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Occupancy Rates

All articles tagged with #occupancy rates

travel1 year ago

"2024 Solar Eclipse: Impact on Tourism and Traffic"

Americans traveling to areas near the path of totality for Monday's solar eclipse have caused short-term rental occupancy rates to surge to about 88%, with over 110,000 listings active along the eclipse's path. Big cities and small towns alike have seen a boom in bookings, with some cities experiencing occupancy rates exceeding 90%. AirDNA's report showed a demand surge of 207.4% from a year ago within the path of totality, indicating the high value that guests place on the eclipse experience and the potential for short-term rental owners to capitalize on future events through dynamic pricing strategies.

via Fox Business|
#airdna#occupancy-rates#short-term-rentals
business2 years ago

Nationwide mall closures continue as San Francisco theater shuts down.

Cinemark Century San Francisco, located in the Westfield Mall, will close after Thursday's matinee shows due to local business conditions. This is the latest closure in the downtown shopping district, with Westfield also giving up the mall and numerous other businesses closing. Experts say that movie theaters nationwide are struggling compared to pre-COVID numbers due to the rise of streaming services, and the number of screens in the country is down 5% since the pre-pandemic peak. Before the closure of Cinemark, Westfield's occupancy level had dropped to 55%, compared to a national average of 93%.

via KGO-TV|
#business#cinemark#movie-theaters
business2 years ago

Westfield Mall Abandons San Francisco Amidst Exodus

Westfield, the owners of one of the biggest shopping centers in San Francisco, have decided to transfer their Westfield San Francisco shopping mall to lenders after 20 years due to declining sales, occupancy, and foot traffic. This is the latest blow to San Francisco, which has been hit hard by the pandemic, with empty office buildings and major layoffs by large tech companies. The potential for difficulties from commercial real estate to flow through to banks is also becoming a bigger worry for investors and regulators.

via New York Post |
#business#commercial-real-estate#occupancy-rates
business2 years ago

Westfield abandons San Francisco mall amidst exodus trend.

Unibail-Rodamco-Westfield has decided to transfer its Westfield San Francisco shopping mall to lenders after 20 years due to declining sales, occupancy, and foot traffic. This is the latest blow to San Francisco, which has been hit hard by the pandemic and major layoffs by large tech companies. The potential for difficulties from commercial real estate to flow through to banks is also becoming a bigger worry for investors and regulators. Foot traffic in the mall decreased to 5.6 million visits last year, from 9.7 million in 2019, a 43% drop, and sales declined to $298 million in December 2022 from $455 million in 2019.

via Reuters.com|
#business#commercial-real-estate#foot-traffic