As apps like Uber Eats rise in popularity, hotel guests are opting for smaller rooms in the heart of the city with less on-site perks.
Despite the total commercial real estate investment in Europe declining 7.8% year-on-year in the twelve months to Q2 2019, hotel investment saw an increase of 5.3% over the same period, totaling 24.3bn, according to the latest data from global real estate advisor, CBRE.
STR and Tourism Economics have downgraded their RevPAR outlook to 1.6% for 2019 and 1.1% for 2020.
The Asia/Pacific region reported 470,650 hotel rooms in construction as of July 2019, which is a 27% year-over-year increase.
The U.S. hotel industry reported occupancy decreased 1.4% to 74.1% during the week of 4-10 August, and despite a 0.4% ADR increase to $133.36, RevPAR fell 1% to $98.88.
During the week of 4-10 August, the Canadian hotel industry reported occupancy fell 2.5% to 77.7%, ADR dipped 1.2% to 183.94 Canadian dollars ($138.04) and RevPAR decreased 3.6% to CA$142.97 ($107.29).
The Caribbean/Mexico region reported 31,968 hotel rooms in construction as of July 2019, which is a 33.9% year-over-year increase.
Results offer actionable insights for hospitality professionals to attract more group business to their venues and destinations
The number of hotel rooms in construction in Europe rose 52.4% to 192,352 rooms in July, according to STR pipeline data.
According to STR pipeline data for July, the U.S. reported 205,992 hotel rooms in construction, which is an 8.3% year-over-year increase.