Hotel Construction Declines Worldwide
Skift Take
- According to the latest STR U.S. bubble chart update, for the four weeks ending April 15, recovery growth across a range of industry indicators took a small backstep, with occupancy falling from the prior month.
- Each of the four world regions showed a year-over-year decline in hotel construction activity, with Asia Pacific coming closest to its 2022 comparable, according to March 2023 pipeline data from STR.
- The Hospitality Asset Manager Association released the results of its Spring 2023 Industry Outlook Survey.
The DJIA rose 66 points while Nasdaq was down 35, the S&P 500 rose 4 points and the 10-year treasury yield was down .06 to 3.52%. Lodging stocks were mixed to modestly higher. The lack of volatility in the overall market the past week, even as we get into earnings season, is a bit disturbing.
According to the latest STR U.S. bubble chart update, for the four weeks ending April 15, 2023, recovery growth across a range of industry indicators took a small backstep, with occupancy (64.1%) falling 0.7 percentage points from the prior month. Recent occupancy indicators were also down year over year (-0.2ppts) as well as from 2019 (-5.1ppts). The Top 25 Markets were led in occupancy by Tampa (80.4%) which had a 5.5 percentage point decline from the prior four weeks. Next was New York City (80.3%, +4.2ppts YoY), Las Vegas (79.4%, -2.6 ppts), Orlando (78.2%, -0.9% ppts) and Oahu (77.5%, +2.1 ppts). None of the Top 25 Markets matched
