Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, released an update to its U.S. Meetings Recovery Forecast (MRF) and associated Top 25 U.S. Meetings Recovery Forecast (MRF25) to provide the hospitality industry with predictive insights into event recovery over the next three years. Click here to view the most current forecasts.
Driven by the Presidents’ Day holiday weekend, U.S. leisure travel made a big comeback and pushed occupancy 4.6 percentage points to 59.1% during the week of 13-19 February 2022. That was the highest level of the past 13 weeks and the second consecutive week in which occupancy expanded by more than four percentage points from the previous 7-day period. The demand expansion was somewhat widespread as 40% of the 166 STR-defined U.S. markets reported weekly occupancy of 60% or more. Additionally, more than half of all markets saw occupancy surpass 70% over the weekend leading up to the holiday. Average daily rate (ADR) also advanced, increasing 4.7% and contributing to a 13.5% rise in revenue per available room (RevPAR).
Nearly two-thirds of all hotel rooms across the U.S. hotel industry were occupied over the Presidents Day holiday weekend, marking the highest weekend occupancy since mid-October.