Through Q3 2020, RevPar in Canada continues to deteriorate, declining 61% over 2019. Hotels in the luxury segment and those with more than 500 rooms have taken the brunt of the impact. Covid-19 is not affecting markets uniformly across the country. The Okanagan and Northern Ontario markets have fared best with decreases of 33% and 35% while the hardest hit market, Downtown Montreal has a RevPAR decline close to 80%. With the pandemic not slowing, we don’t foresee improvement until the spring.
Despite suffering the COVID-19 pandemic alongside the traditional hotel sector, the serviced apartment sector has been weathering the storm better owing to a few key factors that show a stronger resilience to a sudden and fundamental shift in demand. In this article, we examine recent innovations in the sector, give a performance update and explore the serviced apartment pipeline for Europe.
Since early March, greater San Diego-area hotels have suffered unprecedented declines in demand, similar to most cities in the United States, because of the COVID-19 pandemic. How far has the San Diego hotel market fallen? How does this compare to the last recession? What will the recovery look like?
The ninth annual Lodging Tax Study also looks forward and assesses the impact of the COVID-19 pandemic. This analysis of 25 major US markets illustrates the depth of the impact on the hospitality industry and projects a pattern of recovery over the next few years. HVS also provides historical data on tax rates and the collection and distribution of revenue from lodging taxes levied in all 50 States and the 150 largest US cities.
Hotels are complicated investments and evaluating the most suitable hotel operating model for a hotel investment is crucial to ensure that the owner’s return is optimized. This publication summarizes the evolution of a number key terms in the hotel management agreements and our outlook on how these key terms may evolve in the future, provides an overview of franchise agreements and highlights alternative agreements that are being considered by sophisticated owners in the Middle East region.
This article explores operational changes, specifically looking at cleanliness, as the hotel industry adapts to the challenges of COVID-19, outlining the initial response taken by hoteliers and examining where we are as an industry today and what to expect in the future, now that brands have established procedures and protocols for addressing the pandemic.
Travel Channel's Anthony Melchiorri and hotel industry expert and No Vacancy podcast host Glenn Haussman speak to our President & CEO, Stephen Rushmore, Jr. about some critical hotel investment related topics. Topics include valuation trends, marketplace opportunities, independent vs. branded hotel investments, how banks perceive the hotel business and more.
On Tuesday 1st September HVS, together with the Israel Ministry of Tourism, presented a lockdown seminar on the Israel Hotel Sector. Some 300 people joined us for this event and you are welcome to watch a video recording.
This publication provides an overview of upcoming, current, and historical trends in the federal lodging per diem, with a focus on the per-diem rates for the top hotel lodging markets, as defined by STR.