US hotel rates reach another record high

US accommodations set one other month-to-month document for common day by day fee (ADR) in July, in keeping with hospitality analysis agency STR, in an additional signal of the speedy restoration within the world lodge trade in addition to inflation pushing up costs.

STR’s figures confirmed that ADR within the US reached $159.08 in July, which was up by 17.5 per cent increased than in July 2019. It was additionally a 2.6 per cent month-on-month improve from the typical fee of $155.04 in June 2022.

However lodge occupancy within the US has nonetheless been hindered by the sluggish return of midweek enterprise journey demand and stays under the degrees of summer time 2019.

General US occupancy ranges in July declined barely to 69.6 per cent after lastly cracking via the 70 per cent barrier in June for the primary time because the Covid-19 disaster began in early 2020. 

The restoration of the lodge sector in key components of Europe is already outpacing the US, significantly in London and the UK the place common charges have reached record levels this summer. Company bookings throughout Europe have additionally surpassed pre-Covid levels.

This pattern is anticipated to proceed with CWT and GBTA predicting that global hotel rates will continue rising throughout the remainder of 2022 and all through 2023.