Demand for hotel rooms moderated in 2023 nearer to pre-pandemic levels, but hotel industry professionals expect that to grow this year, according to a survey by STR.
Hotel room demand, calculated by the number of room nights sold, has grown since the peaks of the pandemic in 2020. Leisure travelers came back much quicker than business or group travelers, but as leisure demand levels off, the other two segments continue to rebound.
In the Hospitality Industry Sentiment (HIS) Survey, a quarterly study assessing the experiences and expectations of hotel and travel professionals around the globe by CoStar hospitality analytics firm STR, most respondents said they still expect growth in both business transient and group demand.
article1 Min ReadJanuary 10, 2024 08:36 AMThe Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR shows a steady decline in confidence among industry professionals throughout 2023 and heading into 2024.
article1 Min ReadJanuary 11, 2024 08:32 AMThe Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR shows that labor supply challenges continue to be a lead concern for hotel industry professionals.
article1 Min ReadJanuary 12, 2024 09:49 AMThe Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR shows that fears of an impending economic recession are having at least a minor impact on the budget-planning process for hoteliers.
article1 Min ReadJanuary 16, 2024 08:38 AMIn the Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR, most respondents expressed optimism for growing demand from business and group travelers in 2024.
article1 Min ReadJanuary 17, 2024 08:42 AMIn the Hospitality Industry Sentiment survey conducted by CoStar hospitality analytics firm STR, most respondents said they expect greater pricing power in 2024.
However, the percentage of respondents that expect either “strong improvement” or “some improvement” in leisure, business and group demand is trending slowly downward.
For more insights or to participate in the Hospitality Industry Sentiment survey, click here.
Brannan Doyle is a senior research analyst at STR, CoStar's hospitality analytics firm.