In the wake of a pandemic that battered the hospitality and travel industries, most major U.S. markets have recovered on key industry metrics — but some continue to lag behind their pre-pandemic activity.of STR Inc. data found occupancy among 25 of the largest hotel markets nationally remains 5.4% below pre-pandemic levels, when comparing the running 28-day average for the period ended Dec. 3, 2022, to the same time frame in 2019. Among markets outside of the top 25, occupancy is 1.
San Francisco and San Mateo, California, the only top 25 market where all three major hotel metrics remain below the same period in 2019. Occupancy was 23.8% lower, ADR was 22.8% less and revPAR was down 41%, in the period ended Dec. 3. The improved metrics on the hotel industry front has also prompted a flurry of investment sales in the hotel space, although headwinds from a more uncertain economy are sure to taper that.
In Q3 2019, there were 41 hotel transactions totaling a little more than $3.7 billion, including about 13,100 hotel rooms at an average sales price per room of $283,000. "Luxury properties are seen as the top destination in the hotel world," he said, citing rapidly rising room rates and strong occupancies at those properties."Once the pandemic really ended, flocked back to luxury hotels."
Source: News Formal (newsformal.com)
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