Occupancy: 58.9% (-1.8%) - Average daily rate (ADR): US$158.23 (+3.9%) - Revenue per available room (RevPAR): US$93.19 (+2.0%)
U.S. hotel performance increased from the previous week but declined year over year, according to CoStar's latest data through 9 March.
The market’s hotel performance was helped by several events including Gulfood (19-23 February), the 2024 FIFA Beach Soccer World Cup (15-25 February), the 2024 Dubai Duty Free Tennis Championships (18 February-2 March), and Untold Dubai Festival (15-18 February).
Boosted by Taylor Swift’s Eras Tour, the hotel industries in both Sydney and Melbourne posted their highest average daily rate (ADR) for any month on record, according to February preliminary data from CoStar.
Helped by Carnival, Rio de Janeiro's hotel industry recorded its highest average daily rate (ADR) and revenue per available room (RevPAR) since 2016, according to February preliminary data from CoStar.
Hospitality experts say customers at every price point want some of the same amenities during their stay, and owners must balance that.
U.S. hotel performance was mostly positive year over year, according to CoStar's latest data through 2 March.
The latest U.K. budget provides little good news to hoteliers, who hoped for an overhaul of business rates and other benefits, but it did restrict tax breaks for second-home owners who are listing properties on short-term rental platforms such as Airbnb.
During a meeting of the Lodging Industry Investment Council, hotel executives spoke about ongoing labor challenges and how wages are expected to continue to grow, albeit at a slower pace.
U.S. hotel performance showed mixed results over the previous week, according to CoStar's latest data through 24 February.