Penn State Index of U.S. Hotel Values

The Penn State Index of U.S. Hotel Values is an index produced by the Hospitality Real Estate Strategy Group that tracks and projects hotel values for the overall U.S. and for the specific hotel property types of Luxury, Upper Upscale, Upscale, Upper Midscale, Midscale and Economy hotels.

The Index uses an econometric model developed by Dr. John W. O'Neill, MAI, ISHC, Ph.D., to project future hotel values in the United States. The Index was originally developed by Dr. O'Neill at Penn State in 2002, and has been updated at least annually since then.

Current Index

	Value	Annual
Overall	Per Room	% Change
2021	$104,544	20.7%
2022	$154,326	47.6%
2023	$166,922	8.2%
2024	$170,353	2.1%
2025	$170,690	0.2%
Luxury
2021	$380,845	3.2%
2022	$537,598	41.2%
2023	$528,085	-1.8%
2024	$522,491	-1.1%
2025	$521,937	-0.1%
Upper Upscale
2021	$162,577	2.9%
2022	$245,951	51.3%
2023	$260,004	5.7%
2024	$265,910	2.3%
2025	$265,528	-0.1%
Upscale
2021	$126,870	17.1%
2022	$159,334	25.6%
2023	$181,360	13.8%
2024	$183,627	1.2%
2025	$184,327	0.4%
Upper Midscale
2021	$87,474	15.3%
2022	$126,890	45.1%
2023	$138,959	9.5%
2024	$140,181	0.9%
2025	$140,175	0.0%
Midscale
2021	$62,405	21.5%
2022	$85,696	37.3%
2023	$89,162	4.0%
2024	$85,908	-3.7%
2025	$85,413	-0.6%
Economy
2021	$35,311	29.9%
2022	$52,275	48.0%
2023	$52,249	-0.1%
2024	$48,786	-6.6%
2025	$48,254	-1.1%
Source:	The Pennsylvania State University

Penn State Index of U.S. Hotel Values

Penn State Index of U.S. Hotel Values

Current Index

Overall

Luxury

Upper Upscale

Upscale

Upper Midscale

Midscale

Economy

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