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.
Reflecting continued improvement in business travel and groups, the Top 25 Markets showed higher occupancy and ADR than all other markets.
The rate of growth in occupancy, average daily rate and revenue per available room decelerated considerably in Q2, with room rate fatigue effecting growth in the higher-priced hotel categories.
Silicon Valley historically experienced strong lodging performance driven by high-rated corporate demand during the week. Thus, the rise of remote work policies has had an impact on recovery. However, the presence of Big Tech, surging interest in AI technology, and expansion of the life-sciences sector are anticipated to drive growth in this market over the long term.
CBRE is reducing its forecast for hotel performance this year, as weaker-than-expected summer demand resulted in a shortfall in Q2 2023 revenue per available room (RevPAR).
The hotel market in Louisville, Kentucky, has experienced a slow recovery since the peak of the COVID-19 pandemic. While a copious amount of new supply over the past few years has slowed the recovery, ADR has grown steadily. The area will continue to be supported by bourbon tourism, the University of Louisville, and the Kentucky Derby.
U.S. hotel performance declined from the previous week but showed mostly positive comparisons year over year, according to CoStar’s latest data through 12 August.
Hotel demand growth declined 1.5% in June while short-term rental demand rose 14.3%, suggesting that short-term rentals may be taking share from hotels.
The state of Arizona, including Tucson, recovered quickly from the COVID-19 pandemic. Hotel performance in Tucson has far exceeded pre-pandemic levels, primarily given ADR gains since 2020. In this article, we discuss the current state of Tucson’s hospitality industry, meeting and group demand factors, and investment interest in the market.
U.S. hotel performance declined from the previous week and showed lower comparisons year over year, according to CoStar’s latest data through 5 August.