The challenge of staffing hotels due to a shrinking and more-demanding labor pool was consistently a top concern on the minds of hoteliers throughout 2023, a study by STR shows.
The good news is that labor supply and supply-chain challenges are at least trending back down — though it’s important to note that labor issues still lead, ahead of even recession concerns as the greatest challenge to the hotel business worldwide.
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.
A quarterly study assessing the experiences and expectations of hotel and travel professionals around the globe, the Hospitality Industry Sentiment survey by CoStar hospitality analytics firm STR shows that certain concerns have grown among hotel and travel industry professionals, while others have become less of a challenge to their businesses.
Among the growing concerns: Leisure travel demand has lost some of its momentum, and competition to hotels is on the rise in the lodging sector.
In a new question added to the fourth-quarter 2023 edition of the survey, the majority of respondents said they expect at least a moderate to 10% rise in their property insurance costs — or have recently experienced it. Nearly a quarter of respondents said they expect an 11% to 25% increase or more to their insurance premiums.
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.