Salt Lake City Hospitality Market Report

Airline traffic improvement in 2024 has local hotel demand on an upward trajectory. Salt Lake City will host the summer X Games for the first time this June. When coupled with an already robust calendar of large-scale conventions, this is projected to bring a significant influx of out-of-state visitors, with the number of room nights booked expected to exceed last year’s figure. This demand growth is occurring against a backdrop of historically limited supply, with only 220 new rooms expected to enter the market this year — the fewest in a decade. As a result, occupancy is anticipated to remain near 70.0 percent, supporting steady average daily rate growth. Beyond this year, the ongoing multi-billion-dollar airport redevelopment, set to add 16 new gates by 2026, will further enhance accessibility for travelers. This combination of limited new supply and high-profile event programming supports a healthy near-term outlook. The upscale segment — already the top performer in 2024 — is projected to maintain above-average occupancy in 2025.