The impact of the COVID-19 pandemic on the Las Vegas economy has been extremely harsh given the markets reliance on visitation and conventions. Following five consecutive years of accommodating more than 42 million visitors, Las Vegas hosted just over 19 million people in 2020 (the lowest number of visitors since 18.1 million in 1989). Continued weak performance is anticipated through the first half of 2021.
The 10 marketing network carriers reported 397,802 scheduled domestic flights in December 2020 compared to 389,587 flights in November 2020 and 679,941 flights in December 2019. Of those 397,802 scheduled flights, 1.1%, 4,253 flights, were canceled.
Africas destinations have been some of the hardest hit in terms of hotel occupancy. The region closed 2020 with weekly occupancy trending between 20%-25%, and more recently during the week ending 7 February, occupancy was still at just 24.8%. When compared with other key regions, only Europe (21.4%) reported lower occupancy for that opening week of February.
Londons short-term rental industry recorded a month-over-month increase in occupancy but declines in average daily rate (ADR) and revenue per available room (RevPAR), according to January 2021 data from STR.
Texans displaced by freezing temperatures and outages pushed the states occupancy to a 50-week high, according to an analysis by STR.
The Global Business Travel Association (GBTA) held its Canada Town Hall yesterday, to present the annual BTI Outlook focused on Canada, and the Associations regional plans for the year ahead.
Short-term rentals in Miami, Nashville and Philadelphia showed mixed performance results during January 2021, according to data from STR. Short-term rentals continued to post higher occupancy levels than hotels in each of the three markets.
Commercial real estate should be riding the wave of a fast economic rebound in the months to come
Boeing forecast: 20-year demand for 4,400 new airplanes valued at $700 billion – Annual passenger traffic growth of 5.7%, nearly 50% higher than global average – Long-term demand for aftermarket commercial services worth $790 billion
Boeing Forecasts Resilient Aviation Market for Latin America and Caribbean Despite Near-term Challenges