In 2023, Seattle was a beacon of renewed strength in the Pacific Northwest given its vibrant concert and sports event calendar, record-breaking cruise season, and $1.9-billion expansion of the Seattle Convention Center. As a result of these factors, Seattle was one of the nation’s best-performing hotel markets during the summer.
The Manhattan market was severely affected by the COVID-19 pandemic but has been experiencing a rebound, primarily driven by strong gains in average rate over the last three years. Legislative and supply changes are expected to positively affect hotel market trends going forward, and our demand forecast shows a rebound beyond 2019 levels by 2025.
Orlando was one of the first of the top 20 U.S. hotel markets to recover from the pandemic. Going forward, Orlando's hotel demand is expected to be bolstered by the addition of new tourist attractions in the market, increased flight capacities, greater inbound international travel and group bookings, and the recovery of the business segment.
Formerly a haven for retirees and snowbird travelers, Naples has been revitalized as a popular destination for all generations. While the area’s natural attractions, hotels, restaurants, and shopping districts will remain its most popular attractions, sports tournaments and events have become a new focus in Naples.
Baltimore has struggled to recover from the impact of the COVID-19 pandemic and the negative perception of the downtown neighborhoods. However, ongoing or planned development and revitalization efforts bode well for the future of the city.
In 2023, Portland's hotel demand faced setbacks from public safety concerns and absorption of new hotel supply. However, initiatives like the Hotel Security District and a government task force addressing homelessness signaled change. The opening of the Ritz-Carlton Hotel & Residences and several upcoming events contribute to a cautiously optimistic 2024 outlook.
Boston is back. The three key demand channels have returned to an approximation of their pre-pandemic levels (conventions and business travel up, leisure down), and the city’s RevPAR has improved to third in the nation, supplanting Miami and various West Coast rivals. Here are ten things to know about the city.
India’s trillion-dollar wedding industry is back, larger and grander than ever before. Fueled by rising income levels, a growing number of high-net-worth individuals, and the charm of celebrity weddings, destination weddings, both domestic and international, are on the rise, which is expected to gain further momentum driven by India’s favorable demographics. Read on to know more.
With the pandemic mostly in the past, Downtown Indianapolis’s ADR has fully recovered, but occupancy still has not returned to 2019 levels given the slow rebound of corporate demand. However, leisure demand has increased, and the city’s event pipeline is robust, supporting a positive outlook for Downtown Indianapolis.
The pandemic’s prolonged impact on the New Orleans hospitality market exacerbated a slow period in the convention cycle. However, New Orleans remains a popular leisure destination, with new upscale hotel supply and renovations to demand generators. Market participants are confident that demand growth in 2024 and 2025 will help the city recover to its pre-pandemic metrics.