While global hotel revenue per available room (RevPAR) remains elevated, surpassing 2019 levels by 11.7% through the first eleven months of 2023, performance has begun to normalize as some leisure travel contracts. Stabilization has weighed heaviest in resort markets, predominantly in the Americas and EMEA, with Asia Pacific continuing to accelerate as intraregional travel grows following border reopenings. Global urban market performance is strengthening, propelled by a surge in international travel and the return of business and group demand. Markets like London, New York and Tokyo are expected to lead global RevPAR performance in 2024 as travelers continue to return to cities.
