Robert Mandelbaum and Andrew Hartley

🛑 U.S. lodging demand grew by 0.7% in 2023-2024, slowing after pandemic recovery. In May 2025, CBRE forecasted a 0.9% rise in lodging demand. In 2024, 4,200 hotels averaged 218 rooms with 70.2% occupancy and a $214.89 average daily rate. Franchise fees rose 3.5% in 2024, led by 3.9% loyalty program fees and 3.8% reservation/marketing fees. Luxury hotels saw 6.4% fee growth, while midscale fees fell 6.6%. Brand-managed luxury hotels recorded higher fee growth than third-party managed properties.