us hospitality directions
PwC’s US Hospitality Directions – May 2024
PwC Hospitality Directions | May 21, 2024
Economic uncertainty, an upcoming election and geopolitical tensions to likely impact hotel performance through 2025 Growth in leisure demand has moderated for US hotels. Domestic travelers have continued to seek out experiences internationally and inbound international traffic has yet to recover to pre-pandemic levels. An increased appeal of short-term rentals by leisure travelers has contributed to moderating leisure demand for hotels. Individual business travel and group demand have continued to improve but have still not been able to offset the softening of leisure demand. As a result, occupancy levels have declined year-over-year in eac...
PwC: US Hospitality Directions: May 2023
PwC Hospitality Directions | May 22, 2023
Increasing economic headwinds to impact hotel performance for balance of this year and into 2024 Despite worries of recession, bank failures, and a liquidity crisis affecting the macro economy, US hotels continue to outperform expectations. In Q1 2023, US hotels exceeded Q1 2019 (pre-pandemic) RevPAR levels by 13.0 percent, based on data from STR. Room rates continue to be the primary driver in this performance recovery. While occupancy in Q1 2023 was still down 2.1 points from the same period in 2019, ADR increased 17.0 percent. Leisure travel continues to be strong, even though growth levels are slowing, and individual business travel ...
