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."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How Southwest plans to go after more business travel market share - Dallas Business JournalCEO Bob Jordan said Southwest Airlines' investments in business travel is delivering returns even though business demand has yet to fully recover to pre-pandemic levels
Source: DallasBizNews - 🏆 525. / 51 Read more »
MetroTex Association of Realtors officially opens new headquarters building in Irving - Dallas Business JournalThe visitors at the open house oohed and aahed at the spiral staircase, the floor plan and the size of the kitchen, but this wasn’t just another showing. Real estate industry executives and agents gathered this week for the grand opening of MetroTex Association of Realtors’ new 42,000-square-foot headquarters building in Irving.
Source: DallasBizNews - 🏆 525. / 51 Read more »
MetroTex Association of Realtors officially opens new headquarters building in Irving - Dallas Business JournalThe visitors at the open house oohed and aahed at the spiral staircase, the floor plan and the size of the kitchen, but this wasn’t just another showing. Real estate industry executives and agents gathered this week for the grand opening of MetroTex Association of Realtors’ new 42,000-square-foot headquarters building in Irving.
Source: DallasBizNews - 🏆 525. / 51 Read more »
New projects in North Texas for December 14, 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 »
Comerica analysts predict 80% chance of recession in 2023 - Dallas Business JournalInterest rates and high inflation are two of the 'big headwinds' facing the U.S. economy, according to Comerica's economists. Other challenges include the end of fiscal stimulus provided by the federal government during the pandemic and weak export markets abroad.
Source: DallasBizNews - 🏆 525. / 51 Read more »
McKinney & Olive acquired by Granite Properties-Highwoods Properties joint venture - Dallas Business JournalGranite Properties and Highwoods Properties Inc. have partnered to acquire Uptown Dallas' McKinney & Olive.
Source: DallasBizNews - 🏆 525. / 51 Read more »