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School of Hospitality Management
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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 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  

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