Page 2 - Upper Upscale News Today

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%.

Article - ALIS 2024 Key Insights: The State of the Hotel Industry - By Charles Oswald - The Americas Lodging Investment Symposium has just concluded, and Aperture Hotels CEO Charles Oswald is back with key takeaways from this year’s meeting of hotel owners, investors, and operators.

Article - STR Weekly Insights on Global Hotel Industry Performance: 10 - 16 March 2024 - Second consecutive weekly U.S. RevPAR decrease - Weakness in ADR growth persists - Demand bifurcating, growing in upper tiers and falling in lower tiers - Global RevPAR declines for the first time since 2021

U.S. revenue per available room (RevPAR) dipped for a second consecutive week and by the worst percentage (-3.5%) since the last week of 2023. Sixty percent of the decline came from average daily rate (ADR), which was down 2.1%. All but two chain scales, Upper Upscale and Upscale, saw RevPAR decrease with the largest decline in the branded portion of the chain scales occurring in Economy (-8%). Performance was down on all days of the week with the largest declines occurring on Thursday (-5.8%) a...

Growth in revenue per available rooms (RevPAR) returned to the U.S. following the previous week’s decrease. Occupancy held somewhat steady, average daily rate (ADR) increased, weekday (Monday-Wednesday) performance grew, and group demand exploded, surpassing both the 2023 and 2019 comparables.

Article - STR Weekly Insights: 11-17 February 2024 - The 10 highest hotel supply countries outside of the U.S. saw occupancy that was largely in line with the comparable week last year. Seven of the 10 countries saw an occupancy change between -2ppts and +2ppts.

This article examines Florences tourism industry resilience amidst crises, including the COVID-19 pandemic, analyzing key performance indicators such as airport statistics, hotel supply, and operating performance. Despite setbacks, Florence witnessed a remarkable recovery, notably in 2023, with record-breaking Revenue Per Available Room (RevPAR). The analysis also highlights investment trends and future challenges, including concerns about over-tourism and evolving market dynamics.

Article - HVS Hotel Market Report - Florence, Italy - By Lorenzo Gullotta, Giammarco Pignocchi and Ezio Poinelli - This article examines Florences tourism industry resilience amidst crises, including the COVID-19 pandemic, analyzing key performance indicators such as airport statistics, hotel supply, and operating performance. Despite setbacks, Florence witnessed a remarkable recovery, notably in 2023, with record-breaking Revenue Per Available Room (RevPAR). The analysis also highlights investm...