How major US hotel markets are faring post-pandemic - Dallas Business Journal

In the wake of a pandemic that battered the hospitality and travel industries, most major U.S. markets have recovered on key industry metrics — but some continue to lag behind their pre-pandemic activity.of STR Inc. data found occupancy among 25 of the largest hotel markets nationally remains 5.4% below pre-pandemic levels, when comparing the running 28-day average for the period ended Dec. 3, 2022, to the same time frame in 2019. Among markets outside of the top 25, occupancy is 1.

San Francisco and San Mateo, California, the only top 25 market where all three major hotel metrics remain below the same period in 2019. Occupancy was 23.8% lower, ADR was 22.8% less and revPAR was down 41%, in the period ended Dec. 3. The improved metrics on the hotel industry front has also prompted a flurry of investment sales in the hotel space, although headwinds from a more uncertain economy are sure to taper that.

In Q3 2019, there were 41 hotel transactions totaling a little more than $3.7 billion, including about 13,100 hotel rooms at an average sales price per room of $283,000. "Luxury properties are seen as the top destination in the hotel world," he said, citing rapidly rising room rates and strong occupancies at those properties."Once the pandemic really ended, flocked back to luxury hotels."

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Revere Capital looks to push forward as banks pull back - Dallas Business JournalRevere Capital's Jeff Salladin and Clark Briner discussed the opportunities they're seeing in today's market, creating value for investors and borrowers and more in this interview with the Dallas Business Journal.
Source: DallasBizNews - 🏆 525. / 51 Read more »

On the Agenda: 480-unit residential project in the works in Fort Worth - Dallas Business JournalThe proposed development is located on a 33-acre property at 7300 Granbury Road in southwest Fort Worth.
Source: DallasBizNews - 🏆 525. / 51 Read more »

Loss of longtime DFW journalist Jake Dean felt by colleagues, community - Dallas Business JournalThe old adage claims a picture is worth a thousand words. In the case of Jake Dean, a thousand is not nearly enough.
Source: DallasBizNews - 🏆 525. / 51 Read more »

New projects in North Texas for December 11, 2022 - Dallas Business JournalHere’s a look at the latest new projects registered in North Texas with the Texas Department of Licensing and Regulation, a list of new construction, renovations and alterations in Dallas, Fort Worth and beyond. All projects listed are public records.
Source: DallasBizNews - 🏆 525. / 51 Read more »

The Capital Grille will open a location in Southlake in 2024 - Dallas Business JournalThe filing details a $1.8 million renovation and alteration of a 9,300-square-foot property that is slated to begin in June 2023 and be completed in February 2024.
Source: DallasBizNews - 🏆 525. / 51 Read more »

Plano staffing firm BGSF acquires Horn Solutions - Dallas Business JournalHorn has offices in Houston, Dallas and Austin and has areas of focus that include strategic finance, transactional accounting, business administration, and information technology.
Source: DallasBizNews - 🏆 525. / 51 Read more »