North America
U.S. Hotels See RevPAR Surge
Stock market indices experienced a decline, with DJIA falling 102 points, Nasdaq down 165 points, and S&P 500 falling 23 points.
The American Hotel & Lodging Association successfully lobbied for new PPP eligibility guidelines, allowing hotel owners who used third-party management companies to qualify for loan forgiveness.
The U.S. hotel industry reported improved performance in May 2023 compared to the previous year, with increased occupancy, ADR, and RevPAR, particularly in the top 25 markets.