STR and Tourism Economics recently updated their latest 2021 U.S. hotel forecast due to better-than-expected demand in the first quarter. However, full demand recovery is still is projected for 2023, while revenue per available room is expected to be close to a full recovery in 2024.

“An effective vaccine rollout and generous fiscal stimulus will drive the fastest single-year economic expansion in nearly 40 years,” said Tourism Economics president Adam Sacks in a statement. “Leisure demand is gathering strength with substantial recovery in sight for many markets. However, transient business, group and international travel face continued headwinds, and a full recovery will take several years.”