The international hotel industry continued its strong performance in the third quarter of 2023, according to a quarterly report from global advisory network Moore. RevPAR (revenue per available room) stood out among the performance indicators, showing a notable increase to US$118.2, ahead of US$110.4 in 2019. In addition, it was also revealed that the average net daily rate for the third quarter of 2023 was US$162.1, while average hotel occupancy was 73%. The hotel industry’s expansion is mainly driven by sustained leisure travel demand, continued growth in group and business travel, and MICE travel. China is again a strong source of international demand, contributing to the growth of the global market. More than 200 new branded properties have joined the roster of hotel companies covering 23645 properties in 108 countries participating in the study. The evergreen appeal of global hotel brands continues to be an influential force that attracts investors. Although the number of properties within each hotel category varies significantly, with upper mid-range and luxury properties accounting for around 80% of all properties, investor interest remains evident. The shift has been noticeable since 2019 when the premium for a luxury hotel compared to an upper-end hotel was around 30%. Currently, luxury on average represents a premium of around 40% compared to a high-end hotel with an international brand. Mid-range hotels have led the growth, with a 123% jump compared to Q3 2019. It can be seen that both the top and bottom segments performed well above previous expectations.
