SBA Hot Topic Tuesday – Hotel Average Daily Room Demand To Reach All Time High in 2023

April 4, 2023
By Anna Griggs

According to Amanda Hite, the president of STR, the hotel industry is expected to experience significant growth in 2023. Hite believes that the industry’s performance will be “pretty remarkable, with demand remaining strong due to a substantial return in group business”. Although business travel has some room for growth, Hite believes that the industry will see a return to the year-over-year benchmark very soon.

The average daily room demand is projected to reach an all time high in 2023:

Another great trend the industry is seeing is that the revenue being made per available room (RevPar) is increasing and expected to continue:

This data clearly shows that the future of the industry has a very promising outlook. Overall, hotels can expect to see steady growth and rising revenues in 2023. While there may be uncertainties ahead, the hotel industry is well-positioned to continue thriving in the years to come. It’s an exciting time to be involved in this resilient industry!