The Quarterly Market Pulse shows key economic metrics that relate to the hotel industrys recent performance and near-term forecast.
During the week of 11-17 August, U.S. hotel occupancy fell 1% to 71.7%, and despite a 0.4% ADR increase to $130.89, RevPAR dropped 0.6% to $93.90.
Canadian hotel occupancy decreased 2.7% to 80.1% during the week of 11-17 August, and with a 1.1% ADR dip to 182.70 Canadian dollars ($137.55), RevPAR declined 3.8% to CA$146.38 ($110.20).
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e-forecasting.com earliest and always final reading of U.S. consumer confidence, for the world's largest consumer market of $15 trillion, fell in August, after five consecutive monthly increases since last March.
The US lodging industry appears to be at an inflection point, driven by a combination of decelerating demand as well as continued economic and global trade risks.
The percentage of hotels offering room service has declined by 40% in two years, while food delivery adoption has grown rapidly in the same timeframe.
The hotel industry in Canada continues through midyear with solid demand and ADR growth. PEI leads the provinces in demand growth and British Columbia continues to trump ADR growth.
The Central/South America region reported 21,937 rooms in construction as of July 2019, which is a 7.1% year-over-year decrease.
You see, the game of budgets in most hotel companies where the corporate or regional master needs to approve the plan before it is presented to the owner, is a game of under promise now and hopefully over deliver next year. Some people I know call this the practice of sandbagging. It is not mean or deceitful, rather it is a game. If you are asleep at the switch when you are doing the review, well, that is your problem.