LODGING Staff

🏡 Kimpton Santo Hotel in San Antonio, Texas, set to open on August 29, 2024, as part of IHG Hotels & Resorts’ luxury collection, will feature 347 guestrooms, including 16 suites, a rooftop pool, and 13,000 square feet of event space with two ballrooms. The hotel is located at the intersection of the city's arts and business districts, merging a historic 19th-century schoolhouse with modern amenities. The property will also offer four food and beverage outlets, including Dean's Steak & Seafood housed in a restored historic building.

🏨 In July 2024, U.S. hotel industry's occupancy was 68.8% (a decrease of 0.5% from July 2023), ADR was $161.69 (an increase of 0.5%), and RevPAR stood flat at $111.18. Oahu Island led the Top 25 Markets with occupancy at 88.3% (up 4.5%), ADR at $310.46 (up 1.4%), and RevPAR at $274.13 (up 5.9%). The lowest occupancies were in Phoenix (56.9%) and New Orleans (58.9%). Top 25 Markets surpassed other markets in occupancy and ADR.

🏨 Global Construction Pipeline reached record 15,453 projects with 2,395,726 rooms, up 6% and 4% YOY respectively. Projects under construction hit 6,265 (up 2% YOY) with 1,115,989 rooms (up 1% YOY). In the next 12 months, 3,972 projects/545,764 rooms to start (up 8% YOY); early planning stages saw 5,216 projects/733,973 rooms (up 10% YOY). Upper midscale, upscale, and midscale make up 65% of pipeline; luxury up 13% YOY. Top countries: USA (6,095 projects/713,151 rooms), China (3,815 projects/699,786 rooms), India, Canada, and Saudi Arabia. Top cities: Dallas (189 projects/22,392 rooms), Atlanta (159 projects/18,522 rooms), Chengdu. In H1 2024, 948 hotels/135,579 rooms opened, with a forecast of 2,534 hotels/372,686 rooms in 2024, 2,756 hotels/429,120 rooms in 2025, and 2,812 hotels/430,355 rooms in 2026.

🏨 U.S. hotel industry reports mixed year-over-year data as of August 17, 2024. Nationwide, occupancy slightly decreased by 0.2% to 66.9%, whereas average daily rate (ADR) rose by 1.0% to $156.35, and revenue per available room (RevPAR) increased by 0.9% to $104.54. Houston led with the highest increases: occupancy up 34.3% to 75.3%, ADR up 14.5% to $121.89, and RevPAR up 53.8% to $91.73. In contrast, San Francisco and Atlanta faced the steepest RevPAR declines of 13.8% and 11.3%, reaching $143.39 and $69.43, respectively.