This week in Hospitality & Tourism #16 2023

STR: U.S. hotel pipeline shows confidence in business travel

Upper upscale hotels, the property types most associated with business travel, are well represented in the U.S. development pipeline. The volume of projects in the segment points to confidence in the future of business travel, according to STR.

U.S. Hotel Pipeline
March 2023 (percentage change in comparison with March 2022):

• In Construction: 154,284 rooms (-0.5%)
• Final Planning: 239,995 rooms (+34.6%)
• Planning: 232,517 rooms (-21.6%)

STR: U.S. hotel results for week ending 15 April

U.S. hotel performance increased from the previous week, and year-over-year comparisons reflected the positive side of the Easter calendar shift, according to STR‘s latest data through 15 April.

• Among the Top 25 Markets, Minneapolis saw the highest year-over-year increase in occupancy (+17.4% to 54.5%).
• Washington, D.C., showed the most substantial ADR (+22.5% to US$200.99) and RevPAR (+38.1% to US$146.73) growth year over year.
• The steepest RevPAR declines were seen in San Francisco (-22.3% to US$114.41) and Miami (-14.2% to US$189.90).

9-15 April 2023 (percentage change from comparable weeks in 2022, 2019):

• Occupancy: 64.2% (3.7%, -2.2%)
• Average daily rate (ADR): US$155.33 (+4.7%, +19.8%)
• Revenue per available room (RevPAR): US$99.67 (+8.6%, +17.1%)