How is the hotel industry doing 2023?

The U.S. hotel industry has continued to experience growth in 2023, building upon the momentum gained in 2022. According to data provided by Smith Travel Research (STR), the sector experienced pronounced performance in April 2023 compared to earlier months.



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We are lowering our 2023 RevPAR growth forecast from 6.0% to 4.6% owing to a weaker-than-expected Q2 2023. Early indicators of property distress are increasing. Profit declines are contributing to an uptick in delinquencies, from 5.4% to 5.9%. This could be a precursor to increases in special servicing down the road.

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High Demand for Hotel Rooms The high demand for hotel rooms plays a big part in why hotels are so expensive right now. When lots of people want to stay in hotels, the hotels become full quickly. This is called high occupancy. With more people wanting to book rooms, hotel owners can charge more money for them.

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Revenue in the Hotels market is projected to reach US$106.10bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 3.32%, resulting in a projected market volume of US$120.90bn by 2027. In the Hotels market, the number of users is expected to amount to 160.60m users by 2027.

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High Demand for Hotel Rooms The high demand for hotel rooms plays a big part in why hotels are so expensive right now. When lots of people want to stay in hotels, the hotels become full quickly. This is called high occupancy. With more people wanting to book rooms, hotel owners can charge more money for them.

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Future hotels will be customizable 34.4% want to use their own devices for access throughout the hotel. 25.4% said they were interested in room controls that auto-adjust temperature, lighting and even digital art, based on their preferences.

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Revenue in the Hotels market is projected to reach US$106.10bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 3.32%, resulting in a projected market volume of US$120.90bn by 2027. In the Hotels market, the number of users is expected to amount to 160.60m users by 2027.

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In the 2030s, the best hotels will offer highly personalized guest experiences, sustainable travel options, and attractive employee opportunities.

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Cheapest Day to Book Hotel Reservations Most travel agencies agree that the cheapest days to book hotels are Fridays and Saturdays. While these are the most expensive days for actually checking in and out, the best hotel rates are on the days when most people are traveling.

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Motels and motor courts have made a comeback in recent years, and as the pandemic has led travelers to rediscover the great American road trip, younger generations of travelers are driving up and checking in.

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