The Hospitality Asset Managers Association today announced 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.
Conducted in conjunction with HAMA'S 2023 Annual Fall Meeting that was held in New Orleans, the results were presented to media live with a concluding Q&A session via online conferencing. 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,” said Derrick Yee, CHAM, HAMA president and Placemakr vice president of asset management. “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% of respondents forecast RevPAR increases in 2023 compared to pre-pandemic 2019.
- Wage increases, demand and labor availability are the top three concerns of hotel asset managers.
- Nearly 2/3 of participants (63.64%) believe the country will avoid a recession over the next two years.