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PwC Manhattan Lodging Index Q2 2023

Article - PwC Manhattan Lodging Index Q2 2023 - The rate of growth in occupancy, average daily rate and revenue per available room decelerated considerably in Q2, with room rate fatigue effecting growth in the higher-priced hotel categories.

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Q2 2023 Manhattan Lodging Index

The rate of growth in occupancy, average daily rate and revenue per available room (“RevPAR”) decelerated considerably in Q2, with room rate fatigue effecting growth in the higher-priced hotel categories. H1 RevPAR experienced a year-over-year increase of 23.6%, decelerating each month from a January high of 103.6% to a June low of 4.7%. Q1 RevPAR increased 53.5% while Q2 increased 11.3%, from the same respective periods in 2022.

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Leveraging HI and AI for Hotel F&B Trends | By Cynthia Mejia and Michael Doc Terry

Capital projects, continued improvement, and targeted revenue plans are backlogged, but the U.S. travel rebound has helped the hospitality industry begin to recover.

Warren marrMichael nhuZippia researchHead of global hotels forecastingSenior economistGlobal hotels forecastingLeisure managing directorHot takeGeneral managersClient advisory boardPlan your start up

East Texans in Rusk County without power left to clean up damage from overnight storm

East Texans in Rusk County without power left to clean up damage from overnight storm
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PwC: Increasing economic headwinds to impact hotel performance for balance of this year and into 2024

Despite worries of recession, bank failures, and a liquidity crisis affecting the macroeconomy, US hotels continue to outperform expectations. In Q1 2023, US hotels exceeded Q1 2019 (pre pandemic) RevPAR levels by 13.0 percent, based on data from STR. Room rates continue to be the primary driver in this performance recovery. While occupancy in Q1 2023 was still down 2.1 points from the same period in 2019, ADR increased 17.0 percent. Leisure travel continues to be strong, even though growth levels are slowing, and individual business travel and group business has slowly re-emerged, contributing more significantly to future growth expectations.

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