US: STR cuts 2023 hotel rate, occupancy forecast
Weaker economic momentum will temper travel recovery, but the rebuilding of business travel will continue to support demand growth next year
Anticipating a “mild” recession going into 2023, STR and Tourism Economics in a report released Tuesday project U.S. hotel rates and occupancy next year will decrease slightly year over year, a bit below the companies’ previous forecast.
Key takeaways
- Average 2023 U.S. daily room rate of $151, down from $152 in their previous forecast, issued in August;
- 2023 revenue per available room to reach $96, down from $98 in their previous forecast, but up 11.6 percent from 2019 levels;
- The companies also project a 2023 occupancy rate of 63.8 percent, down from 64.6 percent in the prior forecast.
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