As of September, there were 1,364 hotels in construction in the U.S., representing 172,251 rooms. Additionally, there are 1,867 hotels with 205,829 rooms in the final planning phase and 2,217 hotels with 263,673 rooms in the planning phase.
As of September, there were 1,364 hotels in construction in the U.S., representing 172,251 rooms. Additionally, there are 1,867 hotels with 205,829 rooms in the final planning phase and 2,217 hotels with 263,673 rooms in the planning phase.
Airbnb posted record revenue in the third quarter, punctuating its rebound from the collapse in bookings during the early days of the pandemic.
The American Hotel and Lodging Association estimates the industry lost $49 billion in business-travel revenue in 2020 compared with 2019. It’s also on pace to finish with $10 billion less in business-travel revenue this year compared with 2020.
Hotel data and analytics firm STR is projecting that about 1 billion U.S. hotel rooms will be booked this year, up from 829 million in 2020, but still below the record year of 2019, when guests booked 1.3 billion rooms.
Big hotel companies are adding more all-inclusive resorts, betting that the pandemic will boost a business model that encourages guests to stay in one place. These resorts, where customers pay a flat fee that covers their room, food, drinks and other services, have recovered from the shock of the pandemic faster than other types of hotels.
Third-party hotel management companies Benchmark Global Hospitality and Pyramid Hotel Group announced they are merging to create Benchmark Pyramid.
Blackstone Inc. has reached an agreement to sell the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65 billion, telling investors that the sale is the company’s most profitable of a single asset ever. The deal separates ownership of the property from the hotel and casino operations, which are being sold to MGM Resorts International for about $1.6 billion. Blackstone acquired the two-tower property for about $1.8 billion seven years ago and spent an additional $500 million on upgrades.
As the summer leisure travel surge subsided, the U.S. hotel industry reported August occupancy at 63.2 percent, down 11.3 percent from August 2019. Average daily rate reached $137.57, up 3.7 percent from August 2019. Revenue per available room was $86.88, down 8.1 percent from August 2019.
In April 2020, 814,000 rooms — or 15% of the U.S. hotel room inventory — closed. That figure has dropped to around 2% in June 2021, just over 100,000 rooms.
In the second quarter, hotel REITs’ cumulative funds from operations turned positive for the first time since early last year.