San Diego concluded 2024 on a high note, cementing its position as one of the top-performing hospitality markets in the country and Best in the West for hotel occupancy rate. According to the latest STR report, the county ranked third among the Top 25 U.S. markets for hotel occupancy over the course of 2024, reaching 74.3%—a 1.1% increase year-over-year. Only Oahu Island … [Read more...] about A Review of the 2024 Hospitality Industry: San Diego Claims Best in the West Title for Hotel Occupancy Rate
Hotel Report: San Diego Continues to Outshine Its Peers in October
San Diego’s hotel performance in 2024 continues to impress, with strong results both year-to-date and in October. Through October, San Diego County hotels have sold 14.9 million room nights, a 1.2% increase over the same period in 2023. Occupancy has averaged 76.0%, ranking third among the top twenty-five markets and firmly securing first place in the western competitive set, … [Read more...] about Hotel Report: San Diego Continues to Outshine Its Peers in October
Slow Start to 2024 Yields Modest Lodging Forecast Downgrades
March delivered a much-welcome boost to hotel performance after a sluggish start to 2024. Data from Smith Travel Research (STR) indicates that San Diego County properties sold more than 1.5 million room nights in March 2024, a 2.3% increase over March 2023 and enough to draw in more than $316 million in hotel revenues. However, this uptick was not enough to undo the constant … [Read more...] about Slow Start to 2024 Yields Modest Lodging Forecast Downgrades
San Diego Price Check: ADR and Occupancy Flip Flop
In the wake of the pandemic, travelers to San Diego have become increasingly price-sensitive, leading to significant shifts in the dynamics of hotel pricing and occupancy across the region. Previously, higher occupancy rates typically correlated with rising average daily rates (ADR), reflecting a phenomenon known as compression as high demand drove rates. However, in 2022 and … [Read more...] about San Diego Price Check: ADR and Occupancy Flip Flop
Research Report: 2023 in Review and What Could Be in Store for ‘24
Following the pandemic, travel seemed to undergo a fundamental shift with the rise of “revenge travel” and the emergence of the digital nomad who could take advantage of traveling without having to take time off from work. In 2022, overnight travel was certainly “vengeful,” with hotel visitors staying an average of four (4) nights and short-term vacation rental (STVR) … [Read more...] about Research Report: 2023 in Review and What Could Be in Store for ‘24