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Market Report

Charlotte Hospitality Market Report

Midyear 2023

Occupancy Recovery Wavers in the Second Quarter;
NASCAR Attendance Provides Note of Optimism

Hotel bookings falter in year’s first half. Occupancy figures demonstrated signs of attrition starting in the second quarter of 2023, with the metric declining on a monthly basis for the first time in more than two years. The measure is forecast to fall further in the year’s latter half; the CBD is expected to see the largest drop of all submarkets, as many major firms curb business travel due to economic headwinds. Demand for room nights is also unlikely to be aided by corporate recruitment moving forward, as hiring velocity is expected to slow in the coming months. Still, staffing counts in May among traditional office-using sectors were noted to be 10 percent ahead of the immediate pre-pandemic measure. Strong headcounts could add momentum to business travel once headwinds subside. 
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