Hotel CEOs predict record numbers for 2022
Things are finally looking up for the battered hospitality industry. New data, released by hotel-analytics provider STR at NYU's 43rd Annual International Hospitality Investment Conference this week, showed that daily demand for U.S. hotels is nearly back to prepandemic levels. Group demand also is rising, and hotel CEOs expect occupancy rates and revenue per available room to continue to increase in the coming year.
In fact, Keith Barr, CEO of IHG Hotels & Resorts, noted that the company's revPAR surpassed 2019 levels in July. Barr predicted the hospitality company will report record-breaking revenue in the U.S. during the second and third quarters of 2022.
Hilton CEO Christopher Nassetta also said he expects his hotel company will "eclipse the peak of 2019" in Q3 of 2022. Meanwhile, Remington Hotels, which manages 76 properties across 26 states, is already breaking records. According to president and CEO Sloan Dean, the company ran the highest ADR in its 53-year history on Oct. 23.
Confidence in the travel industry's recovery was a common theme at NYU's conference, held Nov. 7 to 9 at the New York Marriott Marquis. Nearly 1,100 people gathered for the event, which returned to its in-person format for the first time since the pandemic began. All attendees were required to be vaccinated and had to complete daily health assessments.
