Early in the pandemic, travel shut down and hotels and resorts took it on the chin. They largely couldn't open, many people were scared to go anywhere, and businesses looked to teleconferencing.
Things have turned around since, according to a new report from Green Street. "U.S. resort hotels have enjoyed an unprecedented run of pricing power since mid-'21, with average daily rates (ADR), RevPAR, and hotel EBITDA well-above pre-Covid peaks in many leisure destinations, especially "drive-to" locations," the firm wrote.
But the real boost has been to resort hotels rather than urban. For example, year-to-date revenue per available room (RevPAR) is up 19% over 2019 for resorts. For urban hotels, it's down 11%.
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