There is a “sense of buoyancy” in the global hospitality industry heading into the fourth quarter of 2023, according to a new Amadeus report, “Hospitality Data Trends 2023.” Based on the company’s Demand360 business intelligence data, global hotel occupancy levels up to the end of August 2023 have been an average of 10% ahead of 2022. For the fourth quarter of 2023, worldwide on-the-books occupancy data reveals that reservations are trending 11% ahead of those seen in 2022.
In a further boost to hoteliers, global revenue per available room (RevPAR) has grown by an average of 17% this year to date, when compared with rates achieved in 2022. France is leading the way, with RevPAR sitting 123% ahead of the worldwide average. A RevPAR spike was also recorded in June this year in France with rates hitting $422, some 220% more than in the US during the same month.
US hotel occupancy is trending stronger in the fourth quarter than the worldwide average and has increased 5% compared with 2022. Hotel RevPAR also continues to see steady growth, with an 8% increase over the same period in 2022.
Katie Moro, vice president, data partnerships, hospitality for Amadeus, said access to complete and credible data that can be trusted gives hoteliers the insights they need to help drive bookings and guide marketing, revenue management and operations strategies. For example, she said, a shift in available short-term rental properties in a market will have an impact on potential occupancy for hoteliers. “Market dynamics are constantly shifting,” said Moro, “and it’s important to track them closely and be able to move quickly to seize competitive advantage.”
The report also highlights leading indicators uncovered by combining Amadeus’ business intelligence with its partner Key Data, a provider of short-term rental market data around the world. The data shows short-term rentals are typically booked around a month (31 days) in advance of hotels, while air travel bookings are usually made slightly over three months (98 days) ahead of travel. By combining these data insights with forward-looking on-the-books occupancy, hoteliers can anticipate dips and spikes in demand and plan accordingly.