Latest news with #CoStar
Skift
19 hours ago
- Business
- Skift
Record 72 Million Americans Set to Travel for Fourth of July
The prediction feels somewhat optimistic given recent trends. But travelers continue to benefit from lower gas prices and have mostly continued to spend despite economic uncertainty. Americans are shrugging off economic jitters for the Fourth of July holiday: AAA projects that 72.2 million people will travel at least 50 miles from home between June 28 and July 6. If the forecast is correct, travel for the holiday would eclipse previous records set in 2019, before the pandemic, and 2023, during the post-Covid travel surge. But the rosy prediction hinges on gas prices staying near four-year lows and Middle East tensions not spiraling into broader conflict. Drivers are currently paying about 40 cents less per gallon than last summer, AAA said, with gas prices at their lowest since 2021. That's providing crucial relief for the 61.6 million Americans expected to ddrive, representing 85% of all holiday travelers. Uncertainties Ahead The prediction feels somewhat optimistic given recent trends. One wild card is the Israel-Iran war, which risks increasing oil prices and is causing gasoline prices to spike. Recent hotel performance trends also suggest weakness. Overall, U.S. revenue per available room was down 1.8% for the week ending June 14, according to CoStar's STR. "The weekend results were not 'soft' to us but instead 'bad,' especially for limited-service chain scales, which averaged -3.3% year-over-year revenue per available room," said Truist analysts Patrick Scholes and Gregory Miller. Truist said the results reflected "the combination of volatility in consumer and business confidence, government segment cutbacks, and diminished inbound international travel. And to these headwinds, we now add student loan debt repayments—likely impacting limited-service hotels." Otherwise, a favorable calendar date might enable this year's holiday to break travel records. Because it falls on a Friday, more travelers may take the entire week off. AAA's Independence Day forecast includes two weekends instead of one to 'better reflect the flow of holiday travelers." Top Independence Day Destinations Here are the top five U.S. destinations for the Independence Day holiday period based on travel bookings made through AAA: Orlando, FL Seattle, WA New York, NY Anchorage, AK Fort Lauderdale, FL
Skift
4 days ago
- Business
- Skift
6 Playa Hotels Are Rebranded to Hyatt
The DJIA rose 317 points, the Nasdaq was up 294, the S&P 500 rose 56 points and the 10 year treasury yield was up .03 to 4.45%. Lodging stocks were mostly higher today, led by SOND with a 7% rise, while PEB and SHCO were both up 6% on the day. Truist Securities reported on the conference call they held last week with CoStar to discuss their updated U.S. lodging forecast and recent industry trends. CoStar's presentation at the NYU conference showcased a bumpy macro backdrop, decelerating YTD lodging results, and a lowered 2025/2026 lodging forecast. They labeled international demand as sliding/likely getting worse while mentioning a slower development pipeline and slow asset transaction activity. As you can see, they did not have a lot of good things to talk about. Summer travel is a bit tricky to decipher as the bookings are down, but travelers are still booking, but closer to the arrival dates. CoStar is not super worried about weak on the books and views the negative headlines as a false negative, but there is not much visibility into peak months with the short booking window. The luxury segment continues to outperform with strong demand and very healthy pricing power. Baird reported on six of Playa's hotels being rebranded to a Hyatt flag. When Hyatt moved on to the acquisition of PLYA, seven of their hotels did not carry a Hyatt flag. The change resulted in Hilton losing four properties and Wyndham losing one. Hilton now only has a dozen remaining all-inclusive resorts globally. The Wyndham Altra Playa del Carmen continues to accept reservations. Baird believes this hotel could be sold separately. The World Travel & Tourism Council (WTTC) has projected a landmark achievement for Mexico's tourism sector in 2025. According to their latest forecasts, the industry is expected to contribute $281 billion to the national GDP, making up 15.1% of the country's total GDP. The WTTC's Economic Impact Report, developed in collaboration with Oxford Economics, suggests that by the end of 2025, the tourism sector will support nearly 8 million jobs in Mexico, accounting for 13.3% of all employment in the country. The report also forecasts that international visitor spending will reach $39.6 billion, a 7.5% increase compared to 2019, and domestic tourism spending will surge to $209.9 billion, up 9.9% from previous highs. Looking towards 2035, the WTTC anticipates that Mexico's Travel and Tourism sector will contribute $362.3 billion to the economy, representing 16.2% of the national GDP. In North America, by 2025, travel and tourism are expected to contribute $3 trillion to the GDP, accounting for 8.8% of the regional economy. International visitor spending is anticipated to exceed $233 billion this year, with domestic spending projected to grow by 1.4% annually to $1.8 trillion. A Philadelphia developer is planning major changes at the Sheraton Atlantic City Convention Center Hotel. According to the Philadelphia Business Journal, Scannapieco Development Corporation plans to make half of the Sheraton's hotel rooms apartments. The remaining 250 rooms on the 3rd to 9th floors will be renovated. The apartments will primarily be made by combining two hotel rooms into one apartment. The 131 new apartments will cater to the over-55 crowd. There will be one gym for the hotel section of the building and another for the apartments. The hotel and the apartments will share the lobby. The hotel renovations should be finished in less than a year, and the apartment transitions are expected to take 18–20 months, with work beginning later this year. VP Management celebrated the grand opening of the Fairfield Inn and Suites by Marriott located in Beckley, West Virginia. The 95-room hotel features an outdoor patio, indoor pool, fitness center, and meeting rooms. TownePlace Suites Pensacola has recently completed a multi-million dollar renovation transforming the all-suite hotel's communal spaces and 97 guestrooms and elevating the guest experience. The renovation touched the lobby and breakfast area, the fitness center, and the pool and patio. TownePlace Suites Pensacola is owned by Apple Hospitality REIT, Inc. and managed by McKibbon Hospitality. The Indianapolis Airport Authority broke ground on the new Westin Indianapolis Airport hotel to be built on the airport's terminal campus. The Indianapolis Airport Authority expects work on the hotel to be finished in December 2027. The hotel will include 253 guestrooms, a full-service restaurant, a fitness center, a seventh-floor bar and lounge area, approximately 10,000 square feet of meeting space, and a pedestrian passage through the hotel to the airport garage. A new Hilton-branded hotel held a grand opening on June 11 in Spring Lake, North Carolina. The Spark Hotel by Hilton offers 88 guestrooms, a communal lobby, a breakfast bar, a fitness center, and an outdoor pool. Millennium Hotels and Resorts announced the rebranding of Millennium Downtown New York as M Social Hotel New York Downtown, scheduled to debut in the summer of 2025. Located within Manhattan's vibrant Financial District, the hotel boasts 569 newly renovated rooms, including 98 suites; 3,500 square feet of versatile event space across six meeting rooms; and a fully transformed lobby. The property plans to open the Beast & Butterflies restaurant by late 2025. The Hyatt Regency Austin has begun a full hotel renovation, which is expected to be completed in September. According to a news release, the Hyatt Regency Austinrenovation includes a comprehensive redesign of the hotel's 448 guestrooms and suites, corridors, meeting facilities, and public spaces. The hotel will also introduce a new hotel dining option, Ripple & Roots. The hotel will remain open during the renovations, with new spaces opening in phases. Royal Beach Hotel Punta Cana will officially open for guests on July 1, 2025. The 66-room resort features a restaurant, lobby bar, a pool with a bar, fitness center, spa, and 2 meeting spaces. The resort will fall under the JdV by Hyatt brand. Barbados is witnessing a luxury hospitality renaissance as the collection of resorts previously gathered under the Elegant Hotels banner undergoes a $150 million renovation and relaunch. Seven luxe beachfront properties in all are part of the initiative, which will see them re-imagined and integrated into Marriott International's high-end brand portfolios: Autograph Collection, Tribute Portfolio, and The Luxury Collection. The Waves Resort & Spa in Saint James has reopened as Barbados' first all-inclusive wellness-focused boutique luxury resort, under the Autograph Collection banner. The partly adults-only sanctuary has been completely re-imagined and features a spa and two distinct dining concepts. Treasure Beach has now reopened as the Treasure Beach Art Hotel, also under the Autograph Collection. The 35-key, all-inclusive boutique luxury property is located on Barbados' legendary Platinum Coast. Completing the initial phase of the renovations is The House, which also recently reopened as part of the Autograph Collection portfolio. The upgrade project extends beyond these initial properties, with additional transformations scheduled through 2025 for Tamarind, which will also reopen as an Autograph Collection property; as well as Crystal Cove and Turtle Beach, both scheduled to reopen as all-inclusive resorts under the Tribute Portfolio. The Colony Club, on the west coast of Barbados, will reopen as a Luxury Collection resort. Personnel News Westgate Resorts announced the appointment of Angel Miranda as its new Chief Information Officer. Miranda has been serving as the company's Interim CIO since the beginning of the year.
