STR lifts U.S. hotel outlook 2023 on higher rates

Stronger group activity and returning international visitors will help offset economic factors, supporting solid RevPAR gains

Nov 21, 2023

Average U.S. daily hotel rates in 2023 trended higher than projected, according to STR and Tourism Economics, which on Monday increased its growth forecast for 2023 U.S. revenue per available room while slightly downgrading occupancy projections.

Key takeaways

  • For 2023, STR and TE raised their RevPAR projection by 0.3% points from its previous forecast, issued in August, due to a "lift in ADR growth," according to STR;
  • STR and TE now project full-year 2023 RevPAR of $97.84, up 4.8% year over year - up 0.3% points from the previous forecast's 4.5%;
  • The companies project 2023 ADR of $155.47, up 4.2% year over year, and a 0.6% increase from the previous forecast.

Get the full story at STR

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