Hoteliers are poised for a full recovery from pandemic challenges with room rates within 3 percent of their all-time high and occupancy up 2,000 basis points from its pandemic lows, according to a report from Marcus & Millichap.
Accommodation employment, however, is 20 percent below pre-pandemic levels, and because hotels are struggling to service all rooms while being pressured by higher wages, they are left to hike room rates.
With mask mandates all but lifted in June, summer travel expectations are high, according to Marcus & Millichap.
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