AHLA: STATE OF THE HOTEL INDUSTRY STRONG ENTERING 2024

THE STATE OF the U.S. hotel industry is strong going into 2024, according to American Hotel & Lodging Association’s 2024 State of the Hotel Industry report.
Average hotel occupancy is expected to reach nearly 63.6 percent in 2024, a slight increase from the 62.9 percent in 2023 but below the 65.8 percent rate recorded
in 2019. Nominal RevPAR is also anticipated to rise to $101.82 in 2024, up by 4 percent from 2023 and over 17 percent from 2019.

AHLA projects hotels will pay employees a record sum of over $123 billion in wages, salaries, and compensation in 2024, surpassing $118 billion in 2023 and $102
billion in 2019. Hotels are expected to add approximately 45,000 employees this year, while the industry’s workforce remains nearly 225,000 below the almost
2.37 million employed in 2019, the AHLA report said.

The report, projecting persistent challenges for hoteliers in the face of nationwide labor shortages as they approach 2019 occupancy levels, draws on data and
analysis from Oxford Economics. It was developed in collaboration with AHLA Premier Partners: STR, Avendra, Ecolab, Encore, JLL, Oracle, and Towne Park.