Weekly Hotel Industry Performance: The Impact of Major Events and Global RevPAR Gains :: Hospitality Trends

• U.S. hotel performance in the week ending 16 November 2024 was impacted by calendar shifts like the Formula 1 Grand Prix race in Las Vegas, Veterans’ Day, and Thanksgiving, leading to flat RevPAR (+0.4%). However, excluding Las Vegas, RevPAR rose 4.3%.
• Global RevPAR, excluding the U.S., advanced 10.2%, marking the third consecutive week of double-digit growth. RevPAR growth was led by Japan, with significant lifts also observed in Mexico, Indonesia, Italy, and Canada.

U.S. hotel performance for the week ending 16 November 2024 was almost flat due to calendar shifts such as the Formula 1 Grand Prix race in Las Vegas changing dates, Veterans’ Day falling on a Monday, and a later Thanksgiving. These shifts impacted RevPAR, which only increased by 0.4%. However, when Las Vegas was excluded, RevPAR rose 4.3%, with both occupancy and average daily rate (ADR) contributing to the increase.

Several cities saw strong group demand, with Tampa, New Orleans, Houston, and San Diego experiencing RevPAR increases over 20%. Markets affected by recent hurricanes also continued to experience solid demand growth.

Group demand among Luxury and Upper Upscale hotels rebounded and exceeded the levels seen in 2019. This resulted in a 1.8% increase in rooms to 2.1 million, around 20,000 rooms more than in 2019.

Global RevPAR, excluding the U.S., advanced 10.2%, marking the third week of double-digit growth. This was driven mainly by ADR, which increased 7.7%. Japan led the top countries in RevPAR growth with a 22.9% increase.

The week ending 23 November 2024 is expected to see strong RevPAR due to a final business/conference travel rush ahead of Thanksgiving. The December holiday season is predicted to yield positive performance due to a late Thanksgiving compressing the holiday period. Meanwhile, Canada is set to continue benefiting from Taylor Swift’s tour, contributing to the hotel industry and global economy.

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