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Market Report

Salt Lake City Hospitality Market Report

Midyear 2022

Proximity to Outdoor Recreation Boosts Leisure Demand;
Labor Trends Signal Enhanced Outlook

Local recovery is among the nation’s quickest. Desirable slopes and trails in the Rocky Mountains brought in visitors from out of town, at a time when urban amenities were largely closed. This enabled the metro to record a less sizable decrease in occupancy during the pandemic. As such, the metro was able to return to 2019 metrics faster than most other major markets. Entering June, the trailing 12-month occupancy average was within 150 basis points of the pre-pandemic recording, with expectations to cross this threshold by the end of December. Additionally, looser gathering restrictions compared to other metros aided event and business demand, helping RevPAR in the limited and select service segments. RevPAR for full service hotels is only 6 percent shy of pre-pandemic levels, and rising occupancy will likely result in a full recovery by year-end. 
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