How major US hotel markets are faring post-pandemic - Phoenix 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.

Phoenix Suns exec leaves team for Trackhouse Racing - Phoenix Business JournalDean Stoyer has left his position as chief marketing and communications officer with the Phoenix Suns and will be running a newly-formed content and event company focused on auto racing.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Buckeye, Phoenix approve new residential, storage containers projects - Phoenix Business JournalNew master-planned communities could bring thousands of new homes and multifamily units to West Valley communities, while in downtown Phoenix, the city is allowing a local design firm to bring more repurposed shipping containers for potential residential or retail uses.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Report: Venture capitalists place bid on Phoenix Suns - Phoenix Business JournalThe Suns majority owner Robert Sarver announced earlier this year that he would explore selling the team after the NBA fined him $10 million and banned him from the team for one year. phoenix
Source: phxbizjournal - 🏆 254. / 63 Read more »

$200 million office project in north Phoenix proposed for potential company headquarters - Phoenix Business JournalA city report said this project would be considered one of the first large-scale office employment announcements since the Covid-19 pandemic started.
Source: phxbizjournal - 🏆 254. / 63 Read more »

ElectraMeccanica (SOLO) makes Mesa plant its new corporate headquarters - Phoenix Business JournalThe decision to make Mesa the company's headquarters was made earlier this month and was one of the first moves made by new CEO Susan Docherty.
Source: phxbizjournal - 🏆 254. / 63 Read more »