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

Nov 25, 2022

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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