This week in Hospitality & Tourism #49 2022

Hotels Could Struggle as Prices Outpace Paycheck

With both savings declining and income growth slowing, the American economy is in for some harsh reality heading into 2023.

That was the takeaway of current economic data by Tim Quinlan, managing director and senior economist for Wells Fargo Securities, as he spoke at the 2022 Driftwood Capital Investor Conference.

Monthly U.S. Meetings and Events Volume Beats 2019

Monthly U.S. Meetings and Events Volume Beats 2019 Levels for the First Time Since the Pandemic, According to Knowland.

Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, released its U.S. monthly meetings and events data for November, reporting that November 2022 achieved 103.1 percent of November 2019 volume, exceeding monthly pre-pandemic levels for the first time. Knowland reports November this year with 122.5 percent growth over November 2021. In line with native seasonality, November 2022 declined by 11 percent over October 2022.

STR: U.S. hotel results for week ending 3 December

U.S. hotel performance came in higher than the previous week but showed weakened comparisons to 2019, according to STR‘s latest data through 3 December.

• Among the Top 25 Markets, New Orleans reported the only occupancy increase over 2019 (+1.1% to 67.2%).
• Miami posted the highest ADR (+33.1% to US$374.88) and RevPAR (+25.1% to US$301.26) increases over 2019.
• The largest RevPAR decreases were seen in San Francisco (-44.2% to US$95.77) and Seattle (-25.8% to US$79.21).

27 November - 3 December 2022 (percentage change from comparable week in 2019):

• Occupancy: 55.4% (-7.7%)
• Average daily rate (ADR): US$141.71 (+10.2%)
• Revenue per available room (RevPAR): US$78.50 (+1.7%)