Tuesday, March 12, 2024
Visit Seattle, the organization responsible for promoting tourism in Seattle and King County, has unveiled the performance metrics of downtown hotels for the year 2023. This information offers insights into the comparison of last year’s tourist numbers with previous years and the extent of recovery in Seattle’s tourism and hospitality sectors following the pandemic.
The hotel performance data, sourced from Smith Travel Research (STR), a globally recognized authority in the hospitality industry known for its comprehensive tracking of room occupancy and sales, revealed the following for downtown Seattle hotels in 2023:
The data from 2023 indicates a notable improvement over 2022, with a 5.8% increase in occupancy, a 5.5% rise in ADR, and a 15% growth in revenue. Although the occupancy rate for the year was 86% of the levels seen before the pandemic, there was a 9.5% increase in ADR compared to 2019, and revenue experienced a marginal enhancement of 0.5%.
Here is an analysis of how the performance of downtown hotels in 2023 stacks up against previous years:
| Year | Occupancy Rate | Average Daily Room Rate (ADR) | Revenue |
|---|---|---|---|
| 2023 | 8.6% | $233.69 | $898,131,758 |
| 2022 | 4.9% | $221.49 | $780,839,776 |
| 2021 | 3.5% | $168.21 | $374,482,681 |
| 2020 | 6.5% | $155.34 | $183,294,453 |
| 2019 | – | $213.42 | $893,922,183 |
“2023 was an encouraging year for our community,” said Tammy Canavan, President & CEO of Visit Seattle. “While we emphasize there is still work to be done to build more momentum and regain the health of the tourism industry, these statistics indicate that our investments are effective and travel is rebounding – and not just during the summer and holiday months, when we saw record-breaking numbers. With major events on our horizon like the FIFA World Cup in 2026, and ongoing regional improvements that range from the Waterfront revitalization to the light rail expansion, Seattle is not only cementing itself as a top destination for visiting groups and travelers, but also as an important economic support for the tens of thousands of local residents who depend on tourism for employment.”
In 2024, Visit Seattle will persist in its efforts to collect monthly data on occupancy rates, average daily rates (ADR), and revenue from STR for downtown hotels, utilizing this information to monitor monthly trends and gauge the region’s recovery from the pandemic.
On March 27, 2024, Visit Seattle is set to unveil additional visitor statistics for 2023 during its eagerly awaited Annual Meeting. This presentation will cover early estimates of visitor numbers to the Seattle area in 2023, their expenditure, and the impact on local employment opportunities. An announcement regarding the Annual Meeting 2024 will be issued in the upcoming weeks.
Saturday, April 27, 2024
