In a resounding affirmation of the buoyant resurgence, global hotel performance is taking center stage, unveiling a remarkable surge as room nights for 2023 soar by an impressive 14%. This revelation stems from a comprehensive report authored by Duetto, a pioneering force in revenue management solutions tailored for the hospitality domain.
In an echoing cadence of growth, the report underscores an equally compelling upswing of 9% in the Average Daily Rate (ADR), harmonizing with an exhilarating 19% elevation in rooms revenue compared to the same juncture in the previous year (STLY).
The momentum radiates in every metric, casting a positive halo that stretches into the tapestry of the year-end.
Venturing into the realm of North America, the narrative remains one of upliftment, with all segments embarking on a promising trajectory—enjoying a resplendent 6% uptick in room nights for 2023, a harmonious 3% gain in ADR, and a formidable 11% surge in room revenue, forging a striking contrast against the backdrop of 2022 figures.
A Glimpse into Q4 2023 unveils a panorama teeming with promise, as per Duetto’s insightful data, charting a vibrant conclusion to the year for hoteliers.
On a global scale, the panorama resonates with vigor, as room nights for Q4 2023 leap by a striking 20%, mirrored by a 14% ascent in ADR, while room revenue stands tall with a towering 23% surge compared to STLY. Within the confines of North American properties, Q4 2023 unfurls as a beacon of positivity, orchestrating a 6% uptick in room nights, harmonizing with a 5% elevation in ADR, and culminating with a resounding 17% crescendo in room revenue when juxtaposed with the parallel stretch of the previous year.
Chris Crowley, the Chief Revenue Officer at Duetto, encapsulates this crescendo of progress eloquently, remarking, “These figures show us that business levels continue to normalize, as booking patterns and demand levels fall back in line with, or in some cases exceed, 2019 figures. This continued growth is a testament to the resilience of the global hotel industry, which has consistently looked for new opportunities and better ways to do business in recent years.”
A Kaleidoscope of Success for Convention Center Hotels
Within the realm of convention center hotels, the symphony of success reverberates with unprecedented fervor. Duetto’s intricate tapestry of data paints a vivid portrait for Q4 2023, revealing an astounding surge of 240% in room nights, coupled with an equally staggering growth of 283% in room revenue for North American properties.
Taking the stage in North America, the Extended Stay model finds itself on an ascending trajectory, manifesting as a 19% upsurge in room nights booked for Q4 2023, harmonizing with an 8% elevation in ADR when juxtaposed with STLY.
As the spotlight pans to Full Service hotels in North America, the crescendo continues to reverberate, echoing with a 14% surge in room nights for Q4 and a 3% elevation in ADR—a compelling testament to the indomitable spirit of progress that resonates within the industry’s heart.
In this epoch of transformation and revival, the hospitality landscape shines with renewed radiance, encapsulating a vibrant narrative of growth and resilience. The surge witnessed paints a vivid portrait of an industry surging ahead, adapting to challenges, and thriving against the odds—a testament to the undying spirit of innovation and determination that defines the global hospitality community.
Duetto delivers a suite of SaaS cloud-native applications for hospitality businesses to optimise every booking opportunity for greater revenue impact. The unique combination of hospitality experience and technology leadership drives Duetto to look for innovative solutions to industry challenges. The software as a service platform allows hotels, casinos, and resorts to leverage real-time dynamic data sources and actionable insights into pricing and demand across the enterprise.