Las Vegas continues to evolve, with billions of dollars being spent on the development of new world-class venues in recent years. In 2023, occupied room nights, as well as total occupancy (83.5%), continued to lag 2019 performance; however, like gaming revenue, the market’s ADR ($191.29) and RevPAR ($159.73) for 2023 reached record levels for the second year in a row. This article examines the latest trends and developments that are relevant to the Las Vegas casino and hotel markets.
HVS discusses the main hotel transactions that took place in 2023 and looks at the trends in single-asset and portfolio transactions over the years.
Savannah is one of the most desirable tourist destinations in the country, and visitation has skyrocketed since the onset of the pandemic. Some major expansion and development projects underway in the market should help support hotel metrics going forward.
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.
This article examines Florence's tourism industry resilience amidst crises, including the COVID-19 pandemic, analyzing key performance indicators such as airport statistics, hotel supply, and operating performance. Despite setbacks, Florence witnessed a remarkable recovery, notably in 2023, with record-breaking Revenue Per Available Room (RevPAR). The analysis also highlights investment trends and future challenges, including concerns about over-tourism and evolving market dynamics.
HVS was a proud sponsor of this year’s ALIS conference, where the sentiment was upbeat and optimistic for the year ahead. This article provides our key takeaways from the conference.
With inflation decelerating, fears of a recession receding, and supply growth muted, the overall outlook for U.S. hotel metrics in 2024 is one of modest, steady growth. The investment market is also showing increased signs of life, as inflationary concerns are diminishing and interest rates are improving modestly.
While East Africa’s travel, tourism and hospitality sectors have faced various challenges in recent years, there are encouraging signs of growth, as Hala Matar Choufany, president - HVS Middle East, Africa and South Asia, points out.
Despite prevailing global challenges, India's economic resilience had a positive ripple effect on the hospitality sector. Read on to know more.
As 2023 ends, regional HVS leaders across the globe take a look back at how the global hotel industry fared this year. Overall, operating metrics shined brightly, with revenue growth achieved in most global markets, while investment activity cooled. The investment market is expected to improve in 2024.