As you may have suspected, many of the booking trends we’ve been seeing in our local market have carried over into Q2. Potential guests remain more price-sensitive than in 2021 and 2022, and local supply increases mean there are more offerings for them to choose from—two factors that have placed downward pressure on Adjusted Paid Occupancy. In short, demand remains more in line with 2019—and in some communities, it’s pacing a little behind.

That said, there are some vital differences between 2019 and 2023. Rates, for instance, remain elevated well above those of 2019. Also, we’re seeing far more last-minute bookings. As a result, we remain focused on pricing in our market and our Revenue team has been busy making continuous adjustments to stay ahead of the shifting demand picture.