Here are the top four market trends owners and developers should watch in the new year.
Duetto launches Advance, delivering real-time rate optimization and first-to-market data integrations
The new revenue optimization product suite enables hotels to dynamically optimize room rates in real time, improving RevPAR.
Helped by an increase in business travel, Bogotá’s hotel industry reported its highest average daily rate (ADR) and revenue per available room (RevPAR) on record according to preliminary March 2023 data from STR.
Canada’s hotel performance increased from the previous month, with February revenue per available room (RevPAR) exceeding CAD100 for the first time on record, according to STR‘s February 2023 data.
STR and Tourism Economics adjusted occupancy slightly downward but maintained previous projections for average daily rate (ADR) and revenue per available room (RevPAR) in the final U.S. hotel forecast revision of 2022. Revenue per available room (RevPAR) remains on track for full recovery this year on a nominal basis but not until 2025 when adjusted for inflation.
On a nominal basis, the metric is now expected to surpass 2019 levels in 2022.