The rise of the global hotel industry seems unstoppable

By: Trademagazin Date: 2024. 04. 15. 11:23

The international hotel market had an outstanding year: in 2023, the sales revenue per available room exceeded the previous year by 13.5 percent and the average daily room rate by 5 percent, while the average hotel occupancy rose from 64.4 percent to 69.7 percent – is revealed in the quarterly industry analysis published by the consulting and auditing company Moore Hungary.

Based on a representative sample composed of data published by four global hotel chains: Marriott, Hilton, InterContinental and Hyatt, the international consulting company analyzes the performance of more than 24,000 hotels in 109 countries every quarter, providing valuable insight into the current processes of the international hotel market.

Revenue per rentable room (RevPAR) averaged $113.3 during 2023, not only up from $99.8 a year earlier, but also the first full year to surpass the pre-Covid peak , also the 106.5 dollars measured in 2019. Occupancy increased by a surprising 5.3 percentage points to 69.7 percent, especially given that the average daily room rate (ADR) increased to $162.4 from $154.6 a year ago and is now 12 percent higher $145.1 in 2019.

“The rise in room prices is on the one hand due to the generally higher inflationary environment, but also reflects the rapidly increasing demand, which is due, among other things, to the resurgence of group and business trips

– explained Márton Takács, consulting partner of Moore Hungary Hotel and Tourism, head of the global working group. –

The fact that the investigated hotel chains expanded their offer with more than a thousand new hotels last year and also introduced new brands did not significantly affect the increase in occupancy.