CoStar tips

Good morning from Skift. It’s Wednesday, June 26, and here’s what you need to know about the business of travel today. 

After months of decline, Canada’s hotel industry reported increased occupancy and revenue after four months, with significant growth in average daily rates and RevPAR, according to CoStar data.

Madrid’s hotel sector experienced significant growth in April 2024, driven by the Madrid Open and the UEFA Champions League quarterfinals. Data shows a 6.6% increase in occupancy and a 16.6% rise in average daily rates, leading to a 24.2% jump in revenue per available room (RevPAR).

Preliminary data from CoStar reveals a notable increase in Qatar’s hotel performance during Eid al-Fitr in April 2024, with occupancy and revenue metrics showing substantial year-over-year growth.

In cities from New York to Vienna, new short-term-rental restrictions — designed to improve housing availability for residents — are poised to boost the bottom lines at hotels. In New York in November, shortly after Airbnb and the like were limited to stays of 30 days or longer, hotel occupancy was up 6 percent and rates were up 8 percent, according to the commercial real estate firm CoStar.

Among the provinces and territories, Nova Scotia recorded the highest October occupancy level (75.0%), which was 6.3% below 2022.