APPROXIMATELY 83.83 PERCENT OF respondents from the “Spring 2024 Industry Outlook” survey believe that RevPAR will return to U.S. hotels as a whole no later than 2025, according to the Hospitality Asset Managers Association. Also, the surveyed members maintain a positive outlook on the industry for the near to mid-future, despite the current volatile atmosphere.
The semi-annual report reflects the updated opinions, experiences, and predictions of nearly 70 hotel asset managers, covering topics from overall economic concerns to RevPAR forecasts, HAMA said in a statement.
“While there are some overall concerns ranging from demand to the impact of the coming U.S. presidential election, our membership tends to have a rather positive view of the industry through the near to mid-future,” said Sarah Gulla, HAMA’s president. “Budgetary forecasts for both RevPAR and GOP are expected to exceed expectations in virtually every segment, from select-service through resorts, and more than 70 percent of respondents expect RevPAR to exceed 2019 levels.”
The survey identified demand, wage increases, and rising insurance costs as the top three concerns, HAMA said. Additionally, slightly over half of the respondents, 51.47 percent, are considering a management and/or brand change.
Recent research commissioned by the AHLA Foundation projects that jobs in the hotel industry will outpace overall job market growth in the next five years.
