Hotel Business Environment 2024

Starting off slower this year.

The end of 2023 saw the business environment, from my perspective, as slowed to a crawl, even though occupancy was steady or rising. The demand for services fell to a multi-year low in the last quarter. The only thing I can blame this on is the belief the economy would collapse or experience a severe slow-down. Neither of which happened. Now, we have a robust economy, at least they would have us believe.

Year to date, the trend of keeping your powder dry while avoiding the expenses normally associated with deep cleaning services, has continued. It appears that occupancy is up but faith in the economy is still down. At the same time, it seems many owners and GMs have taken spring vacations. Also, ownership has been making a change, which I think is a positive, and I will explain in a different post or article. So, maybe the money is going into well-needed breaks! That’s a positive, because it leads me to believe the second half of the year will be robust with the taking care of business.

I expect overall growth to continue.