Global Hotel Industry Performance
STR Weekly Insights on Global Hotel Industry Performance: 14-20 April 2024
Global leisure demand beginning to bloom - U.S. RevPAR moderated after three unsteady weeks.
Global leisure demand beginning to bloom - U.S. RevPAR moderated after three unsteady weeks.
From sustainable practices to cutting-edge technology, we've identified seven travel industry trends that are redefining the future of the travel industry and reshaping business travel solutions.
When selecting a hotel, almost all members want reassurance that their hotel is of good quality (97% say that’s most important) and in a convenient location (92%). Loyalty program benefits (90%) are nearly as essential, followed by customer service (88%).
The U.S. Federal Trade Commission’s recent decision to ban non-compete agreements marks a pivotal shift in employment regulations nationwide. This rule not only prohibits new agreements but also retroactively impacts existing ones.
Satisfaction across airlines, lodging, car rentals, and online travel agencies climbs again, returning to prepandemic levels, according to the American Customer Satisfaction Index (ACSI) Travel Study 2023-2024. The airline industry stands out, hitting an all-time customer satisfaction high of 77 after a second straight 1% year-over year improvement.
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U.S. hotel performance showed mixed results from the previous week, according to CoStar's latest data through 20 April.
To better understand the current state of the travel industry and latest travel trends, AnalyticsIQ's Cognitive Sciences team lead a comprehensive study to better gauge how people are traveling and the modern travel-related behaviors we can expect to see. This article will delve into the key findings in their latest research report - Understanding Modern Travel Trends - and highlight the most important 'need-to-knows' for both travel brands and marketers alike.
As seen in the Q1 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the first quarter, there are 6,065 projects with 702,990 rooms in the pipeline. This new all-time high represents a 9% year-over-year (YOY) increase in projects and a 7% YOY increase in rooms compared to last year.
Meeting professionals in Latin America are shown to have the highest levels of optimism of any region when it comes to the health of the meetings and events industry. In fact, 86% said they would rank themselves as 8 or higher on a scale of 1-10. An impressive number. And 73% expect their meeting spend to increase from 63% in 2023.
Hotels in Jacksonville, Florida, experienced a robust March, driven in part by an influx of visitors for the 50th edition of THE PLAYERS Championship at TPC Sawgrass. This surge in demand coincided with the entrance of several new hotels into the market, which affected hotel performance metrics.
Larger events and other business segment improvements promote stability
After four consecutive months of year-over-year declines, Canada’s hotel industry reported a marginal lift in transient occupancy, according to CoStar’s March 2024 data.
In 2023, the travel market in the United Kingdom experienced significant growth, with gross bookings increasing 19%, driven by robust expansion in online bookings, mobile transactions and key sectors like airlines and car rentals.
Global occupancy reached the highest level of the year (68.4%). Key country occupancy ranged from 76.4% in the U.K. to 59.3% in Indonesia. Spain, Italy and China all saw occupancy above 72%, with only China showing a year-over-year decrease.
A number of large-scale events have boosted hotel performance in Adelaide, with further jumps expected for upcoming events, according to recent data from CoStar.
The Top 25 Markets showed higher occupancy and ADR than all other markets.
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Meeting professionals in this region are expecting a steady overall increase in activity in 2024. This steady increase balances growth with cautious optimism in most categories due to a variety of factors.
This article is all about cash - keeping more of what's yours and making sure it's properly controlled. Cash controls are not complicated, but they need heightened awareness and a constant effort to be effective.
First Quarter Total Sales and Passengers Trips Increased Year Over Year
First Quarter Total Sales and Passengers Trips Increased Year Over Year
Last year, the sector grew by more than a quarter (26%) to contribute a record-breaking AED 220BN to the UAE’s GDP representing 11.7% of the entire economy. This exceeded the previous record set in 2019 by almost 15% and underscores the sector’s pivotal role in the nation’s economic framework.
Helped by the total solar eclipse, U.S. hotel performance increased from the previous week, according to CoStar's latest data through 13 April.
Las Vegas continues to evolve, with billions of dollars being spent on the development of new world-class venues in recent years. This article examines the latest trends and developments that are relevant to the Las Vegas casino and hotel markets.