Salt Lake City Hospitality Market Report
2023 Investment Forecast
Metro’s Reputation as an Outdoor/Wellness Event Hub Cemented;
Investors Attracted to Long-Term Prospects
Schedule of athletic-related happenings preserves demand amid notable venue closure. The number of room nights booked across the Salt Lake City metro during 2023 will match last year’s recording, with the arrival or return of several major events playing an important role in the market’s standing. This February, downtown’s Vivint Arena held the NBA All-Star Weekend, an event that brought more than 120,000 attendees from 24 different countries to the host city last year. Additionally, Outdoor Retailer Snow Show returned this January, after previously relocating to Denver. The arrival of this event, which drew upward of 10,000 people, is significant as it represents one of three such conventions the organization will hold in Salt Lake City this year. Along with the Western Hunting & Conservation Expo, these and other recreational and wellness gatherings will solidify the metro as a coveted destination for outdoor retailers and sporting events moving forward, aiding hotel demand in 2023 and beyond. Still, a staple of the local tourism industry will be absent this year, as the Mormon Temple and Temple Square remain closed as part of an extensive four-year renovation project. Typically attracting 3 to 5 million people annually, this closure is a contributing factor behind the overall occupancy decline projected for this year.