With more than 75 million visitors traveling to Orlando in 2023, this market is the most visited tourist destination in the United States. It is also the second largest hotel market in the U.S. with 538 properties and over 130,000 hotel rooms according to Smith Travel Research (STR). The Orlando market is comprised of 7 submarkets, the largest of which are located within the Tourist Corridor. The International Drive market is the largest with 147 properties and 46,320 rooms, followed by the Lake Buena Vista submarket, which includes Walt Disney Resort with 62 properties and 38,743 rooms. In 2023, Orlando hotels finished the year with an impressive revenue per available room (RevPAR) gain of 9% for Select and Luxury Hotels. This increase in RevPAR was well ahead of the national average of 2%. It is worth noting that in terms of RevPAR growth, both lower and upper priced segments also exceed the growth figures attained at the national level. Orlando’s higher priced properties outperformed lower priced properties in terms of RevPAR growth with Full Service Hotels leading the way at an astounding 21% increase in 2023. The Orlando market continued to post strong gains in 2023 and ranked 3rd in the US for RevPAR growth for the trialing 12 months, ending in March 2024, with an impressive 8.3% increase.
