Hotel revenue for October came in just lower than flat, down 1%, compared to October of last year. Modest growth in ADR - now at $158.43 for the month - made up for a sag in demand year over year.
But it's worth noting that 2022 was one of the best October's on record. Demand this year dipped 7.5% compared to the same period in 2022, making it only the third best October since 2018. Similarly, even with a modest drop in demand, 2023 is still third or fourth best in terms of October demand in the last decade.
National statistics suggest that these results mirror domestic trends, and that some of the month's declines can likely be attributed to a difference in the calendar; October 2023 had one less Saturday than October 2022.
