A Year In Review: How 2023 Exceeded Expectations and Optimism for 2024

Rachel Roginsky reviews the strong rebound of the Boston and Cambridge lodging market in 2023, noting that occupancy, ADR, and RevPAR all improved significantly and, in some cases, exceeded pre-pandemic levels. The recovery has been driven by rising demand and limited new supply, although ADR growth moderated later in the year as leisure travelers became more price sensitive. Looking ahead, she expects the market to continue strengthening in 2024, supported by convention demand, gradual recovery in corporate travel, and constrained supply growth.