The first 28 shows of the tour added $98.2 million in added room revenue on top of normal seasonal levels. The overall $208 million estimated impact now three months later is conservative, accounting only for the 53 concert nights.
Global performance (excluding the U.S) showed a marginal week-over-week decrease in occupancy, down 1.2ppts to 72.1%, which is in line with historical patterns and expected given the industry’s seasonality.
Among all countries with a total supply of more than 50,000 rooms, Israel, France, Greece, Singapore, and Croatia led in RevPAR on an actual basis. Greece maintained the top spot despite the impact of wildfires, while Singapore rejoined the leaderboard after a brief hiatus.
This summe there is one destination that has exceeded all expectations. The following analysis highlights how Italy’s hotel sector is thriving in bookings and room rates in addition to assessing how online trends set up a summer to remember for Italian hoteliers.
Global occupancy (excluding the U.S.) rose 5.3pts YoY to 73.4%, which was once again the highest post-pandemic level. ADR grew 11.4% YoY to US$156, resulting in a 20% gain in RevPAR.
The FIFA Women’s World Cup 2023 is approaching its conclusion with the third place and championship matches set for this weekend in Brisbane and Sydney, respectively. Supported by record-breaking attendance, hotels around Australia and New Zealand have received a much-needed performance boost during the usually quiet winter season.
Hotels stocks outperformed again in July with the global hotel brands leading the way higher
For 2023, growth in revenue per available room (RevPAR) was lowered by 0.5 percentage points, due to a 0.6ppt downgrade in occupancy growth. For 2024, the RevPAR growth projection was also lowered 0.5ppts on a 0.5ppt downgrade in occupancy. Average daily rate (ADR) was upgraded 0.1ppts for 2023 but kept flat for 2024.
Global occupancy (excluding the U.S) climbed 0.3ppts to 72.8%, resulting in another post-pandemic high and a YoY gain of 5.2ppts. Comparing against pre-pandemic times, the matched week in July 2019 marked the high point of global occupancy at 75.9% (+3.1ppts higher compared to 2023). Global ADR remained over US$150 at US$154, which was up 10.5% YoY with RevPAR of US$111 up 19% YoY.
U.S. hotel performance declined slightly from the previous week but showed improved comparisons year over year, according to CoStar’s latest data through 29 July.