In October, U.S. hotels saw occupancy increase 0.8% year over year to 69.9%, while ADR rose 2.7% to $133.81 and RevPAR increased 3.5% to $93.55.
Analysts at Lodging Econometrics (LE) report that in the third quarter of 2018 the total construction pipeline in Canada stands at 247 projects/29,954 rooms. Construction pipeline projects are at a cyclical high with an increase of 19 projects year-over-year (YOY).
New pipeline project counts are up 8% while room counts show a 15% increase year-over-year (YOY) when the pipeline stood at 572 projects/156,420 rooms.
Nearly 70 percent of travel buyers say that enforcing policy compliance is among the most challenging aspects of their job, according to new research out today from the Global Business Travel Association (GBTA) in partnership with RoomIt by CWT. While travelers may book out-of-policy for preferred properties or amenities, there is also a large gap in traveler knowledge of company policy.
Occupancies may have peaked, with flattening or slight declines on the near horizon. Room rate growth remains the key to above inflationary RevPAR increases through 2019.
During the week of 4-10 November, U.S. hotel occupancy rose 0.7% to 69%, ADR increased 1% to $129.95 and RevPAR rose 1.6% to $89.68.
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Canadian hotel occupancy increased 2.4% to 66.2% during the week of 4-10 November. ADR rose 2.7% to 149.33 Canadian dollars ($112.85), which lifted RevPAR 5.2% to CA$98.92 ($74.76).
STR and Tourism Economics revised their 2018 and 2019 U.S. RevPAR growth projections to 3% and 2.4%, respectively, as demand in the third quarter was lower than expected.
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