Scribd Logo
Upload

Welcome to Scribd!

  • 11 views

    Hotel Performance 2022

    Uploaded by

    srcesrbije.online
    Hotel performance in Chicago's central business district in 2022 saw room demand recover to over 80% of pre-pandemic levels as both leisure and business travel increased. While room supply also grew with new hotels adding over 700 rooms, demand is expected to continue growing in 2023. Key metrics like occupancy rates and revenue per available room reached over 60% and around 90% of their 2019 levels respectively, showing the market has substantially recovered from the impacts of the pandemic.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Hotel Performance 2022

    Uploaded by

    srcesrbije.online
    11 views1 page
    Hotel performance in Chicago's central business district in 2022 saw room demand recover to over 80% of pre-pandemic levels as both leisure and business travel increased. While room supply also grew with new hotels adding over 700 rooms, demand is expected to continue growing in 2023. Key metrics like occupancy rates and revenue per available room reached over 60% and around 90% of their 2019 levels respectively, showing the market has substantially recovered from the impacts of the pandemic.

    Original Title

    Hotel-Performance-2022

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Hotel performance in Chicago's central business district in 2022 saw room demand recover to over 80% of pre-pandemic levels as both leisure and business travel increased. While room supply also grew with new hotels adding over 700 rooms, demand is expected to continue growing in 2023. Key metrics like occupancy rates and revenue per available room reached over 60% and around 90% of their 2019 levels respectively, showing the market has substantially recovered from the impacts of the pandemic.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11 views1 page

    Hotel Performance 2022

    Uploaded by

    srcesrbije.online
    Hotel performance in Chicago's central business district in 2022 saw room demand recover to over 80% of pre-pandemic levels as both leisure and business travel increased. While room supply also grew with new hotels adding over 700 rooms, demand is expected to continue growing in 2023. Key metrics like occupancy rates and revenue per available room reached over 60% and around 90% of their 2019 levels respectively, showing the market has substantially recovered from the impacts of the pandemic.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    2022 Hotel Performance

    Research & Analysis


    January, 2023 Chicago Central Business District

    Path To Market Potential Continued in 2022


    • Hotel performance in 2022 reflected continuing momentum toward market potential with
    room demand better than 80% recovery share in both leisure and business segments.
    • The CBD added 4 properties and 742 daily rooms to inventory supply in 2022. Attention
    now turns to over 1,200 new rooms currently in the construction pipeline.
    • Travel confidence and pent up demand will support the path to full potential with an ex-
    pected 9% gain in room demand for 2023.
    2018 2019 2020 2021 2022 Recovery Share*
    Demand 11,812,433 12,022,331 3,179,689 6,154,755 9,905,261 82%
    % Change 4.5% 1.8% -73.6% 93.6% 60.9%
    Leisure 7,745,238 8,168,452 2,415,358 4,972,264 6,666,654 82%
    % Change 1.4% 5.5% -70.4% 105.9% 34.1%
    Group 3,834,580 3,633,044 660,774 1,049,750 3,016,063 83%
    % Change 11.1% -5.3% -81.8% 58.9% 187.3%
    Supply 15,648,420 16,211,106 12,160,685 14,430,663 16,402,240 101%
    % Change 3.5% 3.6% -25.0% 18.7% 13.7%
    Occupancy (%) 75.5 74.2 26.1 42.7 60.4 81%
    % Change 1.0% -1.8% -64.7% 63.1% 41.6%
    Leisure 49.5 50.4 19.9 34.5 40.6 81%
    % Change -2.0% 1.8% -60.6% 73.5% 18.0%
    Group 24.5 22.4 5.4 7.3 18.4 82%
    % Change 7.4% -8.5% -75.8% 33.9% 152.8%
    ADR $211.69 $204.65 $134.95 $184.51 $231.90 113%
    % Change 3.9% -3.3% -34.1% 36.7% 25.7%
    Leisure $208.61 $199.63 $135.16 $185.80 $234.31 117%
    % Change 5.3% -4.3% -32.3% 37.5% 26.1%
    Group $225.82 $221.51 $137.27 $188.99 $236.11 107%
    % Change 2.1% -1.9% -38.0% 37.7% 24.9%
    RevPAR $159.80 $151.77 $35.29 $78.70 $140.04 92%
    % Change 4.9% -5.0% -76.8% 123.0% 78.0%
    Leisure $103.25 $100.59 $26.85 $64.02 $95.23 95%
    % Change 3.2% -2.6% -73.3% 138.5% 48.8%
    Group $55.34 $49.64 $7.46 $13.75 $43.42 87%
    % Change 9.7% -10.3% -85.0% 84.3% 215.8%
    Revenue ($M) $2,500.6 $2,460.4 $429.1 $1,135.6 $2,297.0 93%
    % Change 8.6% -1.6% -82.6% 164.7% 102.3%
    Chicago Hotel Tax Revenue $139,531,702 $137,288,571 $23,944,120 $63,368,367 $128,171,714 93%
    % Change 8.6% -1.6% -82.6% 164.7% 102.3%
    *Recovery Share: 2022 vs 2019
    Source: STR Inc.

    © 2023 Choose Chicago


    All rights reserved

    You might also like