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Showing posts from May, 2020

Seven Weeks of Modest Occupancy Growth for US Hotels

Weekly US Hotel Demand Update: Week-ending May 20th was the 7th straight week of modest occupancy improvement; at 35%, up from a low of 21% on April 11th. Despite the increase, this is still a 70% RevPAR decline vs last year. April closed out with the worst RevPAR decline ever, down 80% in the US. Driven by declines north of 90% at Upper Upscale & Luxury properties. Top 25 markets continue to be heavily impacted. Finally, on the development front, the pipeline has peaked, with a number of projects on early stages moving to abandoned or postponed. Originally from LinkedIn:

US Hotel Demand will not return to 2019 levels until at least 2023, forecasters say

Last week US hotel occupancy continued to slowly climb up to 32%; and continued to closely follow China's trajectory, albeit 6 weeks behind; China is now at 43%. STR and CBRE both released updates to their FY forecasts. STR expects a drop of nearly 60% in RevPAR for FY 2020, and does not see a return to 2019 levels until late 2024, driven by a drag in ADR. For their part, CBRE's forecast puts 2020 FY RevPAR at -52%, and a return to 2019 levels a year earlier, by 2023. Originally posted on  LinkedIn:

Hotels book 3 million more room nights than last week

Demand update: Continued slow recovery, over 3M more RNs sold in the US vs the prior week, driven by weekend demand at beach drive destinations. RevPAR -74.4% for the week, up from a bottom of -84% for the week of April 11

US Hotels book 1 Million more room nights than last week

1M more RNs sold last week than the week before Slow “improvement” with the 3rd week of sub -80% RevPAR performance, led by weekends at beach destinations and overall select-service hotel performance Originally posted on LinkedIn, join the conversation: