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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