Hospitality Net
13-06-2025
- Business
- Hospitality Net
U.S. hotel results for week ending 7 June
ARLINGTON, Va. – The U.S. hotel industry reported mostly negative year-over-year comparisons, according to CoStar's latest data through 7 June. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. 1-7 June 2025 (percentage change from comparable week in 2024): Occupancy: 67.0% (-3.2%) Average daily rate (ADR): US$161.57 (0.0%) Revenue per available room (RevPAR): US$108.23 (-3.2%) Among the Top 25 Markets, St. Louis saw the largest increases in each of the three key performance metrics: occupancy (+19.5% to 80.0%), ADR (+7.3% to US$142.59) and RevPAR (+28.2% to US$114.12). The steepest RevPAR declines were seen in San Diego (-23.5% to US$148.34) and Houston (-18.0% to US$69.83). For more information about the company and its products and services, please visit Additional Performance Data CoStar's world-leading hotel performance sample comprises more than 88,000 properties and 11.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests. About CoStar Group, Inc. CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with thirteen million average monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France's leading commercial real estate news service. Thomas Daily is Germany's largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group's websites attracted over 163 million average monthly unique visitors in the third quarter of 2024. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, as a channel of distribution for material company information. For more information, visit This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations or beliefs regarding the future. These statements are based upon current beliefs and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that future media events will not sustain an increase in future occupancy rates. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including in CoStar's Annual Report on Form 10-K for the year ended December 31, 2023 and Forms 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2023, each of which is filed with the SEC, including in the "Risk Factors" section of those filings, as well as CoStar's other filings with the SEC available at the SEC's website ( All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Karolina Capova Media Relations Executive – STR STR View source
Newsweek
13-06-2025
- Business
- Newsweek
California To Investigate State Farm's Wildfire Insurance Claims
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. California regulators have launched an investigation into State Farm's handling of thousands of damage claims from policyholders affected by the devastating wildfires that ravaged Los Angeles County in January. Ricardo Lara, the state's insurance commissioner, said the inquiry was prompted by a growing number of complaints against the company in the wake of the deadly blazes. "Californians deserve to return to homes that are truly safe, not forced to handle smoke, soot, and ash on their own," Lara said in a news release. "Our goal is to close the protection gap and make sure insurance works the way it is supposed to, especially in the face of climate-intensified disasters." What Happened? The catastrophic wildfires that burned through Los Angeles County for days in January covered tens of thousands of acres of land, killed at least 29 people, destroyed thousands of properties and caused billions of dollars in damages. According to CoStar, the blazes wiped out almost $31 billion in property values, ravaging about 11,000 properties between homes and businesses. More than 95 percent of these real estate losses affected single-family homes. State Farm, the largest home insurer in the country, said it had received a total of 12,855 claims related to the fires as of June 10 and had already paid more than $3.96 billion in claims. The company has estimated that the January wildfires will cost it a total of $7.6 billion, though reinsurance payments from its parent company would lower the losses to about $612 million. A State Farm insurance company sign amid the rubble of a building destroyed by the Palisades fire on Sunset Boulevard in the Pacific Palisades neighborhood of Los Angeles on January 16. A State Farm insurance company sign amid the rubble of a building destroyed by the Palisades fire on Sunset Boulevard in the Pacific Palisades neighborhood of Los Angeles on January 16. FREDERIC J. BROWN/AFP via Getty Images While State Farm says it is paying claims to policyholders affected by the fires in keeping with its "promise to customers," several customers have accused the insurer of mishandling, delaying and denying claims in the weeks and months following the blazes, leaving them in precarious financial positions or forced to stay in dangerous homes. Anger against the company has been boiling over in California since January following reports that the insurer had cut hundreds of policies in areas affected by the fires only months before the blazes broke out. That anger is mounting as many policyholders feel they are not being treated fairly by