A strong RevPAR rebound in the first quarter of 2023 was stalled by increasing costs of capital, inflationary pressures, outflow of domestic demand with limited international infill, and economic concerns. How can hoteliers expect 2023 to end and the next few years to trend? This article presents our latest forecast and insights.
In the past three years, the city of Richmond has seen significant growth in RevPAR, outpacing the regional area and the state of Virginia in the post-pandemic recovery period. This article provides an overview of Richmond’s hotel performance and demand sources.
Conroe is known as a historic small town and an affordable staycation destination. However, as of 2023, it is one of the fastest-growing cities in Texas. Its current offerings range from state parks to lakeside resorts, and the city has potential for significant development, with ample vacant land available.
Why do some stadiums attract more tourists and economic impact than others? It does not have to do with the quality of a city’s music scene or attractiveness, but the availability and cost of tickets. Tickets to venues in densely populated areas with higher incomes are harder to get, so instead people travel to venues with tickets that are available, and cheaper.
In 2022 and the first half of 2023, San Diego hotels experienced unprecedented RevPAR growth, similar to much of California, as markets recovered from the impact of the COVID-19 pandemic. As a result, hotel development and transactions have been strong. However, construction of full-service hotels remains challenging amid a steep rise in development costs.
Approximately 92,000 Nebraska volleyball fans packed Memorial Stadium on August 30, 2023, to watch the Nebraska Huskers sweep Omaha in an outdoor match, setting a new women’s sporting event attendance record. Local hotels benefited from the midweek event, as most available guestrooms in the market were filled.
The Mississippi Gulf Coast reopened faster than most markets in the Southeast, allowing this area to become a drive-to destination for leisure travel. While the record room-rate increases achieved in 2021 and 2022 may not continue, new properties and attractions along the coast should support the market’s popularity going forward.
Following the effects of the COVID-19 pandemic, the Jersey Shore is proving its resiliency once again. Recently, the counties along the coast have experienced record occupancy tax collection levels, an increase in the redevelopment of dated motels, and the addition of many large-scale, family-friendly attractions.