Majority of Americans no longer wait for Black Friday or Cyber Monday to start shopping; Over half agree they feel pressured to overspend during the holidays
Occupancy for the week ending 11 September 2021 was 60.0%, somewhat better than expected and boosted upward by Labor Day Sunday. Weekday demand was again augmented by the ongoing recovery efforts in Louisiana and surrounding markets due to the lingering impact from Hurricane Ida, but to a lesser extent than in the previous week.
Air Travel Passenger Trips Decrease 10% Month Over Month
Despite the week-over-week dip, performance levels were solid on an absolute basis considering it was the week of Labor Day as well as Rosh Hashanah from Monday through Wednesday. Neither of those holidays were a factor in the corresponding week two years ago, thus creating steeper declines in comparison with 2019.
Increases in occupancy, ADR and RevPAR accelerated across Manhattan during the second quarter, as the vaccine rollout gained traction in Q1 and early Q2, and the city began to relax restrictions put in place at the height of the pandemic. Off an easy comp (Q2 2020), second quarter RevPAR experienced a year-over-year increase of 103.4 percent, heavily weighted to performance during the month of June.
After the most volatile trading period since benchmarking began, the PwC Hotels Forecast 2021-2022 reveals the green shoots of recovery as demand returns.
ForwardKeys and Dragon Trail Internationals recent findings reveal that the Chinese travel market is not only super resilient but desperate for revenge travel, even if it is only within China!
In July, the School of Hotel Administrations Center for Hospitality Research (CHR) hosted a virtual roundtable called Finding the Balance Between Driving Revenue & Managing Costs. A group of twenty-three academics and experts from various sectors of the hospitality industry attended the two-hour event.
The hotel industry is projected to end 2021 down more than $59 billion in business travel revenue compared to 2019, according to a new report released today by the American Hotel & Lodging Association and Kalibri Labs. That comes after losing nearly $49 billion in business travel revenue in 2020.
While the impacts of the COVID-19 pandemic on the lodging industry are ongoing, this tenth annual HVS Lodging Tax Study quantifies the revenue impact of the pandemic over the past year. An analysis of 25 major US markets shows losses totaling approximately $1.3 billion in 2020 from historical levels in 2019. HVS forecasts a loss of $1.45 billion in rooms revenue in 2021 from a baseline scenario with no pandemic.