This week in Hospitality & Tourism #4 2023
STR and Tourism Economics made a modest upgrade to the 2023 U.S. hotel forecast just released at the Americas Lodging Investment Summit (ALIS). Additionally, a subsequent downward adjustment was made for 2024.
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HVS Outlook 2023: Beyond the Recovery
Despite persistent high inflation, an active Fed, and accelerating recessionary concerns, the lodging industry sustained the strong growth recorded in Q2 and Q3 of 2022 through the balance of the year. Transient demand continued to lead the recovery, surpassing 2019 levels in 19 of the past 21 months.
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STR: U.S. hotel results for week ending 21 January
With the Martin Luther King Jr. holiday, U.S. hotel performance came in slightly lower than the previous week, according to STR‘s latest data through 21 January.
- Among the Top 25 Markets, Tampa reported the highest increase over 2019 in each of the three key performance metrics: occupancy (+6.8% to 78.8%), ADR (+31.9% to US$174.78) and RevPAR (+41.0% to US$137.76).
- None of the other Top 25 Markets saw an occupancy lift over 2019.
- The steepest RevPAR declines from 2019 were seen in San Francisco (-41.5% to US$108.60) and Seattle (-29.2% to US$67.42).
14-21 January 2023 (percentage change from comparable week in 2019):
- Occupancy: 54.2% (-6.2%)
- Average daily rate (ADR): US$140.16 (+11.3%)
- Revenue per available room (RevPAR): US$75.97 (+4.4%)
