Revenue per available room (RevPAR) fell 2.2% year over year (YoY) in March, marking the first such decline since February 2021.
Global leisure demand beginning to bloom - U.S. RevPAR moderated after three unsteady weeks.
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.
Most of the largest global countries saw RevPAR decline as well, which is in line with past years and the Easter holiday.
The market's highest daily occupancy level was seen on Saturday, 16 March (98.6%) - the night of the final round of the Six Nations championship between Scotland and Ireland at Aviva Stadium. The market's daily occupancy levels were above the 70% mark throughout the month apart from two days.
Helped by the annual Saudi Arabian Grand Prix, Jeddah's hotel industry reported performance growth across the metrics, according to March preliminary data from CoStar.