Industry NewsDuetto Pulse Report: Cancellations Wane As Recovery Continues

Duetto Pulse Report: Cancellations Wane As Recovery Continues

The latest edition of the Duetto Pulse Report, which compares data from February 2022 with January 2022 and cross-references this with previous years’ performance, shows that as the world continues to come out of COVID-19 restrictions, cancellation rates have significantly dropped across the Americas. As the industry looks towards the future, it seems that business transient and group bookings are leading the way.

Lloyd Biddle, director of enterprise solutions at Duetto, explains, “In March 2021, COVID-19 case counts were receding after the first winter surge. The hospitality news cycle changed direction, almost on a dime, as the easy year-over-year comparisons replaced darkness with light. The rebound that followed, driven by pent-up leisure demand, was swift. Today, faced with similar levels of uncertainty in the group market segment, we look ahead to the forthcoming bounce back in the events and meetings space.”

Latin America

LATAM is leading the way with new bookings at the moment, with short-term pick up for March up by 104 percent. Cancellations for this region are also down for each month for the rest of 2022. Appetite for travel is also evident as web search activity is up by 17 percent for March compared to past reports.

Following a strong performance in February, on-the-books (OTB) room revenues are pacing ahead in three out of the next four months.

North America

As with LATAM, things are looking good for North America at the moment, with pick-up for March bookings have increased by 221 percent and cancellation rates dropping significantly in February and March. Web traffic also continued to be high in the short-term for February, March, and April, showing that travelers are looking to get back out there.

Looking at OTB, high OTB ADR growth has led OTB room revenues to sit around 2019 levels through most months of the fall and winter.

Biddle adds, “Overall, consumer web searches for lodging accommodations remain highly elevated around the world, led by U.S. travelers. Additionally, not all potential guests are only looking, because global bookings are up by 50 percent, led by Latin America. This intensified activity resulted in a 34 percent jump in committed occupancy for the balance of 2022 at a double-digit average daily rate increase from the prior year, which surpasses the soaring inflation rates seen for most other goods and services.”

Duetto Pulse Report
Duetto Pulse Reporthttps://www.duettocloud.com/pulse-signup
The Duetto Pulse Report is based on weekly web traffic data from hotels using the Duetto platform. To subscribe for free and receive bi-monthly market demand signals for your part of the world and register at: https://www.duettocloud.com/pulse-signup

RELATED ARTICLES

New Pyramid Global Hospitality COO Continues Focus on Big Data to Benefit Owners

Pyramid Global Hospitality Chief Operating Officer Eric Habermann retired in April following seven years with the company and a nearly 40-year career in hospitality....

Grand Hyatt Kauai Resort & Spa Launches Scholarship Program

Grand Hyatt Kauai Resort & Spa, a 605-room resort, announced the launch of a scholarship program to support the continued education of its colleagues...

Hilton Surpasses 500 Hotels in Florida

MCLEAN, Virginia, and MIAMI, Florida—Hilton announced a major milestone as the company surpassed 500 open hotels across Florida. This growth was fueled in part...

Hunter Hotel Advisors Brokers Sale of Residence Inn Detroit Novi

ATLANTA, Georgia—Hunter Hotel Advisors (Hunter) announced the successful sale of the 107-key Residence Inn Detroit Novi. Spark GHC purchased the property from an institutional...

PMZ Realty Capital Arranges Loan for Hampton Inn Marysville

PMZ Realty Capital LLC announced that it has secured a $5.3 million loan for the Hampton Inn Marysville, located in Marysville, Ohio. The loan...

LivAway Suites Breaks Ground on New Property in Tucson, Arizona

SALT LAKE CITY, Utah—LivAway Suites announced the groundbreaking of its newest property in Tucson, Arizona, which marks its fourth in the state over the...