Hotel-Generated Federal, State & Local, And Lodging Tax Revenue
April 4, 2024
In a recent update, the Oxford Economics and STR highlight significant contributions of the hotel industry to national and local economies, with 2024 projected tax revenues reaching nearly $83.4 billion—a 4% increase compared to 2023. This growth reflects the industry's recovery from the pandemic, marking a 23% increase from 2019. These revenues include federal, state, and local taxes, with a substantial portion from lodging taxes. The report underscores the importance of hotels in community economic recovery, emphasizing the role of strategic policy support and best practices in sustaining this upward trend, such as enhancing guest experiences and adopting innovative technologies.