The news has been relatively good, given the context, over the past couple of quarters for the lodging industry as "declining economic activity has had minimal impact on lodging fundamentals, which have continued to recover at a robust pace," according to the September 2022 client letter from Lodging Analytics Research & Consulting (LARC).

"U.S. RevPAR [revenue per available room] was up 39% in 2Q-2022 on a year-over-year basis, driven by a 27% increase in ADR and a 9% increase in occupancy," the firm wrote. "Additionally, 2Q-2022 RevPAR was 11% above 2019 levels driven by ADRs that were 14% above them."

In that quarter, U.S. GDP was down by 0.9%, the second quarter of negative growth (which, remember, is not the definition of a recession). That didn't have a "meaningful impact" on industry recovery so far, but continued inflation means ongoing interest rate hikes by the Federal Reserve. That's slowed economic growth so far — as it's supposed to do in an effort to cool things to tame inflation while hopefully avoiding a recession. And leisure travel has remained strong, LARC noted.