Cancellations were a major headache for travelers in 2022 with about 181,000 flights scrapped by the largest U.S. airlines. Only 2001, following the 9/11 attacks, and 2020, the start of the pandemic, had more flight cancellations over the past two decades.

Airlines say red-hot travel demand is driving higher prices. The average U.S. round-trip ticket price booked in February was $571, up 23% from a year earlier and 8% from January.

Despite a recent jump in the hospitality sector’s hiring, hotels and restaurants are still understaffed. The accommodation and food-services sector had nearly 1.5 million job openings as of January.

Blackstone has made a big bet acquiring meetings and events technology provider Cvent for $4.6 billion. A fully-owned unit of the Abu Dhabi Investment Authority will become a significant minority investor along with Blackstone in the transaction.

The U.S. had 38,900 branded residences across more than 200 developments at the end of last year, a 40% increase from 2010. Buyers pay an average 30% premium to purchase hotel-branded residences with about 80% of branded residences affiliated, and usually co-located with, a hotel.

Private equity firm KSL Capital Partners has acquired the Martin Resorts Collection and its five independent, boutique hotels. The five hotels totaling 346 rooms are located on California’s central coast between Los Angeles and San Francisco.

This year’s Super Bowl pushed revenue per available room to $419, the second-highest level for a Super Bowl weekend on record.

A joint venture between Credit Suisse Asset Management and Trinity Real Estate Investments have acquired The Diplomat Beach Resort in Hollywood, Fla. The 1,000-room resort sold for $835 million, the third largest single-asset hotel sale ever in U.S. history,

Lodging executives and owners said conversions have been a key driver of growth coming out of the pandemic since lenders are reluctant to finance new hotels.

There were roughly 612,000 hotel rooms in the active development pipeline at the end of last year, down 2.6% from the year before and 6.1% lower than in 2019. The number of projects entering the pipeline is also falling: About 15.6% fewer rooms were in the planning phase at the end of 2022 compared with a year prior.