Hotel demand fell 1.6% in December, while short-term rental demand rose 4.3%. Short-term rentals now represent roughly 18.6% of industry-wide market share, up from 15.2% prior to the pandemic.
U.S. hotel performance decreased slightly from the previous week, while year-over-year comparisons remained mixed, according to CoStar's latest data through 3 February.
Improvement in group business, especially across the Top 25 Markets and upper-upscale chains, drove growth in U.S. hotel revenues and profits, according to 2023 P&L data from CoStar.
U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar's latest data through 27 January.
December produced the lowest monthly RevPAR gain of 2023 (+0.3%). Remember, the year started with easy comparables due to the Omicron impact in Q1 2022, but performance growth softened as 2023 progressed due to calendar shifts, increased outbound travel, and other factors revealing the beginning of a return to normal industry patterns.
U.S. hotel performance decreased from the previous week, while year-over-year comparisons remained mixed, according to CoStar's latest data through 20 January.
STR and Tourism Economics made minimal adjustments to growth projections in the first U.S. hotel forecast of 2024 just released at the Americas Lodging Investment Summit (ALIS).
CBRE U.S. Hotels State of the Union January 2024 Edition
United States Trailing Global Competitors; National Leadership Increasingly Critical
U.S. hotel performance increased from the previous week, while year-over-year comparisons remained mixed, according to CoStar's latest data through 13 January.