News to Know

Headwinds Turning to Tailwinds in Hospitality Market
(SOURCE: GLOBEST.COM)

After facing continuing headwinds at the beginning of this year, the hospitality market is seeing signs of momentum as business and group travel is balancing a pullback in leisure travel.

Average occupancy in the first quarter was down more than 100 basis points from the same period last year, according to Marcus & Millichap's third quarter hospitality report. Household budgets have been constrained by inflation and higher interest rates, which impacted the hotel sector's occupancy recovery.

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