The U.S. hotel performance for the week ending April 13, 2024, showed a 5.8% increase in revenue per available room (RevPAR) driven by gains in occupancy and average daily rate (ADR). RevPAR gains were primarily seen on Sunday and Monday, with growth tapering off during the rest of the week. The solar eclipse had a significant impact on hotel performance, with submarkets in its path accounting for 59% of total U.S. demand growth. Occupancy during the eclipse surpassed 80% in luxury and upper upscale classes and was near 70% in the midscale and economy classes. The eclipse submarket two-day ADR ranged from $115 to $295. Philadelphia had the highest weekly RevPAR growth (+45.7%) due to WrestleMania 40, followed by Dallas (+38.9%) and Phoenix (+19.9%) due to the NCAA Final Four. Group demand remained strong, reaching the second-highest level of the year. Global occupancy reached its highest level of the year (68.4%), with Spain, Italy, and China seeing occupancy above 72%. Canada benefited from the eclipse, with Montreal's RevPAR up 34.4% and Toronto's up 27.6%. Mexico did not see a notable increase in RevPAR country-wide. The upcoming Passover observance and the absence of the Taylor Swift Eras tour are expected to impact group demand and performance in certain markets. The industry globally continues to strengthen, with the 2024 Paris Olympics and rising international travel contributing to positive outlooks for European markets. [736721bc]
New data reveals the economic impact of the total solar eclipse that occurred on April 8, 2024 in the U.S. Only 12,000 and 99,000 people lived within the path of totality in New Hampshire and Maine, but these states saw a significant economic boost due to clear skies. Hotel sales in New Hampshire spiked by 729%, while Illinois saw a 316% increase and Maine saw a 240% increase. Overall, there was a 71% boost in hotel sales across the path. Fuel sales also increased, with a 7% daily boost across the path of totality and a 26% lift in New Hampshire and Maine. Dining sales rose by 27% on average within the path of totality, with Maine, New Hampshire, and Illinois leading in sales. The data shows that consumers prioritize spending on experiences, particularly for unmissable events like a total solar eclipse. [a453d1f5]
Despite predictions of up to four million people traveling for the total solar eclipse on April 8, only a small number of individuals had planned to visit New Hampshire and Maine. Surprisingly, New Hampshire and Maine experienced clear skies during the eclipse, leading to a significant economic boost for both states. According to data from the Mastercard Economics Institute, New Hampshire saw a 729% spike in hotel sales compared to what would have occurred without the eclipse. Fuel sales experienced a 7% daily increase across the path of totality, with New Hampshire and Maine seeing a 26% boost in fuel sales, the highest in the U.S. Dining sales also saw a significant increase in the states within the path of totality, with Maine, New Hampshire, and Illinois leading in sales. Overall, the total solar eclipse on April 8 had a positive economic impact on states like New Hampshire and Maine, contrary to initial predictions. [2e7c57f3]