NEW YORK — The numbers, and seemingly the stars, are aligning for the U.S. hotel industry.
The ongoing recovery from the COVID-19 pandemic and the resulting economic environment are leading to improved performance and strong valuations for hotels across the country, industry experts said during the “Hotel Values and Trends – Statistically Speaking!” panel at the NYU International Hospitality Industry Investment Conference.
STR’s newest forecast isn’t a dramatic revision from the one it released in January, but there is a significant change for average daily rate, increasing by $11 to $145 for the year, President Amanda Hite said. STR is CoStar’s hospitality analytics division.
“When we look at the performance of this year, our ADR is trending $10 ahead of our forecast, so honestly, $145 is actually pretty conservative,” she said.
STR’s team debated quite a bit when working on the forecast to determine the effect of a mild recession, she said. They realized the risk…