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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 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, CHE, Ph.D., to project future hotel values in the United States. The Index 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 was originally developed by Dr. O'Neill at Penn State in 2002 and has been updated on a quarterly basis since then.

Current Index

 

 

 

 

Value

Annual

Overall

Per Room

% Change

2019

$138,262

2.4%

2020

$86,638

-37.3%

2021

$104,544

20.7%

2022

$154,326

47.6%

2023

$163,580

6.0%

Luxury

 

 

2019

$426,539

3.0%

2020

$369,168

-13.5%

2021

$380,845

3.2%

2022

$537,598

41.2%

2023

$566,928

5.5%

Upper Upscale

 

2019

$222,790

3.4%

2020

$157,987

-29.1%

2021

$162,577

2.9%

2022

$245,951

51.3%

2023

$262,716

6.8%

Upscale

 

 

2019

$158,633

1.9%

2020

$108,317

-31.7%

2021

$126,870

17.1%

2022

$159,334

25.6%

2023

$169,678

6.5%

Upper Midscale

 

2019

$116,087

2.0%

2020

$75,840

-34.7%

2021

$87,474

15.3%

2022

$126,890

45.1%

2023

$133,171

4.9%

Midscale

 

 

2019

$74,230

1.4%

2020

$51,346

-30.8%

2021

$62,405

21.5%

2022

$85,696

37.3%

2023

$88,441

3.2%

Economy

 

 

2019

$43,591

2.5%

2020

$27,174

-37.7%

2021

$35,311

29.9%

2022

$54,116

53.4%

2023

$56,191

3.7%

Source:

The Pennsylvania State University

Find

Last Name
Professor of Hospitality Management
Director of the Hospitality Real Estate Strategy Group
Summary Statement

Professor O’Neill conducts research, outreach and teaching in the areas of real estate, asset management and strategic management in the hotel industry, and serves as director of the Hospitality Real Estate Strategy Group. 

Department
  • Hospitality Real Estate Strategy Group