The Market Snapshot: Asia Pacific 2023 highlights an overview of transaction activity in the region and presents 25 markets’ current hospitality landscape; each covering demand and supply dynamics, hotel performances, and key transactions.
While the onset of COVID-19 had devastating effects for the Connecticut tourism industry, a recovery quickly began. By 2022, occupancy levels were only slightly below those of 2019, and ADR levels far surpassed those of 2019. The upcoming renovation of the XL Center in Hartford and the state’s “Find Your Vibe” campaign are key indicators of Connecticut’s recovery and success.
In the summer of 2023, occupancy in the Coachella Valley showed a return to normalcy after strong growth in 2021 and 2022 driven by pent-up leisure demand. Notably, ADR remains well above 2019 levels. The future looks promising, with the Acrisure Arena and Palm Springs International Airport expansion setting the stage for long-term success.
The Meadowlands development in northern New Jersey features the Meadowlands Sports Complex, with the MetLife Stadium as a centerpiece, and hosts numerous major companies. This development is anticipated to strengthen its presence going forward with the addition of a convention center.
Phoenix has exploded in growth over the last decade, developing a diverse and welcoming economy that has allowed the city and surrounding communities to outperform other top-25 markets.
A strong RevPAR rebound in the first quarter of 2023 was stalled by increasing costs of capital, inflationary pressures, outflow of domestic demand with limited international infill, and economic concerns. How can hoteliers expect 2023 to end and the next few years to trend? This article presents our latest forecast and insights.
Conroe is known as a historic small town and an affordable staycation destination. However, as of 2023, it is one of the fastest-growing cities in Texas. Its current offerings range from state parks to lakeside resorts, and the city has potential for significant development, with ample vacant land available.
Why do some stadiums attract more tourists and economic impact than others? It does not have to do with the quality of a city’s music scene or attractiveness, but the availability and cost of tickets. Tickets to venues in densely populated areas with higher incomes are harder to get, so instead people travel to venues with tickets that are available, and cheaper.
Strategic master plans and reforms point to a growing appetite for hospitality investment and development across the GCC, bringing opportunities to benefit from attractive returns and contribute to the growth and diversification of regional economies. Hala Matar Choufany, president, HVS Middle East, Africa and South Asia, maps out the openings and challenges, and crunches the numbers.
Approximately 92,000 Nebraska volleyball fans packed Memorial Stadium on August 30, 2023, to watch the Nebraska Huskers sweep Omaha in an outdoor match, setting a new women’s sporting event attendance record. Local hotels benefited from the midweek event, as most available guestrooms in the market were filled.