Rhode Island Lodging Market Outlook – by Rachel Roginsky, ISHC
On September 13, 2023, Rachel Roginsky, ISHC, presented at the Rhode Island Hospitality Association’s Economic Outlook Breakfast. The lodging presentation included a discussion and analysis of the national lodging market, the Rhode Island lodging market, and data on four submarkets in the state: Providence, Warwick, Newport, and Middletown.
Rachel provided information on the health of the economy, the Rhode Island Convention Center, TF Green Airport, the local office markets, and other factors that influence lodging in the state. For each submarket, Rachel prepared projections for 2023 and 2024. In Rachel’s speech, she noted that each of the 4 submarkets in Rhode Island operated very differently from each other, with different demand generators and operating performance metrics. One key takeaway for all submarkets was that room rates were decelerating and that the corporate market was gaining but at a much slower pace than the regional and national lodging market. However, the forecast for next year is still in positive territory.
Click on the link below to view or download the presentation: