.

RevPAR improved 2.0% year over year (YoY) in February, reflecting the continued return to pre-COVID patterns of low single-digit gains. Remove Las Vegas from the equation, however, and February RevPAR was down 1.4% YoY. The overall RevPAR increase was due to a solid YoY increase (+3.9%) in ADR, which was partially offset by an occupancy decline of 1.1 percentage points to 58.9%.

The year 2024 will see the opening of 31 new hotels in Dubai, while 2025 is expected to add 16 new hotels to the mix. This translates to a cumulative total of 851 by the end of 2024 and 867 by the end of 2025, a new report from Cavendish Maxwell says.

Article - STR Commentary on U.S. Hotel Performance for February 2024 - RevPAR improved 2.0% year over year (YoY) in February, reflecting the continued return to pre-COVID patterns of low single-digit gains. Remove Las Vegas from the equation, however, and February RevPAR was down 1.4% YoY. The overall RevPAR increase was due to a solid YoY increase (+3.9%) in ADR, which was partially offset by an occupancy decline of 1.1 percentage points to 58.9%.

Super Bowl LVIII, hosted in Las Vegas, was responsible for the U.S. hotel industry’s strong year-over-year (YoY) growth in revenue per available room (RevPAR), which was up 3.9% and driven entirely by a 6.8% increase in average daily rate (ADR). U.S. occupancy fell 1.5 ppts as business slowed ahead of the big game. Without Las Vegas’ ADR contribution, U.S. ADR would have been flat compared to last year and RevPAR down 3%. It is important to note that this week’s data only runs through Satu...

December produced the lowest monthly RevPAR gain of 2023 (+0.3%). Remember, the year started with easy comparables due to the Omicron impact in Q1 2022, but performance growth softened as 2023 progressed due to calendar shifts, increased outbound travel, and other factors revealing the beginning of a return to normal industry patterns.

To help hotel developers and investors with their due-diligence process, CBRE Hotels Research collected more than 20 years, and analyzed ten years, worth of hotel key performance indicators (KPIs) disclosed in the SEC filings of six large public companies: Choice, Hilton, Hyatt, IHG Hotels & Resorts, Marriott and Wyndham. Combined, these companies had more than three million rooms or approximately 60% of total U.S. hotel supply at year-end 2022. Underlying data used to conduct this analysis ...

Year-over-year growth in RevPAR doubled to 2.4% compared to the 1.2% gain seen for October. The calendar was clean with equal numbers of weekdays and weekends, unlike the previous month when the calendar negatively impacted performance.

Article - STR Commentary on U.S. Performance for November 2023 - Year-over-year growth in RevPAR doubled to 2.4% compared to the 1.2% gain seen for October. The calendar was clean with equal numbers of weekdays and weekends, unlike the previous month when the calendar negatively impacted performance.

U.S. hotel occupancy reached 58.7%, up 4.5 percentage points (ppts) compared to the prior week as holiday leisure travel kicked in along with the return of end-of-year business and convention travel. Occupancy, however, was down 0.7 ppts versus last year. Average daily rate (ADR) increased 4.5% year over year (YoY), resulting in a 3.3% increase in revenue per available room (RevPAR). ADR has been driving RevPAR growth for most of 2023 even as occupancy has slipped. This is more evidence of hotel...