Colliers Report: Robust hotel activity continues into 2022
May 9, 2022
Commercial Real Estate Research & Forecast Report
Q1 2022 South Carolina Hotel
Robust hotel activity continues into 2022
Market Highlights
Increasing average daily hotel rates and revenue per available room offset the rising operating costs during the first quarter. On average, hotel operating expenses have increased 20%-30% over their pre-pandemic levels largely due to staffing challenges.
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Key Takeaways
- Demand is robust in spite of reduced service levels
- Average daily rates, revenue per available room and occupancy rates increased during the first quarter of 2022
- Higher ADR and RevPar offset increasing operating costs in the first quarter
Summary
Despite staffing changes, there is heightened demand in South Carolina. Occupancy, average daily rates and revenue per available room increased during the first quarter of 2022.
