Hotels

Analysis by Christina Choueifaty and Letizia Rossi-Espagnet

The impact of sporting events on hotel performance has been well-documented recently. Now all eyes are on the Summer Olympics in Paris between 26 July-11 August 2024. This summer will mark exactly 100 years since the Summer Olympics were last held in France.

Analysis by M. Brian Riley

In 2023, many key U.S. hotel markets caught up on recovery that was held back due to a lack of business travel. That is why markets like New York City and Washington, D.C., were atop the 2023 performance list, while growth leaders from previous years were more grounded due to diminished leisure travel.

Analysis by Eddie Yeung

Note: All financial figures presented in US$.

STR's global “bubble chart” update for 2023 shows 85% of markets with revenue per available room (RevPAR) higher than 2019. In terms of top-line performance, that means most markets have recovered from the significant declines caused by the pandemic.

Hotel owners and operators are best positioned for success when they measure their business from every angle. That is why no benchmarking experience can be considered comprehensive without frequent insight into future booking levels in the marketplace.  

Analysis by M. Brian Riley

Concerts and major events have always been important revenue opportunities for hotels, but 2023 has felt like the “year of the concert” with major tour generating headlines and lifting performance all over the world.

Analysis by Jesper Palmqvist, Senior Director – Asia Pacific

There is plenty of time remaining in 2023, but Singapore’s hotel bookings are already increasing rapidly for 2024 with the market set to host several major events early in the year. Utilizing Forward STAR data, we took a quick look at the specific impact for Singapore’s hotels from Taylor Swift’s “The Eras Tour”, Coldplay and the global Rotary Convention.

Regardless of how the hotel industry benchmarks performance, the end goal is always maximum profitability. Like all other elements of industry benchmarking, there are data sets and reports designed specifically to measure the success of that goal.

Performance benchmarking is paramount in the hospitality industry, and whether measuring success against yourself, the competition or a specific segment of the market, the process involves foundational historical metrics. 

U.S. hotel weekly occupancy slipped a bit in the most recent week of reporting (27 February-5 March 2022), falling to 61.2% from 62.2% the week prior. While all attention is focused on rising gas prices and the potential impact on hotel demand, this week’s decrease was due to a weaker Sunday as the previous Sunday benefited from the Presidents’ Day holiday.

STR’s latest 28-day visuals show markets collectively getting closer to their seasonal performance expectations. The leaders and laggards are highlighted in the “bubble” charts below with averages covering the four weeks ending 12 February.