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Increased Travel Fuels Georgia Hotel Market Growth
Colliers has released its Q1 2023 Georgia Hotel Industry Report. Overall hotel occupancy in the state is up 1.7 percent and revenue increased 4.2 percent from the same period a year ago.
In Atlanta, post-pandemic event attendance and increasing business travel has fueled the hospitality recovery. The Average Daily Rate for hotels increased 12.7 percent, and Revenue Per Available Room is up 15.4 percent year-over-year.
Occupancy was down in Savannah, but daily rates were up. The Port of Savannah’s expansion has driven occupancy, and recent record-breaking downtown hotel sales illustrate market strength.
In Augusta, hotel occupancy was up almost 5 percent. Heavily impacted by the Masters in April, Augusta’s Q2 report is expected to indicate a return to pre-pandemic normalcy.
High construction and capital costs have slowed hotel construction. Existing Georgia hotels should see strong numbers through the year fueled by increased business and convention travel.