The Quarterly Market Pulse shows key economic metrics that relate to the hotel industrys recent performance and near-term forecast.
During the week of 11-17 August, U.S. hotel occupancy fell 1% to 71.7%, and despite a 0.4% ADR increase to $130.89, RevPAR dropped 0.6% to $93.90.
Canadian hotel occupancy decreased 2.7% to 80.1% during the week of 11-17 August, and with a 1.1% ADR dip to 182.70 Canadian dollars ($137.55), RevPAR declined 3.8% to CA$146.38 ($110.20).
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In the current market, most hotels, resorts and other venues are experiencing a significant softening in group demand. However, this does not necessarily mean that hotel salespeople are fielding fewer inbound leads, but rather multiple leads are coming in for dates that are in peak demand for transient and for other group business. Here in the era of electronic RFPs, where one piece of business generates a proposal request for 8, 10 or more properties, hotel salespeople are perhaps busier than ever simply keeping up with what often feels like 'lead spam.'
e-forecasting.com earliest and always final reading of U.S. consumer confidence, for the world's largest consumer market of $15 trillion, fell in August, after five consecutive monthly increases since last March.
The US lodging industry appears to be at an inflection point, driven by a combination of decelerating demand as well as continued economic and global trade risks.
The percentage of hotels offering room service has declined by 40% in two years, while food delivery adoption has grown rapidly in the same timeframe.
More bookings, higher rates, better occupancy what do you think is top of the mind for every hotelier? Yield how much revenue all of the above get you.
This marks the eighth year for Rainmaker to achieve this honor since 2010. With a continuously expanding customer base and an industry leading platform of revenue & profit solutions, Rainmaker continues to rank on the Inc. 5000 list due to its impressive growth in the hospitality space.