US Lodging Market Update: October 2021

October kicked off the fourth quarter with a reversal in the declining trend of weekly room night demand as Occupancy reached 62.9%, which was 97% of the average weekly demand in 2019.

After hitting a peak in July, weekly room night demand slipped for two consecutive months. While we anticipated that 2021 would see a recovery trend compared to 2020, the US lodging market’s performance has exceeded expectations.

Although the Group segment has not yet recovered to 2019 levels, October saw the Group segment hold 27% of total demand for the month. Overall, the industry is heading into the 2022 budget season with eyes set on the performance displayed year-to-date.