The U.S. hotel sector will this year finally surpass 2019 levels on a few performance metrics, according to research commissioned by the country’s largest hotel lobby.
U.S. hotels will see gains in occupancy, inflation-adjusted revenue figures, and staffing levels in 2023, according to a report published on Monday by the American Hotel & Lodging Association (AHLA) and based on forecasts by the consultancy Oxford Economics with data from CoStar’s STR.
Here are some key quotes:
- 2023 nominal room revenue is projected to be $197.48 billion, versus $170.35 billion in 2019. But these numbers are not adjusted for inflation, and real revenue recovery will likely take several more years.
- Average hotel occupancy is expected to reach 63.8 percent in 2023 — just shy of 2019’s 65.9 percent.
- 2023 room-night demand is forecast to be 1.3 billion occupied room nights versus 1.29 billion in 2019.
- U.S. hotels are projected to employ 2.09 million people in 2023, down from 2.35 million in 2019.