Our Third Quarter 2023 Hospitality Earnings Summary is now available! We’re thrilled to share positive insights into the hotel industry’s recovery. A glimpse:

• Q3 2023 showcases impressive mid-teens RevPAR growth, driven by surging occupancy rates and increased ADR.
• While leisure demand sees a gradual uptick, business demand has rebounded to 84-90% of pre-pandemic levels, with expectations of continued growth.
• Group revenue is soaring. Q4 2023 bookings are 6-18% ahead. 2024 bookings are 8-23% ahead of the same period last year, driven by corporate group travel and social events.
• Stabilized labor costs, with Q3 2023 wage growth at 3-6%, bring relief to operators grappling with post-pandemic labor shortages.
• Challenges include rising property taxes, insurance costs, and incentive management fees impacting EBITDA margins compared to last year.

Download the full summary to stay up-to-date: hotelAVE Q3 Hospitality Earnings Summary