The hospitality industry is currently favoring luxury markets, as affluent clientele are driving revenue growth, while budget accommodations are experiencing declines.
Hilton CEO Chris Nassetta noted that post-COVID, travelers have less disposable income and are less able to spend on travel.
The analysis indicates that RevPAR growth for luxury and upscale hotels is outpacing declines in the economy and midscale segments.
Investments in the hospitality sector are shifting towards luxury, with groups like Rocco Forte planning expansion and motels being transformed into upscale properties.
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