Colliers has released its Q1 2023 Georgia Hotel Industry Report, indicating that overall hotel occupancy in the state is up 1.7 percent and revenue increased 4.2 percent from the same period a year ago. In Atlanta, post-pandemic event attendance and increasing business travel have fueled the hospitality recovery; Average Daily Rate for hotels increased 12.7 percent, while Revenue Per Available Room is up 15.4 percent year-over-year compared to last year’s figures.
Savannah saw a decrease in occupancy but an increase in daily rates due to Port of Savannah’s expansion which has driven occupancy levels as well as record breaking downtown hotel sales illustrating market strength there too; Augusta also experienced an almost 5% rise in hotel occupancy heavily impacted by April’s Masters tournament – with Q2 report expected to indicate pre-pandemic normalcy once more here too!
High construction and capital costs have slowed down new hotel constructions across Georgia however existing hotels should still see strong numbers throughout this calendar year thanks largely to improved business & convention travel activity within the region again now after pandemic disruption earlier on this decade .
