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STR and Tourism Economics lifted year-over-year growth projections for average daily rate and revenue per available room in the final U.S. hotel forecast revision of 2023. For 2023, growth in RevPAR was raised by 0.3 percentage points, due to a 0.6 percentage point lift in ADR growth.
NEW YORK CITY — At the 45th Annual NYU International Hospitality Industry Investment Conference, STR and Tourism Economics upgraded the 2023 U.S. hotel forecast.
According to CBRE's Q4 2023 U.S. Hotel report, a 1.8 percent year-over-year decrease in hotel demand and a 0.8 percent increase in supply led to a 2.5 percent drop in occupancy in Q4 2023.
At ALIS, STR updates U.S. hotel forecast. At the Americas Lodging Investment Summit, STR and Tourism Economics made a modest upgrade to the 2023 U.S. hotel forecast, also making a subsequent downward adjustment for 2024.
Marriott, meanwhile, signed a record 58 new deals for luxury hotels in 2023 and added 29 new luxury hotels to its portfolio during the year. IHG acquired the Six Senses brand in early 2019 and has since built the flag’s pipeline up to 43 properties, nearly tripling its current presence.
RevPAR is projected to continue to grow in 2023, especially in the nation’s major markets. While RevPAR for the overall U.S. lodging market is forecast to increase 5.8 percent, properties in the 65 Horizons markets are expected to record RevPAR growth of 8.8 percent.
Four years since start of pandemic, hotels are still struggling to fill jobs. Industries economy-wide are suffering a shortage of workers, as the U.S Bureau of Labor Statistics (BLS) in December 2023 reported that there are nearly three million more job openings than unemployed people to fill them.
Choice opened a total of 61 extended-stay hotels in 2023—a single-year record for the company. Suburban Studios opened 25 hotels, a single-year record for the brand, including its 100th property in Bloomington, Minn., in December. WoodSpring Suites opened 24 new hotels, also a single-year record.
Alpental Capital, a hospitality investment group with offices in Colorado and Washington, acquired the full-service DoubleTree by Hilton Leominster, Mass. in late December 2023.
Preferred Hotels & Resorts, the independent hotel brand, will add 14 new luxury openings from December and throughout 2024 to its global portfolio.