The data show hotels are projected to generate a total of nearly $83.4 billion in tax revenue in 2024.

Blackstone has about $25 billion invested in U.S. hospitality assets, excluding its gaming business and plans to be more active this year, buying between $4 billion and $5 billion worth of hotel acquisitions in 2024. Blackstone is also focused on reinvesting about $2 billion into its existing hotel portfolio, including the Hotel Del Coronado and Grand Wailea Resort.

Executives of publicly traded hotel real estate investment trusts say they’re actively engaging in opportunities to both buy and sell, and the second half of 2024 could bring increased competition for assets as investors have more conviction to participate in the market.

Choice Hotels is abandoning its hostile $8 billion takeover bid for Wyndham Hotels & Resorts.

U.S. RevPAR is forecast to increase by 2.6% to $100.50 in 2024, driven by ADR growth of 3.1% to $160.50 while occupancy declines 0.5% to 62.6%.

In January, prices for food eaten away from home were up 30% compared with the same month in 2019. Restaurants’ food bills have stopped their pandemic-era surge, but payroll costs are still climbing.

“Rest and relaxation” jumped ahead of having “a fun time” and spending “time with immediate family” as the main motivator for leisure travel.

Hilton has collaborated with AutoCamp, the outdoor hospitality company, to offer “enhanced outdoor lodging experiences in unique destinations”. The partnership will offer an experience that combines outdoor adventure with the hospitality of a boutique hotel.

Hotels will collectively pay $123 billion in compensation this year, up more than 20% from 2019.

Miami-based investor CGI Merchant Group defaulted on a $285 million loan related to the Washington Waldorf Astoria (previously the Trump International Hotel) it acquired for $375 million in 2022.