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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