Despite a muddied macroeconomic and geopolitical climate, members within the Hospitality Asset Managers Association (HAMA) are bullish on the state of hotel industry performance, according to a new survey.
In its semi-annual Spring 2024 Industry Outlook Survey, nearly 70 hotel asset managers (around a third of membership) chimed in on an array of topics ranging from overall economic concerns to RevPAR predictions. The survey was conducted in conjunction with HAMA‘s 2024 Annual Spring Meeting held in Nashville.
“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 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% of respondents expect RevPAR to exceed 2019 levels.”
The full range of highlights are illustrated below and include:
- The top three issues of greatest concern are hotel demand, wage increases and increased insurance costs.
- Slightly more than half (51.47%) of the respondents are contemplating a management and/or brand change.
- 83.83% of respondents believe RevPAR will return to U.S. hotels as a whole no later than 2025.
