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Market Report

Salt Lake City Hospitality Market Report

Midyear 2023

Improved Visitation Backs Occupancy Recovery as
Ski Resort Popularity Benefits Nearby Areas

International travel aids local hospitality operations. During the 12-month period ending in June, Salt Lake City’s main airport noted a more than 50 percent improvement in international travel. Over this same span, the metro’s occupancy rate advanced past its 2019 equivalent figure, one of just two major U.S. metros to do so. Accessibility to various outdoor activities has been a major draw for the market’s recovered hospitality industry, helping employment in the sector sit nearly 15 percent ahead of its year-end 2019 total as of June. Following these gains, leisure travel may stabilize in the coming months, leading to a downshift in occupancy along with slower ADR and RevPAR growth. Renewed momentum will rely on recovering business travel, which particularly impacts higher service levels. 
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