US Hotel Performance Up Indicating Positive Business Performance
U.S. Hotel vacancies decreasing indicates a positive trend in U.S. Hotel performance, leisure travel, as well as business travel. According to data gathered by costar, U.S. hotel occupancies have trended upward for a second straight week. This is contrasting to what most believed would happen going into a typically slow time of year paired with an increase in COVID-19 hospitalizations. This suggests a healthy economy due to an increase in business demand.
As the typical work force heads back to the office and partakes in regularly scheduled business operations, hospitality industry begins gearing up for the business world assimilating back into tradeshows, national conferences, and other business-travel demanding activities. As we have seen, Airport passenger rates have had a considerable increase comparable to the passenger rates in 2020 and 2019. So, it is no surprise to hear that “U.S. hotel industry revenue per available room, on a total-room-inventory basis that accounts for temporarily closed hotels, for the week ending sept. 25 was 84% of what it was during the comparable week in 2019.” These stats were reported by Costar’s hospitality analytics firm, STR. To break that down, the index grew by one point from the past week, which is interpreted as U.S. Hotel performance being 1% closer to the 2019 performance rate.
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