Skift Take
The U.S. and Canada's hotel industries each made significant progress in their recoveries from the pandemic. We also feature other major news in hotel deals and development across the world.
Daily Lodging Report
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Here are excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
U.S. Hotel Industry's Improved PerformanceAccording to May 2023 data from STR, the U.S. hotel industry reported higher performance from the previous year. Both the average daily rates and revenue per available room recorded close to 4 percentage point increases from May 2022.
Among the Top 25 Markets, New York City experienced the highest occupancy level (84.0%), up 3.6% year over year. Markets with the lowest occupancy for the month included Minneapolis (59.1) and Houston (60.2%). Reflecting continued improvement in business travel and groups, the Top 25 Markets showed higher occupancy and ADR than all other markets.
Canada’s hotel industry reported its highest performance since September 2022. These were the year-over-year percentage increases for May 2023: Occupancy: 69.2% (+9.3%); ADR: CAD197.10 (+15.0%); and RevPAR: CAD136.32 (+25.7%).
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