The hotel supply across Metro Atlanta has grown significantly since the onset of the pandemic, particularly as compared to the rest of the nation. In this article, we provide an overview of notable supply and demand trends, both recent and on the horizon.
Occupancy: 58.9% (-1.8%) - Average daily rate (ADR): US$158.23 (+3.9%) - Revenue per available room (RevPAR): US$93.19 (+2.0%)
U.S. hotel performance increased from the previous week but declined year over year, according to CoStar's latest data through 9 March.
Tulsa's tourism industry has experienced a strong recovery from the COVID-19 pandemic. Tulsa experienced record-breaking revenue from tourism in 2022 and 2023, encouraging the local chamber of commerce to focus on sustaining tourism and community-building for the foreseeable future.
Hotel demand fell 2.0% in January, while short-term rental demand rose 1.3%. Despite taking share from hotels, increasing supply has created occupancy headwinds for short term rentals causing RevPAR to contract 6.6%.
The market’s hotel performance was helped by several events including Gulfood (19-23 February), the 2024 FIFA Beach Soccer World Cup (15-25 February), the 2024 Dubai Duty Free Tennis Championships (18 February-2 March), and Untold Dubai Festival (15-18 February).
Boosted by Taylor Swift’s Eras Tour, the hotel industries in both Sydney and Melbourne posted their highest average daily rate (ADR) for any month on record, according to February preliminary data from CoStar.
Helped by Carnival, Rio de Janeiro's hotel industry recorded its highest average daily rate (ADR) and revenue per available room (RevPAR) since 2016, according to February preliminary data from CoStar.
Since 2020, Wichita’s hotel market has experienced a rebound in occupancy and average rate, supported by strong levels of leisure and commercial travel. Demand is expected to continue to grow given the construction of the Biomedical Campus and Riverfront development, although an influx of new hotel supply poses concern for the near-term outlook.
U.S. hotel performance was mostly positive year over year, according to CoStar's latest data through 2 March.