Article - HVS Hotel Industry Outlook Fall 2023: Discovering a New Normal - By Anne R. Lloyd-Jones and McKenna Luke - A strong RevPAR rebound in the first quarter of 2023 was stalled by increasing costs of capital, inflationary pressures, outflow of domestic demand with limited international infill, and economic concerns. How can hoteliers expect 2023 to end and the next few years to trend? This article presents our latest forecast and insights.