AHLA 2024 State of the Hotel Industry report
Hoteliers will continue to acclimate to a new environment in 2024, adopting sophisticated technology and strategies to make their operations more efficient and sustainable while enhancing guest experiences
The association's 2024 State of the Hotel Industry report, which forecasts that hoteliers will face continued challenges due to nationwide labor shortages while inching closer to 2019 occupancy levels, is based on data and analysis from Oxford Economics and was created in collaboration with AHLA Premier Partners STR, Avendra, Ecolab, Encore, JLL, Oracle, and Towne Park.
Key takeaways
- Hotels are projected to employ nearly 45,000 more employees this year, while still employing nearly 225,000 fewer people than the nearly 2.37 million employed in 2019;
- Nominal hotel guest spending on lodging, transportation, food and beverage, retail, and other expenses is expected to reach $758.6 billion in 2024, up nearly 5% from 2023 and almost 24% above 2019 levels;
- Average hotel occupancy is expected to reach nearly 63.6% in 2024 – up from the 62.9% average in 2023 but short of the 65.8% rate seen in 2019;
- Nominal revenue per available room is expected to reach $101.82 in 2024, up 4% from 2023 and more than 17% from 2019.
Get the full report at AHLA