In November 2024, Canada’s hotel industry experienced a significant boost, driven by Taylor Swift’s Eras Tour and a favorable calendar shift, with notable occupancy and rate increases in Toronto and Vancouver.
Global hotel investments are booming, with a 13% RevPAR increase, high cross-border deals, and $42.1B in transactions, driven by strong demand for luxury and select-service hotels.
Many U.S. hotel companies reported earnings, with RLJ Lodging Trust beating estimates but giving a softer forecast, Xenia Hotels missing across the board, and Host Hotels posting a modest beat despite hurricane impacts.
Hoshino Resorts is set to open its first new-build hotel in the United States by 2028, bringing a 40-room luxury resort to the small town of Sharon Springs, New York, marking a significant expansion for the renowned Asian hotel operator.
Hotel rates in the top U.S. markets have risen significantly, with higher-end hotels raising prices the most, affecting travelers' choices on destinations and trip duration.
A proposed bill in New York City aims to ban nonunion hotels from outsourcing key functions, potentially disrupting hotels that subcontract consumer-facing work to firms that pay employees lower wages for tasks like housekeeping and security.
Luxury and upper upscale hotel segments show strong guest satisfaction, while limited-service segments have declined, with The Luxury Collection, Margaritaville Hotels & Resorts, and others ranking highest in their categories.