The Hospitality Asset Managers Association presented the results of its Fall 2023 Industry Outlook Survey. The semi-annual report updated the opinions, experiences and predictions of nearly 80 hotel asset managers from the earlier spring conference survey with a focus on budgetary predictions and potential causes of industry concern.
The survey is conducted in conjunction with HAMA'S 2023 Annual Fall Meeting that was held in New Orleans. In total, 77 asset managers, comprising approximately one-third of membership, participated in the survey.
“2023 continues to provide positive results and optimistic outlooks from our membership,” Derrick Yee, CHAM, HAMA president and Placemakr vice president of asset management, said in a statement. “The majority of our respondents are looking to exceed budgetary predictions for RevPAR and GOP, and many of the biggest concerns that arose during COVID, such as supply chain delays, appear to have subsided. While there is some concern surrounding issues like demand and cost increases, the overall outlook from the hospitality asset management perspective is positive.”
Highlighted results include:
- 61 percent of respondents forecast increases in revenue per available room this year compared to pre-pandemic 2019.
- Wage increases, demand and labor availability are the top three concerns of hotel asset managers.
- Nearly two-thirds of participants (63.64 percent) believe the country will avoid a recession over the next two years.