STR increases U.S. hotel rate forecast
The updated 2023 U.S. hotel rate projections show ADR at around $151.10, 2.1 percent over 2022 levels
STR and Tourism Economics have increased their projected year-over-year increase of average 2023 U.S. hotel industry daily rates and revenue per available room, despite mild recession concerns and lower projected occupancy increases than in its previous forecast, the companies announced.
Key takeaways
- RevPAR is forecasted at $96.44, which is 3.7 percent over 2022 levels;
- 2023 occupancy is projected at 63.6 percent, down from 63.8 percent in the prior forecast and up from 62.7 percent in 2022.
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