Back in 2020, the hotel industry lost 60% of all room revenue, said Carter Wilson, senior vice president of consulting and analytics at CoStar’s hospitality analytics firm STR. The next year, a strong recovery was fueled by transient and leisure demand, resulting in about 83% of that lost revenue being recaptured.
While this year is off to a bit of a slow start with concerns over the omicron variant, inflation and labor supply, the U.S. hotel industry recovery is expected to accelerate, Wilson said. STR’s latest forecast calls for nominal average daily rate to fully recover by the end of the year and nominal revenue per available room to recover to 2019 levels next year.
While this year is off to a bit of a slow start with concerns over the omicron variant, inflation and labor supply, the U.S. hotel industry recovery is expected to accelerate, Wilson said. STR’s latest forecast calls for nominal average daily rate to fully recover by the end of the year and nominal revenue per available room to recover to 2019 levels next year.
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