Summer is here for U.S. hotels, and the market is showing strong signs of recovery.
For the week of May 15th-21st U.S. hotel occupancy reached 68.6%, the highest level since July 2021. Additionally, the weekly average daily rate (ADR) grew to 13% higher than the comparable week of 2019, before the pandemic. Revenue per available room (RevPAR) reached the highest level since the start of the pandemic.
With the busiest summer months of 2022 still ahead of us, the industry is gaining momentum for the season of anticipated peak leisure demand.
Phoenix’s REIT specializes in the acquisition and operation of Premium Business Select Hotels, which we believe to be positioned to profit and grow from the expected increases in travel. These kinds of hotels are most often booked for short-term stays and large events coming through town, bringing plenty of revenue, and the ability to fight inflation.
Our next webinar focuses on our ability, as owners AND operators, to rapidly adjust pricing. Hotels can adjust to daily changes in customer demand and our costs. When there’s a big game, a graduation, a wedding, or any other reason for travelers to flock through town, hotel prices go up with demand!
If you have any questions regarding our monthly distribution, properties, strategy, or anything else relating to Phoenix, we highly encourage you to join us. The webinar will be followed by a Q&A session where we will take all your questions. Our previous webinars with answered questions from attendees are posted on our website and YouTube channel.