David Sangree, MAI, CPA, ISHC had the opportunity to attend the NYU International Hospitality Industry Investment Conference on June 6-7 at the New York Marriott Marquis. The following are some key highlights from the conference.
ADR growth: The growth in ADR in 2022 has exceeded everyone’s projections for the industry. The actual ADR is above 2019 levels for the U.S. for the past 10 months although the inflation-adjusted ADR is just getting back to 2019 levels since March 2022. In some markets, such as the Florida Keys or northern New England, ADR growth has been well above the nation. Other urban and commercial-oriented markets have seen much lower ADR growth. STR forecasts ADR to grow to $145 in 2022 and $155 in 2024 for the United States as a whole, up from $125 in 2021.