Through the third quarter of 2023, the U.S. hotel industry showed some continuation of profitability trends as well as new developments in the data that aligned with the start of corporate travel season. Margins are being pressured. With the overall demand mix and topline performance normalizing, year-over-year growth rates are weakening. At the same time, expenses continue to grow with total operating expenses per available room (TOEPAR) increasing roughly 1 percent from month to month. […]

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