Phoenix’s hotel profits per readily available space( RevPAR) is anticipated to reach$419 for February10-12, which would be the second-highest level for a Super Bowl weekend, according to STR.
The market, likewise hosting the Phoenix Open today, is forecasted for Friday through Sunday night tenancy of94% and typical everyday rate( ADR) of$445 Even with117% more supply in the market, a special volume of need is anticipated to press tenancy somewhat greater than Phoenix’s last host year in2015(937%). The ADR level would rank 3rd amongst host markets behind Miami in2020and San Francisco in2016.
“Phoenix’s dive in RevPAR throughout its last Super Bowl host year was shocking, and this time around will be no various with big-time development contribution from both tenancy and ADR, “stated Isaac Collazo, STR’s VP of Analytics. “Demand promotes itself, specifically with customer habits around the occasion without pandemic issues– unlike the last 2 Super Bowls. Phoenix’s ADR scenario has various impacts than current host markets provided inflation and having less upper-tier supply than a Los Angeles or Miami. “
The total Phoenix market makes up544 hotels representing70, 488spaces.
” The Super Bowl seldom dissatisfies for the host hotel market, however the effect is higher in markets like Phoenix due to the fact that of an overlap with peak season in the location in addition to a more modest ADR standard than other significant cities,” stated Collazo.
STR supplies premium information benchmarking, analytics and market insights for international hospitality sectors. Established in 1985, STR keeps an existence in15nations with a business North American head office in Hendersonville, Tennessee, a worldwide head office in London, and an Asia Pacific head office in Singapore. STR was obtained in October2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading supplier of industrial property info, analytics and online markets. For additional information, please check outstr.com and costargroup.com
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