February 2023 hotel performance didn't quite measure up to the record set in 2022, but was an improvement over December 2022 and January 2023. Demand was off 3% compared to the prior year, with occupancy for the month averaging 58%, just shy of February 2022. Rate was $139, staying in line with the season's average so far and still much higher than historic norms for winter months. The bottom line remained strong as a result of rate; up 3% compared to February last year. Year to date, hotel revenue in 2023 is almost exactly in line with last year.
Not sure what these terms mean? Check the guide to hotel performance.
