Economy Properties Account for Majority of Permanent Hotel Closures in 2022

After the rapid increase in hotel closures during the onset of the pandemic, the industry-wide question was if the number of closures would revert to the long-run average or reset at a higher level. Judging by the data from the past two years it appears the latter is true. Whereas the 10-year average for hotel closures between 2010 and 2019 was 29,000 rooms per year, room closures spiked to over 60,000 rooms in 2020, moved back to more than 35,000 rooms in 2021 and last year topped 45,000 rooms.