the company, which has asked for a 17 percent emergency rate hike to stabilize its financial position in the state after the fires. What Is the Investigation About? Lara announced on Wednesday that the California Department of Insurance had initiated a market conduct examination of State Farm, expanding its ongoing investigation into consumer complaints against the insurer. This type of inquiry includes a "thorough, fact-based review" that typically takes several months, the department said. The commissioner said the department had received numerous complaints from policyholders, with "some troubling patterns" emerging from them, including "the frequent reassignment of multiple adjusters with little continuity in communication, inconsistent management of similar claims, and inadequate record-keeping or information-sharing among claims teams." These issues create "unnecessary stress" for policyholders, "prolong recovery, and erode trust," Lara said. The commissioner added that while the department had launched an investigation, it could take action and advocate for consumers only if it received a formal complaint. "I urge any wildfire survivor facing delayed payments, claim disputes, multiple adjusters, smoke damage issues, or any other problems to file a formal complaint with my Department," Lara said. Complaints can be submitted on the department's website at or homeowners can call 800-927-HELP. State Farm has said it is cooperating with the California Department of Insurance in the market conduct exam process. What Are People Saying? Insurance Commissioner Ricardo Lara said in a news release following Wednesday's announcement: "Californians deserve fair and comprehensive treatment from their insurance companies. No one should be left in uncertainty, forced to fight for what they are owed, or face endless delays that often lead consumers to give up. "While there are national standards for insurance claims handling, they can be vague and inconsistently applied, especially during large-scale, climate-driven disasters. This examination will assess whether State Farm has complied with California's consumer protection and claims handling laws and will help determine if further reforms are needed as natural disasters increasingly disrupt insurance markets across the country." Assemblymember John Harabedian, a Democrat representing Pasadena, said in a news release: "Following the Eaton Fire, our community deserves clear communication and fair treatment to facilitate a swift rebuilding process. I have received numerous complaints from neighbors regarding the claims process. A market conduct examination will provide the clarity we urgently need. I am grateful to Commissioner Lara for taking action to demand transparency and ensure that families receive the answers they deserve." State Farm said in a news release on Thursday: "A fair review will find that thousands of State Farm customers are being helped by our teams on the ground in Los Angeles County and are very satisfied. Our efforts will remain on serving all our customers and meeting our obligations under the contract while providing the necessary information to the CDI. The Department routinely examines all insurance companies. These exams help ensure processes and procedures are in full compliance with state regulations." What Will Happen Next? The investigation launched by California regulators on Wednesday is expected to take months. Meanwhile, California homeowners who have insurance policies with State Farm are likely to face a rate increase this year as the carrier's request for a 17 percent hike received interim approval by the California insurance commissioner last month. The rate changes are expected to affect homeowners renewing their policies on or after June 1, 2025.
Travel Daily News
11-06-2025
- Business
- Travel Daily News
Grand Prix drove Monaco hotel rates to record high
Monaco's monthly occupancy was its highest since 2000. Monaco's ADR (3,545.41 euros) and RevPAR (3,334.22 euros) peaked on Sunday, 25 May. ARLINGTON, VA. – The Formula 1 Grand Prix race pushed Monaco's hotel industry to its highest monthly average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary May data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Monaco – May 2025 (year-over-year % change): Occupancy: 75.2% (+14.4%) ADR: 1,029.67 euros (+4.9%) RevPAR: 773.80 euros (+20.0%) In addition to the records in ADR and RevPAR, Monaco's monthly occupancy was its highest since 2000. May was also the first time in history the market's monthly ADR surpassed the 1,000 euros mark. Monaco's ADR (3,545.41 euros) and RevPAR (3,334.22 euros) peaked on Sunday, 25 May. Occupancy (96.7%) was highest on Saturday, 24 May. The daily occupancy level was the highest in the market since the final night of the last year's Grand Prix (26 May 2024: 97.2%). ADR and RevPAR were above 3,000 euros for the first time. For comparison, the 2024 event took place between 24-26 May, during which occupancy peaked on Saturday, 25 May (98.0%). ADR and RevPAR peaked at 2,925.20 euros and 2,843.46 euros, respectively, on Sunday 26 May.
